Montauk Renewables, Inc. to Develop Renewable Natural Gas Facility in Orange County, California
June 27 2023 - 5:30PM
Montauk Renewables, Inc. (NASDAQ: MNTK), through its subsidiary,
Bowerman Power LFG, LLC (the “Company”), today announced its
planned development of a renewable natural gas (“RNG”) landfill gas
project in Irvine, CA at the Frank R. Bowerman Landfill (the
“Project”).
After approval of required environmental review (“CEQA”), this
planned Project will be the second landfill gas-to-energy project
developed by the Company in Orange County and will operate in
addition to the approximately 20MW Renewable Electric Generation
(“REG”) facility commissioned in 2016. The Project is anticipated
to process the large and growing volumes of biogas in excess of the
existing capacity of the REG facility. With a targeted
commissioning date in 2026, the Company currently expects the
Project capital investment to range between $85 - $95M, which is
anticipated to have production nameplate capacity of approximately
3,600 MMBtu per day, assuming currently forecasted biogas feedstock
volumes that are projected to be available from the host landfill
at the time of commissioning.
“Montauk is proud to announce this significant milestone as we
continue to expand our treasured relationship with the County of
Orange,” said Sean McClain, President and CEO. “All aspects of this
exciting opportunity, including the potential for enhanced
wellfield automation, shared responsibility for the wellfield
collection system, and the 20-year extension of our gas rights upon
commissioning of the new RNG facility highlight Montauk’s
commitments to the environment. In addition, Montauk remains
dedicated to further developing its long-standing relationships
with exemplary host businesses, such as the County of Orange, and
their operation of the Frank R. Bowerman Landfill.”
The County of Orange will benefit from enhanced sustainability
initiatives, beneficial utilization of current and projected
available biogas, and expected increases in royalty revenues. “Our
project with Montauk supports the circular economy by taking a
waste product and producing renewable natural gas that can be used
to power vehicles, heat homes and generate electricity in our
communities,” said OCWR director, Tom Koutroulis. “More
importantly, the project further protects public health and the
environment by creating a sustainable source of energy that reduces
greenhouse gas emissions,” Koutroulis added.
About Montauk Renewables, Inc.
Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy
company specializing in the management, recovery and conversion of
biogas into RNG. The Company captures methane, preventing it from
being released into the atmosphere, and converts it into either RNG
or electrical power for the electrical grid (“Renewable
Electricity”). The Company, headquartered in Pittsburgh,
Pennsylvania, has more than 30 years of experience in the
development, operation and management of landfill methane-fuelled
renewable energy projects. The Company has current operations at 15
operating projects located in California, Idaho, Ohio, Oklahoma,
Pennsylvania, North Carolina and Texas. The Company sells RNG and
Renewable Electricity, taking advantage of Environmental Attribute
premiums available under federal and state policies that
incentivize their use. For more information, visit
https://ir.montaukrenewables.com
Company Contact: John Ciroli Chief Legal
Officer and Secretary investor@montaukenergy.com(412) 747-8700
Investor Relations Contact: Georg Venturatos
Gateway Investor Relations MNTK@GatewayIR.com(949) 574-3860
Safe Harbor Statement
This release contains forward-looking statements regarding our
planned development on a new facility in California and the
expected production capacity and capital expenditures associated
therewith.
Forward-looking statements are necessarily subject to numerous
assumptions, risks and uncertainties, which change over time.
Future events or circumstances may change our expectations and may
also affect the nature of the assumptions, risk and uncertainty to
which our forward-looking statements are subject. The
forward-looking statements in this release speak only as of the
date of this release, and we assume no duty, and do not undertake,
to update them. Actual results or future events could differ,
possibly materially, from those that we anticipated in these
forward-looking statements. As a result, we caution against placing
undue reliance on any forward-looking statements.
Forward-looking statements are subject to risks, uncertainties
and other factors, many of which are beyond the Company’s control
and are difficult to predict, including, without limitation, risks
related to the acquisition, financing, construction and development
of new projects and the other risk factors described in more detail
in the Company’s 2022 Form 10-K and other filings with the U.S.
Securities and Exchange Commission at www.sec.gov. We have included
this web address as inactive textual reference only. Information on
this website is not part of this document.
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