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Montana Renewables Receives First Drawdown from $1.44 Billion DOE Loan Facility
Initial loan proceeds of $782 million funded todayBalance of proceeds to be funded during planned expansion from 2025 through 2028DOE loan guarantee
About this update from Calumet, Inc
[{"type":"text","content":"Initial loan proceeds of $782 million funded todayBalance of proceeds to be funded during planned expansion from 2025 through 2028DOE loan guarantee facilitates expansion of Sustainable Aviation Fuel capacity to 300 million gallons per yearINDIANAPOLIS, Feb. 18, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (\"Calumet,\" \"we,\" \"our\" or \"us\") announced today that Montana Renewables, LLC, an unrestricted subsidiary of Calumet (\"Montana Renewables\" or \"MRL\"), has received its first drawdown of approximately $782 million from its $1.44 billion guaranteed loan facility with the U.S. Department of Energy (\"DOE\") Loan Programs Office (\"LPO\"). The loan funds the construction and expansion of the renewable fuels facility owned by Montana Renewables.\n\nThe expansion positions Montana Renewables as one of the largest Sustainable Aviation Fuel (\"SAF\") producers globally, enabling an increase in annual production capacity to approximately 300 million gallons of SAF and 330 million gallons of combined SAF and renewable diesel (\"RD\"). The planned expansion includes several key modular components, which will provide the ability to increase capacity and reduce costs. The most important component is a second renewable fuels reactor, which will allow approximately half of the 300-million-gallon SAF capability to be online by 2026.\n\"DOE's mission includes technology and domestic energy security. MRL delivers both,\" said Bruce Fleming, CEO Montana Renewables. \"Over the past three years DOE's Loan Program Office conducted a rigorous due diligence process supported by experts in technology, markets, law, underwriting, and risk, and MRL qualified on the merits. The incoming administration took time to verify this and we appreciate the office's thoroughness. Today we are pleased to continue leading Montana's largest biofuels investment and look forward to our continued collaboration with the LPO on the success of this project.\"\n\"Montana Renewables has been at the cutting edge of a rapidly developing biofuels market since its inception,\" said Todd Borgmann, CEO of Calumet. \"MRL proved itself as an early mover in large scale SAF production, and now we are proud to be the first project to receive the support of our new Administration. I thank the entire DOE team for its continued commitment to supporting this practical and r...