Analyst Summary
- Focus Impact BH3 Acquisition Company entered into a Business Combination Agreement with XCF Global Capital, Inc. on March 11, 2024.
- The Business Combination was approved at a special meeting of stockholders held on February 27, 2025.
- The Business Combination is expected to be consummated in the second quarter of 2025, subject to the satisfaction or waiver of certain closing conditions.
- Marketing materials, including an updated investor presentation, are being used by Focus Impact and XCF in meetings with potential investors.
- XCF Global Capital intends to be a leading producer of sustainable aviation fuel in North America.
- XCF has completed the acquisition of New Rise Renewables LLC, which owns and operates a Sustainable Aviation Fuel (SAF) production facility and New Rise SAF Renewables LLC which owns an adjacent property in Reno, Nevada.
- XCF has a long-term agreement with Phillips 66 to provide non-food feedstock and offtake of renewable fuels.
- New Rise Reno began commercial production in February 2025.
- Adjacent SAF production facility to be developed and expected to begin operations in Nevada in 2027, with Florida and North Carolina plants projected to be converted by 2028.
- XCF facilities employ a two-stage process to production, adding a pretreatment stage prior to hydrotreatment.
- XCF has partnered with Phillips 66, an established Fortune 50 company who will supply 100% of the non-food feedstock and is the priority buyer for all SAF produced at New Rise for 15 years.
- Section 45Z clean fuel production tax credit (CFPC) will take its place in 2025, with a maximum tax credit amount of $1.75 per gallon for SAF on a sliding scale.