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HOUSTON — XCF Global Inc. (Nasdaq: SAFX), a prominent U.S. producer of renewable diesel and sustainable aviation fuel (SAF), has finalized a definitive agreement to purchase a renewable fuel production facility in Paramount, California. The transaction, executed through its newly formed subsidiary New Rise Renewables Paramount, LLC, significantly bolsters XCF's production capabilities in a key aviation hub.
The Paramount facility, located less than 20 miles from downtown Los Angeles, has a nameplate capacity of approximately 50 million gallons per year. This output includes sustainable aviation fuel, renewable diesel, and renewable naphtha. Its proximity to Los Angeles International Airport (LAX)—which handles over 76 million passengers annually—places the refinery at the center of the aviation sector's shift toward sustainable energy solutions.
XCF plans to invest roughly $30 million during the transition period to ensure operational readiness and workforce training. The company intends to re-employ the existing Paramount team while doubling the workforce to facilitate a restart of operations within the next 9 to 12 months. This investment underscores XCF's commitment to safety and reliability as it integrates the site into its broader production network.
A strategic partnership with BGN will secure the supply of feedstock for the Paramount site and handle the offtake of finished fuels for aviation and transportation clients. Chris Cooper, CEO of XCF Global, noted that the acquisition allows the company to expand its vertically integrated platform while repurposing domestic agricultural waste to reduce carbon emissions and enhance domestic energy resilience.
The Paramount site holds the distinction of being the first U.S. refinery to convert from fossil fuel to renewable fuel production. The acquisition is slated for completion by the end of 2026, pending standard closing conditions. XCF continues to operate its flagship New Rise Renewables Reno facility in Nevada and is exploring further expansion opportunities in North Carolina and Florida to scale its renewable fuel production.
Source: Newswire