The Fort Worth Press - XCF Global Strengthens Board with Three New Directors Following DevvStream and Southern Energy Renewables Merger

HOUSTON, TX / ACCESS Newswire / November 5, 2026 / XCF Global, Inc. ("XCF" or the "Company") (NASDAQ:SAFX), a growing U.S.-based producer of renewable diesel and sustainable aviation fuel ("SAF"), today announced the appointment of Major General John F. Wharton (U.S. Army, Ret.), Carl Stanton and Chad Langley, who joined the Board upon completion of the Company's business combination with DevvStream Corp. ("DevvStream") and Southern Energy Renewables Inc. ("Southern Energy"), as previously announced on October 16, 2026. The new directors strengthen the Board's expertise in operational execution, capital allocation and corporate governance as XCF expands its domestic renewable fuels platform

• General Wharton brings extensive experience in logistics, energy security and technology deployment, having commanded U.S. Army organizations responsible for global sustainment in research and development
• Mr. Stanton brings three decades of private equity and alternative asset management experience and has served on the boards of more than 15 portfolio companies
• Mr. Langley brings experience in cross-border mergers and acquisitions, private capital markets and institutional investing across the United States, Europe, Asia and the Middle East

The three new directors join Chairman and Chief Executive Officer Chris Cooper, Lead Independent Director Si-Yeon Kim, Wray Thorn, President and Chief Financial Officer, and Sanford A. Cockrell III. Pursuant to the Business Combination Agreement, Mr. Langley and General Wharton were designated by Southern Energy and Mr. Stanton was designated by DevvStream. Carter McCain stepped down from the Board in connection with the closing. The seven-member Board brings together experience across energy & transportation, capital markets & finance, defense, national security & government affairs, mergers & acquisitions, strategic growth management & talent development, and corporate governance to support the Company's strategic and operational objectives.

"These appointments add expertise directly aligned with our priorities: integrating our businesses, expanding renewable fuel production and allocating capital to support long-term shareholder value," said Chris Cooper, XCF Global Chairman and Chief Executive Officer. "General Wharton brings deep experience in complex supply chains and energy security, Carl has spent three decades investing in and helping businesses grow, and Chad brings a valuable combination of transaction, capital markets and legal experience. Their perspectives will help guide our expansion and strengthen oversight as we execute our strategy."

General Wharton brings more than three decades of leadership in logistics, global supply chains, research and development, and technology deployment at scale. In his final military assignment, he served as Commanding General of the U.S. Army Research, Development and Engineering Command (RDECOM), overseeing 13,800 scientists, engineers and support personnel at more than 100 locations worldwide. Previously, he commanded U.S. Army Sustainment Command and Rock Island Arsenal, overseeing a global organization of more than 65,000 Soldiers, civilians and contractors.

He currently serves as a Senior Advisor at The Chertoff Group, advising organizations on national security, energy, critical infrastructure and global supply chains, and is a public and private sector advisor to numerous governments, industries and universities. He remains highly active in national programs, nation building and technologies across all sectors, including infrastructure, energy, transportation, agriculture, healthcare and telecommunications. His experience will help inform XCF's role in supporting U.S. energy dominance through domestic renewable fuel production and more resilient fuel supply chains. He is a graduate of the United States Military Academy at West Point and holds a Master of Science degree in national security and strategic studies from the Naval War College.

Mr. Stanton brings three decades of private equity and alternative asset management experience and currently serves as a Senior Partner at Avance Investment Management. He previously served as Managing Partner and Head of Private Equity at Invesco Private Capital and as Managing Partner of Wellspring Capital Management.

He has served on the boards of more than 15 portfolio companies, with investment experience spanning industrial products and services, business services and consumer sectors. He holds a B.S. in Accounting from The University of Alabama and an M.B.A. from Harvard Business School.

Mr. Langley is a corporate attorney and finance professional with international experience in private capital markets, mergers and acquisitions, and institutional investing. He previously served as a Managing Director at AlTi Global, Inc., and as Chief Executive Officer of its U.S. broker-dealer, advising on cross-border transactions and global capital raising. He also served on AlTi's Co-Investment Committee.

Previously, he established and managed the DACH regional business for a London-based investment bank advising software and technology companies. He began his career as a corporate M&A lawyer at Skadden, Arps, Slate, Meagher & Flom LLP. He holds a J.D. from the University of Michigan Law School and a B.S. from the University of Virginia's McIntire School of Commerce.

About XCF Global, Inc.

XCF Global, Inc. ("XCF") is a U.S.-based renewable energy company focused on accelerating the production and deployment of lower-carbon fuels and environmental solutions. Following its recent combinations with DevvStream Corp. and Southern Energy Renewables Inc., XCF is seeking to build a broader platform spanning renewable fuels, carbon management and environmental assets. The Company's flagship facility, New Rise Renewables Reno, produces renewable diesel and has a permitted nameplate production capacity of up to 38 million gallons per year. XCF is also seeking to advance a pipeline of potential expansion opportunities in Nevada, North Carolina and Florida and build relationships across the energy and transportation sectors that it believes could support the scaling of renewable fuel production. Any such opportunities remain subject to, among other factors, feasibility assessments, financing, regulatory approvals and market conditions. XCF is listed on the Nasdaq Capital Market and trades under the symbol SAFX. To learn more, visit xcf.global.

Contacts

XCF Global: Corporate Communications
[email protected]

Cautionary Note Regarding Forward-Looking Statements

This Press Release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. These forward-looking statements, including, without limitation, statements regarding XCF Global's expectations with respect to future performance and anticipated financial impacts of the business combination with DevvStream Corp. and Southern Energy Renewables Inc. completed in October 2026 (the "Business Combination"), estimates and forecasts of other financial and performance metrics, and projections of market opportunity and market share, are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by XCF Global and its management, are inherently uncertain and subject to material change. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) changes in domestic and foreign business, market, financial, political, and legal conditions; (2) unexpected increases in XCF Global's expenses, including manufacturing and operating expenses and interest expenses, as a result of potential inflationary pressures, changes in interest rates and other factors; (3) the occurrence of any event, change or other circumstances that could give rise to the termination of negotiations and any agreements with regard to XCF Global's offtake arrangements; (4) the outcome of any legal proceedings that may be instituted against the parties to the Business Combination or others; (5) XCF Global's ability to regain compliance with Nasdaq's continued listing standards and thereafter continue to meet Nasdaq's continued listing standards; (6) XCF Global's ability to integrate the operations of New Rise, Southern Energy and DevvStream and implement its business plan on its anticipated timeline; (7) XCF Global's ability to raise financing to fund its operations and business plan and the terms of any such financing; (8) the New Rise Reno production facility's ability to produce the anticipated quantities of SAF without interruption or material changes to the SAF production process; (9) the New Rise Reno production facility's ability to continue producing renewable diesel in commercial quantities without interruption as the Company advances its planned transition toward SAF production; (10) XCF Global's ability to resolve current disputes between its New Rise subsidiary and its landlord with respect to the ground lease for the New Rise Reno facility; (11) XCF Global's ability to resolve current disputes between its New Rise subsidiary and its primary lender with respect to loans outstanding that were used in the development of the New Rise Reno facility; (12) payment of fees, expenses and other costs related to the completion of the Business Combination; (13) the risk of disruption to the current plans and operations of XCF Global as a result of the consummation of the Business Combination; (14) XCF Global's ability to recognize the anticipated benefits of the Business Combination, including the dilution resulting from the issuance of shares in the Business Combination, which may be affected by, among other things, competition, the ability of XCF Global to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (15) changes in applicable laws or regulations; (16) risks related to extensive regulation, compliance obligations and rigorous enforcement by federal, state, and non-U.S. governmental authorities; (17) the possibility that XCF Global may be adversely affected by other economic, business, and/or competitive factors; (18) the availability of tax credits and other federal, state or local government support; (19) risks relating to XCF Global's and New Rise's key intellectual property rights, including the possible infringement of their intellectual property rights by third parties; (20) the risk that XCF Global's reporting and compliance obligations as a publicly-traded company divert management resources from business operations; (21) LOIs and MOUs may not advance to definitive agreements or commercial deployment; (22) the effects of increased costs associated with operating as a public company; and (23) various factors beyond management's control, including general economic conditions and other risks, uncertainties and factors set forth in XCF Global's filings with the Securities and Exchange Commission ("SEC"), including its most recent Form 10-K, filed with the SEC on March 31, 2026, as amended by its Form 10-K/A filed with the SEC on April 28, 2026, its subsequent Quarterly Reports on Form 10-Q, this Press Release and other filings XCF Global made or will make with the SEC in the future. If any of the risks actually occur, either alone or in combination with other events or circumstances, or XCF Global's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that XCF Global does not presently know or that it currently believes are not material that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect XCF Global's expectations, plans or forecasts of future events and views as of the date of this Press Release. These forward-looking statements should not be relied upon as representing XCF Global's assessments as of any date subsequent to the date of this Press Release. Accordingly, undue reliance should not be placed upon the forward-looking statements. While XCF Global may elect to update these forward-looking statements at some point in the future, XCF Global specifically disclaims any obligation to do so.

SOURCE: XCF Global, Inc.

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