The Albany Gazette - Southern Energy Renewables Inc. Strengthens Leadership to Accelerate Commercial Growth in Clean Fuels and Chemicals and Starts Development of Integrated Biomass-to-Fuels Facility

• Biomass to Methanol Design and Construction Begins at Frontline BioEnergy's Headquarters

• Seasoned Energy-Transition Technologist Alexandre Javidi Appointed Chief Technology Officer

• Seasoned CCUS Expert Tom Becker Appointed as CCUS Advisor

Design and construction of the syngas-to-methanol and methanol-to hydrocarbons process demonstration units (PDU) have been started. The addition of these PDUs to Frontline's existing clean syngas PDU at Frontline's headquarters will allow the organization to optimize and verify commercial readiness for its commercial facility in Louisiana. The fully integrated PDUs will ensure that each technological component integrates properly and produces each end product on spec. Southern Energy has also brought on two seasoned veterans from the energy industry.

Nevin Smalls, Chief Strategy Officer, commented:

"Our continuous progress as a team shows we are committed to executing and meeting deadlines; it also shows the industry that we are taking the steps needed to ensure success. We want our partners to know they can count on us to get the job done and we want our country to know we plan to follow through to develop a facility that supports energy independence. This also builds upon our vision of competing against China on a global stage and building out facilities like these that don't rely on subsidies."

Jerod Smeenk, Frontline CEO, commented:

"The design and construction of syngas-to-methanol and methanol-to-hydrocarbons PDUs will be significant additions to Frontline's existing clean-syngas PDU. Fully integrated demonstration of fuel production from biomass will provide crucial data to support the design and operation of Southern's commercial facilities."

Sunny Trinh, DevvStream CEO, commented:

"Frontline's integrated clean syngas platform represents a critical step in validating next-generation biomass-to-fuels pathways at a systems level. By anchoring environmental asset development at the PDU stage, we're able to translate real performance data into high-quality, financeable carbon assets. This positions the broader platform for scalable monetization as it advances toward commercial deployment."

Alexandre Javidi has joined the company as Chief Technology Officer ("CTO"). Mr. Javidi is a seasoned technologist in clean energy technologies, who served in senior roles at Axens, where he led large-scale projects, developed innovative catalytic processes, and managed global business development efforts.. Alex also led the global alcohol-to-jet development team at Axens, which supported customers like Gevo and many more. He will bring his expertise in commercializing new technology as Southern develops the first integrated biomass-to-methanol-to-jet plants around the world.

Alexandre Javidi, Chief Technology Officer of Southern Energy Renewables, commented:

"I'm honored to join Southern Energy at this exciting inflection point for both clean fuels and products. Global demand for a clean circular supply chain is accelerating, and Southern Energy and their partners are well-positioned to lead through the rapid deployment of their technology and business plans to support the transition into the circular economy. It is great to join a company with a vision to provide clean products that don't require subsidies and that compete with China and the rest of the industry on a global scale. I hope to bring my experience from leading the alcohol-to-jet technologies at different projects to Southern."

Tom Becker has joined the company as Technical Advisor in CCUS. Mr. Becker is a seasoned geologist in carbon capture utilization and storage, who served in senior roles at ExxonMobil, where he prospected some of the first CCUS wells, participated in a global CCUS task force, and managed related business development efforts. His expertise in commercializing CCUS wells will directly support Southern's Louisiana project

Tom Becker, Technical Advisor of Southern Energy Renewables, commented:

"I'm honored to join Southern Energy to help advance vertical integration with CCUS and the production for clean fuels and products. Global demand for CCUS is growing and Southern can lead this front and bring vertical integration to it. Bringing my expertise in CCUS will aid in Southern advancing its project in Louisiana."

About Alexandre Javidi

With over 20 years of experience in refining, petrochemical, and biofuel industries, Alexandre combines deep technical knowledge with strong business leadership. He shapes the technology roadmap, fosters collaborations with research institutions, industry partners, and technical government agencies, and accelerates the commercialization of breakthrough renewable energy technologies. Prior to Southern Energy Renewables, Alexandre held senior roles at Axens. He led large-scale projects, developed innovative catalytic processes, and managed global business development efforts in sustainable aviation fuels and biofuels. Alexandre's expertise also includes extensive operational experience in unit operations, process, engineering, and plant commissioning. As CTO, he is responsible for overseeing the implementation of new technologies on site production, ensuring seamless integration between innovation and operational execution to maximize efficiency and sustainability.

About Tom Becker

Tom Becker is currently a co-founder and executive director of Serpentine Energy (Pty) Ltd., a company pursuing subsurface stimulated geologic hydrogen in South Africa since 2024. From 2021-2024, he was a co-founder and executive director of Astris Advisors, which served as the executive team that led a VC-backed purchase of Rhino Resources Ltd. and a technical advisor for the Exploration, Research, and Production companies at ExxonMobil from 2005-2021. He has broad technical expertise in several subsurface technologies, including CCUS, carbon mineralization, non-hydrocarbon gas exploration, conventional petroleum exploration and production, basin modeling, and seismic interpretation. He holds a B.S. in Geological Sciences from Case Western Reserve University, an M.S. in Earth and Environmental Sciences from Lehigh University, a Ph.D. in Geological Sciences from the University of Kentucky, along with graduate certificates from University of North Carolina, University of Texas, MIT, Stanford University, and Harvard University.

About DevvStream

DevvStream (NASDAQ:DEVS) is a carbon management company focused on the development, investment, and sale of environmental assets worldwide, including carbon credits and renewable energy certificates.

About Southern Energy Renewables

Southern Energy Renewables Inc. is a U.S.-based clean fuels, chemicals and products developer focused on advancing large-scale biomass-to-fuels projects. These projects are in development and designed to produce carbon-negative SAF and green methanol, supported by integrated carbon capture and sequestration.

About XCF Global, Inc.

XCF Global, Inc. ("XCF") is an emerging sustainable aviation fuel company dedicated to accelerating the aviation industry's transition to net-zero emissions. Our flagship facility, New Rise Renewables Reno, has a permitted nameplate production capacity of 38 million gallons per year, positioning XCF as an early mover among large-scale SAF producers in North America. XCF is working to advance a pipeline of potential expansion opportunities in Nevada, North Carolina, and Florida, and to build partnerships across the energy and transportation sectors to scale SAF globally. XCF is listed on the Nasdaq Capital Market and trades under the ticker, SAFX.

Contact
[email protected]
520-490-7221

Additional Information and Where to Find It

In connection with the proposed transaction, among XCF Global, Inc. ("XCF"), Southern Energy Renewables Inc. ("Southern"), DevvStream Corp. ("DEVS") and EEME Energy SPV I LLC ("EEME"), XCF will prepare and file relevant materials with the Securities and Exchange Commission (the "SEC"), including a registration statement on Form S-4 that will contain proxy statements of DEVS and XCF that also constitutes a prospectus of XCF (the "Proxy Statements/Prospectus"). A definitive Proxy Statement/Prospectus will be mailed to stockholders of XCF and DEVS. XCF, DEVS and Southern may also file other documents with the SEC regarding the proposed transaction. This communication is not a substitute for any proxy statement, registration statement or prospectus, or any other document that XCF, DEVS and Southern (as applicable) may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENTS/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED BY XCF, DEVS OR SOUTHERN WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED TRANSACTION, WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. XCF's and DEVS investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus (when they become available), as well as other filings containing important information about XCF, DEVS, Southern, and other parties to the proposed transaction, without charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by (i) XCF will be available free of charge under the tab "Financials" on the "Investors" page of the XCF's website at https://xcf.global/investor-relations/financials/sec-filings/ or by contacting the XCF's Investor Relations Department at [email protected]l and will be available free of charge under the tab "Financials" on the "Investor Relations" page of DevvStream's website at www.devvstream.com/investors/ or by contacting DevvStream's Investor Relations Department at [email protected]

Participants in the Solicitation

XCF, DEVS, Southern, EEME and their respective directors and certain of their respective executive officers and employees may be deemed to be participants in the solicitation of proxies from XCF's and DEVS's stockholders in connection with the proposed transaction. Information regarding the directors and executive officers of (i) XCF is contained in a Current Report on Form 8-K/A, filed with the SEC on October 21, 2025, and in other documents subsequently filed with the SEC and (ii) DEVS is contained in DEVS's proxy statement for its 2025 annual meeting of stockholders, filed with the SEC on November 18, 2025, and in other documents subsequently filed with the SEC. Additional information regarding the participants in the proxy solicitations and a description of their direct or indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement/Prospectus and other relevant materials filed with the SEC (when they become available). These documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This communication is for informational purposes only and is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Cautionary Note Regarding Forward-Looking Statements

This communication contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act that involve substantial risks and uncertainties including statements regarding the term sheet, the proposed transactions contemplated thereby, the anticipated structure, timing and conditions of the proposed transaction, the anticipated completion of the plant conversion specified in the term sheet for the proposed transaction, the achievement of specified financial and operational milestones (including annualized blended fuel product revenues in excess of $1.0 billion and minimum annualized EBITDA of $100 million), the anticipated issuance of state-supported bonds by Southern, the valuation the parties are aiming to achieve following the consummation of the proposed transaction, and the expected benefits of the Transaction. All statements, other than statements of historical facts, are forward-looking statements, including statements regarding the expected timing, structure and terms of the proposed transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions; the expected or targeted benefits of the proposed transaction; legal, economic, and regulatory conditions; and any assumptions underlying any of the foregoing. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by words such as "aim," "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "plan," "could," "would," "project," "predict," "continue," "target," "objective," "goal," "designed," or the negatives of these words or other similar expressions that concern the XCF's, DEVS's or Southern's expectations, strategy, priorities, plans, or intentions. Forward-looking statements are based upon current plans, estimates, expectations, and assumptions that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by such forward-looking statements.

We can give no assurance that such plans, estimates, or expectations will be achieved, and therefore, actual results may differ materially from any plans, estimates, or expectations in such forward-looking statements.

Forward-looking statements are based on current expectations, estimates, assumptions and projections and involve known and unknown risks and uncertainties that may cause actual results, developments or outcomes to differ materially from those expressed or implied by such statements. Important factors that could cause actual results, developments or outcomes to differ materially include, among others: (1) changes in domestic and foreign business, market, financial, political, regulatory and legal conditions; (2) the risk that the plant conversion specified in the term sheet for the proposed transaction is delayed, not completed on the anticipated timeline, or requires additional capital beyond current expectations; (3) the risk that XCF is unable to achieve the specified annualized revenue and EBITDA thresholds contemplated by the term sheet, which depend in significant part on XCF's business performance, operating results, market demand, execution capabilities, and other factors; (4) the risk that Southern does not receive authorization to issue up to $400 million of bonds, that such bonds are delayed, issued on less favorable terms, or not issued at all; (5) the risk that XCF is unable to obtain or maintain compliance with applicable Nasdaq continued listing standards, including regaining compliance with $1.00 minimum bid price requirement, which could result in delisting if compliance is not regained within applicable cure periods; (6) the risk that negotiations among the parties relating to the term sheet or any contemplated definitive agreements are delayed, modified, suspended or terminated, including as a result of alleged breaches or differing interpretations of the binding provisions of the term sheet; (7) the inability of the parties to agree on mutually acceptable definitive agreements or to satisfy or waive the closing conditions contemplated by the term sheet; (8) the occurrence of events, changes or other circumstances that could give rise to the termination of the term sheet or any related negotiations, or that could result in disputes or litigation relating to the interpretation, enforceability or performance of the binding provisions of the term sheet; (9) the outcome of any legal proceedings that may be instituted against XCF, DEVS, Southern, EEME or their respective affiliates, which could be costly, time-consuming, divert management attention and adversely affect liquidity or financial condition; (10) uncertainty with respect to the scope, timing or completion of due diligence by any party and each party's satisfaction therewith; (11) uncertainty regarding valuations, capital structure, financing arrangements, equity ownership, or the allocation of economic interests contemplated by the term sheet, including the risk that, in the event the proposed transaction closes, the parties may never achieve their aim of creating a $3.0 billion combined enterprise (as of the date hereof this statement only represents an objective that the parties intend to achieve on a future date and such objective has not in the past and may never in the future be achieved); (12) changes to the structure, timing or terms of any proposed transaction that may be required or deemed appropriate as a result of applicable laws, regulations, accounting considerations, stock exchange requirements or regulatory guidance; (13) the risk that required regulatory, governmental, stock exchange or stockholder approvals are not obtained, are delayed or are subject to conditions that could adversely affect the parties or the expected benefits of any contemplated transaction; (14) the risk that the announcement of the term sheet or the pursuit of the contemplated transactions disrupts current plans, operations or relationships of XCF, DEVS or Southern; (15) the risk that anticipated benefits of any contemplated transaction are not realized due to competition, execution challenges, market conditions, or the inability to grow and manage operations profitably; (16) costs, expenses and management distraction associated with the term sheet, negotiations, potential litigation and any contemplated transactions; (17) changes in applicable laws, regulations or enforcement priorities, including extensive regulation and compliance obligations applicable to the parties' businesses; and (18) other economic, business, competitive, operational or financial factors beyond management's control, including those described under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in XCF's filings with the Securities and Exchange Commission ("SEC"), including its most recent Form 10-Q and subsequent filings.

Although the term sheet provides that certain provisions are binding on the parties, it does not obligate the parties to consummate the proposed transaction. The consummation of the proposed transaction remains subject to the negotiation, execution and delivery of definitive agreements and the satisfaction or waiver of applicable closing conditions, and the term sheet may be terminated in accordance with its terms. There can be no assurance that any definitive agreements will be entered into or that the proposed transaction will be consummated on the terms described herein or at all. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and are not guarantees of future performance or outcomes.

Any forward-looking statements speak only as of the date of this communication. Neither XCF, DEVS, Southern or EEME undertakes any obligation to update any forward-looking statements, whether as a result of new information or developments, future events, or otherwise, except as required by law. Neither future distribution of this communication nor the continued availability of this communication in archive form on DEVS's website at www.devvstream.com/investors/ or XCF's website at xcf.global/investor-relations should be deemed to constitute an update or re-affirmation of these statements as of any future date.

SOURCE: Southern Energy Renewables Inc.

View the original press release on ACCESS Newswire

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