Montana Renewables and World Energy Join Forces to Drive Efficiency and Scale in Sustainable Aviation Fuel (SAF) Deliveries

Calumet (NASDAQ: CLMT) subsidiary Montana Renewables and World Energy agreed to deliver more than 70 million gallons of SAF over three years, targeting up to 600,000 MT CO2e emissions reductions and supporting U.S. agriculture and energy independence.

Rhea-AI Summary

Calumet (NASDAQ: CLMT) subsidiary Montana Renewables and World Energy agreed to deliver more than 70 million gallons of SAF over three years, targeting up to 600,000 MT CO2e emissions reductions and supporting U.S. agriculture and energy independence.

MRL's MaxSAF™ 150 expansion is progressing and World Energy's long-term contract aims to validate MRL's capital investments and accelerate SAF supply.

Positive

• 70M+ gallons SAF contracted over three years
• Estimated 600,000 MT CO2e emissions reduction
• MRL's MaxSAF 150 expansion on track this spring
• World Energy long-term contract validates MRL capital

Negative

• None.

Argus Feb 19 session

-0.37% close to close Open Argus

Details

News Market Reaction – CLMT

On Feb 19, the day this news came out, CLMT closed 0.37% below the previous close.

Data tracked by StockTitan Argus for the Feb 19 session.

Key Figures

SAF deliveries: more than 70 million gallons Agreement term: three years CO2 reduction: as much as 600,000 MT

SAF deliveries

more than 70 million gallons

Total Sustainable Aviation Fuel under three-year agreement

Agreement term

three years

Duration of SAF agreement between MRL and World Energy

CO2 reduction

as much as 600,000 MT

Estimated emissions reduction from SAF deliveries

Historical Context

5 past events · Latest: Feb 13

5 events

1. Feb 13

   Earnings announcement date

   24h Move

   +10.1%

   Set date for Q4 and FY 2025 earnings and conference call.

2. Jan 28

   Credit facility extension

   24h Move

   +3.7%

   Extended and expanded $500M ABL revolver maturity to January 2031.

3. Jan 12

   Notes offering completion

   24h Move

   -0.5%

   Completed upsized $405M 9.75% notes to refinance higher‑coupon debt.

4. Jan 09

   Conference participation

   24h Move

   -1.3%

   Announced attendance and one‑on‑ones at UBS Global Energy conference.

5. Jan 07

   Notes pricing

   24h Move

   +1.8%

   Priced upsized $405M 9.75% notes due 2031 to redeem 2026 and 2027 notes.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

sustainable aviation fuel, carbon insets, emissions credit

3 terms

sustainable aviation fuel technical

"announced a Sustainable Aviation Fuel (SAF) agreement that will deliver"

Sustainable aviation fuel is a low‑carbon replacement for conventional jet fuel made from renewable sources (like plant residues, waste oils, or captured carbon) but refined to meet the same safety and performance rules as regular jet fuel. Investors care because SAF can lower airlines’ carbon footprints and exposure to tightening regulations, create new supply and cost dynamics in the fuel market, and drive long‑term demand shifts — like using cleaner fuel in the same airplane.

carbon insets financial

"pioneer in the carbon insets market, which enables corporate clients"

Carbon insets are actions a company takes inside its own operations or supply chain to reduce or remove greenhouse gases—for example restoring on-site habitat or changing suppliers to lower emissions—rather than buying reductions elsewhere. Investors care because insets tie climate improvements directly to the business, lowering regulatory and reputational risk and signalling operational change; think of it as fixing leaks in your own house instead of paying someone else to fix theirs.

emissions credit financial

"accelerating SAF and emissions credit supplies to meet the growing"

An emissions credit is a government-issued permit that allows a company to release a set amount of greenhouse gases; unused credits can be sold and excess emissions require buying extra credits. Think of it like a tradable allowance or coupon for pollution that can become an asset or a cost on a company’s books. Investors watch credits because they affect future operating costs, potential revenue from selling surplus credits, and regulatory risk exposure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Agreement signals ongoing growth of Sustainable Aviation Fuel market

GREAT FALLS, Mont. and BOSTON, Feb. 19, 2026 /PRNewswire/ -- Montana Renewables, LLC (MRL) and World Energy Clean Fuels LLC (World Energy) today announced a Sustainable Aviation Fuel (SAF) agreement that will deliver more than 70 million gallons of SAF to the market over three years, reducing as much as 600,000 MT of CO2 emissions while strengthening the American economy, supporting the agricultural community, and bolstering domestic energy independence. MRL is an unrestricted subsidiary of Calumet, Inc. (NASDAQ: CLMT).

This collaboration combines the strengths of each company to move the American SAF industry forward at a pivotal moment. MRL is one of the largest SAF producers in North America and is set to significantly increase SAF production capacity with its MaxSAF™ 150 expansion.

World Energy has been a leader in advanced bioenergy and low carbon solutions over three decades and is the world's first commercial scale SAF producer. The company is a pioneer in the carbon insets market, which enables corporate clients to acquire the environmental attributes derived from SAF to decarbonize their global aviation operations. Through this deal, MRL and World Energy will be accelerating SAF and emissions credit supplies to meet the growing demand for this clean, American-made advanced biofuel.

"MRL's MaxSAF expansion project is progressing rapidly and is on track to deliver economic benefits to the region's farmers, ranchers, and energy-related economy this spring," said Bruce Fleming, CEO, Montana Renewables. "Market demand for SAF remains strong, and this agreement is another signal of our commitment to American energy independence and Montana agriculture."

"Contracting with MRL for SAF production enables us to better support our growing aviation decarbonization business," said World Energy CEO, Gene Gebolys. "We are serving many of the most recognized and respected brands in the world in sectors including tech, pharma, aviation, finance, business services, and others to meet their decarbonization commitments. Even as aviation demand is projected to double by 2050, our corporate clients are seeking ever better solutions to do more with less in terms of both environmental impact and cost. This important collaboration with MRL is a big step forward for both of our businesses but, more importantly, working together will allow us to serve corporate leaders better than either of us could do on our own."

World Energy's long-term contract helps to validate the significant new capital investments MRL is making to scale the SAF industry.   

About Montana Renewables
Montana Renewables is a leading renewable fuel company located in Great Falls, Montana. MRL produces Sustainable Aviation Fuel, Renewable Diesel, Renewable Hydrogen and Renewable Naphtha. As the largest SAF producer in North America (2024), MRL is dedicated to meeting the increasing demand for sustainable fuels. As a Great Falls business leader, MRL offers high-paying jobs and career opportunities while supporting the local economy and contributing to the community's overall well-being. Pacific Northwest farm and ranch operations ultimately provide MRL with sustainable, renewable, low-carbon feedstocks and agricultural byproducts including tallow, distillers corn oil, canola oil, used cooking oil and camelina oil. These feedstocks are converted to renewable transportation fuels which have lower emissions compared to conventional fossil fuels. MRL is an unrestricted subsidiary of Calumet, Inc.

About World Energy
World Energy works with leading companies to help reduce emissions across their value chains. With solutions spanning sustainable aviation fuel, clean hydrogen, advanced biofuels, and fully transparent decarbonization services, World Energy is collaborating to confront the biggest decarbonization challenges in key industries like aviation, cement, and steel. World Energy has been at the forefront of commercializing renewable fuels and today we're investing in projects and partnerships to bring more fuels to market faster, helping to meet clean energy demand and keep critical industries moving forward responsibly. Learn more at www.worldenergy.net.

About Calumet
Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America

View original content to download multimedia:https://www.prnewswire.com/news-releases/montana-renewables-and-world-energy-join-forces-to-drive-efficiency-and-scale-in-sustainable-aviation-fuel-saf-deliveries-302689936.html

SOURCE Calumet, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Montana Renewables (CLMT) and World Energy announce on February 19, 2026?

They announced a three-year SAF agreement to deliver over 70 million gallons of SAF. According to Montana Renewables and World Energy, the deal targets up to 600,000 MT CO2e reductions and supports domestic SAF scaling.

How much CO2 emissions reduction does the CLMT-related SAF deal claim?

The agreement estimates up to 600,000 metric tons of CO2e avoided over three years. According to Montana Renewables and World Energy, that figure reflects lifecycle emissions benefits tied to the contracted SAF volumes.

How does the CLMT subsidiary's MaxSAF 150 expansion relate to the World Energy contract?

MRL's MaxSAF 150 expansion is advancing and will increase SAF capacity to meet demand. According to Montana Renewables, the project is on track to deliver regional economic benefits this spring and support contracted volumes.

What is the investor significance of World Energy's long-term contract with MRL (CLMT)?

The contract provides commercial validation for MRL's recent capital investments to scale SAF production. According to the companies, it helps de-risk capacity growth and accelerates supply to corporate aviation buyers.

Who will benefit from the CLMT SAF agreement beyond the companies involved?

The agreement aims to support U.S. farmers, ranchers, and the domestic energy economy while strengthening energy independence. According to the companies, regional economic and agricultural stakeholders should see positive impacts.