Expand sustainable aviation fuel (SAF) production capacity! The U.S. Department of Energy’s first nearly $800 million loan under Trump’s administration has been announced.

The International Air Transport Association (IATA) forecasts that global demand for sustainable aviation fuel (SAF) will reach 6 million tons in 2025 and 20 million tons in 2030; by 2050, SAF is expected to account for over 65% of the aviation industry’s emissions reductions, with demand soaring to 358 million tons. Figure 2: Global Sustainable Aviation Fuel (SAF) Demand Forecast (in 10,000 tons), 2025–2050 On February 18, Calumet Inc. announced that its subsidiary Montana Renewables LLC had drawn approximately $782 million (roughly RMB 5.696 billion) as the first disbursement from its $1.44 billion (approximately RMB 10.489 billion) U.S. Department of Energy (DOE) loan guarantee. This marks the first disbursement approved by the DOE’s Loan Programs Office (LPO) under President Trump’s current administration. The loan will fund the expansion of sustainable aviation fuel (SAF) production capacity. The company plans to expand its biorefinery in Great Falls, Montana. Calumet stated that the planned expansion includes a second renewable fuels reactor. By 2026, this reactor is expected to bring online roughly half of the planned 300-million-gallon annual SAF capacity—eliminating bottlenecks at existing facilities, installing SAF blending and logistics infrastructure, increasing renewable hydrogen output, adding combined heat and power (CHP) generation using renewable electricity and steam, and enhancing on-site water treatment and recycling capabilities. Montana Renewables commenced operations at the end of 2022, producing approximately 140 million gallons of biofuels annually. This loan will boost its output to 315 million gallons per year, enabling it to produce roughly half of all SAF in North America. The company currently produces fuel for aircraft and trucks using seed oils and used animal fats. “Since its inception, Montana Renewables has stood at the forefront of the rapidly growing biofuels market,” said Todd Borgmann, Calumet’s CEO. “Montana Renewables has proven itself a pioneer in large-scale SAF production—and now we are proud to be the first project to receive support from the new administration. I thank the entire DOE team for their continued commitment to supporting this practical and rapidly scaling aviation fuel—and for taking the time to ensure our nation’s investments are prudent.” The company completed an extensive DOE loan guarantee application process last year, and the DOE issued a conditional loan guarantee commitment in October 2024. The $1.44 billion loan guarantee was finalized by the Biden administration in its final days—in particular, on January 10. According to the U.S. Department of Energy, the total loan amount stands at $1.67 billion, comprising $1.44 billion in principal and $233 million in capitalized interest. Montana Renewables was scheduled to receive the initial $782 million disbursement beginning January 28. However, Calumet stated in a January 28 announcement that the first tranche of funding “will be tactically delayed to confirm alignment with White House priorities.”

Lynk & Co pushes Volvo back to its ‘home base’ | Geely’s ‘fission’

After ten years of partnership, Volvo transformed from a relatively niche automaker into a globally established brand. Yet a decade later, as Lynk & Co advances upward, Volvo’s return to Europe has become highly probable. At first glance, this prediction may strike most people as sheer nonsense: How could Volvo—a brand thriving in the Chinese market—abandon such a lucrative opportunity to return to Europe and tackle tougher challenges? Moreover, China remains the world’s largest automotive market, with numerous automakers vying for a share. Against this backdrop, it seems unthinkable that Volvo—having firmly established itself in China—would readily relinquish its hard-won position. Yet notably, whether Volvo returns to Europe is no longer solely within its own control—it hinges instead on Geely’s global strategic layout. From Geely’s perspective, Volvo is an acquired ‘core’ asset, whereas Lynk & Co is its ‘direct’ homegrown brand. In the event of conflict between these two—‘core’ versus ‘direct’—Geely’s natural choice would favor Lynk & Co. Furthermore, amid intensifying competition across the broader auto market, fierce price wars have become increasingly common. Volvo exemplifies this trend. Currently, in the retail market, Volvo offers some of the most aggressive discounts among luxury brands: its flagship XC60 model enjoys discounts of around RMB 100,000, while the XC40—launched less than a year ago—has already seen its retail price drop below RMB 200,000. Such steep discounting not only leaves other luxury brands far behind but also exerts considerable pressure on many joint-venture brands. In contrast, Lynk & Co positions itself directly against joint-venture automakers. Volvo’s persistent price cuts inevitably constrain Lynk & Co’s brand premium development. Relocating Volvo to Europe would thus serve two purposes: first, creating favorable conditions for Lynk & Co’s growth in China; second, enabling regional segmentation of Geely’s portfolio—thereby advancing the group’s global strategy. For Geely, this represents a pragmatic course of action. Of course, Volvo’s relocation to Europe remains merely a journalist’s prediction. Nevertheless, it is indisputable that Volvo is currently constraining Lynk & Co’s development. Should clear differentiation between Volvo and Lynk & Co fail to materialize over the next few years, sacrificing part of Volvo’s presence becomes highly likely—especially since Volvo’s significance to Geely in the Chinese market has steadily diminished. This shift is evident when tracing the evolution of the ‘Geely-Volvo decade.’ ‘Technical’ Breakthrough Looking back, when Geely acquired Volvo, the Swedish automaker had spent 11 years under Ford’s ownership and bore deep Ford imprints. As Ford’s prized acquisition, Volvo benefited extensively from Ford’s technologies. Available data indicates that at the time of Geely’s acquisition, Volvo operated three vehicle platforms: the P1 platform produced compact sedans—including the S40, V50, C70, and C30—as well as the Ford Focus; the P2 platform produced mid-to-large sedans—the S60 and XC90—as well as the Ford Mondeo; and the P24 platform supported production of the XC60, V70, and S80. In terms of powertrains, multiple Volvo models employed Ford’s EcoBoost engines and 6-speed PowerShift transmissions.

Is Gevo (GEVO) Reframing Its Clean Fuel Strategy Amid Shifting Policy Support Signals?

Jun 11, 2026

Gevo Inc outlined its clean fuel strategy at the WTR Insights Conference amidst uncertainty surrounding 45Z tax credits. Investors are evaluating how potential policy changes could impact the company's financing and build-out plans beyond 2029.