Montana Renewables moving into next stage of commissioning in Q1 2023

In Montana, Montana Renewables commissioned its modified hydrocracker in renewable diesel service on November 5, then retrofitted additional winterization capability during the month of November. It then generated a full month of on-spec renewable diesel production in December and commenced rail shipments late in the month after establishing product inventories. Catalyst performance has been consistent and met the expected performance envelope provided by Haldor Topsoe.  The current 6,000 bpd capacity will increase to 12,000 bpd with the sequential commissioning of renewable hydrogen, SAF, and feedstock pre-treater which are expected online in that order in Q1 2023.

Preliminary engineering and procurement is beginning for the expected 2024 expansion including an option to maximize SAF yield to 85%.  Montana Renewables recently acquired the second reactor needed for its MAX SAF option, and while the company has not made a final installation decision, great interest from the existing Lazard process warranted the opportunistic reactor purchase.  This opportunity further cements our first mover position in the rapidly evolving SAF market.