Woodland Biofuels to pour USD 1.35bn into Louisiana port biofuel hub
Sep 18, 2024 8:54 CESTUS sustainable fuels maker XCF Global Capital Inc said it is set to become the only public, pure-play sustainable aviation fuel (SAF) producer in the US after agreeing to merge with a local blank check company in a deal giving the combined entity a pro forma enterprise value of USD 1.84 billion (EUR 1.68bn).
XCF Global announced on Tuesday that it has signed a definitive agreement for a business combination with special purpose acquisition company (SPAC) Focus Impact BH3 Acquisition Co (NASDAQ:BHAC). The two announced discussing a potential merger at the end of December.
Under the transaction terms, current XCF investors are expected to roll 100% of their equity ownership and keep a pro forma equity ownership of around 91.4% in the newly combined entity which will be listed on either Nasdaq or the New York Stock Exchange (NYSE) upon completion.
The tie-up is anticipated to close in the second half of 2024, subject to standard closing conditions as well as to the completion of XCF’s agreed acquisition of New Rise Renewables.
XCF is focused on renewable diesel, SAF and other biofuels made from renewable sources, such as waste vegetable oil and animal fats. It has multiple plants in North America. The company is looking for rapid expansion by acquiring more strategically located, smaller sites and quickly converting them into SAF production facilities.
New Rise Renewables is a renewable drop-in diesel fuel facility in Storey County, Nevada at the Reno-Tahoe Industrial Complex. Its acquisition will result in XCF having an initial annualised production capacity of 38 million gallons of SAF.
After the conversion of two recently acquired locations in North Carolina and Florida, XCF’s capacity will increase to over 150 million gallons of pure SAF annually within the next five years, the company said in the press release.
(USD 1 = EUR 0.915)
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