XCF Global (XCF) has announced plans to restart its New Rise Renewables Reno sustainable aviation fuel (SAF) plant in June, following lease forbearance negotiations and the termination of a supply agreement with Phillips 66. The company has set ambitious 2027 targets, projecting net revenue between $110 million and $120 million and renewable fuel output of 40 million to 43 million gallons.
The restart marks a critical milestone for the Nasdaq-listed SAF producer, which has been working to overcome operational and financial hurdles. The plant, which began commercial operations in March 2025, has produced over 2.5 million gallons of SAF, renewable diesel, and renewable naphtha to date. Its full permitted nameplate capacity is 38 million gallons per year.
Executive risk remains high, as the company navigates lease forbearance agreements, a scrapped deal with Phillips 66, and a pending business combination with DevvStream and Southern Energy Renewables. The merger, signed in April, is subject to shareholder, regulatory, and stock-exchange approvals, along with other closing conditions.
XCF has engaged Alvarez & Marsal to provide engineering and operational support for the restart. The plan includes mechanical inspections, pre-startup checks, system validation, and a phased ramp-up to full operation. The company is also focusing on stability, readiness, and fuel quality systems, with certified startup procedures in place.
For 2027, XCF expects gross product sales between $775 million and $825 million, with EBITDA in the range of $65 million to $70 million. Gross product sales reflect management's estimate of total dollar value of renewable fuel sold to end customers, including incentives, feedstock, processing, and logistics.
The company is expanding its commercial reach. In April, it signed a term sheet with BGN INT US LLC for a renewable fuel tolling agreement, under which BGN will provide feedstock and XCF will produce SAF and renewable naphtha. Meanwhile, Phillips 66 terminated its supply and offtake pact with New Rise, effective May 1.
CEO Chris Cooper emphasized readiness for CORSIA reporting, stating, "When we restart production, we will be ready to support CORSIA reporting," referring to the ICAO-run offset system for aviation emissions.
While XCF's Reno facility is smaller than major producers like Neste (1.5 million tonnes annual SAF capacity) and Valero's Diamond Green Diesel (1.2 billion gallons renewable diesel), a successful restart could position it as one of the few publicly traded U.S. SAF-focused platforms.
However, risks remain. The landlord has agreed to forbear on lease default remedies only through Jan. 1, 2027, subject to payment and other conditions. XCF has flagged compliance with Nasdaq listing rules, financing, feedstock and offtake deals, ongoing disputes, and uncertainty over the plant's ability to deliver projected SAF volumes.
Immediate priorities include completing the upgrade, filing the Q1 2026 10-Q by mid-May, and finalizing funding for the BGN framework and merger. The June restart is the most pressing focus, with significant pressure on execution.
