Focus Impact BH3 Acquisition Corp, a special purpose acquisition company (SPAC) announced that it has entered into a letter of intent (LOI) with New York-based fuel maker XCF Global Capital, in a deal that values the fuel company at $1.75bn.
XCF controls multiple plants in North America that will produce renewable diesel, sustainable aviation fuel, and other biofuels. The company producers fuel from waste vegetable oil and animal fats.
“We are excited to enter this partnership to meet our commitment to reduce the global carbon footprint with production of renewable diesel that meet domestic and global mandates,” said Mihir Dange, CEO, XCF. “This partnership into the public markets broadens our investor base and the combined company will have a strong platform to grow in the rapidly expanding market for sustainable fuels.”
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as financial advisor and capital markets advisor to XCF Global Capital.
“We are excited to announce this LOI with XCF,” said Carl Stanton, CEO, Focus Impact BH3. “XCF is emerging as a leader in the production of sustainable fuels, and we believe that this transaction will position us to capitalize on the growing demand for clean energy and amplify our mission to enhance social impact and grow leading businesses.”
