Calumet Inc. on Aug. 8 confirmed its Montana Renewables biorefinery is currently running at full capacity. An initial phase of the company’s MaxSAF initiative remains on track to boost sustainable production fuel (SAF) capacity to up to 150 MMgy by mid-2026.&nbsp;During a second quarter earnings call, Calumet CEO Todd Borgmann said Montana Renewables was able to generate $8.3 million in adjusted EBITDA with tax attributes during a time when the renewable diesel industry saw its lowest quarterly index margin to date. He attributed the facility’s strong performance to its advantaged feedstock flexibility, leading SAF position, ultra-competitive costs and high throughput volumes.&nbsp;The streamlined MaxSAF project aims boost SAF capacity at Montana Renewables to 120 to 150 MMgy for a capital cost of $20 to $30 million. Borgmann said the project remains on track to begin operations during the first half of next year. He confirmed the company has already placed its catalyst order, with engineering underway. SAF marketing has also begun.&nbsp;Borgmann discussed the impact of several policy and regulatory issues, including the One Big Beautiful Bill and the proposed 2026 and 2027 Renewable Fuel Standard renewable volume obligations (RVOs). He commended the provisions of the OBBB that extended the 45Z clean fuel production credit through 2029 and maintained transferability of the credit. He also spoke out in support of the bill’s domestic feedstock provisions for 45Z, but called the loss of the SAF premium “one regrettable component of the bill.” By capping the value of the 45Z credit at $1 per gallon rather than the previous $1.75 per gallon, Borgmann estimates the value of the tax credit for the company’s SAF will be reduced by approximately 40 cents to 50 cents per gallon, based on the fuel’s current carbon intensity (CI). Regarding the proposed RVO’s for biomass-based diesel, Borgmann expressed optimism that the increased proposed RVO levels will improve industry margins.&nbsp;Montana Renewable reported $16.3 million in adjusted EBITDA with tax attributes for the second quarter, up from $8.7 million reported for the same period of last year. Overall, Calumet reported a let loss of $147.9 million, compared to a net loss of $39.1 million. Adjusted EBTIDA was $55.1 million, compared to $74.8 million. &nbsp;

2025-08-14 - Calumet: Montana Renewables SAF expansion progressing on schedule  (3 publications)

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Calumet Inc. on Aug. 8 confirmed its Montana Renewables biorefinery is currently running at full capacity. An initial phase of the company’s MaxSAF initiative remains on track to boost SAF capacity to up to 150 MMgy by mid-2026. 

Calumet: Montana Renewables SAF expansion progressing on schedule

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