Calumet Completes Working Capital Funding For Montana Renewables
PRIVATENov 07, 2022
Round Type
Funding Round
Missoula
Description
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) today announced the closing of two transactions that together fund the working capital needs of Montana Renewables LLC (MRL). A Supply and Offtake Agreement (SOA) with Macquarie Commodities and Global Markets provides inventory monetization for renewable feedstocks and products, as well as intermediation services connected with the purchase of renewable feedstocks. Simultaneously, a $90 million asset backed loan revolving credit facility (ABL) was executed with Wells Fargo Bank, NA, secured by accounts receivables and open blenders tax credit refunds.
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Company Information
Company
Montana Renewable Energy Association
Location
Missoula, Montana, United States
About
Montana Renewables is modifying existing assets at the Great Falls, Montana facility to process up to 15,000 barrels per stream day of renewable feedstocks (such as used cooking oil, distillers corn oil, tallow and seed oils) into low-emission sustainable alternatives including Renewable Diesel and Sustainable Aviation Fuel. RD and SAF address environmental concerns in hard to electrify industries, where few alternative decarbonization opportunities exist today, and are capable of reducing the carbon footprint by 50-70% or more versus incumbent fossil fuel products. MRL's finished products are fungible drop-in replacement fuels for diesel or aviation use, and are fully compatible with existing engine technology, distribution and fueling systems.
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Missoula