In a regulatory filing earlier, Calumet (CLMT) noted that it previously disclosed that funding of the U.S. Department of Energy loan to Montana Renewables, a subsidiary of the company, had been delayed for a tactical review to ensure alignment with the new administration’s energy strategy. “The company was recently informed by the DOE’s Loan Program Office that the review has been successfully completed. The funding process has now resumed, and the funding of the first tranche of approximately $782M is expected to be completed next week,” the filing stated. In afternoon trading, shares of Calumet are up $2.37, or 15%, to $18.25.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CLMT:
- Calumet Specialty Products: Buy Rating Driven by DOE Loan Progress and Renewable Growth Prospects
- Calumet downgraded to Sell from Neutral at UBS
- Calumet Specialty Products put volume heavy and directionally bearish
- Calumet Specialty Products call volume above normal and directionally bullish
- Calumet does not envision a need to issue equity