DevvStream, Southern Energy Renewables, and XCF Global Explore Strategic Collaboration to Build Integrated Low-Carbon Fuels Platform and Accelerate SAF Growth
DevvStream Corp. (Nasdaq: DEVS), Southern Energy Renewables Inc. (“Southern”), and XCF Global, Inc. (Nasdaq: SAFX) have announced the execution of a non-binding, tripartite memorandum of understanding (MOU) to explore a strategic collaboration aimed at developing a next-generation low-carbon fuels platform. The proposed collaboration seeks to accelerate the adoption of sustainable aviation fuel (SAF), expand domestic production capacity across multiple pathways, and integrate environmental-attribute monetization into a single, unified commercial offering for customers.
The initiative comes at a pivotal moment for the aviation and energy sectors, as governments, airlines, and industrial customers face increasing pressure to reduce carbon emissions while maintaining reliable fuel supply. SAF is widely regarded as one of the most viable near- and medium-term solutions for decarbonizing air travel, given its compatibility with existing aircraft and fueling infrastructure.
Rapidly Expanding SAF Market Creates Strategic Opportunity
Market projections highlight the scale of the opportunity the three companies aim to address. By 2030, the U.S. SAF market alone is expected to approach $7 billion in value, while global SAF demand is forecast to exceed 5.5 billion gallons annually. Nearly four billion people live in countries that already utilize SAF for aviation, driving global market value beyond $25 billion within the next decade. Looking further ahead, industry estimates suggest the global SAF market could surpass $250 billion by 2050 as aviation demand grows and climate regulations tighten.
Against this backdrop, DevvStream, Southern, and XCF see the potential to position themselves at the forefront of long-term SAF growth by combining complementary capabilities into a unified platform designed to scale efficiently and transparently.
Advancing a Multi-Pathway SAF Supply Strategy
A central objective of the proposed collaboration is to increase long-term SAF supply by supporting multiple production pathways rather than relying on a single technology. As part of negotiations toward a potential binding agreement, the parties expect to assess the commercial feasibility of developing two SAF facilities in Louisiana.
One project under consideration is a hydroprocessed esters and fatty acids (HEFA)-based “Gen 1” SAF facility, leveraging XCF Global’s production and commercialization expertise. In parallel, the parties will evaluate Southern’s previously announced “Gen 2” biomass-based SAF gasification facility, which uses advanced biomass-to-methanol-to-jet technology.
By combining near-term, commercially proven HEFA production with longer-term advanced biomass pathways, the collaboration aims to balance scalability, feedstock flexibility, and long-term emissions reductions. This multi-pathway approach is intended to improve resilience against feedstock constraints and regulatory changes while supporting sustained SAF growth.
Creating a Unified Commercial Platform
If a definitive collaboration agreement is reached, the parties envision establishing a unified commercial platform that allows customers to procure fuel, logistics services, and environmental attributes through a single, integrated offering. This model is designed to simplify procurement for airlines and industrial customers, reduce transaction complexity, and improve pricing efficiency.
Under such a structure, customers could secure physical fuel supply alongside verified environmental benefits without navigating multiple vendors or fragmented markets. The integrated approach is also expected to enhance long-term customer relationships by offering greater transparency, consistency, and confidence in the integrity of SAF purchases.
Environmental-Attribute Monetization at the Core
A distinguishing feature of the proposed collaboration is its emphasis on integrating environmental-attribute monetization directly into the low-carbon fuels value chain. DevvStream is expected to lead the generation, verification, and monetization of environmental assets associated with the platform’s SAF and low-carbon fuel projects.
These capabilities may include voluntary and compliance carbon credits, CORSIA units, renewable energy certificates, and digital monitoring, reporting, and verification (MRV) solutions. The parties also plan to explore tokenized environmental-attribute tracking systems that could enhance traceability, transparency, and liquidity in environmental markets.
In addition, the collaboration would evaluate mechanisms to help customers capture and monetize regulatory incentives such as Low Carbon Fuel Standard (LCFS) credits, Renewable Identification Numbers (RINs), and potential benefits under U.S. tax provisions including Sections 45Z and 45Q. Lifecycle analysis (LCA) methodologies and carbon-intensity optimization systems are also expected to be assessed to strengthen project economics and ensure high-integrity SAF development.
Executive Perspectives on the Collaboration
Industry leaders from all three companies highlighted the strategic importance of integrating production, logistics, and environmental attributes into a single platform.
Chris Cooper, CEO of XCF Global, noted that the collaboration could establish a first-of-its-kind, fully integrated low-carbon fuels system. By combining Southern’s advanced biomass technology, DevvStream’s environmental-attribute and digital MRV expertise, and XCF’s HEFA production and commercial infrastructure, Cooper said the parties see potential to unlock new value for customers and accelerate SAF scaling in a disciplined, capital-efficient manner.
Carl Stanton, Chairman of DevvStream, emphasized the role of environmental assets in driving SAF deployment. He stated that embedding environmental-attribute monetization directly into the fuel value chain could improve project economics while giving airlines greater confidence in the credibility and integrity of their SAF purchases.
Jay Patel, CEO of Southern Energy Renewables, highlighted the strategic benefits of collaboration, particularly in advancing a multi-pathway SAF strategy grounded in real production capacity and measurable climate benefits. He also pointed to Louisiana’s workforce, infrastructure, and feedstock resources as key advantages, positioning the state as a potential national leader in low-carbon fuels. Patel added that Southern looks forward to further developing its experimental SAF token on the Solana blockchain in collaboration with DevvStream.
Non-Binding Agreement with Path Toward Definitive Deals
While the MOU reflects strong alignment and shared intent, it remains non-binding. Any specific offtake agreements, investments, or project development activities will be subject to confirmatory due diligence, negotiation and execution of definitive agreements, internal corporate approvals, and applicable regulatory and permitting requirements.
As such, the MOU does not obligate any party to proceed with a particular transaction or project. However, it establishes a framework for collaboration that could ultimately play a meaningful role in shaping the future of SAF production, commercialization, and environmental-attribute integration.
If successful, the partnership could offer a scalable model for accelerating low-carbon fuel adoption while delivering verified climate benefits to customers navigating the global energy transition.
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