HOUSTON, May 4, 2026, 16:00 (CDT)
- XCF Global is aiming to fire up its New Rise Reno sustainable aviation fuel plant again in June.
- The company is aiming for net revenue between $110 million and $120 million by 2027, with renewable fuel output projected at 40 million to 43 million gallons.
- Restarting operations carries execution risk, especially after lease forbearance negotiations, a scrapped deal with Phillips 66, and a business combination still in progress.
XCF Global on Monday said it’s planning to bring its New Rise Renewables Reno plant back online in June, outlining ambitious 2027 goals that would shift the Nasdaq-listed SAF producer from initial ramp-up into true commercial territory. Management is targeting net revenue between $110 million and $120 million and sees renewable fuel output ranging from 40 million to 43 million gallons for the year ending Dec. 31, 2027.
Timing is key, with sustainable aviation fuel, known as SAF, still hard to come by. The fuel, produced from renewable sources like waste oils and fats, isn’t being made fast enough. IATA says output could hit 2.4 million tonnes in 2026—that’s just 0.8% of all jet fuel burned by airlines.
XCF’s Reno restart marks a milestone for the company. According to XCF, its New Rise Reno plant has turned out SAF, renewable diesel, and renewable naphtha, with total renewable fuel output topping 2.5 million gallons since starting up commercial operations in March 2025. The plant’s full permitted nameplate is 38 million gallons a year.
Upgrade efforts are zeroing in on stability, readiness, and fuel quality systems, with certified procedures for startup also in the mix. XCF tapped Alvarez & Marsal for hands-on engineering and operational backup at the site. The restart plan? Mechanical inspections first, then pre-startup checks, followed by system validation and a phased ramp back to full operation.
XCF set out 2027 targets calling for gross product sales between $775 million and $825 million, alongside EBITDA in the $65 million to $70 million range. Gross product sales, according to XCF, reflect management’s estimate of the total dollar value of renewable fuel sold to end customers—including incentives, feedstock, processing, and logistics.
XCF is pushing to broaden its commercial reach even as it swaps out old channels. According to an April securities filing, the company signed a term sheet with BGN INT US LLC for a renewable fuel tolling deal—BGN delivers the feedstock, XCF turns it into SAF and renewable naphtha. That same filing also noted Phillips 66 ended its supply and offtake pact with New Rise, effective May 1.
The company is pushing for a bigger corporate deal. In April, XCF signed a definitive business combination agreement with DevvStream and Southern Energy Renewables. But the transaction hasn’t closed yet—shareholder, regulatory, and stock-exchange sign-offs are still pending, along with a registration statement and various other closing conditions.
XCF has been working to reassure customers it can track fuel for emissions programs as soon as the Reno facility is back up. “When we restart production, we will be ready to support CORSIA reporting,” Chief Executive Chris Cooper said in an April 30 statement, pointing to compliance with the aviation sector’s ICAO-run offset system. Nasdaq
Getting bigger is the tough bit. Neste puts its global SAF production at 1.5 million tonnes a year right now, aiming for 2.2 million tonnes by 2027. Valero, through its Diamond Green Diesel operation, reports 1.2 billion gallons annually of renewable diesel, plus as much as 235 million gallons a year in pure SAF. XCF’s Reno facility doesn’t match those numbers, but if it restarts cleanly, it could claim status as one of the rare publicly traded U.S. SAF-centric platforms.
Still, things might not unfold as planned. New Rise’s landlord has agreed to hold off on certain remedies linked to alleged lease defaults, but only through Jan. 1, 2027 and as long as payments and other conditions are met. XCF has flagged a slate of risks: compliance with Nasdaq listing rules, financing, securing feedstock and offtake deals, ongoing disputes with both the landlord and lenders, and uncertainty over whether the Reno facility can reliably deliver the projected SAF volumes.
The priorities right now are tight and immediate: finish the upgrade, get that first-quarter 2026 10-Q filed by mid-May, and lock down the BGN framework plus the merger plan with actual funding and binding terms. For the moment, though, it’s the June restart that grabs attention — and that’s where the pressure lands.
