XCF Global Provides Update on New Rise Reno Plant Conversion

April 13, 2026

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(XCF Global) • Conversion project remains on schedule, with plant upgrades progressing in line with current development plans.

Targeted equipment and catalyst updates underway to support anticipated SAF production and operational stability.
Key catalyst deliveries expected in late May and early June 2026, supporting planned early June 2026 commissioning activities.

April 9, 2026 / XCF Global, Inc. ("XCF") (Nasdaq:SAFX) a U.S. based sustainable aviation fuel (SAF) producer decarbonizing the aviation industry today provided an update on the conversion of its New Rise Renewables Reno ("New Rise Reno") Plant remains on schedule. The ongoing transformation of the plant is part of XCF's New Rise Renewables' broader strategy and is intended to enhance production and operational efficiency.

XCF's flagship New Rise Reno plant is undergoing a series of upgrades that are designed to optimize plant performance and support compliance with the applicable industry and operational standards. The conversion process includes the implementation of technologies and equipment modifications developed with support from Axens, a leading global licensor of sustainable refining and biofuels technologies, which serves as a technology partner to XCF.

These updates are intended to support the production of sustainable aviation fuel, while maintaining operational stability and yield efficiency.

Planned and ongoing updates to the plant include:

Catalyst Replacement: The Isomerization Reactor is being reloaded with fresh catalyst to ensure optimal performance.
Equipment Modifications: Modifications intended to improve optimism and reduce the potential for spurious trips at turndown flow rates and ensure stability at SAF severity.
Heat Exchange Improvements: A new heat exchanger is being installed to take advantage of heat recovery to enhance product throughput and quality.

The catalyst delivery schedule is currently expected to proceed as planned, with the first catalyst anticipated to arrive by end of May 2026 and the second delivery of catalyst in early June 2026, supporting the anticipated commissioning of the plant in early June. The company expects these deliveries to support planned commissioning activities, subject to project conditions.

"We are thrilled with the progress of the New Rise Reno Plant conversion," said Chris Cooper, CEO of XCF Global. "These updates are a testament to our commitment to innovation and sustainability. We are confident that these improvements will position us as a leader in renewable energy production."

New Rise Renewables plans to continue progressing the plant conversion in accordance with its development plans and expects to provide updates as additional milestones are reached.

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.

To learn more, visit XCF.Global READ MORE

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Excerpt from XCF Global: • Jet fuel prices have nearly doubled in weeks as global supply routes tighten, exposing vulnerabilities in crude-based aviation fuel.

Ongoing instability in global oil markets continues to underscore risks associated with petroleum‑derived aviation fuel
Domestic waste‑based SAF uses feedstocks that are not directly linked to global petroleum supply routes and crude oil extraction
Domestic SAF production contributes to fuel supply resilience while also supporting aviation decarbonization

April 13, 2026 / XCF Global, Inc ("XCF) (Nasdaq:SAFX), a leading U.S. based producer of sustainable aviation fuel focused on supporting the decarbonization of the aviation sector, today highlighted how domestically produced, waste‑based sustainable aviation fuel (SAF) offers a fundamentally more resilient alternative to petroleum‑derived jet fuel.

Recent disruptions to global crude oil supply routes, including ongoing constraints affecting the Strait of Hormuz, have driven sharp increases in jet fuel prices and renewed concerns about fuel availability for airlines worldwide. According to CNBC reporting and industry pricing data, U.S. jet fuel prices have nearly doubled in recent weeks, rising from approximately $2.50 per gallon in late February to nearly $4.90 per gallon by early April, reflecting one of the most rapid fuel price increases in recent years. At the same time, limited tanker traffic through the Strait of Hormuz has significantly constrained physical flow of crude oil and refined products. These events are once again exposing the structural vulnerability of aviation fuel supply chains that depend on geopolitically exposed crude oil markets.

In contrast, waste‑based SAF produced in the United States relies on domestically sourced feedstocks such as used cooking oil and other waste materials that are not tied to crude oil extraction, refining, or international shipping routes. At the feedstock level, these inputs are largely insulated from the supply shocks and geopolitical risks currently affecting global petroleum markets.

"When jet fuel prices can nearly double in a matter of weeks, it exposes just how fragile crude‑based aviation fuel supply chains remain," said Chris Cooper, Chief Executive Officer of XCF Global. "Waste‑based SAF starts with domestic materials, domestic infrastructure, and domestic labor. That structural difference matters, not only for decarbonization, but for fuel security and reliability when global energy systems are under stress.

XCF Global's perspective builds on the company's March statement addressing the initial impacts of Middle East‑related disruptions on aviation fuel markets. Since then, volatility has continued, with airlines confronting continued uncertainty around fuel pricing and availability.

While SAF prices can reflect broader market dynamics, the underlying supply chain for waste‑based SAF remains structurally distinct from petroleum jet fuel. Crude oil disruptions affect conventional jet fuel immediately and directly, while waste‑based SAF is not exposed to the same upstream risks, providing a meaningful layer of supply‑chain resilience.

XCF Global is an emerging U.S. sustainable aviation fuel producer, with a permitted nameplate capacity of 38 million gallons per year of neat SAF at its New Rise Renewables facility in Reno, Nevada, potentially capable of supporting up to 100 million gallons of blended SAF depending on blend ratios. The facility is currently undergoing a planned turnaround as part of ongoing equipment upgrades designed to enhance long‑term reliability and performance.

"This moment is not just a reminder of why SAF matters for emissions reduction," Cooper added. "It is also a reminder that energy security starts at the origin of the fuel. We believe domestic SAF production represents a near‑term opportunity to reduce both carbon intensity and geopolitical exposure for the aviation industry."

As global energy markets navigate continued instability, XCF Global remains focused on strengthening domestic SAF infrastructure and advancing a fuel supply model that supports resilient aviation operations while contributing to long‑term decarbonization goals. READ MORE

Excerpt from XCF Global:

Strategic partnership between XCF Global and BGN is expected to be established for a tolling framework for the production of SAF and renewable naphtha
The proposed agreement seeks to build on the previous MOU focusing on the US. The parties agree to continue to work towards developing Europe and the Middle East through production, offtake, and co-branded distribution agreements
The proposed agreement seeks to advance global renewable fuel supply chains to meet rapidly rising demand for SAF

April 9, 2026 / XCF Global, Inc. ("XCF") (NASDAQ:SAFX), a leader in advancing the decarbonization of the aviation industry through Sustainable Aviation Fuel ("SAF"), today announced that it has entered into a binding term sheet with BGN INT US LLC ("BGN"), a global renewable fuels trading, marketing, and distribution company, to explore developing a global distribution and logistics partnership for SAF, renewable diesel ("RD"), and renewable naphtha ("RN") (together, "renewable fuel").

Under the term sheet, a tolling arrangement is expected to apply to XCF's New Rise Renewables Reno (New Rise Reno) plant. XCF and BGN intend to evaluate opportunities to collaborate under a renewable fuel tolling framework on renewable fuel production, marketing, and distribution across multiple regions around the world, including Europe and the Middle East. The proposed framework includes a renewable fuel tolling arrangement and related offtake structures, as well as the anticipated expansion and co-branded distribution agreements, as well as joint development of renewable fuel production capacity. In addition, the proposed strategic partnership seeks to promote the use of XCF's SAF within industry trade associations and OEM networks, and throughout the customer value chain.

Chris Cooper, Chief Executive Officer of XCF Global, commented:

"This collaboration represents a critical step in expanding the global reach of renewable fuels. Partnering with BGN would enable us to leverage our production platform, streamline logistics, and accelerate commercialization on a global scale with a world-class partner, as we prepare to meet surging demand for sustainable aviation fuel.

"This term sheet reflects a shared vision to advance a scalable, commercially viable framework for global renewable fuel production and distribution."

Cenan Ozmeral, President of BGN Int. US, LLC added:

"We are pleased to be partnering with US based XCF in this exciting venture. BGN and XCF share a common goal to expand access to renewable fuels and accelerate the decarbonization of the aviation industry. Together, we aim to combine XCF's scalable production model with BGN's marketing and distribution network to create a seamless, efficient supply chain from feedstock to finished fuel.

"BGN's trading strength, risk management expertise, and integrated logistics network, will make SAF adoption practical and commercially viable for airlines seeking to meet tightening decarbonization targets. This is a major step, which we believe will have a significant impact on the aviation industry's ability to reduce emissions, in one of the hardest-to-abate transport sectors."

The collaboration underscores both companies' commitment to building a robust global supply chain at a time when demand for SAF is expanding rapidly. According to the International Air Transport Association (IATA), airlines will need approximately 165 billion gallons of SAF annually by 2050 to meet net-zero emission targets. Meeting this demand would require the construction of up to 7,000 new facilities worldwide. Analysts project that the global SAF market could exceed $25 billion by 2030 and reach ~$270 billion by 2050, underscoring one of the most compelling growth opportunities in the global energy transition.

This term sheet is binding, and definitive agreement remains subject to customary due diligence, technical validation, and final agreements.

Additionally, Phillips 66 Company delivered formal notice to New Rise Renewables Reno, LLC ("New Rise"), a wholly owned subsidiary of XCF, of the termination of the Supply and Offtake Agreement, dated May 23, 2017, between New Rise and Phillips 66. The notice provides that the agreement is terminated as of May 1, 2026.

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About BGN INT and BGN group of companies

BGN is an independent global energy and commodities group, and a market leader in transition fuels. With over 8 decades experience in the energy sector, we trade, distribute, store and finance energy solutions globally, handling approximately 50 million metric tons of commodities annually. BGN is present throughout the energy value chain, having established strong partnerships with refineries, producers, state oil companies and leading industrial and petro-chemical companies.

Our diversified and agile model provides reliable and affordable energy to meet today's global demands, while driving industry-wide decarbonization. We are purposefully expanding into sustainable solutions including renewables, sustainable aviation fuel (SAF), LNG, ammonia, and critical minerals and metals, essential for the energy transition. Operating from our regional trading hubs in Geneva, Dubai, Singapore and Houston, we serve as a trusted partner to customers in over 120 countries. BGN is leading the energy transition by combining innovation, sustainability and partnership-led growth, to responsibly shape the future energy landscape.

To learn more, visit: https://bgn-int.com/. READ MORE