Axios Pro Exclusive Content

Montana Renewables nets $250M from Warburg Pincus

Alan Neuhauser
Illustration of a crosswalk with lines resembling oil barrels and batteries

Illustration: Annelise Capossela/Axios

The private equity giant Warburg Pincus invested $250 million in an aspiring renewable natural gas developer, Montana Renewables, pushing the company's valuation past $2 billion.

Why it matters: It's big dollars from a major, mainstream private equity player — and a big-time valuation.

What's happening: Montana Renewables, based in Great Falls, plans to produce hydrogen, diesel and sustainable aviation fuel from waste feedstocks.

  • Warburg Pincus pegged Montana Renewables' valuation at $2.25 billion.
  • Montana Renewables in November raised $300 million in a convertible debt investment from Oaktree Capital Management, per PitchBook.

Of note: Montana Renewables is a subsidiary of Calumet Specialty Products Partners (Nasdaq: CLMT).

Go deeper