XCF signs term sheet with New Rise Australia to develop SAF facilities
Sustainable aviation fuel (SAF) producer XCF Global said it has signed a binding term sheet with New Rise Australia to develop renewable fuel production facilities across Australia.
Under the agreement, XCF also signed agreement awarding a 15-year exclusive license to deploy the company’s renewable fuel platform across Australia to develop three production facilities.
“Through New Rise AU, we’re deploying our renewable fuel platform to a new market, enabling rapid growth and efficient capital use while helping drive Australia’s clean energy transition. This partnership showcases how XCF’s platform transforms opportunity into impact, opening new markets, fueling sustainable growth, and shaping the future of renewable energy,” said Mihir Dange, CEO, XCF Global.
XCF will receive a 12.5% equity stake, licensing fees, and one board seat in New Rise AU.
Australia is a promising SAF renewable fuels market with consulting firm Deloitte estimating the a AUD$36bn (US$23.4bn) market for low-carbon liquid fuels in the country.
Australia is currently a net importer of liquid fuels and Australian federal government has prioritised low-carbon liquid fuels under its Future Made in Australia initiative.
Under the initiative, the country will provide access to AUD$1.7bn (US$1.1bn) Future Made in Australia Innovation Fund to support the development of a LCLF industry, which includes SAF and renewable diesel.
XCF aims to take advantage of this evolving space on its own international expansion strategy, built on capital-efficient, regionally tailored partnerships that accelerate global SAF adoption.
It follows the June 2025 Memorandum of Understanding entered into with Continual Renewable Ventures, which laid the foundation for today’s binding agreement.
“Together, we intend to create a unified platform that brings together XCF’s modular site design with Continual Renewables’ local expertise to unlock opportunities within Australia’s unique energy landscape,” said Renzo Petersen, CEO, New Rise AU.
Building on this agreement, both parties intend to execute a definitive licensing agreement within 60 days, following customary diligence and regulatory review.
Earlier this month, XCF released its quarterly report in which it said it expects to resume SAF production from first quarter of 2026.
The company produced, approximately 1.9m gallons of neat SAF, renewable diesel, and renewable naphtha between April to June 2025.