Montana Renewables secures USD1.44 billion DOE loan for SAF expansion

Montana Renewables, a subsidiary of Calumet, Inc., has secured a USD1.44 billion loan facility from the U.S. Department of Energy (DOE). This funding will support the expansion of the company’s renewable fuels facility in Great Falls, Montana, positioning it as a global leader in sustainable aviation fuel (SAF).

The expansion will double the facility’s purchase of renewable feedstocks to 3 billion pounds annually and increase its SAF production capacity to 300 million gallons per year by 2026. Other upgrades include enhanced blending and logistics assets, renewable hydrogen production, and improved water treatment systems.

“This is essentially the largest agricultural investment in Montana history and will double our purchases of seed oils and tallow from approximately 1.5 billion pounds per year today to 3 billion pounds per year post expansion. This is possible through the strong support and partnership of DOE and follows over two years of detailed due diligence,” said Bruce Fleming, CEO of Montana Renewables. 

“This investment is a pivotal catalyst for Calumet,” said Todd Borgmann, CEO of Calumet. “Following our conversion to a C-Corporation, we emphasised the importance of the DOE loan as the next major step in Calumet’s vision, and achieving that milestone is a tremendous accomplishment. As Montana Renewables grows from a first mover and innovator in SAF to become one of the largest independent producers in the world, this business continues to competitively position itself for success, which is a critical piece of Calumet’s strategy to deliver ongoing shareholder value.”