Montauk Renewables, Inc. Announces Agreements Expanding Waste-to-Renewable Energy in North Carolina
August 08 2023 - 4:15PM
Montauk Renewables, Inc. (NASDAQ: MNTK) (“Montauk”) has signed a
Renewable Energy Certificates (REC) Agreement with Duke Energy
(NYSE: DUK) (“Duke”) for Montauk’s proposed waste-to-renewable
energy facility in Sampson County, North Carolina, which will
expand Duke’s renewable energy efforts in the state.
Montauk is constructing the Turkey Creek facility which will use
its patented near zero emissions conversion technology. The
patented technology, as we believe, is designed in a manner that
avoids meaningful amounts of greenhouse gas emissions. Montauk,
through a wholly owned, locally focused subsidiary, will operate
the project, which is designed to convert swine waste into
renewable electricity, renewable natural gas, and other renewable
commodities such as biochar fertilizer. The 15 year Agreements call
for Duke to buy the electricity as well as the associated swine
waste Renewable Energy Certificates (RECs) from the conversion
which is contracted to be up to 47,000 RECs per year once the
facility is fully commissioned.
“We’re excited about the opportunity to work with Duke on our
groundbreaking swine waste-to-Renewable Energy project and to serve
the communities of eastern North Carolina with a project expected
to be beneficial to the people locally and the environment
globally,” said Sean McClain, CEO of Montauk Renewables.
Once fully commissioned, the initial stage of this expandable
facility, as currently envisioned, is expected to generate material
amounts of renewable electricity, Renewable Natural Gas (RNG) and
biochar which can be used as a fertilizer. As a result, the project
initially has the potential to generate renewable energy sufficient
to power more than 5,000 homes and businesses throughout eastern
North Carolina and facilitate Duke in meeting its swine waste
requirement under the Renewable Energy Portfolio Standard law in
North Carolina.
Montauk is in the process of constructing the facility in
Turkey, N.C., and anticipates being fully operational during the
first half of 2025.
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. Montauk was named the number one ranking
company in South Africa in the Sunday Times Top 100 Companies of
2022. For more information, visit https://ir.montaukrenewables.com
Follow Montauk on LinkedIn
Company Contact: John Ciroli Chief Legal
Officer and Secretary investor@montaukrenewables.com(412)
747-8700
Investor Relations Contact: Georg Venturatos
Gateway Investor Relations MNTK@gateway-grp.com (949) 574-3860
Safe Harbor Statement
This release contains forward-looking statements regarding our
planned sale of renewable energy from swine waste and the
associated RECs to Duke Energy.
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 our control and are
difficult to predict, including, without limitation, risks related
to the failure to consummate the transaction or to realize the
benefits of the transaction or technologies in the anticipated
timeframe or at all; unanticipated costs, burdens or difficulties
associated with the contemplated transaction or technologies and
the other risk factors described in more detail in our 2022 Form
10-K, first quarter 2023 Form 10-Q 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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