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Montana Renewables to Increase SAF Production Capacity by 233% before Year-End 2028

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Calumet (CLMT) said on Tuesday that the sustainable aviation fuel production capacity at its Montana Renewables plant is expected to reach about 200 million gallons at an annual run rate by year-end 2028, with total renewable product sales expanding by 40% to 17,000 barrels per day.

Montana Renewables is currently producing SAF at a 60-million-gallon annual run rate, which it expects to exceed 80 million gallons by year-end 2026 and surpass 120 million gallons by spring 2027.

The total project capital spend for this expansion is $137 million, compared to the $1.2 billion megaproject contemplated in an original loan issued by the US Department of Energy through its Office of Energy Dominance Financing, the company stated in a press release.

In response to the dramatically lower capital requirement, Montana Renewables and the Office of Energy Dominance Financing have amended the Loan Guarantee Agreement originally executed in January 2025.

Phase 2 DOE funding is reduced from up to $658 million to a single, final draw of $34 million, with the balance of the expansion self-funded from Montana Renewables earnings.

Price: $50.98, Change: $+1.25, Percent Change: +2.51%

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