XCF Global Completes Final Upgrades at Reno Facility to Launch Renewable Fuel Production
Reno, Monday, 1 June 2026.
XCF Global finalized upgrades at its Reno facility, staying on track for a June 2026 launch to produce 143.8 million liters of renewable fuel amid a $3 billion merger.
Operational Milestones and the Path to Commercialization
On June 1, 2026, Houston-based XCF Global Inc. (NASDAQ: SAFX) announced a critical operational milestone at its flagship New Rise Renewables Reno facility in Nevada [1][2]. The company confirmed the successful delivery and initiation of loading for its process catalyst, marking the final sequencing phase before commercial operations commence [1]. This development follows extensive modernization upgrades at the site, which included targeted equipment enhancements, heat exchange improvements, and catalyst replacement designed to ensure operational stability and superior fuel quality [1]. Once fully operational, the Reno facility holds a permitted nameplate production capacity of 143.8 million liters, or approximately 38 million gallons, of renewable diesel and sustainable aviation fuel (SAF) annually [1][3].
Strategic Injections of Equity Capital
To support these final upgrades and broader strategic initiatives, XCF Global recently secured fresh equity through a two-tranche private placement [2]. On May 22, 2026, the company entered into a securities purchase agreement with Brown Stone Capital Ltd. to issue 13,333,340 Class A common shares at $0.15 per share, generating approximately $2 million in gross proceeds [2]. Days later, on May 25, 2026, a secondary agreement with EEME Energy SPV I, LLC mirrored these terms, issuing another 13,333,340 shares at $0.15 [2]. In total, the company issued 26.667 million shares to raise $4,000,002 [2]. Cooper noted that this financing enhances the company’s flexibility as it finalizes the Reno facility’s June production restart [2].
A Multibillion-Dollar Consolidation Strategy
Beyond immediate production goals, XCF Global is positioned within a massive sector consolidation effort [3]. On May 28, 2026, XCF Global, alongside DevvStream Corp. (NASDAQ: DEVS) and Southern Energy Renewables Inc., confirmed that their three-party Business Combination Agreement (BCA) remains in full force [3]. This confirmation followed a mechanical termination of a prior December 2025 merger agreement between DevvStream and Southern, which was triggered by the receipt of required fairness opinions [3]. The ultimate objective of this tripartite agreement is the creation of a combined enterprise valued at an anticipated $3.0 billion [3].