Calumet applies for $600m DOE loan for Montana Renewables’ SAF production
Calumet Specialty Products Partners has applied for a $600m loan from the Department of Energy (DOE) for its subsidiary, Montana Renewables. If successful, it would finance the manufacturing of 18,000 barrels of Sustainable Aviation Fuel (SAF) per day.
The firm has applied for the loan through the DOE’s Innovative Clean Energy Loan Guarantee Program and is to submit another application to continue with the process. Bruce Fleming, CEO, Montana Renewables said the application was a significant milestone for Calumet in the DOE’s Loan Programs Office process.
“We truly believe Montana Renewables is one of the best renewable diesel and sustainable aviation fuel businesses in the market and we are excited to continue to lead the energy transition in North America,” said Fleming.
This by no means guarantees the loan is secured however. The decision will be made dependent on the results of the DOE’s review and evaluation of the application.
Calumet added that Montana Renewables will produce the SAF using Topsoe’s HydroFlex technology. The company claims you can use “almost any renewable feedstock” as a drop-in substitute for jet fuel using its HydroFlex method.