XCF Global (SAFX) said Tuesday it launched a warrant financing strategy that could raise up to $100 million this year to support operations, production and commercial expansion.

The company said it signed an agreement with existing investor GL PART SPV II, under which GL will initially invest $1 million for warrants exercisable at $2.50 per share.

The initial closing is expected by July 31, with the agreement allowing for warrants covering up to 50 million shares, it added.

Separately, XCF said its Rise Reno Renewables facility has increased renewable fuel production since restarting operations several weeks ago and is progressing toward full production capacity.