DEVS News & Events

DevvStream (DEVS) announced that it has signed a term sheet with Southern Energy Renewables and Frontline BioEnergy, a trade name of Frontline Group, that outlines an expanded collaboration to support the development and de-risking of Southern's planned biomass-to-fuels and chemicals platform in Louisiana. Under the term sheet, Southern expects to provide up to $2.05M to fund the design, construction, and commissioning of the MeOH PDU and MTH PDU, with Frontline expected to self-perform most engineering, procurement, fabrication, and construction activities. Southern is expected to own the equipment and materials purchased with Southern funds used to construct the PDUs. Frontline is expected to be affirmed as Southern's exclusive gasification company and, subject to definitive agreements and performance terms, to serve as Southern's exclusive gasification provider for a five-year period for commercial deployment. DevvStream is expected to serve as the exclusive carbon credit and environmental-asset manager for SER's commercial projects. XCF Global (XCF) is anticipated to play a key role in the collaboration, contributing downstream fuels expertise, market and offtake insight, and execution support intended to help translate pilot scale validation into commercial deployment. This collaboration is also intended to support the broader strategic objectives described in a recently announced binding term sheet regarding a potential three-party merger among DevvStream, Southern, and XCF. If the three parties are able to successfully negotiate definitive agreements, DevvStream believes the Frontline pilot-scale program can help validate Southern's biomass-to-methanol and methanol-to-jet pathways, complement XCF's downstream SAF production capabilities, and further de-risk commercialization for the proposed Louisiana development pathway.

XCF Global (SAFX) and DevvStream Corp. (DEVS) have agreed to a binding term sheet to combine Southern Energy Renewables in a three-party merger. If the Parties are able to successfully negotiate a definitive agreement, the Parties believe the combined entity will form an integrated platform of complementary assets, with the opportunity to deploy a disciplined and proprietary environmental attribute and credit generation strategy across North America and emerging markets. The binding term sheet establishes a framework for collaboration and mutual understanding among the Parties. The proposed transaction is intended to reinforce the development of a low-carbon fuels platform designed to accelerate SAF via HEFA, e-methanol, e-methanol-to-jet fuel pathways, expand domestic production capacity, and integrate environmental-attribute monetization into a unified customer offering. As part of the evaluation and negotiation of the definitive transaction agreement, the Parties plan to explore opportunities for integrating small modular reactor nuclear power with electro-sustainable aviation fuel, AI data center power, and associated environmental attribute structures. Entry into definitive transaction agreements is subject to review and approval by the Boards of Directors of the respective companies. As part of the binding term sheet, an investor has agreed to purchase shares of XCF to fund near-term operations and, critically, to complete targeted upgrades and modifications at XCF's New Rise Reno refinery. These funds are intended to be used to: complete required mechanical, electrical, and process upgrades, procure catalyst, utilities, and supporting infrastructure, finalize commissioning and reliability improvements, and conduct certain shareholder relations activities related to the updates and modifications at XCF's New Rise Reno refinery. The ultimate objective of the incremental funding is to bring the New Rise Reno facility into sustained commercial production and support the ramp-up of SAF output.

DevvStream (DEVS), Southern Energy Renewables and XCF Global (SAFX) announced a non-binding tripartite memorandum of understanding to jointly explore the potential development of a next-generation low-carbon fuels platform designed to accelerate sustainable aviation fueladoption, expand domestic capacity, and integrate environmental-attribute monetization into a unified customer offering. The goal of the collaboration is to increase long-term SAF supply across multiple production pathways, and to advance the transparency and commercialization of environmental attributes. As part of the negotiation of a binding agreement, the parties expect to evaluate the commercial viability of developing a HEFA-based "Gen 1" SAF facility in Louisiana alongside Southern's previously announced biomass-based "Gen 2" SAF gasification facility.

XCF Global (SAFX), Southern Energy Renewables and DevvStream (DEVS) announced a non-binding tripartite memorandum of understanding to jointly explore the potential development of a next-generation low-carbon fuels platform designed to accelerate SAF adoption, expand domestic capacity, and integrate environmental-attribute monetization into a unified customer offering. The collaboration would seek to increase long-term SAF supply across multiple production pathways while advancing the transparency and commercialization of environmental attributes. As part of the negotiation of a binding agreement, the parties expect to evaluate the commercial viability of developing a HEFA-based SAF facility in Louisiana. The parties intend to negotiate a definitive collaboration agreement which, if executed, would create a collaborative venture that intends to develop a unified commercial platform that enables customers to procure fuel, logistics services, and environmental-attribute value through a single integrated offering. If developed, this structure would be expected to simplify procurement, improve pricing efficiency, and enhance long-term customer retention across the aviation and industrial markets.