Stock Track | Calumet Stock Soars on $1.44 Billion DOE Loan for Renewable Fuels Expansion

Stock Track10-18

Shares of Calumet Specialty Products Partners LP (CLMT) surged by a remarkable 21.30% in pre-market trading on October 17, 2024, fueled by a significant announcement from the U.S. Department of Energy (DOE).

The DOE awarded a conditional commitment for a $1.44 billion loan guarantee to Montana Renewables LLC, a subsidiary of Calumet, to fund the construction and expansion of a renewable fuels facility in Great Falls, Montana. The expansion project, dubbed "MaxSAF," aims to position Montana Renewables as one of the largest sustainable aviation fuel (SAF) producers globally.

Upon completion, the facility is expected to have a production capacity of approximately 300 million gallons of SAF and 330 million gallons of combined SAF and renewable diesel per year. This substantial increase in production capacity aligns with the Biden administration's goal to boost domestic production of SAF to support the decarbonization of the hard-to-clean-up aviation sector.

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