DevvStream (NASDAQ:DEVS) announced on April 14, 2026, that it has executed a definitive business combination agreement with XCF Global Capital and Southern Energy Renewables.
The three-way merger is designed to establish a multi-asset energy transition platform focused on high-margin sustainable fuels and carbon management.
The proposed transaction will result in a combined entity with a pro forma ownership structure consisting of approximately 66.7% for XCF Global, 23.3% for Southern Energy, and 10% for DevvStream stockholders.
The deal aims to integrate DevvStream’s carbon credit generation expertise with the physical fuel production assets of XCF and Southern Energy.
The combined company has set ambitious financial targets, aiming for annualized fuel revenues exceeding $1 billion and a minimum annualized EBITDA of $100 million.
These goals are anchored by XCF Global’s recent $10 million investment into a Sustainable Aviation Fuel (SAF) facility in Reno, Nevada, which is expected to serve as a primary production hub.
To support the scaling of these assets, Southern Energy Renewables has indicated it may pursue up to $400 million in bond financing.
This capital is intended to fund the expansion of renewable fuel infrastructure as the company seeks to capitalize on the global aviation sector's shift toward decarbonization.
The closing of the business combination is subject to several conditions, including approval by the stockholders of all three companies, the effectiveness of an SEC Form S-4 registration statement, and the satisfaction of Nasdaq listing requirements.
The parties also noted that the finalization of the deal remains contingent on the successful completion of necessary financing.