Published by Todd Bush on June 10, 2025
XCF Global Capital, Inc. ("XCF Global"), a key player in decarbonizing the aviation industry through Synthetic Aviation Fuel ("SAF"), today announced the successful completion of its business combination (the "Business Combination") with Focus Impact BH3 Acquisition Company (OTC PINK:BHAC) ("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.
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"The completion of this transaction marks a transformational step for XCF Global and the decarbonization of the aviation industry," said Mihir Dange, Chief Executive Officer of XCF Global. "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 path to growth. 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."
"We are thrilled to have completed the Business Combination with XCF Global and bring this transformative SAF platform to the public markets," said Carl Stanton, CEO of Focus Impact BH3. "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."
XCF Global's New Rise Reno facility began commercial production of neat SAF in February 2025, with a nameplate production capacity of 38 million gallons of neat SAF per year
First customer deliveries of neat SAF completed in March 2025, marking a major operational milestone
Advancing a pipeline of production sites in Nevada, North Carolina, and Florida to expand SAF capacity and support long-term growth
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 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.
Focus Impact BH3 Acquisition Co. is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Focus Impact BH3 is sponsored by Focus Impact Partners, LLC, a private investment firm dedicated to bringing capital and expertise to socially forward companies and helping those companies realize their growth and development objectives. To learn more, visit https://focus-impact.com/.
XCF Global Capital, Inc. is a pioneering sustainable aviation fuel company dedicated to accelerating the aviation industry's transition to net-zero emissions. XCF is developing and operating state-of-the-art clean fuel SAF production facilities engineered to the highest levels of compliance, reliability, and quality. XCF is actively building partnerships across the energy and transportation sectors to accelerate the adoption of SAF on a global scale. To learn more, visit www.xcf.global.
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