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

Q: 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.

Q: 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.

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Positive)

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.

News Market Reaction – CLMT

-0.37%

1 alert

-0.37% News Effect

On the day this news was published, CLMT declined 0.37%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

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

3 metrics

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

Market Reality Check

Price: $34.59 Vol: Volume 1,326,379 is sligh...

normal vol

$34.59 Last Close

Volume Volume 1,326,379 is slightly below the 20-day average, suggesting no outsized trading spike ahead of this news. normal

Technical Shares at $29.50 are trading above the 200-day MA ($17.85) and sit 1.4% below the 52-week high.

Peers on Argus

CLMT was up 2.68% while key peers showed mixed moves: SCL -0.81%, ECVT -0.86%, O...

1 Down

CLMT was up 2.68% while key peers showed mixed moves: SCL -0.81%, ECVT -0.86%, ODC +0.68%, KRO +2.08%, and momentum peer OEC -1.38%, pointing to a stock-specific move.

Historical Context

5 past events · Latest: Feb 13 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 13	Earnings announcement date	Neutral	+10.1%	Set date for Q4 and FY 2025 earnings and conference call.
Jan 28	Credit facility extension	Positive	+3.7%	Extended and expanded $500M ABL revolver maturity to January 2031.
Jan 12	Notes offering completion	Positive	-0.5%	Completed upsized $405M 9.75% notes to refinance higher‑coupon debt.
Jan 09	Conference participation	Neutral	-1.3%	Announced attendance and one‑on‑ones at UBS Global Energy conference.
Jan 07	Notes pricing	Positive	+1.8%	Priced upsized $405M 9.75% notes due 2031 to redeem 2026 and 2027 notes.

Pattern Detected

Recent CLMT news often drew noticeable reactions, with financing and balance sheet events sometimes producing mixed price responses despite strategically positive intent.

Recent Company History

Over the last few months, Calumet announced several balance sheet and corporate developments. An upcoming earnings release on Feb 27, 2026 saw a +10.12% move. Extending its revolving credit facility to Jan 2031 with $500M in commitments correlated with a +3.71% move. Upsized $405M senior notes for the MaxSAF™ 150 expansion coincided with only a small negative reaction. Conference participation and initial notes pricing drew modest, mixed moves. Today’s SAF offtake agreement fits this broader strategic build-out around renewables and MaxSAF™.

Market Pulse Summary

This announcement highlights a three‑year agreement to deliver more than 70 million gallons of Susta...

Analysis

This announcement highlights a three‑year agreement to deliver more than 70 million gallons of Sustainable Aviation Fuel, with potential reductions of up to 600,000 MT of CO2. It reinforces Calumet’s Montana Renewables and MaxSAF™ 150 expansion as central to its renewables strategy. In context of recent credit facility extensions and note offerings, investors may watch upcoming earnings on February 27, 2026 for updates on SAF ramp, capital deployment, and contract economics.

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. Not financial advice.

02/19/2026 - 07:00 AM

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

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 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.

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