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Calumet, Inc. amended its Loan Guarantee Agreement with the U.S. Department of Energy to right-size the MaxSAF…
CLMTCalumet, Inc.
Calumet, Inc. amended its Loan Guarantee Agreement with the U.S. Department of Energy to right-size the MaxSAF expansion at its Montana Renewables subsidiary. The project shifted from a $1.2 billion large-scale build to a capital-efficient repurposing of existing equipment, reducing total remaining project capital to $137 million and cutting the final DOE loan draw from up to $658 million to just $34 million. The revised structure eliminates third-party equity requirements, preserving a simple capital structure without dilution. Production is expected to reach approximately 200 million gallons of annual Sustainable Aviation Fuel by year-end 2028, with total renewable product sales expanding 40% to 17,000 barrels per day. Calumet manufactures and markets specialty branded products and renewable fuels.