US-headed Calumet Specialty Products Partners, L.P. (Calumet), an independent producer of specialty hydrocarbon and fuels products has announced that its wholly-owned subsidiary Montana Renewables LLC (MRL) has closed on US$50 million of project financing from Stonebriar Commercial Finance LLC (Stonebriar) related to the construction of a renewable hydrogen plant for Calumet's renewable diesel business in Great Falls, Montana (MT).
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As announced in November 2021, Calumet has restructured its renewable diesel business by establishing Montana Renewables (MRL) as an unrestricted pure-play renewables wholly-owned subsidiary.
The company’s operations in Montana (MT) now include two fully independent business lines: renewables through Montana Renewables, LLC (MRL), and conventional Canadian crude refining through Calumet Montana Refining LLC (CMR).
The company also revealed that MRL had signed a US$50 million Letter of Intent (LoI) with Stonebriar Commercial Finance (Stonebriar) to finance a renewable hydrogen plant to maximize renewable diesel production and further reduce the carbon intensity (CI) of MRL products in Great Falls.
This hydrogen project financing has now been closed, and once completed, the renewable hydrogen plant will allow increased production of renewable diesel and further reduce the CI of products from MRL. The renewable hydrogen plant has an expected operational startup in the fourth quarter of 2022.
