XCF Global, Inc. is a publicly traded renewable fuels company specializing in the production of sustainable aviation fuel, or SAF, and other renewable fuels. Operating in the fast-growing renewable energy sector, the company focuses on converting waste- and residue-based feedstocks, such as waste oils, fats, and agricultural residues, into low-carbon fuels that reduce greenhouse gas emissions. XCF Global is committed to decarbonizing the aviation industry by scaling…
XCF Global, Inc. is a publicly traded renewable fuels company specializing in the production of sustainable aviation fuel, or SAF, and other renewable fuels. Operating in the fast-growing renewable energy sector, the company focuses on converting waste- and residue-based feedstocks, such as waste oils, fats, and agricultural residues, into low-carbon fuels that reduce greenhouse gas emissions. XCF Global is committed to decarbonizing the aviation industry by scaling production of SAF, which can be blended with conventional jet fuel without requiring modifications to existing aircraft or infrastructure. The company currently owns and operates production facilities in Nevada, Florida, and North Carolina, with plans to expand its portfolio of SAF and renewable fuel plants nationwide.
XCF Global generates revenue primarily through the sale of renewable fuels, including SAF, renewable diesel, and renewable naphtha. The company sells both neat, or unblended, SAF and blended SAF, which combines neat SAF with conventional jet fuel at varying ratios. Revenue is derived from offtake agreements with energy companies, fuel wholesalers, airlines, and fixed-base operators. The company’s current production facility in Reno, Nevada, operates under a supply and offtake agreement with Phillips 66, which purchases 100% of the renewable fuels produced at the facility. Pricing is based on current market indices for renewable fuels, adjusted for transportation, logistics, and tax-based credits. The company also benefits from federal and state tax credits, including the Clean Fuel Production Tax Credit, which provides up to $1.75 per gallon for SAF, depending on the fuel’s carbon intensity.
The company operates through a single integrated business model focused on renewable fuel production.
- Renewable Fuel Production: This segment involves the acquisition, pretreatment, and hydrotreatment of waste- and residue-based feedstocks to produce SAF, renewable diesel, and renewable naphtha. The company employs the hydroprocessed esters and fatty acids, or HEFA, pathway, a proven technology that refines feedstocks into renewable fuels through hydrogenation and isomerization. XCF Global’s production facilities are designed to handle a variety of feedstocks, providing flexibility in sourcing and reducing supply chain risks. The company’s flagship facility in Reno, Nevada, is expected to reach nameplate production capacity of 38 million gallons of neat SAF annually by the second quarter of 2026, with additional facilities planned to increase total production to 80 million gallons per year by 2028.
XCF Global holds a strategic position in the renewable fuels industry, particularly within the SAF market, which is driven by regulatory support, industry demand, and sustainability commitments. The company is one of the few publicly traded renewable fuels companies in the United States primarily focused on SAF, distinguishing itself from competitors that are predominantly legacy crude oil refiners or diversified energy companies. Key competitors include Gevo, Inc., LanzaJet, Inc., Montana Renewables, and Neste Oyi, all of which produce SAF or renewable diesel using various production pathways. XCF Global’s competitive advantages include its early-mover status, with commercial SAF production expected to begin in 2026, and its use of proven HEFA technology, which offers lower capital costs and reliable feedstock versatility. The company’s modular facility design allows for rapid replication and expansion, further enhancing its ability to scale production in line with growing demand. Additionally, XCF Global benefits from government incentives, such as tax credits and grants, which support the development and adoption of SAF.
XCF Global’s customer base primarily consists of energy companies, fuel wholesalers, airlines, and fixed-base operators. The company’s current production facility in Reno, Nevada, operates under a long-term supply and offtake agreement with Phillips 66, which purchases 100% of the renewable fuels produced at the facility. This agreement covers feedstock supply and the sale of SAF, renewable diesel, and renewable naphtha, providing a stable revenue stream for the company. While XCF Global does not currently have additional offtake agreements in place for its planned facilities, management is engaged in discussions with multiple potential partners, including airlines and fuel distributors, to secure long-term contracts for SAF and other renewable fuels. The company’s ability to deliver both neat and blended SAF positions it to serve a broad range of customers seeking to reduce their carbon footprint in the aviation sector.