XCF Global, Inc.; Southern Energy Renewables Inc. (“Southern”); and DevvStream Corp. (“DevvStream”) (Nasdaq: DEVS) (together “the parties”) today announced a non-binding tripartite memorandum of understanding (“MOU”) to jointly explore the potential development of a next-generation low-carbon fuels platform designed to accelerate SAF adoption, expand domestic capacity, and integrate environmental-attribute monetization into a unified customer offering.
By 2030, the U.S. SAF market is projected to reach nearly $7 billion, while global demand is expected to exceed 5.5 billion gallons, supporting a global market of more than $25 billion. By that time, approximately 4 billion people are expected to live in countries that utilize SAF for air transportation. Looking ahead to 2050, the global SAF market could exceed $250 billion. This collaboration is intended to position the parties around a unified platform that directly supports this long-term growth.
The collaboration would seek to increase long-term SAF supply across multiple production pathways while advancing the transparency and commercialization of environmental attributes. As part of the negotiation of a binding agreement, the parties expect to evaluate the commercial viability of developing a HEFA-based SAF facility in Louisiana.
Potential Unified Commercial Platform and Strategic Integration
The parties intend to negotiate a definitive collaboration agreement which, if executed, would create a collaborative venture that intends to develop a unified commercial platform that enables customers to procure fuel, logistics services, and environmental-attribute value through a single integrated offering. If developed, this structure would be expected to simplify procurement, improve pricing efficiency, and enhance long-term customer retention across the aviation and industrial markets.
Chris Cooper, Chief Executive Officer of XCF Global, said:
“This collaboration has the potential to create the foundation for a first-of-its-kind, fully integrated low-carbon fuels platform – linking production, logistics, and environmental-attribute systems into a seamless value chain. If we succeed in combining Southern’s developmental stage biomass-to-methanol-to-jet technology, DevvStream’s environmental-attribute and digital MRV capabilities, and XCF’s HEFA production and commercial infrastructure, we see the potential to build a revolutionary end-to-end system that unlocks new value for customers and potentially accelerate the scaling of SAF in a disciplined, capital-efficient way.
“Our goal is to modernize how low-carbon fuels are produced, certified, and delivered – not as isolated components, but as an integrated solution aligned with the needs of global aviation and corporate sustainability programs.”
Potential Environmental-Attribute Monetization and Digital Infrastructure
A core component of the potential collaboration is expected to be the integration of environmental-attribute capabilities, including voluntary and compliance carbon credits, CORSIA units, renewable energy certificates, digital MRV solutions, and tokenized environmental-attribute tracking systems. Under the MOU, DevvStream is expected to lead the generation, verification, and monetization of environmental assets associated with the potential platform’s low-carbon fuels.
The parties plan to work towards jointly evaluating solutions to help customers capture, verify, and monetize environmental attributes, including LCFS credits, RINs, and benefits under 45Z/45Q. The parties also plan to evaluate lifecycle analysis (“LCA”) methodologies and carbon-intensity optimization systems which may strengthen project economics and support high-integrity SAF development.
Carl Stanton, Chairman of DevvStream, said:
“Integrating environmental assets directly into the fuel value chain is essential to accelerating SAF deployment. This collaboration has the potential to bring together three distinct strengths – XCF’s production expertise, Southern’s developing advanced biomass platform, and DevvStream’s environmental-asset monetization capabilities – to help improve project economics while giving airlines confidence in the integrity of their SAF purchases.”
Potential Multi-Pathway SAF Collaboration and Offtake Framework
The parties intend to explore a long-term offtake framework under which XCF could purchase SAF which will eventually be produced by Southern, subject to mutual agreement on commercial terms, in order to capitalize on long-term global demand for SAF.
A key anchor for the potential collaboration is Southern’s planned biomass-to-fuel facility in Louisiana, expected to produce approximately 28 million gallons of SAF and 220 kilotons of methanol per year, supported by an estimated $1.4 billion total project investment, according to Southern.
The parties further intend to explore multiple SAF production pathways with the goal of accelerating the adoption of SAF worldwide to address the forecasted industry demand noted above, including:
- Southern’s in-development, next-generation biomass-to-methanol-to-jet SAF platform;
- XCF’s HEFA-based SAF platform; and
- Joint carbon-intensity and co-product optimization strategies
Jay Patel, Chief Executive Officer of Southern, added:
“We believe partnering with XCF and DevvStream would strengthen our ability to scale a multi-pathway SAF strategy grounded in real production capacity and real climate benefit. We are eager to work together to further develop our experimental $SAF token on Solana with DevvStream. Further, we believe Louisiana has the workforce, infrastructure, and feedstock resources to become a national leader in low-carbon fuels, and we see this potential collaboration as a major step toward that future.”
Exploration of New Rise Louisiana SAF Facility
The parties plan to assess the potential development of New Rise Louisiana, a proposed HEFA SAF facility. The evaluation process is expected to include engineering, permitting, feedstock integration, logistics, and financing strategies.
XCF and Southern also plan to evaluate municipal financing pathways in Louisiana, following recent momentum from the Louisiana Community Development Authority, which authorized up to $402 million in potential revenue bonds for Southern’s biomass-to-fuel project, subject to additional approvals, documentation, and market conditions. While not representing committed capital and there can be no assurance that any such bonds will ultimately be issued or that any particular amount of funding will be available, the authorization underscores Louisiana’s growing role as a U.S. clean-energy manufacturing hub. Any XCF participation in Louisiana municipal financing strategies would be separate from and in addition to Southern’s existing authorization. There can be no assurance that XCF will be able to secure any Louisiana municipal financing.
Cooper added:
“We believe Louisiana offers a compelling combination of infrastructure, talent, and policy support. We expect our evaluation of New Rise Louisiana will allow us to determine whether our modular HEFA platform can complement Southern’s developing biomass capabilities while fitting squarely within our disciplined, capital-efficient growth model.”
The MOU reflects a shared intent to collaborate on SAF and other low-carbon fuel opportunities. Any specific offtake arrangements, investments, or project development activities described in this release remain subject to confirmatory due diligence, negotiation and execution of definitive agreements, internal corporate approvals, and any required regulatory or permitting approvals. Accordingly, the MOU does not commit any party to proceed with any particular transaction or project.