Calumet Slashes DOE Loan to $34M Final Draw, Cuts SAF Expansion Cost 89% to $137M
CLMT has more than doubled off its 52-week low of $15.995 on elevated volume (1.8× avg).
Summary
Calumet amended its DOE loan guarantee, cutting Phase 2 funding from $658M to a single $34M draw and reducing expansion capital from $1.2B to $137M by repurposing existing refinery equipment. No third-party equity is required, eliminating dilution.
Key Events · Financing and Capital Events · CLMT
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DOE Loan Right-Sized to $34M Final Draw
First Amendment to the Loan Guarantee Agreement reduces Phase 2 DOE funding from up to $658M to a single final draw of $34M, with maximum principal reduced to $815.8M and maximum capitalized interest to $232.8M.
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Expansion Capital Cut 89% to $137M
Remaining project capital drops from the $1.2B original Phase 2 plan to $137M by repurposing a hydrotreater, hydrogen plant, and naphtha splitter from the adjacent CMR facility under long-term lease.
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No Third-Party Equity Required
The amended structure eliminates the prior requirement for full equity commitment before Phase 2 construction, removing dilution risk entirely and preserving a simple capital structure.
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Cash Reserve Threshold Reduced 75%
Base Cash Equity Reserve Account threshold lowered from $80M to $20M, freeing approximately $60M of liquidity for the company.
Analysis · CLMT · Energy & Transportation
Calumet's Montana Renewables subsidiary has fundamentally restructured its DOE-guaranteed loan, reducing Phase 2 funding from up to $658 million to a single $34 million final draw. The expansion pivots from a $1.2 billion new-build megaproject to a $137 million equipment-repurposing plan using existing CMR assets. This eliminates the need for third-party equity — removing dilution risk entirely — while preserving a path to 200 million gallons of annual SAF production by year-end 2028. The Base Cash Equity Reserve threshold drops from $80 million to $20 million, freeing significant liquidity. The stock trades near its 52-week high, suggesting the market views this capital-efficient pivot favorably.
How filings like this one have moved
In the 30 days to Sep 11, 2026, 36.1% of the 1753 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.04%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, CLMT was trading at $51.52 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $4.5B. The 52-week trading range was $16.00 to $51.57. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.