The Fuel Aviation Can’t Fly Without: A Conversation With GL Team

1. Most people arrive at the energy transition through solar, batteries, or electric vehicles. Aviation fuel is a far less obvious place to land. What first drew your attention to it?

– Government mandates in the US, Europe and Asia. Mandates call for billions of gallons of production by 2030 or the fines that hit airlines are massive. Given 3-4 year lead times to build plants and that less than 1% of global supply mandates were being met we saw an inflection point driving a hockey stick like growth chart coming and as many plants have failed technology and we were already in commercial production saw this as a significantly untapped market with exponential growth. Coupling this with the recent world oil crisis has only grown demand further as now both the mandates side and now traditional fuel are both competing for the same limited resource product. Demand and Supply

1. When you first looked at XCF Global, what did you need to see before you went from interested to convinced? 

– We started XCF Global as the public vehicle for the plant we built that was producing. Our opportunity was to bring this revenue and earnings with a working plant in this mandated sector into the public markets. 

1. Aviation is often described as the hardest sector to decarbonize. From an investor’s seat, does that make it more attractive for capital, or more difficult?

– Much more attractive as it is the higher priced fuel with scarcity and demand coupled by government mandates. We like the fact that demand is driven under regulated mandates as the airlines must buy our fuel. It’s not an option for them and everyone is competing for the same product. 

1. How would you describe the sustainable aviation fuel market to someone who has never followed it?

– Of course there are all the environmental benefits but from an economic view it’s essentially fuel created from alternative feedstock supply as opposed to fossil fuels and then is blended with Jet A to produce a clean fuel that drops in the same existing engine for aircraft. While traditional may garner $3-$5 a gallon this product generates $11+ including tax credit revenue. 

1. How would you describe XCF as a company today, in your own words, and what would have to go right for it to become the company you have in mind three years from now?

– XCF  is a growth stage company right now that’s positioned very well. It’s opened up a functioning plant that’s revenue and earnings generating in the last four weeks is a couple years ahead of its competitors in a space that only has further and further mandates to grow. I think the company is positioned very well for growth for the stock price to eventually reflect that in short order multiples in the space for growth companies in the sector range from 20 to as high as 80 in some cases 85 times this company right now is not even trading at two times so it leaves a very wide growth component for the company and its stock to reflect such.  Based on our own research and comp analysis we believe this stock can see $10+ levels in the near future especially as it reflects quarterly filings reflecting revenues and earnings. 

1. A large part of this industry’s economics sits on policy: fuel credits, production incentives, international aviation rules. How do you build conviction in a business where some of the rules are written by others?

– That’s not really a risk we need to forecast because the rules in mandates are already in place and they’re in place for many many years to come. Certainly , there’s fluctuations within those rules from time to time in certain jurisdictions ,but on a global mandate basis this space is protected for many many years to come, so it’s not really a risk that we take into account. 

Now further that we also are a believer that eventually these businesses have to compete without tax credits and at fossil fuel pricing parity pricing. That is why we also brought the southern energy renewables project to the merger for XCF Global to compete on cost using lower cost Feedstocks as an alternative fuel source altogether that competes apples to apples with fossil fuel pricing today.  So we’re protected, even though right now we would still make all those tax credits in the future, even if regulations changed.

1. How do you expect it to look five years from now?

– We believe this is a $30-$50bln business in 5 yrs just off of organic growth. 

1. What made tokenization worth considering for a holding like yours?

– Tokenization has a lot of benefits. We see in the market in our space the fuel credits and carbon fuel mandates we  believe pair up very well. With the tokenization product we see the beta correlation between it and warrants and stocks and other traditional instruments to be pretty significant.  It also adds its own liquidity feature generating another layer of protection for investors.  In this case the tokenization product with warrants, we think is a pretty easy one to analyze as you’re picking up the warrants is an extra on top of all the benefits of the token  product itself in a way to step in to a growth company and kind of hedge that right for three years with exercise rights anytime in between once it’s in the money which is easily supportable. 

1. Looking ten years ahead, do you think owning a stake in real industrial infrastructure through a token will feel ordinary, and what has to happen for that to be true?

– Absolutely. We believe that tokenization is the future for many aspects of this industry and product from a project perspective and fuel/tax credit perspective. At some point in the future, we can see tokenization as a currency used to actually fund the project development itself from a perspective of liquidity in the market and the various features that go with it, we also can see a benefit in that light. We also believe that this product hedging to a warrant structure tied to an exercise price of stock becomes very interesting, adding three layers of liquidity: the stock itself, the warrant itself, and the token product itself.  We believe all of this ties into the future. 

About PIPO

PIPO is a digital investment platform connecting eligible investors with tokenized pre-IPO and post-IPO investment opportunities. By combining traditional financial instruments with blockchain infrastructure, PIPO aims to make private and public market opportunities more accessible, transparent, and efficient.

The platform enables eligible non-US investors to explore tokenized securities, review offering details, and participate in investment opportunities through a streamlined digital experience, subject to applicable regulatory and KYC requirements.

Website: https://pipo.vc/

About SAFX

SAFX is a tokenized investment instrument available through PIPO, linked to XCF Global, a company operating in the sustainable aviation fuel (SAF) sector. Structured around share subscription warrants, SAFX provides eligible investors with exposure to a company focused on expanding alternative aviation fuel production and infrastructure.

The offering combines a traditional warrant-based investment structure with blockchain-enabled ownership and transfer functionality. Participation is subject to eligibility, KYC verification, offering terms, and applicable restrictions.

Explore SAFX: https://pipo.vc/

Disclaimer: The views, projections, and forward-looking statements expressed in this interview are those of the interviewees and do not constitute investment advice. Actual results may differ materially. Tokenized securities and warrants involve investment risks, including potential loss of capital.