Montana Renewables Receives $1.44 Billion Boost for Sustainable Aviation Fuel Expansion
Key Ideas
- Montana Renewables secured a $1.44 billion loan guarantee from the U.S. Department of Energy to expand its Great Falls facility, positioning it as a major sustainable aviation fuel producer.
- The project aims to increase sustainable aviation fuel production by 300 million gallons annually by 2028, creating 450 construction jobs and up to 40 permanent positions, as well as offering economic benefits to the state.
- The expansion, to be completed by 2028, will include building a new renewable fuels reactor, increasing renewable hydrogen production, and adding SAF blending and logistics assets, contributing to national efforts to transition from fossil fuels.
- Calumet's CEO Todd Borgmann expressed excitement about the collaboration and investment, highlighting Montana Renewables' role in advancing renewable aviation and the U.S.'s leadership in sustainable energy innovation.
Montana Renewables, a subsidiary of Calumet, Inc., has received a significant boost with a $1.44 billion loan guarantee from the U.S. Department of Energy to expand its Great Falls facility. The company, known for producing sustainable aviation fuel (SAF) among other low-emission alternatives, plans to increase its SAF production by 300 million gallons annually by 2028. This expansion project, led by CEO Bruce Fleming, is expected to create 450 construction jobs and up to 40 permanent positions, providing economic opportunities for the local community.
The University of Montana’s Bureau of Business and Economic Research conducted an economic impact study that forecasts positive outcomes in terms of jobs, income, and government revenues for the state. The project's importance is highlighted by Fleming, who emphasizes the growth and reinvestment in Montana, as well as the job creation and economic benefits derived from the expansion.
The funding will be released in two phases, with the first phase of $778 million expected to close by the end of the year. The expansion plan includes building a renewable fuels reactor, increasing renewable hydrogen production, and incorporating SAF blending and logistics assets. Montana Renewables aims to contribute to the state's renewable fuels sector growth while aligning with national initiatives to move towards sustainable energy sources.
Calumet's CEO, Todd Borgmann, expressed enthusiasm about the collaboration with the U.S. Department of Energy, highlighting the innovative advancements in renewable aviation and the U.S.'s leading role in sustainable energy solutions. The completion of the expansion by 2028 is anticipated to solidify Montana Renewables as a major player in the sustainable aviation fuel market, showcasing the company's commitment to environmental sustainability and economic growth.
Topics
Production
Renewable Energy
Aviation Industry
Job Creation
Environmental Sustainability
Economic Growth
Community Impact
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