Montana Renewables has been working to expand SAF production through what it calls its MaxSAF initiative for several years. The initiative aims to boost SAF production at the company’s biorefinery from the current capacity of 50 MMgy to 150 MMgy by 2026 and 300 MMgy during the following two years. The company completed the extensive DOE loan guarantee application process last year, with the DOE issuing a conditional commitment for the loan guarantee in October 2024. Calumet closed on the $1.44 billion loan guarantee on Jan. 10. The first tranche of approximately $782 million was scheduled to be disbursed on Jan. 28.
Calumet on Jan. 28 issued a statement that the first tranche of funding “will undergo a tactical delay to confirm alignment with White House priorities.” The company said it had been informed “the delay should be days or weeks.”
In a document submitted to the U.S. Security and Exchange Commission on Feb. 12, Calumet said it has been informed by the DOE’s Loan Program Office that the review has been successfully completed. The funding process has resumed, with the first tranche of approximately $782 million expected to be completed during the week of Feb. 17.
