Calumet Reaches Key Application Milestone for Loan Guarantee from the U.S. Department of Energy

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Calumet Specialty Products Partners, L.P.

Mar 27, 2023, 07:00 ET

INDIANAPOLIS, March 27, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced today that its Montana Renewables subsidiary has been invited by the U.S. Department of Energy to submit a Part II Application for a $600 million loan guarantee through the Title XVII Innovative Clean Energy Loan Guarantee Program.

Established via Title XVII of the Energy Policy Act of 2005, the DOE-guaranteed loan if awarded would finance the manufacturing of 18,000 barrels per day of renewable diesel, sustainable aviation fuel, and renewable naphtha utilizing Haldor Topsoe's HydroFlex technology. Achieving this invitation to the Part II process is a key milestone for Calumet in the Department of Energy's Loan Programs Office ("LPO") process.

DOE's invitation to submit a Part II application is not an assurance that DOE will invite an applicant into the due diligence and term sheet negotiation process, that DOE will offer a term sheet to an applicant, that DOE will issue a loan guarantee, or that the terms and conditions of a loan guarantee will be consistent with terms proposed by an applicant. The foregoing matters are wholly dependent on the results of DOE review and evaluation of a Part II Application, and DOE's determination whether to proceed.

"On behalf of all of Calumet, we thank the LPO for the opportunity to advance to Phase II of the loan application process," said Bruce Fleming, CEO of Montana Renewables, LLC ("MRL"). "We truly believe MRL is one of the best renewable diesel and sustainable aviation fuel businesses in the market and we are excited to continue to lead the energy transition in North America."

About Calumet Specialty Products Partners, L.P.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) manufacturers, formulates, and markets a diversified slate of specialty branded products to customers in various consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America.

About Montana Renewables, LLC

Montana Renewables, LLC is an unrestricted subsidiary of Calumet located in Great Falls, MT. Montana Renewables is permitted for 15,000 barrels per stream day ("bpsd") of renewable feedstocks which are converted into low-emission sustainable alternatives that directly replace fossil fuel products. The renewable manufacturing plant began operations in late 2022. As the world recognizes a sustainability responsibility, MRL is poised to make immediate carbon reductions and stands ready to grow and innovate further. This business is a leader in North America's energy transition, with our renewable products being delivered to Canada and the United States West Coast.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements and information in this press release may constitute "forward-looking statements." The words "expect," "continue," "should," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.

For additional information regarding factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in our latest Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC.

SOURCE Calumet Specialty Products Partners, L.P.