Montana Renewables

What Montana Renewables does

Montana Renewables, LLC is an unrestricted subsidiary of Calumet, Inc. (NASDAQ: CLMT) that operates a renewable fuels complex in Great Falls, Montana. The facility uses the HEFA (Hydroprocessed Esters and Fatty Acids) pathway to convert low-carbon feedstocks — including tallow, distillers corn oil, canola oil, camelina oil, and used cooking oil — into three co-produced fuels: MaxSAF® SPK (Sustainable Aviation Fuel) meeting ASTM D-7566, renewable diesel meeting ASTM D975 / EN 590, and renewable naphtha meeting ASTM D4814 / EN 228. The site also houses a renewable hydrogen plant that recycles hydrogen from the renewable diesel reactor using patent-pending technology, with 100% renewable hydroelectric power sourced from five nearby dams. As of 2024, MRL is North America's largest SAF producer at ~30M gallons/year of SPK; the MaxSAF 150 expansion will scale SAF capacity to ~300M gallons/year and combined SAF/renewable diesel to ~330M gallons/year by 2028, funded primarily by a $1.44B DOE-guaranteed loan facility closed in January 2025.

The commercial model is enterprise-direct: long-term offtake agreements with airlines, airports, and aviation fuel distributors, plus a blended-product channel through AEG Fuels in the Pacific Northwest. MRL holds RSB (since Nov 2025), ISCC CORSIA, ISCC PLUS, and ISCC EU certifications, qualifying its output for CORSIA offsets and RFS/LCFS programs. Revenue is generated through product sales (SAF, renewable diesel, naphtha) rather than licensing or subscriptions. DOE loan servicing (~$80M of annual cash debt service deferred until MaxSAF commissioning) effectively subsidies the capacity build. Equity ownership includes private equity sponsors Warburg Pincus and Stonebriar (Aug 2022), with Calumet retaining control of the unrestricted subsidiary.

The customer base is concentrated in commercial aviation (Delta Air Lines, MSP Airport), aviation fuel distribution (World Energy Clean Fuels, AEG Fuels), and the broader renewable diesel market (fleets, industrials). MRL serves as a critical regional agricultural feedstock off-taker, scaling feedstock purchases from ~1.5B to 3B lb/year post-expansion and supporting an estimated 4,400-person population footprint in Montana by 2028.

Name

Montana Renewables

Legal name

Montana Renewables, LLC

Website

https://montanarenewables.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Montana Renewables, an unrestricted subsidiary of Calumet Inc., operates the Great Falls, Montana renewable fuels complex using HEFA technology to convert tallow, distillers corn oil, canola, camelina, and used cooking oil into Sustainable Aviation Fuel (SAF), renewable diesel, and renewable naphtha — supplying airlines, airports, and fuel distributors under long-term offtake agreements.

Ownership category

akta.pro rank

Product category

Renewable Fuels

NAICS

Petroleum Refineries (32411), Biomass Electric Power Generation (221117)

SIC

Petroleum Refining (2911)

akta.pro primary industry

Renewable Diesel (HVO/HEFA) Production (EUAAAHAD)

akta.pro secondary industry

Biofuels & Renewable Fuels Switching (Biomethane/RNG, Bio-oils, Sustainable Biomass) (EUABAJAD)

Keywords

• Sustainable aviation fuel
• Renewable diesel production
• HEFA pathway fuels
• Biomass feedstock conversion
• Renewable naphtha

Headquarters

HQ city

Great Falls

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Sustainable Aviation Fuel (SAF) Sales: Montana Renewables produces and sells Sustainable Aviation Fuel (MaxSAF SPK) as a combination of synthetic paraffinic kerosene and conventional jet fuel. Revenue is generated through direct sales to airlines, airports, and fuel distributors via long-term offtake agreements. The company has offtake agreements for 150 million gallons of annual SAF production.
2. Renewable Diesel Sales: Co-product of the MaxSAF process, renewable diesel is a biomass-derived transportation fuel meeting ASTM D975 (US) and EN 590 (Europe) specifications. Sold as a lower carbon-intensity alternative to petroleum diesel under legislated renewable fuel demand mandates.
3. Renewable Naphtha Sales: Co-product representing 5-10% of overall renewable product production. Renewable Naphtha (biogasoline/green gasoline) is sold as a biomass-derived transportation fuel meeting ASTM D4814 (US) and EN 228 (Europe) specifications.
4. DOE Loan Proceeds: $1.44 billion DOE-guaranteed loan facility funding MaxSAF expansion construction. The loan has a 15-year tenor at U.S. Treasury rate plus 3/8%, with principal and interest servicing deferred until MaxSAF commissioning.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Montana Renewables produces and sells renewable transportation fuels, primarily Sustainable Aviation Fuel (MaxSAF SPK), Renewable Diesel, and Renewable Naphtha, using hydroprocessed esters and fatty acids (HEFA) pathway conversion technology applied to renewable feedstocks such as tallow, distillers corn oil, canola oil, used cooking oil, and camelina oil. The company also produces renewable hydrogen via a patent-pending recycling process for use within its fuel conversion operations.

Product overview

Montana Renewables operates a diversified renewable fuels platform producing four main product lines: MaxSAF® SPK (Sustainable Aviation Fuel) as the flagship branded product, Renewable Diesel as a co-product of the MaxSAF process, Renewable Naphtha as a lower-volume co-product, and Renewable Hydrogen as a patent-pending additive to lower life cycle emissions. The company is currently executing the MaxSAF™ 150 expansion project to scale its SAF capacity from ~30 million gallons per year to 150–315 million gallons annually, backed by a $1.44 billion DOE loan guarantee.

Differentiator

Problem solved

Functional benefit

Brands

• MaxSAF®: Brand for Montana Renewables' sustainable aviation fuel (SAF) products including MaxSAF™ SPK (synthetic paraffinic kerosene) and MaxSAF™ Blended (50/50 renewable and fossil jet fuel blend)
• MaxSAF™ SPK
• MaxSAF™ Blended

Products and services

• MaxSAF SPK Sustainable Aviation Fuel Synthetic paraffinic kerosene (SPK) blended with conventional jet fuel, produced from renewable feedstocks including tallow, distillers corn oil, canola oil, and camelina oil. Meets ASTM D7566 and ASTM D1655 specifications and is drop-in compatible with existing aviation fueling infrastructure. Targets commercial airlines, airports, and aviation fuel distributors seeking lower life cycle emissions.
• MaxSAF Blended Sustainable Aviation Fuel A 50/50 blend of MaxSAF SPK and conventional fossil jet fuel designed as a drop-in alternative for general aviation and airport operators. Distributed through AEG Fuels' network in the Pacific Northwest.
• Renewable Diesel Biomass-derived transportation fuel for diesel engines meeting ASTM D975 (US) and EN 590 (Europe) specifications. Produced as a co-product of the MaxSAF process from vegetable oils, tallows, and distillers' corn oil. Sold to fleet operators, industrial buyers, and fuel distributors under renewable fuel demand mandates.
• Renewable Naphtha Biomass-derived naphtha (biogasoline or green gasoline) suitable for spark-ignition engines, meeting ASTM D4814 (US) and EN 228 (Europe) specifications. Represents 5-10% of overall renewable product output. Used as feedstock for chemicals and materials and as a biogasoline blending component.
• Renewable Hydrogen Green hydrogen produced by collecting and recycling hydrogen gases from the Renewable Diesel reactor using patent-pending technology for reuse within the facility, lowering life cycle emissions of Montana Renewables' renewable fuels.

Quantifiable outcome

• Average carbon intensity of 36 for renewable diesel
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered minor, flagship and core.

• Minnesota SAF HubminorStrategic or Co-development Partner · 20 February 2026Montana Renewables partnered with the Minnesota SAF Hub to deliver SAF to Minneapolis-St. Paul International Airport, demonstrating shorter local supply chains and pioneering camelina as a viable non-food oil crop for farmers.
• World Energy Clean Fuels LLCflagshipChannel Partner/ Reseller/ Distributor · 19 February 2026Montana Renewables and World Energy Clean Fuels signed a 3-year SAF supply agreement to deliver over 70 million gallons of sustainable aviation fuel to the North American market. World Energy leverages its carbon insets expertise while MRL provides SAF production scale. The partnership is projected to reduce up to 600,000 MT of CO2 emissions and supports MRL's MaxSAF 150 capacity expansion. World Energy specializes in carbon inset services for corporate clients seeking aviation decarbonization solutions.
• Calumet Montana RefiningcoreStrategic or Co-development Partner · 16 October 2025Montana Renewables collaborated with Calumet Montana Refining to commission blending and shipping facilities for MaxSAF Blended. The two entities share operational synergies as part of the broader Calumet organization, with MRL being an unrestricted subsidiary of Calumet, Inc.
• AEG FuelscoreChannel Partner/ Reseller/ DistributorAEG Fuels distributes Montana Renewables' MaxSAF branded 50/50 blend of renewable and fossil jet fuel through its distribution network to select locations in Montana, Washington, and Oregon. The partnership enables physical delivery of blended SAF to end-use customers in the Pacific Northwest.
• Delta Air LinesminorChannel Partner/ Reseller/ DistributorDelta Air Lines uses Montana Renewables' SAF produced from Minnesota camelina oil in commercial flights departing Minneapolis-St. Paul International Airport, marking MSP's first SAF blend and supporting the Minnesota SAF Hub initiative.
• University of Montana Bureau of Business and Economic Research (BBER)minorStrategic or Co-development PartnerBBER produced an economic impact study measuring the substantial benefit to Montana from MRL's expansion, including jobs, income, government revenues, economic output, and population support projections through 2028.

Scale indicators15 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Aemetis: US-based renewable diesel and SAF developer with HEFA pathway under expansion in California. Direct competitor in low-carbon renewable fuel production targeting aviation and road transport customers.
• World Energy Clean Fuels: Long-standing SAF distributor and blender with carbon inset expertise; both a partner (3-year 70M gallon offtake) and a competitor. Closely comparable SAF market participation and aviation decarbonization service model.
• Diamond Green Diesel (Darling Ingredients/Valero JV): Joint venture between Darling Ingredients and Valero producing renewable diesel at multiple US Gulf Coast locations. Closely comparable HEFA-based renewable diesel/SAF producer with major feedstock supply backing and rapid North American capacity expansion plans.

Broad incumbents

• Marathon Petroleum: Major US refiner (parent of Marathon) operating Dickinson Renewables facility producing renewable diesel; comparable in petroleum refining infrastructure with growing renewable diesel/SAF exposure and broader distribution footprint.
• Phillips 66: Large US refiner actively investing in renewable diesel capacity and SAF through Rodeo Renewable Energy Complex. Competitor from incumbent refining sector scaling into renewables using existing infrastructure.
• Neste: Finland-based global leader in renewable diesel and SAF from HEFA pathways. Direct competitor with significantly larger existing capacity and well-established airline/marine offtake relationships globally; competes head-to-head in North American SAF and renewable diesel markets.
• Valero Energy: US refining major and 50% owner of Diamond Green Diesel JV; competes directly in renewable diesel production while operating a broader fuel marketing footprint in North America.

Regional players

• UPM Biofuels: Finland-based producer of renewable diesel and naphtha from wood-based feedstock. Comparable as a European biofuel producer focused on drop-in road and SAF feedstocks; geographically non-overlapping with MRL.

Emerging players

• SkyNRG: Specialized SAF-focused company developing dedicated SAF facilities (e.g., DSL-01 with Shell). Competes in the aviation decarbonization niche, partial overlap on SAF focus but smaller scale than MRL.
• LanzaTech: Gas fermentation-to-fuels developer producing ethanol-to-jet (ATJ) SAF from industrial off-gases. Comparable in SAF production with a novel pathway competing for the same customer decarbonization demand, partial overlap with MRL.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/montana-renewables-llc

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds4 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Montana Renewables