PITTSBURGH, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), today announced the Company has been awarded patent number US11,097,245, issued by the U.S. Patent & Trademark Office (USPTO), covering 24 unique elements of its Electric-Powered, Closed-Loop, Continuous-Feed, Endothermic Energy-Conversion Systems and Methods (“the System”).
The System enables near-zero-emissions conversion of agricultural waste into multiple non-fossil, renewable-fuel alternatives, is capable of producing approximately 10-units of renewable energy for each unit of conventional energy consumed and sequestering approximately 25-tons of greenhouse gas equivalent emissions (CO2e) for every single ton emitted. The System is driven by a continuous-feed, closed loop reactor that can scale modularly to address the environmental challenges of industrial agriculture, regardless of location or size.
“We are excited to announce that the US Patent Office has recognized the uniqueness of our technology and granted this patent, which will enable Montauk to continue to pioneer new approaches to address the environmental impacts of industrial agriculture, while further diversifying our product offerings in the renewable energy economy,” said Sean McClain, Montauk Renewables CEO.
As previously announced, Montauk intends to initially deploy its newly patented technology through a large-scale development project in North Carolina. The now patented System has the potential to generate expansive growth opportunities through systematic nation-wide deployment and global licensing agreements.
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-fueled 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
Vice President, General Counsel 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” within the meaning of U.S. federal securities laws, that involve substantial risks and uncertainties. All statements other than statements of historical or current fact included in this release are forward-looking statements. Forward-looking statements refer to our financial condition, results of operations, plans, objectives, strategies, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “assume,” “believe,” “can have,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “likely,” “may,” “might,” “objective,” “plan,” “predict,” “project,” “potential,” “opportunity,” “seek,” “should,” “target,” “will,” “would,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. For example, all statements we make related to the expected benefits of the patented System and our plans for future growth, initiatives or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expect and, therefore, you should not unduly rely on such statements.
Forward-looking statements are not guarantees of future performance and are subject to certain 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 acquisition, financing, construction and development of new projects and project expansions; licensing of technology; infringement on our patent(s); changes in commodity and environmental attribute pricing; changes in governmental economic incentives for renewable energy projects; changes in expected levels of production output for renewable energy projects; and the other risk factors described in more detail in the Company’s most recent Form 10-K annual report and other filings with the U.S. Securities and Exchange Commission at www.sec.gov. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. The forward-looking statements included herein are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.
