The U.S. Department of Energy (DOE) has approved a $1.67 billion loan to Montana Renewables in Great Falls, a process that had been delayed pending review by the Trump administration.
Calumet, the parent company of Montana Renewables, confirmed that the DOE’s Loan Program Office recently completed its review, allowing the funding process to resume. The first tranche, approximately $782 million, is expected to be funded next week.
U.S. Senator Steve Daines of Montana welcomed the approval, stating, “Energy security is national security. Montana Renewables and the Calumet refinery provide high-paying jobs, boost our economy, and enhance efficient biofuel production. I am glad to see that President Trump’s DOE is focused on bolstering Made-in-America energy.”
Montana Renewables produces sustainable fuels, including renewable hydrogen, renewable diesel, synthetic paraffinic kerosene (SPK), sustainable aviation fuel (SAF), and renewable gasoline blend stock. The DOE loan will support the expansion of its Great Falls facility to increase SAF production, a move expected to create 450 construction jobs and up to 40 permanent operations jobs.
Calumet recently announced that the first $782 million round of the guaranteed loan, which officially closed on January 10, is experiencing a “tactical delay to confirm alignment with White House priorities.” The company anticipates that this review will take only days or weeks.
Todd Borgmann, CEO of Calumet, stated, “We are well aligned with White House priorities to support domestic agriculture, energy security, technical innovation, and energy independence. The recently issued Executive Order highlights the importance of biofuels to our nation’s energy policy, and we look forward to a quick review confirming that we are in line with the Administration’s goals.”
The Great Falls facility will utilize vegetable oils, fats, and greases to produce SAF, renewable diesel (RD), and renewable naphtha (RN), reinforcing Montana Renewables’ role in advancing clean energy solutions.