In the United States (US), Focus Impact BH3 Acquisition Corp. (Focus Impact BH3), a special purpose acquisition company (SPAC) formed by Focus Impact Acquisition Corp. (Focus Impact) has announced that it has entered into a Letter of Intent (LoI) with XCF Global Capital, Inc., (XCF) a New York-based developer of sustainable fuel plants.
XCF Global Capital is currently a North American producer of renewable diesel, with a planned strategic expansion into sustainable aviation fuel (SAF).
The company’s fuels are made from renewable sources and can be used to reduce greenhouse gas (GHG) emissions from transportation.
We are excited to announce this LOI with XCF. XCF is emerging as a leader in the production of sustainable fuels, and we believe that this transaction will position us to capitalize on the growing demand for clean energy and amplify our mission to enhance social impact and grow leading businesses, said Carl Stanton, CEO of Focus Impact BH3.
The transaction, which values XCF at US$1.75 billion, is subject to the completion of due diligence, negotiation of and entry into definitive documentation and will be subject to customary closing conditions.
There are no assurances that a transaction will be executed or consummated.
We are excited to enter this partnership to meet our commitment to reducing the global carbon footprint with the production of renewable diesel that meets domestic and global mandates. This partnership into the public markets broadens our investor base and the combined company will have a strong platform to grow in the rapidly expanding market for sustainable fuels, said Mihir Dange, CEO of XCF.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as exclusive financial advisor and exclusive capital markets advisor to XCF Global Capital.