Calumet, Inc. has been informed by the U.S. Department of Energy that the first round of approximately $782 million under a guaranteed loan that was previously approved will undergo a "tactical delay to confirm alignment with White House priorities."
Calumet said in a news release that the loan product, which closed on January 10, will fund the construction and expansion of the renewable fuels facility in Great Falls, owned by Montana Renewables, a subsidiary of Calumet.
The facility will utilize vegetable oils, fats, and greases to produce sustainable aviation fuel (SAF), renewable diesel (RD), and renewable naphtha (RN).
The company was informed that the delay should be days or weeks.
Todd Borgmann, CEO of Calumet, said in the news release, "We are well aligned with White House priorities to support domestic agriculture, energy security, technical innovation and energy independence, all of which play a role in the tremendous bipartisan support this loan has received since its inception. The recently issued Executive Order specifically highlights the importance of biofuels to our nation's domestic energy policy and energy independence, and we look forward to a quick review confirming that we are aligned with the Administration's goals."
(OCTOBER 17, 2024) The U.S. Department of Energy announced this week a conditional commitment for a loan guarantee of up to $1.44 billion to Montana Renewables, LLC (MRL).
MRL is a subsidiary of Calumet, which operates the refinery in Great Falls.
A news release from the U.S. Department of Energy says the project is expected to create, at its peak, 450 construction jobs and up to 40 new operations jobs.
The loan guarantee, if finalized, will help finance the expansion of a renewable fuels facility in Great Falls that will utilize vegetable oils, fats, and greases to produce sustainable aviation fuel (SAF), renewable diesel (RD), and renewable naphtha (RN).
The MRL facility has been in operation since late 2022, currently producing about 140 million gallons per year of biofuels, most of which is renewable diesel.
The loan guarantee would fund facility expansion to produce about 315 million gallons per year of biofuels, most of which will be SAF.
