XCF Global, Inc., a leader in decarbonizing aviation through Sustainable Aviation Fuel (SAF), has announced the signing of a binding term sheet with New Rise Australia Pty. Ltd. to accelerate the development of renewable fuel production facilities across Australia.
Under the agreement, New Rise AU will receive an exclusive 15-year license to utilize the design, layout, and configuration of XCF’s New Rise Reno facility to build and operate at least three SAF plants across the country. In return, XCF will acquire a 12.5% equity stake in New Rise AU, receive licensing fees, and secure one board seat.
Australia is rapidly emerging as a key market for renewable fuels. A Deloitte report commissioned by the Clean Energy Finance Corporation identifies a AUD$36 billion opportunity to develop a world-leading low-carbon liquid fuels (LCLF) industry. This sector could reduce emissions by 230 million tons by 2050 while strengthening Australia’s energy independence.
Currently, Australia imports approximately 80% of its liquid fuels, spending over AUD$50 billion in 2023, while exporting AUD$3.9 billion worth of potential LCLF feedstocks. With onshore fuel reserves of less than 50 days—well below the International Energy Agency’s recommended 90 days—the nation remains highly dependent on imports, leaving it vulnerable to global supply disruptions.
To address this imbalance, the Australian federal government has prioritized low-carbon liquid fuels through its Future Made in Australia initiative. The AUD$1.7 billion Future Made in Australia Innovation Fund is available to support the growth of a domestic LCLF industry, including SAF and renewable diesel.
Growing airline commitments to net-zero emissions, led by Qantas and Virgin Australia, are expected to drive strong demand for locally produced SAF, creating significant investment and development momentum in the region.
This partnership marks a key milestone in XCF’s global expansion strategy, which focuses on capital-efficient, regionally tailored collaborations to accelerate worldwide SAF adoption. It builds on the June 2025 Memorandum of Understanding with Continual Renewable Ventures Pty. Ltd., which laid the groundwork for today’s binding agreement.
Mihir Dange, CEO of XCF Global said, “Our partnership with New Rise AU accelerates XCF’s global growth strategy and highlights the scalability of our modular renewable fuel platform. Australia’s favorable policy environment, growing aviation sector, and abundant feedstock resources make it an ideal market for renewable fuel production. Through New Rise AU, we are bringing our platform to a new market, enabling rapid expansion, efficient capital use, and supporting Australia’s clean energy transition. This collaboration demonstrates how XCF transforms opportunities into real-world impact, opening markets and driving sustainable growth.”
Renzo Petersen, CEO of New Rise AU said that New Rise Australia represents a true collaboration between XCF Global and Continual Renewables, united by a shared vision to decarbonize aviation. By combining XCF’s modular site design with Continual Renewable’s local expertise, we aim to establish a self-sustaining renewable fuel industry in Australia that attracts investment, creates jobs, and advances energy independence. This partnership demonstrates how collaboration can translate into capability, and how that capability can power Australia’s clean energy future.
The parties plan to finalize a definitive licensing agreement within 60 days, following customary due diligence and regulatory review. The agreement will cover intellectual property, branding, governance, performance milestones, and long-term operational coordination.
