DevvStream shares surge 11.76% intraday after agreeing to three-way merger with XCF Global and Southern Energy Renewables.

DevvStream Corp. surged 11.76% intraday following the announcement of a binding term sheet to merge with XCF Global and Southern Energy Renewables, forming an integrated low-carbon fuels and environmental-attributes platform. The proposed transaction aims to combine XCF’s sustainable aviation fuel production capabilities, Southern’s biomass feedstock expertise, and DevvStream’s environmental-asset monetization strengths, creating a unified platform to accelerate clean fuel development. Key details include funding for XCF’s New Rise Reno refinery upgrades and a strategic focus on expanding domestic production and global competitiveness. The merger aligns with growing demand for decarbonization solutions in aviation and energy sectors, positioning the combined entity to capitalize on regulatory and market trends. The bullish move reflects investor optimism about synergies, enhanced operational scale, and the potential to solidify XCF’s leadership in the SAF industry.