Sustainable aviation fuel (SAF) firm XCF Global Capital, Inc. said it has completed its business combination with special purpose acquisition company Focus Impact BH3 Acquisition in line with its plan for a public listing.
The combined company will operate under the name XCF Global, Inc. and its class A common stock is expected to begin trading on the Nasdaq Capital Market under the ticker symbol “SAFX” on June 9, the company said in a news release.
XCF Global’s New Rise Reno facility, located in the Reno-Tahoe Industrial Complex in Storey County, Nevada, began commercial production in February of so-called “neat” SAF, which is totally free of all fossil fuels and not blended with conventional jet fuel, with a nameplate production capacity of 38 million gallons of neat SAF per year, according to the release.
The first customer deliveries of neat SAF were completed in March, the company said.
The company stated it is advancing a pipeline of production sites in Nevada, North Carolina, and Florida to expand SAF capacity and support long-term growth.
“The completion of this transaction marks a transformational step for XCF Global and the decarbonization of the aviation industry,” XCF Global CEO Mihir Dange said. “With commercial production underway, first deliveries completed, and a proven business model in place, we are entering the public markets with momentum and a clear path to growth. XCF Global is positioned as a market leader at the intersection of aviation and decarbonization – standing at the forefront of a high-growth opportunity in synthetic aviation fuel. We offer the public capital markets access to one of the fastest-growing sectors in the global energy transition, and we are proud to be leading the shift toward a lower-carbon future for aviation”.
“We are thrilled to have completed the business combination with XCF Global and bring this transformative SAF platform to the public markets,” Focus Impact BH3 CEO Carl Stanton said. “With strong macro tailwinds, a repeatable site development model, and a world-class management team, XCF Global is uniquely positioned to scale SAF production and drive meaningful impact in the energy transition while creating long-term value for shareholders”.
Focus Impact BH3 is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisitions, stock purchase, reorganization, or similar business combination with one or more businesses. Focus Impact BH3 was sponsored by private investment firm Focus Impact Partners, LLC, according to the release.
Meanwhile, XCF Global appointed Pamela Abowd as the company’s chief accounting officer.
Abowd most recently served as vice president for corporate and accounting operations at Tellurian Inc., where she led all aspects of accounting operations, financial reporting, and tax provisions across state, federal, and international compliance jurisdictions. She also led the accounting and tax due diligence process for Tellurian’s merger with Woodside Energy and the post-merger accounting integration, according to an earlier statement.
XCF Global describes itself as a pioneering sustainable aviation fuel company dedicated to accelerating the aviation industry’s transition to net-zero emissions.
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