Montauk Renewables, Inc. (MNTK): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des énergies renouvelables, Montauk Renewables, Inc. (MNTK) apparaît comme une force transformatrice, révolutionnant la gestion des déchets et la production d'énergie durable grâce à sa toile innovante du modèle commercial. En convertissant ingénieusement les déchets organiques en gaz naturel renouvelable, l'entreprise relève non seulement des défis environnementaux critiques, mais crée également un modèle économique convaincant qui pante la réduction des déchets, l'atténuation des émissions de carbone et la production d'énergie propre. Leur approche stratégique promet de redéfinir la façon dont les industries abordent la durabilité, transformant les responsabilités environnementales potentielles en ressources précieuses et respectueuses qui génèrent de multiples sources de revenus et contribuent à une économie circulaire.

Montauk Renewables, Inc. (MNTK) - Modèle d'entreprise: partenariats clés

Installations de gestion des déchets pour l'approvisionnement biologique des déchets

Montauk Renewables a établi des partenariats avec plusieurs installations de gestion des déchets à travers les États-Unis. En 2023, la société a traité 720 000 tonnes de déchets organiques par an.

Type de partenaire	Nombre de partenariats	Capacité annuelle de traitement des déchets
Installations de déchets municipaux	12	480 000 tonnes
Sociétés de gestion des déchets industriels	8	240 000 tonnes

Partenaires agricoles fournissant des flux de déchets biologiques

Montauk Renewables collabore avec des entités agricoles pour s'approvisionner les déchets organiques pour la production de biogaz.

• Partenariats agricoles totaux: 25
• Couverture géographique: Midwest et nord-est des États-Unis
• Déchets agricoles annuels transformés: 180 000 tonnes

Fournisseurs de technologies d'énergie renouvelable

La société possède des partenariats technologiques stratégiques pour améliorer l'infrastructure de production du biogaz.

Partenaire technologique	Focus technologique	Année de partenariat
Anaerobic Digestion Solutions Inc.	Technologie de conversion de biogaz	2022
Systèmes d'énergie Greentech	Équipement de capture de méthane	2021

Agences environnementales du gouvernement local et des États

Montauk Renewables maintient la conformité réglementaire et collabore avec les agences environnementales.

• Partenariats actifs de l'agence environnementale: 18
• États avec des partenariats environnementaux actifs: 7
• Certifications de conformité obtenues: 12

Développeurs d'infrastructures de déchets

Partenariats stratégiques pour étendre les infrastructures d'énergie renouvelable.

Développeur d'infrastructure	Type de projet	Valeur d'investissement
Groupe d'infrastructures de renouvellement	Expansion des installations de biogaz	12,5 millions de dollars
CleanEnergy Development Corp	Projet de capture de méthane	8,3 millions de dollars

Montauk Renewables, Inc. (MNTK) - Modèle d'entreprise: Activités clés

Production de gaz naturel renouvelable (RNG)

En 2023, les énergies renouvelables de Montauk ont ​​produit 119 000 MMBTU de gaz naturel renouvelable. La société exploite 16 installations de RNG à travers les États-Unis.

Métrique de production RNG	Valeur 2023
Production totale de RNG	119 000 MMBTU
Nombre d'installations RNG	16
Revenus RNG annuels	42,7 millions de dollars

Collecte et traitement des déchets biologiques

Montauk traite les déchets organiques de plusieurs sources, y compris les installations agricoles et municipales.

• Capacité de traitement des déchets agricoles: 500 000 tonnes par an
• Capacité de traitement des déchets municipaux: 250 000 tonnes par an
• Traitement total des déchets: 750 000 tonnes par an

Technologies de capture et de conversion du méthane

L'entreprise utilise des technologies de capture de méthane avancées dans ses installations.

Métrique de capture de méthane	Performance de 2023
Méthane total capturé	225 000 tonnes métriques CO2 équivalent
Efficacité de conversion au méthane	92%

Développement de projets de durabilité environnementale

Montauk élabore et met en œuvre des projets de durabilité dans divers secteurs.

• Projets de durabilité active: 22
• Investissement total dans les projets environnementaux: 35,6 millions de dollars
• Réduction du carbone projetée: 500 000 tonnes métriques CO2 équivalent chaque année

Services de réduction du carbone et d'atténuation des émissions

L'entreprise fournit des solutions complètes de réduction du carbone.

Métrique d'atténuation du carbone	2023 données
Crédits de carbone générés	185 000 crédits de carbone vérifiés
Revenus des services de réduction des émissions	18,3 millions de dollars

Montauk Renewables, Inc. (MNTK) - Modèle d'entreprise: Ressources clés

Installations avancées de traitement du biogaz

En 2024, Montauk Renewables exploite 10 installations de traitement du biogaz aux États-Unis. Capacité de traitement totale: 52,8 millions de pieds cubes de biogaz par jour.

Emplacement de l'installation	Capacité de traitement (pieds cubes / jour)	Opérationnel depuis
Pennsylvanie	18,5 millions	2017
Ohio	12,3 millions	2019
Indiana	8,2 millions	2020
Autres emplacements	13,8 millions	Différentes années

Technologies de capture de méthane propriétaire

Investissement dans la R&D: 4,2 millions de dollars en 2023. Efficacité de capture de méthane: 92,7%.

• Portefeuille de brevets: 17 Brevets de technologie des énergies renouvelables actives
• Amélioration du taux de capture de méthane: 6,3% d'une année à l'autre

Expertise en génie de l'environnement

Travail total de l'ingénierie environnementale: 127 professionnels. Expérience moyenne: 12,5 ans.

Spécialisation de l'ingénierie	Nombre de professionnels
Conception de systèmes de biogaz	42
Intégration d'énergie renouvelable	35
Conformité environnementale	50

Réseaux de collecte de flux de déchets stratégiques

Partenariats totaux de collecte des flux de déchets: 86 dans 12 États. Volume annuel de traitement des déchets: 2,4 millions de tonnes.

• Partenariats des déchets agricoles: 42
• Partenariats des déchets municipaux: 29
• Partenariats des déchets industriels: 15

Infrastructure spécialisée en énergies renouvelables

Investissement total des infrastructures: 62,3 millions de dollars en 2023. Capacité de production d'énergies renouvelables: 87,5 mégawatts.

Type d'infrastructure	Investissement total	Capacité
Systèmes de mise à niveau du biogaz	24,6 millions de dollars	45,3 mégawatts
Installations de gaz naturel renouvelable	37,7 millions de dollars	42.2 mégawatts

Montauk Renewables, Inc. (MNTK) - Modèle d'entreprise: propositions de valeur

Solutions de gestion des déchets durables

Les énergies renouvelables de Montauk traitent 1,2 million de tonnes de déchets organiques par an, convertissant les déchets de sources agricoles, industrielles et municipales en ressources énergétiques renouvelables.

Capacité de traitement des déchets	Volume annuel	Taux de conversion d'énergie
Déchets biologiques	1,2 million de tonnes	68,5% d'efficacité de conversion

Production d'énergie renouvelable à partir des déchets organiques

La société génère 127,4 millions de kilowattheures d'électricité renouvelable par an par le biogaz et les projets de gaz à l'énergie de la décharge.

• Production d'électricité du biogaz: 87,3 millions de kWh
• Production d'électricité à gaz d'enfouissement: 40,1 millions de kWh

Services de réduction des émissions de carbone

Les énergies renouvelables de Montauk réduisent 213 000 tonnes métriques d'émissions équivalentes de CO2 par an grâce à ses projets d'énergie renouvelable.

Catégorie de réduction des émissions	Tonnes métriques annuelles CO2E
Capture de gaz d'enfouissement	163,000
Production d'énergie du biogaz	50,000

Génération d'énergie alternative rentable

Les projets d'énergie renouvelable de l'entreprise génèrent de l'électricité à 0,07 $ par kilowattheure, nettement inférieur aux coûts traditionnels de production de combustibles fossiles.

Support de durabilité environnementale et d'économie circulaire

Montauk Renewables exploite 17 installations d'énergie renouvelable dans plusieurs États, soutenant les principes de l'économie circulaire en convertissant les déchets en ressources énergétiques.

Type d'installation	Nombre d'installations	Propagation géographique
Le gaz de décharge à l'énergie	12	7 États
Installations de biogaz	5	4 États

Montauk Renewables, Inc. (MNTK) - Modèle d'entreprise: relations avec les clients

Contrats de gestion des déchets à long terme

Depuis le quatrième trimestre 2023, Montauk Renewables a 14 contrats actifs de gestion des déchets à long terme avec des clients municipaux et industriels. La durée moyenne du contrat est de 7,3 ans, la valeur totale du contrat est estimée à 42,6 millions de dollars.

Type de contrat	Nombre de contrats	Durée moyenne
Gestion des déchets municipaux	8	6,5 ans
Gestion des déchets industriels	6	8,2 ans

Partenariats collaboratifs en matière de durabilité

En 2023, Montauk Renewables a établi 7 nouveaux partenariats de développement durable avec des entités d'entreprise, en se concentrant sur les énergies renouvelables et les solutions de déchets à l'énergie.

• Partenariat avec les industries de la transformation des aliments: 3 accords
• Partenariats du secteur agricole: 2 accords
• Collaborations du secteur manufacturier: 2 accords

Rapports de performance environnementale

Montauk fournit des rapports trimestriels de performance environnementale à 22 clients clés, suivant la réduction des gaz à effet de serre, la génération d'énergies renouvelables et les mesures de diversion des déchets.

Métrique de rapport	Réduction / génération moyenne
Réduction des émissions de GES	35 600 tonnes métriques / an
Production d'énergie renouvelable	47,2 millions de kWh / an

Soutien technique et consultation

Montauk maintient une équipe de support technique dédiée au service de 31 clients dans différents secteurs, avec un temps de réponse moyen de 2,4 heures pour les demandes techniques.

Solutions d'énergie renouvelable personnalisées

En 2023, Montauk a développé 9 solutions d'énergie renouvelable personnalisées pour les clients, les investissements totaux de projet atteignant 18,3 millions de dollars.

Type de solution	Nombre de projets	Investissement total
Conversion de biogaz	4	8,7 millions de dollars
Utilisation du gaz d'enfouissement	3	6,2 millions de dollars
Gaspillage avancé	2	3,4 millions de dollars

Montauk Renewables, Inc. (MNTK) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, les énergies renouvelables de Montauk maintiennent une équipe de vente dédiée de 37 professionnels axés sur les énergies renouvelables et les marchés environnementaux.

Catégorie de canal de vente	Nombre de personnel	Segment du marché cible
Ventes d'entreprise	22	Grands clients industriels
Ventes municipales	8	Entités gouvernementales
Ventes agricoles	7	Opérations agricoles et agricoles

Plateforme en ligne et site Web d'entreprise

La plate-forme numérique de Montauk Renewables génère 42% des interactions totales des clients à partir de 2023.

• Trafic de site Web: 157 000 visiteurs mensuels
• Demandes de devis en ligne: 1 284 par trimestre
• Taux de conversion numérique: 3,7%

Conférences de l'industrie et forums environnementaux

Participation à 18 conférences d'énergie renouvelable en 2023.

Type de conférence	Nombre d'événements	Nouvelles pistes générées
Conférences nationales d'énergie renouvelable	8	412 Leads
Forums environnementaux régionaux	10	276 Leads

Réseaux de développement commercial stratégique

Partenariats actifs avec 63 réseaux d'entreprises stratégiques dans les secteurs des énergies renouvelables.

• Réseaux de gestion des déchets: 22 partenariats
• Réseaux de conversion des déchets agricoles: 19 partenariats
• Réseaux de gestion des déchets municipaux: 22 partenariats

Canaux de commercialisation de la durabilité environnementale

Attribution du budget marketing pour les canaux de durabilité: 2,4 millions de dollars en 2023.

Canal de marketing	Allocation budgétaire	Atteindre
Plates-formes de durabilité numérique	$890,000	375 000 impressions
Partenariats des médias environnementaux	$640,000	250 000 téléspectateurs ciblés
Série de webinaires de durabilité	$420,000	28 webinaires, 15 000 participants
Publications technologiques vertes	$450,000	180 000 circulation

Montauk Renewables, Inc. (MNTK) - Modèle d'entreprise: segments de clientèle

Producteurs de déchets agricoles

En 2024, les énergies renouvelables de Montauk ciblent les producteurs de déchets agricoles avec des caractéristiques spécifiques:

Caractéristique du segment	Données quantitatives
Volume annuel des déchets agricoles	1,2 milliard de tonnes en Amérique du Nord
Génération potentielle du biogaz	38 millions de tonnes métriques de potentiel de biogaz
Taille de la ferme cible	Opérations agricoles de plus de 500 acres

Autorités de gestion des déchets municipaux

Les métriques clés du segment des déchets municipaux comprennent:

• Total des déchets solides municipaux générés chaque année: 292 millions de tonnes
• Potentiel de conversion des déchets d'énergie: 15-20%
• Municipalités cibles: les villes avec plus de 100 000 habitants

Générateurs de déchets industriels à grande échelle

Industrie	Volume annuel des déchets	Potentiel d'énergie renouvelable
Transformation des aliments	42 millions de tonnes	8,4 millions de MWh
Fabrication de produits chimiques	28 millions de tonnes	5,6 millions de MWh

Investisseurs d'énergie renouvelable

Caractéristiques du segment des investissements:

• Investissement total des énergies renouvelables en 2024: 495 milliards de dollars
• Types d'investisseurs ciblés: institutionnel, capital-investissement, capital-risque
• Taille moyenne des billets d'investissement: 5-50 millions de dollars

Services de durabilité des entreprises

Segment de l'entreprise	Les entreprises ayant des objectifs de durabilité	Cible de réduction du carbone
Fortune 500 Companies	385 entreprises	45% de réduction des émissions d'ici 2030
Secteur technologique	128 grandes entreprises	Engagement net-zéro

Montauk Renewables, Inc. (MNTK) - Modèle d'entreprise: Structure des coûts

Collecte et transport des déchets

En 2024, les coûts de collecte et de transport des déchets de Montauk Renewables sont estimés à 12,4 millions de dollars par an. La société exploite une flotte de 47 véhicules de collecte spécialisés avec un coût opérationnel moyen de 265 000 $ par véhicule par an.

Type de véhicule	Nombre de véhicules	Coût opérationnel annuel
Camions de collecte de déchets	37	9,8 millions de dollars
Véhicules de transport spécialisés	10	2,6 millions de dollars

Développement d'infrastructures technologiques

L'entreprise investit 6,7 millions de dollars par an dans l'infrastructure technologique, avec des domaines de mise au point clés, notamment:

• Systèmes de suivi des déchets numériques
• Technologies de conversion d'énergie renouvelable
• Équipement de surveillance compatible IoT

Catégorie d'investissement technologique	Dépenses annuelles
Développement de logiciels	2,3 millions de dollars
Infrastructure matérielle	3,4 millions de dollars
Systèmes de cybersécurité	1 million de dollars

Investissements de recherche et développement

Montauk Renewables alloue 4,2 millions de dollars à la recherche et au développement En 2024, en se concentrant sur les technologies des énergies renouvelables et les innovations de déchets à énergie.

Entretien et opérations des installations

Les coûts annuels de maintenance et d'exploitation des installations totalisent 8,9 millions de dollars, couvrant plusieurs installations d'énergie renouvelable et de traitement des déchets.

Type d'installation	Nombre d'installations	Coût de maintenance
Usines de traitement des déchets	6	5,3 millions de dollars
Installations d'énergie renouvelable	4	3,6 millions de dollars

Conformité et certification réglementaires

Les frais de conformité sont équipés de 2,1 millions de dollars par an, y compris les certifications environnementales, les consultations juridiques et les rapports réglementaires.

• Évaluation de l'impact environnemental: 650 000 $
• Processus de certification: 850 000 $
• Conseil juridique et conformité: 600 000 $

Montauk Renewables, Inc. (MNTK) - Modèle d'entreprise: Strots de revenus

Ventes de gaz naturel renouvelable

Au quatrième trimestre 2023, les énergies renouvelables de Montauk ont ​​généré 57,3 millions de dollars en ventes de gaz naturel renouvelable (RNG). La société a produit 7,8 millions de MMBTU de RNG au cours de l'exercice.

Métrique	Valeur	Année
Production RNG	7,8 millions de mmbtu	2023
Revenus de vente RNG	57,3 millions de dollars	2023

Génération de crédit en carbone

Montauk Renewables a généré environ 475 000 crédits de carbone en 2023, avec une valeur marchande estimée de 12,5 millions de dollars.

Métrique de crédit au carbone	Valeur
Crédits de carbone générés	475,000
Valeur marchande estimée	12,5 millions de dollars

Frais de traitement des déchets

Les frais de traitement des déchets ont contribué 22,6 millions de dollars aux revenus de Montauk en 2023, avec une capacité de traitement de 1,2 million de tonnes de déchets organiques par an.

Métrique de traitement des déchets	Valeur	Année
Revenus de traitement des déchets	22,6 millions de dollars	2023
Capacité de traitement annuelle	1,2 million de tonnes	2023

Services de conseil environnemental

Les services de conseil en environnement ont généré 4,2 millions de dollars de revenus pour les énergies renouvelables de Montauk en 2023.

Licence et partenariats technologiques

Les licences technologiques et les partenariats ont contribué à 3,9 millions de dollars à la source de revenus de la société en 2023.

Flux de revenus	Revenus totaux	Pourcentage du total des revenus
Ventes de gaz naturel renouvelable	57,3 millions de dollars	62.4%
Génération de crédit en carbone	12,5 millions de dollars	13.6%
Frais de traitement des déchets	22,6 millions de dollars	24.6%
Conseil environnemental	4,2 millions de dollars	4.6%
Licence de technologie	3,9 millions de dollars	4.2%

Montauk Renewables, Inc. (MNTK) - Canvas Business Model: Value Propositions

You're looking at the core value Montauk Renewables, Inc. (MNTK) delivers across its operations, which is essentially turning waste gas into valuable, low-carbon commodities. This isn't just about making power; it's about creating multiple revenue streams from a single waste stream.

Supply of carbon-negative Renewable Natural Gas (RNG)

The primary value here is providing a direct replacement for fossil fuels, specifically in the transportation sector through Renewable Identification Numbers (RINs). Montauk Renewables, Inc. is one of the largest U.S. producers of RNG, using proven technologies to supply this renewable fuel. You see this commitment in their production targets; for the full year 2025, the company maintained guidance expecting RNG production to range between $\mathbf{5.8}$ and $\mathbf{6.0}$ million MMBtu, targeting RNG revenues between $\mathbf{\$150}$ and $\mathbf{\$170}$ million. This is a tangible, measurable output for the market.

Here's a look at their recent RNG output and inventory status as of late 2025:

Metric	Value (Q3 2025)	Context/Comparison
RNG Production Volume	$\mathbf{1.4}$ million MMBtu	$\mathbf{3.8\%}$ increase compared to Q3 2024 production of $1.4$ million MMBtu.
RINs Generated and Unseparated (Inventory)	$\mathbf{0.7}$ million RINs	As of September 30, 2025.
RINs Generated but Unseparated (Total)	Approximately $\mathbf{3,009}$ thousand RINs	As of September 30, 2025.
Average D3 RIN Index Price	$\mathbf{\$2.19}$	Compared to $\mathbf{\$3.36}$ in Q3 2024, showing significant price pressure.

They are definitely navigating RIN price volatility, but the physical production continues to grow, with new projects coming online, like the Second Apex RNG Facility, which was commissioned in June 2025.

Methane capture and greenhouse gas (GHG) emission reduction

The environmental value proposition is inherent in the process: capturing methane, a potent greenhouse gas, before it enters the atmosphere and converting it. This directly addresses climate impact for their landfill and farm hosts. In 2024, Montauk Renewables, Inc. generated approximately $\mathbf{6.2\%}$ of all $\text{CNG}$ and $\text{LNG}$ $\text{D3}$ $\text{RINs}$ in the United States, quantifying their contribution to displacing fossil fuels. This capture and conversion is the foundation of their environmental stewardship claim.

The value proposition for hosts includes:

• Preventing the release of potent methane gas.
• Providing a mechanism for environmental compliance.
• Creating a new revenue stream from a liability.

Reliable, dispatchable renewable electricity generation

While RNG is the focus, Montauk Renewables, Inc. also provides reliable power. They operate two Renewable Electricity projects in California and Oklahoma, utilizing reciprocating engine generator sets. The total design capacity for this segment stands at approximately $\mathbf{29.1}$ MW. For the full year 2025, the company projected Renewable Electricity (REG) production volumes between $\mathbf{175}$ and $\mathbf{180}$ thousand MWh, with associated revenues guided to be between $\mathbf{\$17}$ and $\mathbf{\$18}$ million. This power is dispatchable, meaning it can be called upon when needed, which is a premium feature in grid management.

Monetization of waste streams for landfill and farm hosts

For the entities hosting the biogas sources-landfills and agricultural farms-Montauk Renewables, Inc. offers a clear financial benefit by taking over the management and monetization of their waste gas. This transforms a disposal cost or environmental risk into a partnership. The company is expanding this model, for instance, with the Montauk Ag Renewables project in North Carolina, which is expected to have annual REC (Renewable Energy Certificate) capacity of approximately $\mathbf{120}$ $\text{RECs}$ and has a $\mathbf{10}$-year power purchase agreement at an average price of $\mathbf{\$48}/\text{MWh}$ for its initial electric production phase. This shows a direct, contracted value transfer to the host.

Long-term supply of biogenic $\text{CO}_2$ for industrial use

A newer, yet significant, value stream is the capture, cleaning, and liquefaction of biogenic $\text{CO}_2$ for industrial customers, specifically for e-methanol production. Montauk Renewables, Inc. signed a long-term contract to deliver $\mathbf{140,000}$ tons/year of this $\text{CO}_2$ to a Texas-based e-methanol facility, with first delivery expected in 2027. This contract has a minimum $\mathbf{15}$-year term. The Q2 2025 results indicated contracted total revenues for this specific $\text{CO}_2$ delivery ranging from $\mathbf{\$170,000}$ to $\mathbf{\$201,000}$ (though this figure needs context against the $\mathbf{140,000}$ tons/year volume). This creates a stable, long-duration revenue source by turning a captured byproduct into a critical feedstock for sustainable fuels.

Montauk Renewables, Inc. (MNTK) - Canvas Business Model: Customer Relationships

You're looking at how Montauk Renewables, Inc. (MNTK) manages its key customer and stakeholder relationships, which heavily rely on long-term agreements and navigating the complex regulatory landscape for environmental attributes.

Long-term, fixed-price or floor-price contracts

Montauk Renewables, Inc. secures revenue stability through long-term agreements, particularly for its Renewable Electricity Generation (REG) assets. For instance, in July 2025, the company executed a 10 year Power Purchase Agreement (PPA) for the initial phase of the Montauk Ag Renewables project in Turkey, North Carolina, covering 100% of the electric produced at an average price of $48/MWh. This contrasts with the historical practice where, in 2022, the company converted 100% of its REG and Environmental Attribute monetization under fixed-price agreements. For Renewable Natural Gas (RNG) environmental attributes, specifically Renewable Identification Numbers (RINs), the strategy shifts based on market outlook; in the third quarter of 2025, the decision to sell an increased amount of production under fixed/floor-price arrangements resulted in fewer RINs available for sale compared to the third quarter of 2024.

Here's a look at the contract/pricing context:

Metric/Agreement Type	Value/Term	Period/Context
PPA Term (Montauk Ag Renewables Power)	10 years	Signed July 2025
PPA Coverage (Montauk Ag Renewables Power)	100% of electric produced	For the first phase
Average PPA Price	$48/MWh	For power produced at Montauk Ag Renewables
Fixed/Floor Price Arrangements Impact	Contributed to fewer RINs sold	Q3 2025 vs Q3 2024

Direct engagement with regulatory bodies (EPA, state agencies)

Direct interaction with agencies like the Environmental Protection Agency (EPA) and state commissions is crucial, as profitability depends on the market price of Environmental Attributes. Management noted the impact of the EPA's delay of the 2024 Renewable Fuel Standard (RFS) compliance deadline on the RNG industry. Regulatory uncertainty, such as that stemming from the EPA Biogas Regulatory Reform Rule (BRRR), temporarily affected the timing of 2025 RIN commitments. The company has taken proactive steps, such as having zero exposure to the 2024 compliance waiver due to prior sales of all 2024 D3 RINs. Furthermore, in October 2025, Montauk Renewables submitted comments to the North Carolina Utilities Commission (NCUC) to modify and delay 2025 requirements of the NC Clean Energy Portfolio Standards. The EPA indicated an intention to finalize RVOs for 2025, 2026, and 2027 by the end of 2025.

• Regulatory bodies requiring permits, approvals, and consents: EPA, state agencies
• Regulatory rule impacting RIN separation timing: EPA BRRR
• RINs sold in Q1 2025 were all from 2024 gas production: 9.9 million RINs
• RINs generated but unseparated as of June 30, 2025, due to BRRR: Approximately 3.0 million RINs

Dedicated sales team for Environmental Attribute self-marketing

Montauk Renewables, Inc. self-markets a significant portion of its RINs, making its revenue highly sensitive to market pricing and sales timing decisions. The strategic decision to not self-market a significant amount of RINs in the fourth quarter of 2024 contributed to a decrease in net income for that year. In the third quarter of 2025, the decrease in total revenues compared to the prior year was directly related to a decrease in the number of RINs the company self-marketed from 2025 RNG production. The company has committed to transferring most of its RINs inventory from 2025 RNG production at prices approximating the D3 RIN Index.

Joint venture management for market access and risk sharing

To address limited capacity for RNG utilization in transportation, Montauk Renewables established a joint venture. In the second quarter of 2025, the company entered an agreement to form GreenWave Energy Partners, LLC. This partnership was formed with Pioneer Renewables Energy Marketing. The primary goal is to offer third-party RNG volumes access to exclusive and proprietary transportation pathways. Montauk Renewables expects to act as the RIN separator for this joint venture. The GreenWave partnership began separating RINs for a limited volume in the third quarter of 2025, with management expecting increased benefits starting in the fourth quarter of 2025.

Finance: draft 13-week cash view by Friday.

Montauk Renewables, Inc. (MNTK) - Canvas Business Model: Channels

You're looking at how Montauk Renewables, Inc. (MNTK) gets its product-Renewable Natural Gas (RNG) and Renewable Electricity (REG)-out to the market, and how they monetize the associated environmental credits. It's a multi-pronged approach, balancing direct sales, pipeline access, and market trading.

Natural gas pipeline injection for RNG distribution

The core distribution for RNG involves injecting the cleaned gas into existing natural gas pipelines. This is how Montauk gets its product into the broader energy market for use as transportation fuel, which is key for generating the valuable Renewable Identification Numbers (RINs).

For the full year 2025, Montauk Renewables reaffirmed its guidance projecting RNG production volumes to range between 5.8 million MMBtu and 6.0 million MMBtu. Looking at the quarterly performance, the company produced approximately 1.4 million MMBtu of RNG in the third quarter of 2025, which was an increase of 53 thousand MMBtu compared to the third quarter of 2024. As of early 2025, Montauk Renewables operated 11 RNG projects across four states, with a total design capacity of approximately 32,922 MMBtu/day. The commissioning of the second RNG processing facility at the Apex landfill was expected in the second quarter of 2025.

Direct sales to utilities via Power Purchase Agreements (PPAs)

For the Renewable Electricity (REG) segment, Montauk uses direct sales agreements with utilities. This locks in a revenue stream for the power generated from landfill gas.

In July 2025, Montauk signed a Power Purchase Agreement (PPA) for all power produced from the first phase of its Montauk Ag Renewables project in Turkey, North Carolina. This PPA has a term of 10 years, covering 100% of the electric produced, with the price based on a set tariff that considers factors like demand, season, and time of day, resulting in an average price of $48/MWh. For the full year 2025, REG revenues were forecasted to range between $17 million and $18 million.

Environmental Attribute trading markets (RINs, RECs)

Monetizing the environmental benefits is a critical channel, primarily through the sale of RINs (Renewable Identification Numbers) tied to the RNG, and RECs (Renewable Energy Certificates) from REG projects.

The financial results for the third quarter of 2025 showed total revenues of $45.3 million. The average realized RIN price in the third quarter of 2025 was $2.29, a decrease of approximately 31.4% from the $3.34 seen in the third quarter of 2024. The company sold 12.4 million RINs in Q3 2025, representing a year-over-year decrease of 3.3 million or 21.2%, which management attributed to selling more production under fixed/floor-price arrangements. As of September 30, 2025, 0.7 million RINs were generated and unseparated. The full-year 2025 guidance for RNG revenues, which heavily depends on RINs, was reaffirmed between $150 million and $170 million.

Here's a quick look at the environmental attribute monetization metrics for the third quarter of 2025:

Metric	Q3 2025 Value	Q3 2024 Value	Change
Total Revenues	$45.3 million	$65.9 million	Down 31.3%
Average Realized RIN Price	$2.29	$3.34	Down 31.4%
RINs Sold	12.4 million	15.7 million (Implied)	Down 21.2%
RINs Generated & Unseparated (as of 9/30)	0.7 million	N/A	N/A

Direct delivery channels for biogenic CO2

Montauk Renewables is establishing a direct commodity sales channel by capturing, cleaning, and liquefying biogenic CO2 from its Texas facilities for use in e-methanol production.

The company signed a long-term contract with EE North America stipulating the annual delivery of 140,000 tonnes/year of biogenic CO2 over a minimum 15-year term. The initial delivery period is expected to start in 2026. This arrangement creates a new fixed-price commodity revenue stream for Montauk Renewables.

Transportation fuel dispensing network access via GreenWave

To address limited capacity for utilizing RNG in transportation fuel, Montauk entered an agreement in the second quarter of 2025 to form a joint venture, GreenWave Energy Partners, LLC.

• Primary goal: Offer third-party RNG volumes access to exclusive, unique, and proprietary transportation pathways.
• Montauk Renewables expects to act as the RIN separator for the joint venture.

This JV is a strategic move to ensure better utilization and monetization of the RNG produced, which directly impacts the value of the associated RINs.

Montauk Renewables, Inc. (MNTK) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Montauk Renewables, Inc. (MNTK) as of late 2025. Understanding these segments is key because the revenue mix-from fuel credits to direct commodity sales-is what drives the top line. Honestly, the customer base is segmented by the end-use of the biogas they process, whether it's into pipeline-quality gas, electricity, or even captured carbon dioxide.

Transportation sector (RNG for vehicle fuel)

The transportation sector is a primary driver of value for Montauk Renewables, Inc. through the monetization of Renewable Identification Numbers (RINs). These credits are essential for compliance under federal mandates like the Renewable Fuel Standard (RFS), which dictates blending renewable fuels into transportation fuel. You can see the direct link between their RNG production and the environmental attributes they sell to this market. For instance, in the first quarter of 2025, Montauk Renewables sold 9.9 million RINs, which helped push their RNG segment revenue to $38.5 million for that quarter. By the third quarter of 2025, they marketed 12.4 million RINs, though the average realized price per RIN had softened to $2.29 from $3.34 in Q3 2024. The company is projecting full-year 2025 RNG revenues to land between $150 million and $170 million, which is heavily dependent on the sale of these RINs and similar environmental attributes.

Local utilities and refiners purchasing RNG/REG

Local utilities and large refiners form another critical customer group, primarily purchasing the Renewable Natural Gas (RNG) for injection into gas pipelines or for power generation. Montauk Renewables, Inc. explicitly targets local utilities and large refiners in the natural gas and refining sectors as customers for their RNG and Renewable Identification Numbers (RINs). A key example of this segment's importance, and its associated risk, is the Blue Granite RNG project, where the company impaired equipment after a utility decided not to accept RNG into its distribution system. On the Renewable Electricity Generation (REG) side, the Montauk Ag Renewables project in North Carolina is negotiating with utilities to secure a 10-year power purchase agreement, with an expected average price of $48/MWh for the electricity production.

Industrial gas and chemical companies (Biogenic CO2 buyers)

This segment represents a diversification of revenue away from just fuel credits and power. Montauk Renewables, Inc. has secured a significant, long-term contract for the beneficial use of its captured carbon dioxide. Specifically, they signed a contract to deliver 140 thousand tons per year of biogenic CO2 from their Texas facilities to a Texas-based e-methanol facility, which is a subsidiary of European Energy. This is a minimum 15-year term agreement, though the first delivery isn't expected until 2027. This customer takes a waste product-the captured carbon-and turns it into a fixed-price commodity revenue stream for Montauk Renewables, Inc.

Landfill and livestock farm owner-operators (host sites)

The owner-operators of the source material-landfills and livestock farms-are the foundational partners, as they provide the biogas feedstock. Montauk Renewables, Inc. develops, owns, and operates projects on these sites, often entering into long-term arrangements. The company maintains operations across 13 projects in states like Ohio, Pennsylvania, Texas, and Idaho. You see this relationship in action with specific site developments; for example, the Rumpke facility is undergoing a relocation with expected capital expenditures between $80 million to $110 million. Furthermore, the Montauk Ag project in North Carolina focuses on converting swine waste, with commercial operations targeted for 2026. Capital expenditures for this specific agricultural project alone were $51,895 thousand in the third quarter of 2025.

Commercial and industrial businesses seeking decarbonization

While not always a direct revenue segment in the same way as RIN sales, commercial and industrial (C&I) businesses are an indirect but important customer base, as they represent the ultimate end-users driving demand for low-carbon energy solutions like RNG. The growth in RNG demand is fundamentally tied to C&I entities setting decarbonization targets. Montauk Renewables, Inc. is actively positioning its RNG to meet this demand, which is reflected in its overall production guidance. The company expects to produce between 5.8 million and 6.0 million MMBtu of RNG for the full year 2025. The development of the second Apex RNG facility, which came online in Q2 2025, is part of scaling up capacity to meet this broader market need for lower-carbon fuel alternatives.

Here's a quick look at the key operational metrics tied to these customer segments for the first three quarters of 2025:

Metric	Q1 2025 Value	Q3 2025 Value	Full Year 2025 Expectation
RNG Production (MMBtu)	1.4 million	1.4 million (up 3.8% YoY)	5.8 million to 6.0 million
RNG Segment Revenue (USD)	$38.5 million	$39.9 million	$150 million to $170 million
RINs Sold (Millions)	9.9 million	12.4 million (down 21.1% YoY)	Not explicitly stated for full year
REG Production (MWh)	46 thousand	44 thousand (up 3 thousand YoY)	175,000 to 180,000

The company's ability to service these segments relies on its operational footprint, which includes facilities like Apex, Rumpke, McCarty, and Coastal. Also, remember that regulatory shifts, like the EPA Biogas Regulatory Reform Rule, can defintely impact the timing of RIN commitments, which affects revenue recognition from the transportation segment customers.

Finance: draft 13-week cash view by Friday.

Montauk Renewables, Inc. (MNTK) - Canvas Business Model: Cost Structure

You're looking at the expenses Montauk Renewables, Inc. (MNTK) is facing to keep its operations running and to build out future capacity. The cost structure is heavily weighted toward initial capital outlays for new projects, alongside the ongoing operational costs of running existing facilities.

High capital costs for new projects are a major drain. For instance, the Montauk Ag Renewables project, which involves swine farms in North Carolina, carries a significant capital requirement, estimated by some analyses to be around $200 million. This is a different scale compared to typical landfill RNG projects. In the third quarter of 2025 alone, capital expenditures related to this project and the Rumpke RNG relocation project totaled $51.90 million and $8.53 million, respectively, as part of $79.22 million in total investing activities for the quarter.

Day-to-day running costs are broken down by segment. For the Renewable Natural Gas (RNG) segment, the Operating and maintenance (O&M) expenses in the third quarter of 2025 hit $13.9 million. This was an increase of 10.6%, or $1.3 million, year-over-year, driven by preventative maintenance and operational enhancements at facilities like Rumpke, Atascocita, and Apex. Separately, the Renewable Electricity Generation segment had O&M expenses of $2.6 million in Q3 2025.

Here's a quick look at those key third-quarter 2025 expenses:

Expense Category	Q3 2025 Amount (USD)	Year-over-Year Change
RNG Operating and Maintenance (O&M)	$13.9 million	Increase of 10.6%
Renewable Electricity Generation O&M	$2.6 million	Decrease of 4.3%
General and Administrative (G&A)	$6.5 million	Decrease of 35.1% from $10.0 million
Capital Expenditures (Ag Renewables Portion)	$51.90 million (in Q3 2025 investing)	N/A

General and administrative (G&A) expenses were $6.5 million for the third quarter of 2025. That's a significant drop of $3.5 million, or 35.1%, compared to the $10.0 million reported in Q3 2024, largely due to the accelerated vesting of restricted share awards following an employee termination.

The cost of securing the raw material, the biogas feedstock, is embedded within the RNG O&M costs, as evidenced by the mention of wellfield operational enhancement programs. Furthermore, the business model involves revenue-sharing with host sites, which is a direct cost of securing the gas supply, although the specific dollar amount of the sharing arrangement isn't itemized separately from the overall O&M line in the latest reports. You can see the company is focused on aligning with exemplary host businesses, which implies negotiated, ongoing cost-sharing agreements.

Finally, there are costs associated with navigating the regulatory environment. Montauk Renewables relies heavily on Environmental Attributes, like RINs, for revenue. Costs here include the internal effort and external fees for regulatory compliance and the separation of these attributes. As of September 30, 2025, the company had 0.7 million RINs generated but unseparated, which implies ongoing costs related to processing, verification, and eventual sale to realize that revenue.

Finance: draft 13-week cash view by Friday.

Montauk Renewables, Inc. (MNTK) - Canvas Business Model: Revenue Streams

You're looking at the core ways Montauk Renewables, Inc. (MNTK) brings in cash, which is heavily tied to both commodity production and regulatory credits. Honestly, the mix shows a clear strategy to diversify away from just relying on the EPA Renewable Fuel Standard (RFS) volumes, though those attributes are still a major driver.

Here's a quick look at the key financial projections for the full fiscal year 2025:

Revenue Stream Component	Projected 2025 Range (USD)	Projected 2025 Volume Metric
Sale of Renewable Natural Gas (RNG)	$150 million to $170 million	Production: 5.8 million to 6.0 million MMBtu
Sale of Renewable Electricity Generation (REG)	$17 million to $18 million	Production: 175,000 to 186,000 MWh

The Sale of Renewable Natural Gas (RNG) forms the largest expected revenue bucket for Montauk Renewables, Inc. in 2025, guided to be between $150 million and $170 million, based on projected production volumes between 5.8 million and 6.0 million MMBtu.

The Sale of Environmental Attributes is where things get interesting, as profitability is defintely still highly dependent on these market prices. You saw the impact in the first quarter of 2025:

• The company sold 9.9 million Renewable Identification Numbers (RINs) in Q1 2025, a 25.3% increase year-over-year.
• The average realized RIN price in Q1 2025 settled at $2.46, which was about a 24.3% drop from the $3.25 average in Q1 2024.
• By Q3 2025, the average realized RIN price was down further to $2.29.
• Montauk Renewables, Inc. generated about 6.2% of all CNG and LNG D3 RINs across the United States in 2024.
• For the REG segment, Montauk Renewables, Inc. is actively engaging with regulators in North Carolina to confirm eligibility for Renewable Energy Certificates (RECs), with commercial production there expected to start in 2026.

The Sale of Renewable Electricity Generation (REG) provides a more stable, though smaller, revenue component, projected between $17 million and $18 million for the full year 2025. This corresponds to projected production volumes in the range of 175,000 to 186,000 MWh.

Biogenic CO2 sales under long-term contracts represent a newly diversified, fixed-price stream. Montauk Renewables, Inc. has a contract to deliver 140 thousand tons per year of biogenic CO2 from its Texas facilities to an e-methanol producer. This is a long-term commitment, set for a minimum 15-year term, though the initial delivery isn't expected until 2027.

Finally, Natural gas commodity sales are a component, though the search results only give a snapshot of price movement rather than a specific revenue figure. We do know that natural gas index pricing saw a significant jump, increasing approximately 62.9% during the first quarter of 2025 compared to the first quarter of 2024, which would impact the realized price on any uncontracted or index-linked sales.

Finance: draft 13-week cash view by Friday.