Montauk Renewables, Inc. Announces Agreements Expanding Waste-to-Renewable Energy in North Carolina

CHARLOTTE, N.C., Aug. 08, 2023 (GLOBE NEWSWIRE) -- 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