Montauk Renewables Announces Filing of Provisional Patent Application for New Acid Neutralization Technology

Rhea-AI Summary

Montauk Renewables, a renewable energy company (NASDAQ: MNTK), has filed a provisional patent application for a new acid neutralization technology aimed at mitigating harmful condensate produced during biogas conversion. This innovative technology is essential for reducing costly damage to processing facilities caused by acidic waste. The Company’s successful testing indicates a significant reduction in unfavorable pH levels. CEO Sean McClain emphasizes Montauk's commitment to innovation and staying ahead of competitors, positioning the firm for enhanced operational efficiency.

Positive

• Provisional patent application filed for acid neutralization technology, potentially leading to cost savings.
• Successful testing demonstrates significant reduction in unfavorable pH levels, enhancing operational efficiency.

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• None.

PITTSBURGH, July 28, 2022 (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 filed a provisional patent application with the U.S. Patent and Trademark Office (USPTO) pertaining to a combustion based oxygen removal condensate neutralization technology.

The patent application is directed to a new acid neutralization technology that is a critical and integral component in eliminating the harmful acidic condensate that is produced when wastewater is removed from the biogas conversion process. Without a mitigating measure, high acidity can result in expenses of hundreds of thousands of dollars in damage associated with the processing facility components as well as downtime for equipment replacement and troubleshooting. The Company has identified a successful demonstration of a reduction in unfavourable pH condensate through the considerable testing that has been completed to-date. The filing of this provisional patent application aligns to Montauk’s continued efforts to deploy technology within the Company’s existing portfolio for landfill biogas recovery.

“We are excited to announce the provisional patent application for our innovative acid neutralization technology,” said Sean McClain, Montauk Renewables CEO. “The patent application reflects Montauk’s on-going commitment to technological innovation to stay ahead of market competitors and we are excited about the advantages associated with this technology.”

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.

FAQ

What is Montauk Renewables' recent patent application about?

Montauk Renewables has filed a provisional patent application for a new acid neutralization technology that addresses harmful condensate from biogas conversion.

How does the new technology impact Montauk's operations?

The new acid neutralization technology aims to reduce costly damage caused by acidic condensate, potentially improving operational efficiency.

When was the patent application filed by Montauk Renewables?

The provisional patent application was announced on July 28, 2022.

What is the significance of Montauk's patent application for investors?

The patent application reflects Montauk's commitment to innovation, which could lead to enhanced operational efficiencies and cost savings for the company.

What are the potential risks associated with Montauk's new technology?

The press release mentions forward-looking statements indicating potential risks related to technology acquisition, project financing, and environmental factors.