DevvStream, XCF Announce Energy Platform Deal With Southern

KUALA LUMPUR, April 15 (Bernama) -- DevvStream Corp, a carbon management and environmental-asset monetisation firm, and XCF Global Inc (XCF), have announced the execution of a definitive Business Combination Agreement with Southern Energy Renewables Inc (Southern).

The agreement marks a key milestone in the three parties’ previously announced initiative to establish a combined energy transition platform to develop and scale sustainable aviation fuel (SAF), green methanol, renewable products, and next-generation low-carbon energy infrastructure.

According to a statement, the transaction remains subject to customary closing conditions, as well as other terms, including regulatory approvals and specified termination provisions.

The combined company aims to build a multi-asset, globally scalable alternative energy platform integrating low-carbon fuels, environmental attribute monetisation, advanced energy systems, and infrastructure development alongside long-term offtake commercialisation.

The parties said the platform is expected to achieve significant scale and offer long-term growth potential across fuel production, infrastructure, and environmental markets.

The transaction will be executed through a series of mergers and restructuring steps. DevvStream will domesticate from Alberta to Delaware prior to closing, while XCF will acquire 100 per cent of DevvStream and Southern through merger subsidiaries, with both companies becoming wholly owned subsidiaries of XCF. Existing shareholders of DevvStream and Southern will receive shares in XCF.

Following completion, ownership of the combined entity is expected to comprise approximately 66.7 per cent for existing XCF shareholders, 23.3 per cent for Southern shareholders, and 10.0 per cent for DevvStream shareholders.

The combined company is also targeting key operational milestones, including annualised fuel-related revenue exceeding US$1 billion and minimum annualised earnings before interest, taxes, depreciation, and amortisation (EBITDA) of US$100 million (US$1 = RM3.94).

The collaboration brings together complementary capabilities across the value chain, with DevvStream contributing environmental asset development and carbon credit monetisation, Southern providing product diversification and clean technology solutions, and XCF offering capital markets access and an alternative energy investment platform.

-- BERNAMA