2023-04-25 07:57:31 ET
Calumet Specialty Products Partners ( NASDAQ: CLMT ) +4.2% pre-market Tuesday after saying its Montana Renewables subsidiary has entered full operations after completing the startup of its sustainable aviation fuel and pretreatment units.
"As we ramp up our pre-treater and draw down existing safety stock of clean feed, we reconfirm go-forward EBITDA guidance of $1.25-$1.45 per gallon based on local sourcing of untreated feedstocks," Montana Renewables CEO Bruce Fleming said.
Earlier this month , MRL closed a $75M bridge loan with I Squared Capital and achieved its design processing capacity for renewable feedstocks of 15K bbl/day following commissioning of its new renewable hydrogen plant in March.
With its Montana location, Calumet ( CLMT ) "sits in the catbird's seat being in the middle of almost an unlimited supply of low-cost feedstock," Patient Tech Investor writes in an analysis newly published on Seeking Alpha .
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Calumet says Montana Renewables enters full operations