XCF Global Secures $10M Funding Through 100M-Share Placement for Reno Upgrade
XCF Global’s stockholders approved issuing at least 19.99% of its common shares, enabling EEME to acquire 62 million additional shares for $6.2 million and complete a $10 million funding round. Upgrades at its Reno facility, including installation of Axens Vegan hydrotreating catalyst, are underway for neat SAF production.
1. Stockholder Approval Enables Share Issuance
On March 6, XCF Global held a special meeting where stockholders approved issuing at least 19.99% of the company’s common stock as of January 26. This approval lifts the previous share cap and allows EEME to acquire the balance of shares committed under the binding term sheet.
2. EEME’s Investment and Tranches
EEME has already purchased 38 million shares for $3.8 million and will acquire the remaining 62 million shares for $6.2 million in two equal tranches during the weeks of March 7 and March 31. This completes the $10 million equity investment earmarked for the Reno facility conversion.
3. Reno Facility Upgrade and Catalyst Installation
XCF Global has initiated upgrades at its New Rise Renewables Reno facility, including procurement and installation of Axens Vegan hydrotreating catalyst to convert a broad range of renewable feedstocks into ASTM D7566-compliant neat SAF. The planned business combination with Southern Energy Renewables and DevvStream remains under negotiation and regulatory approvals, aiming to create a multi-pathway publicly traded SAF platform.