XCF completes business combination with Focus Impact SPAC
Sustainable aviation fuel (SAF) producer XCF Global announced successful completion of its business combination with special purpose acquisition company Focus Impact BH3 Acquisition.
“The completion of this transaction marks a transformational step for XCF Global and the decarbonisation of the aviation industry,” said Mihir Dange, chief executive officer of XCF Global.
“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 SAF.”
The combined company will operate under the name XCF Global, and its Class A common stock is expected to commence trading on the Nasdaq under the ticker symbol “SAFX” on June 9, 2025.
“We are thrilled to have completed the business combination with XCF Global and bring this transformative SAF platform to the public markets,” said Carl Stanton, CEO of Focus Impact BH3.
Cohen & Company Capital Markets acted as exclusive financial advisor and joint capital markets advisor to XCF. Height Capital Markets served as joint capital markets advisor to XCF Global.
BTIG acted as capital markets advisor to Focus Impact BH3. Stradley Ronon Stevens & Young, and Kirkland & Ellis served as legal counsel to XCF and Focus Impact BH3, respectively.
Alliance Advisors Investor Relations served as investor relations and public relations advisor for the transaction.
XCF began commercial production of neat SAF in February 2025 at its New Rise Reno facility. The site has a nameplate production capacity of 38m gallons of neat SAF per year. The company delivered first delivery of neat SAF in March 2025.
The company is pursuing an active pipeline of production sites in Nevada, North Carolina, and Florida to expand SAF capacity and support long-term growth.
Last week, XCF announced that it has entered into an equity line of credit purchase agreement with Helena Global Investment Opportunities as a supplementary source of liquidity.
Helena Global Investment Opportunities is a subsidiary of Helena Partners.
The agreement is subject to the completion of XCF’s previously announced business combination with BH3 Acquisition.