- Companies
- Montana Renewables
Montana Renewables Valuation, Funding & Investors
Montana Renewables is valued at $2.3B as of August 2022.
Last Montana Renewables valuation
$2.3B
Undisclosed stage · Aug 2022
Last Montana Renewables funding round
$250M
Undisclosed stage · Aug 2022
Cumulative funding Montana Renewables raised
$250M
across 1 funding round
Key investors in Montana Renewables
Warburg Pincus
About Montana Renewables
Montana Renewables is a Great Falls facility operator processing up to 15,000 barrels per stream day of renewable feedstocks like used cooking oil and tallow into low-carbon fuels. The company refines sustainable diesel and jet fuel replacements, reducing emissions through adapted petroleum infrastructure detailed in its Green Financing Framework.
Founded
2006
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$2.3B (Aug 2022)
Montana Renewables Valuation
Montana Renewables is currently valued at $2.3B, based on its undisclosed-stage round in August 2022.
The $250M round was led by Warburg Pincus.
Montana Renewables valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2022 | Undisclosed stage | $2.3B |
Montana Renewables Funding History
Montana Renewables has raised a total of $250M across 1 funding round.
Montana Renewables funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2022 | Undisclosed stage | Warburg Pincus (lead) | $250M | $2.3B | Montana Renewables LLC (MRL), an unrestricted subsidiary of Calumet Specialty Products Partners (NASDAQ: CLMT) formed in November 2021, is converting an existing refinery in Great Falls, Montana, into a renewable fuels facility. The plant processes renewable feedstocks such as waste animal fats, distillers corn oil, used cooking oils, and seed oils to produce low-emission renewable diesel (RD) and sustainable aviation fuel (SAF) that directly replace fossil fuel products. On August 5, 2022, Warburg Pincus invested $250 million in MRL via a participating preferred equity security, valuing the company at a pre-commissioning enterprise value of $2.25 billion. This non-interest-bearing investment includes minimum return thresholds and grants Warburg Pincus a board seat on MRL's four-member board. The proceeds defeased the remaining Oaktree Capital Management convertible investment of $300 million, with $250 million allocated to Oaktree loan defeasance and $100 million to a renewable feed pretreater construction; Stonebriar Commercial Finance provided $350 million in sale-leaseback financing for processing units. The transaction positions MRL as a key energy transition play, with Warburg Pincus highlighting its potential as one of North America's most advantaged renewable fuel producers due to quick RD and SAF production capabilities and immediate carbon reductions. As of March 2023 investor materials, the Warburg investment converts to a 14.2% fully diluted common equity stake, with Calumet retaining majority ownership valued at approximately $1.9 billion based on the $2.25 billion mark for its 85.2% stake. Project expansions include hydrogen plant construction, sustainable aviation fuel equipment, and infrastructure for hydraulic expansion. The investment supports MRL's net enterprise value and liquidity of around $1.51 billion and $250 million respectively as outlined in project highlights. |
Who has invested in Montana Renewables?
1 investor has backed Montana Renewables across its funding rounds, including Warburg Pincus.
Lead investors include Warburg Pincus.
Montana Renewables Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Montana Renewables investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialMontana Renewables Competitors
Montana Renewables competitors include listed companies like Verbio, Auren Energia, Pertamina Geothermal and ReNew, and private ones like Enel Green Power Hellas and EGPE Solar.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2.3B | - | ||
| Publicly listed | $1.8B | ($59M) | $2.3B | 1.2x | ||
| Publicly listed | $2.6B | $673M | $2.4B | 2.9x | ||
| Publicly listed | $433M | $326M | $2.5B | 5.7x | ||
| Publicly listed | $1.4B | $976M | $2.5B | 6.2x | ||
| Private | - | - | $2B | - |
Montana Renewables Public Comps
Montana Renewables is still privately-owned, but its public comps include Rockpoint Gas Storage, Orygen Peru, SolarEdge, SMA Solar Technology, Verbio, Xinyi Solar, Central Puerto, Headwater Exploration, Auren Energia and Ahlatci Doğal Gaz.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $479M | $362M | 7.3x | 7.5x | 9.6x | 9.0x | |||
| $831M | $478M | 2.7x | - | 4.7x | - | |||
| $1.2B | ($365M) | 1.8x | 1.6x | (5.7x) | (86.7x) | |||
| $1.7B | ($77M) | 1.2x | 1.1x | (26.4x) | 14.3x | |||
| $1.8B | ($59M) | 1.4x | 1.2x | (41.7x) | 11.1x | |||
| $3.1B | $544M | 1.3x | 1.6x | 7.7x | 8.5x | |||
| $726M | $422M | 3.8x | 2.6x | 6.5x | 6.1x | |||
| $443M | $234M | 5.2x | 5.3x | 9.8x | 7.6x | |||
This data is available for Pro users. Sign up to see all Montana Renewables competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Montana Renewables
| When was Montana Renewables founded? | Montana Renewables was founded in 2006. |
| Where is Montana Renewables headquartered? | Montana Renewables is headquartered in Washington, DC, United States. |
| Is Montana Renewables publicly listed? | No, Montana Renewables is a private, VC-backed company. |
| What is Montana Renewables' valuation? | Montana Renewables was last valued at $2.3B in its undisclosed-stage round in August 2022. |
| How much funding has Montana Renewables raised? | Montana Renewables has raised $250M across 1 funding round. |
| What was Montana Renewables' last funding round? | Montana Renewables' last funding round was a $250M undisclosed-stage round in August 2022, led by Warburg Pincus. |
| Who are Montana Renewables' investors? | Montana Renewables' investors include Warburg Pincus. |
| Which companies are comparable to Montana Renewables? | Companies comparable to Montana Renewables include Enel Green Power Hellas, Verbio, Auren Energia, Pertamina Geothermal, ReNew and EGPE Solar. |
See companies similar to Montana Renewables
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




