XCF Global Capital, a New York-based sustainable fuels producer, is set to go public in a $1.75 billion merger with special purpose acquisition company (SPAC) Focus Impact BH3 Acquisition Corp.
The deal, announced on Friday, positions XCF as a leader in renewable diesel production with plans to expand into sustainable aviation fuel and other biofuels.
CEO Mihir Dange emphasized XCF's commitment to reducing the global carbon footprint through the use of natural feedstock sources. Notably, XCF is the first to market in 2023, ahead of competitors still years away from meeting renewable fuel demands.
Focus Impact BH3 CEO Carl Stanton expressed confidence in the transaction, highlighting XCF's leadership in sustainable fuel production. The SPAC merger allows XCF to navigate the public market efficiently, sidestepping the complexities of an initial public offering.
The $1.75 billion valuation is contingent on due diligence completion, documentation negotiation, and standard closing conditions.