Axios Pro Exclusive Content
Montana Renewables nets $250M from Warburg Pincus
- Alan Neuhauser, author of Axios Pro: Climate Deals
Aug 5, 2022

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).