Green Fuels Combination Clarified as Shares Rocket Higher

2026-05-29 14:36:00 ET

The push to decarbonize global transportation continues to drive investment across the renewable fuels sector, particularly in sustainable aviation fuel and other low-carbon energy solutions. As governments and industry participants work toward increasingly aggressive emissions targets, companies developing scalable clean fuel production platforms are attracting heightened attention from both strategic partners and investors seeking exposure to the energy transition.

DevvStream Corp. ( NASDAQ: DEVS ) was one of the market's biggest movers on Friday, with shares soaring 148.8% to $0.311 after the company, alongside XCF Global, Inc. ( NASDAQ: SAFX ) and Southern Energy Renewables Inc., issued a statement clarifying the status of their proposed three-party business combination.

The announcement was prompted by recent media reports that mischaracterized information contained in a Form 8-K filed by DevvStream with the U.S. Securities and Exchange Commission on May 18, 2026. Specifically, the filing disclosed that DevvStream had received fairness opinions related to the proposed transaction and that a previously announced merger agreement between DevvStream and Southern Energy Renewables had automatically terminated.

According to the parties, that termination was not the result of any participant withdrawing from the transaction. Rather, it represented a contractual milestone built into the structure of the broader Business Combination Agreement executed on April 13, 2026 by DevvStream, XCF, and Southern. Once the required fairness opinions were received by DevvStream and XCF, the original merger agreement was designed to terminate automatically without liability or ongoing obligations to any party.

Importantly for investors, the companies emphasized that the Business Combination Agreement remains fully intact and continues to govern the proposed transaction. The parties stated that they remain actively engaged in advancing the combination and continue to work toward completing the required regulatory and shareholder approval process.

One of the next major milestones is expected to be the filing of a Form S-4 registration statement with the SEC in the coming weeks. The filing represents a key step toward obtaining SEC effectiveness and securing the shareholder approvals necessary to close the transaction.

The proposed combination would bring together DevvStream's carbon management and environmental asset platform with XCF's renewable diesel and sustainable aviation fuel operations and Southern Energy Renewables' biomass-to-fuels development initiatives. XCF's flagship New Rise Renewables Reno facility currently has permitted nameplate production capacity of 38 million gallons per year.

Investors reacted aggressively to the clarification, with DEVS shares surging 140.3% to $0.30 during Friday's trading session. Meanwhile, shares of SAFX are ahead 7.5% to $0.482.

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