Montauk Renewables, Inc. Announces Second Apex RNG Facility
PITTSBURGH, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Montauk Renewables, Inc. (NASDAQ: MNTK) (the “Company”) announces the planned construction of a second renewable natural gas (“RNG”) processing facility at its Apex landfill gas project in Amsterdam, Ohio (the “Project”).
The planned Project is being driven by projections in biogas feedstock availability from the host landfill over the next 12 to 18 months. The Company is targeting an approximate 40% increase in RNG processing capacity with the addition of the second facility. It is expected to add up to 2,100 MMBtu per day production capacity and expand the infrastructure for the conversion of LFG to RNG. The Project is expected to be completed in 2024, based on currently forecasted biogas feedstock volumes that are anticipated to be available from the host landfill at the time of commissioning.
“Montauk is excited to announce this significant expansion to our current production capacity at the Apex Amsterdam, Ohio site,” said Sean McClain, Montauk Renewables CEO. “A critical component to our development strategy includes the ability to add capacity to complement the growth endeavours of our host business partners.”
The Company currently expects the capital investment to range between $25.0 - $30.0 million in total Project costs over the next 12 to 18 months, beginning in the fourth quarter of 2022.
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
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