Calumet Announces Close of Renewable Hydrogen Project Financing

Rhea-AI Summary

Calumet Specialty Products Partners (NASDAQ: CLMT) has successfully closed $50 million in project financing from Stonebriar Commercial Finance for the construction of a renewable hydrogen plant in Great Falls, Montana. This facility aims to enhance production capabilities for Calumet's renewable diesel operations and is projected to commence operations in the fourth quarter of 2022. The initiative is a significant step towards increasing product output while reducing carbon intensity.

Positive

• Secured $50 million project financing from Stonebriar.
• Renewable hydrogen plant expected to enhance renewable diesel production.
• Initiative aims to reduce carbon intensity of products.

Negative

• None.

INDIANAPOLIS, Jan. 4, 2022 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT, "Calumet") announced today that Montana Renewables LLC ("MRL") has closed the previously announced $50 million of project financing from Stonebriar Commercial Finance LLC ("Stonebriar") related to construction of the renewable hydrogen plant for Calumet's renewable diesel business in Great Falls, Montana.  Once complete, the renewable hydrogen plant will allow increased production of renewable diesel and further reduce the carbon intensity of products from MRL. The renewable hydrogen plant has an expected operational startup in the fourth quarter of 2022. 

For more information, Calumet has provided an updated investor deck which can be found in the "Events and Presentations" section of the Investor Relations page of the Company's website at www.calumetspecialty.com.

About Calumet Specialty Products Partners, L.P.
Calumet manufactures, formulates, and markets a diversified slate of specialty branded products to customers in various consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, IN and operates twelve facilities throughout North America. More information can be found at www.calumetspecialty.com.

 

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SOURCE Calumet Specialty Products Partners, L.P.

FAQ

What is the recent project financing announcement by CLMT?

Calumet Specialty Products Partners announced $50 million project financing from Stonebriar for a renewable hydrogen plant.

When is the expected operational startup for CLMT's renewable hydrogen plant?

The operational startup is expected in the fourth quarter of 2022.

Where is the renewable hydrogen plant being constructed by CLMT?

The renewable hydrogen plant is being built in Great Falls, Montana.

What will the renewable hydrogen plant increase in CLMT's operations?

The plant will increase the production of renewable diesel.

How does the renewable hydrogen plant affect CLMT's carbon intensity?

It aims to further reduce the carbon intensity of products from Calumet's renewable diesel business.