XCF Global (SAFX) said Thursday it has entered into a joint commercialization and development agreement with Continual Renewable Ventures and New Rise Australia.
The agreement, signed on June 30, aims to move the New Rise ANZ project from early-stage development toward a structured commercialization phase, XCF said.
The companies will explore the potential co-development, financing, construction and operation of a Hydroprocessed Esters and Fatty Acids-based renewable fuels refinery in Australia.
If developed, the proposed refinery is set to produce about 175 million liters per year of sustainable aviation fuel and renewable diesel.
Under the agreement, XCF may earn up to a 10% equity interest in New Rise Australia through milestone-based technical, development, and project support.
The project remains subject to definitive agreements, financing, regulatory approvals, a final investment decision, construction, commissioning, and other customary conditions, the company said.
Shares of XCF Global fell more than 5% in the session.
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