DevvStream shares surge 10.78% intraday after agreeing to three-party merger with XCF Global and Southern Energy Renewables to create integrated low-carbon fuels platform.

DevvStream surged 10.78% intraday following the announcement of a binding term sheet to merge with XCF Global and Southern Energy Renewables, creating an integrated low-carbon fuels platform. The proposed transaction aims to combine XCF’s sustainable aviation fuel production, Southern’s biomass feedstock focus, and DevvStream’s environmental-asset monetization capabilities. Executives highlighted the merger’s potential to accelerate SAF production, expand domestic capacity, and enhance shareholder value. The deal includes a $10 million investment to fund upgrades at XCF’s New Rise Reno refinery, signaling progress toward commercial operations. The strategic alignment of complementary strengths and forward-looking growth opportunities likely drove the sharp intraday rally amid broader market weakness.