Montauk Renewables reports 3Q profits

Pittsburgh-based Montauk Renewables Inc.., which provides systems to manage, recover and convert landfill gas and other types of biogas into renewable natural gas (RNG), has announced revenue growth and net profits for the third quarter of 2021.

The company says its revenue of $39.7 million in this year’s third quarter represents 40.7 percent year-over-year growth compared with the third quarter of 2020. Montauk’s net income of $8.9 million is 526.9 percent leap over the net income figure from one year ago.

According to Montauk, it has current operations at 15 operating projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina and Texas, predominantly at landfill sites.

In the recently completed quarter, however, Montauk also was granted a patent pertaining to 24 aspects of continuous-feed, closed-loop reactor technology acquired in the firm’s acquisition of the assets of the former NR3 LLC, now known as Montauk Ag Renewables.

“The company believes that the reactor enables near-zero-emissions conversion of agricultural waste into multiple non-fossil, renewable-fuel alternatives, is capable of producing multiple units of renewable energy for each unit of conventional energy consumed and is capable of sequestering multiple tons of greenhouse gas equivalent emissions (CO2e) for every ton emitted,” states Montauk in its earnings news release.

Looking ahead, Montauk says it sees revenue ranging from $41.8 million to $50.7 million in the fourth quarter and does not predict an income range.