Montana's $1.44B Bet on Aviation Fuel Enters Final Stretch

Something real is happening in Great Falls, Montana. Montana Renewables, the Calumet-owned biorefinery, is advancing its MaxSAF 150 expansion rapidly, with the project on track for Q2 2026 startup. The company entered a planned plant turnaround in late February to prepare the site, with the expansion work progressing alongside it. This is one of the most significant milestones unfolding in U.S. sustainable aviation fuel right now.

This isn't a concept or a funding announcement. The engineering is done, the contracts are signed, and the timeline is moving. When it commissions, Montana Renewables will be pushing out 120 to 150 million gallons of SAF per year from a single site, reinforcing its position as the largest SAF producer in North America.

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What MaxSAF150 Actually Does

MaxSAF 150 is the first executable phase of the broader MaxSAF expansion, which is backed by a $1.44 billion DOE loan facility closed in January 2025. The full build-out targets 300 million gallons of SAF annually. But MaxSAF 150 is the near-term priority: get 120 to 150 million gallons of annual capacity online fast, at a dramatically reduced capital cost compared to earlier estimates, reportedly in the $20 to $30 million range.

The project centers on debottlenecking and process technology upgrades at the existing Great Falls facility. It's a targeted intervention on a running plant, not a greenfield build. That approach is a big part of why the timeline is so compressed, and why it's credible. Calumet has been operating this site since 2022 and knows exactly what it takes to unlock more capacity.

Once online, Montana Renewables is expected to supply roughly half of all North American SAF and about 12% of global SAF production through 2030, according to DOE projections.

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Offtake Contracts Are Already in Place

Here's what makes this build more than just a capacity story: the customers are already lined up. Calumet disclosed roughly 100 million gallons of new, multiyear SAF contracts signed at a $1 to $2 per gallon premium over renewable diesel. That's real commercial pull, not speculative volume.

The contract portfolio is deliberately diversified. It includes increased take-or-pay volumes from existing customers, new physical SAF off-takers, book-and-claim arrangements, and blended SAF offtakes bundled with scope 1 and scope 3 credit contracts. That last piece opens up premium renewable aviation markets globally.

Montana Renewables already serves markets in Illinois, Minnesota, the Rockies, Canada, the Pacific Northwest, and California. The new contract base is structured to support a deliberate production ramp once MaxSAF 150 comes online in Q2 2026.

The Numbers Behind the Build

The Great Falls site has been running since late 2022, producing around 140 million gallons per year, mostly renewable diesel. MaxSAF 150 shifts that mix decisively toward sustainable aviation fuel. By full commission, the production profile changes completely.

Why This Changes the US SAF Supply Picture

The aviation sector's path to decarbonization has always had a supply problem. Globally, airlines need around 120 billion gallons of SAF per year by 2050. Right now, annual output is a fraction of that. Every new facility that comes online meaningfully shifts the math.

MaxSAF 150 isn't an incremental project. When complete, it will represent one of the single largest contributions to SAF supply added in a single construction cycle anywhere in the world. And because it's built on an existing, operating site, the ramp-up risk is lower than a greenfield build.

The feedstock story also carries weight for the broader renewable fuels supply chain. Montana Renewables sources tallow, canola oil, distillers corn oil, used cooking oil, and camelina oil from Pacific Northwest farms. Post-expansion, feedstock purchases from regional farms and ranches are expected to double, creating a real economic multiplier in rural Montana and neighboring states.

What Comes Next

Once MaxSAF 150 commissions in Q2 2026, Montana Renewables will shift directly into a production ramp to begin serving new customers. The company has indicated that additional offtake contracts are still being finalized, so the commercial book will keep growing as the expansion goes live.

The longer arc of the full MaxSAF expansion, which includes a second renewable fuels reactor, increased renewable hydrogen production, and cogeneration assets, runs through 2028. But MaxSAF 150 is the proof-of-concept moment. It's the phase that puts real gallons into a market that genuinely needs them.

Great Falls, Montana is becoming a serious node in the global SAF supply chain. The project is advancing. The contracts are signed. And the spring 2026 window is very much in sight.