Calumet unit secures USD 50m for renewable hydrogen project in Montana

The Great Falls facility. Source: Montana Renewables, LLC.

January 4 (Renewables Now) - Calumet Specialty Products Partners LP (NASDAQ:CLMT) announced today that its renewables arm has closed USD 50 million (EUR 44.3m) of project financing for the construction of a green hydrogen plant in Montana.

As unveiled in November 2021, the financing obtained by subsidiary Montana Renewables LLC comes from Stonebriar Commercial Finance LLC. It will be used in relation to the construction of a hydrogen production facility for Calumet's renewable diesel business in Great Falls, Montana.

The hydrogen project is expected to become operational in the final quarter of 2022. At that point, it will allow increased production of renewable diesel and will further cut the carbon intensity of products from Montana Renewables.

Calumet manufactures, formulates and markets a variety of speciality branded products, including naphthenic oils, synthetic lubricants, asphalt and fuels. Montana Renewables was carved out from Calumet in November 2021 as a pure-play renewable diesel company. Through it, the company seeks to undertake the conversion of a large portion of its Great Falls business into renewable feedstock processing.

(USD 1.0 = EUR 0.884)

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