XCF Global Capital and Focus Impact BH3 Acquisition Co close on business combo
In the United States (US), XCF Global Capital, Inc. (XCF Global Capital), a key player in decarbonizing the aviation industry through sustainable aviation Fuel (SAF), has announced the successful completion of its business combination with Focus Impact BH3 Acquisition Company (Focus Impact BH3), a special purpose acquisition company.
The combined company will operate under the name XCF Global, Inc., and its Class A common stock is expected to commence trading on the Nasdaq Capital Market (Nasdaq) under the ticker symbol “SAFX” on June 9, 2025.
The completion of this transaction marks a transformational step for XCF Global and the decarbonization of the aviation industry. 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 growth path. 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 synthetic aviation fuel. We offer the public capital markets access to one of the fastest-growing sectors in the global energy transition, and we are proud to be leading the shift toward a lower-carbon future for aviation, said Mihir Dange, CEO of XCF Global.
XCF Global’s New Rise Reno facility began commercial production of neat SAF in February 2025, with a nameplate production capacity of 38 million (US) gallons (≈ 144 million litres) of neat SAF per annum, and the first customer deliveries of neat SAF were completed in March 2025, marking a major operational milestone.
The company is advancing a pipeline of production sites in Nevada (NV), North Carolina (NC), and Florida (FL) to expand SAF capacity and support long-term growth.
Sponsored by Focus Impact Partners, LLC, a private investment firm, Focus Impact BH3 Acquisition Co. is a special purpose acquisition company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
We are thrilled to have completed the Business Combination with XCF Global and bring this transformative SAF platform to the public markets. With strong macro tailwinds, a repeatable site development model, and a world-class management team, XCF Global is uniquely positioned to scale SAF production and drive meaningful impact in the energy transition while creating long-term value for shareholders, said Carl Stanton, CEO of Focus Impact BH3.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as exclusive financial advisor and joint capital markets advisor to XCF. Height Capital Markets served as the joint capital markets advisor to XCF Global.
BTIG, LLC acted as capital markets advisor to Focus Impact BH3. Stradley Ronon Stevens & Young, LLP and Kirkland & Ellis LLP 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.
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