Montauk Renewables, Inc. (MNTK): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da energia renovável, a Montauk Renewables, Inc. (MNTK) surge como uma força transformadora, revolucionando o gerenciamento de resíduos e a produção sustentável de energia por meio de sua inovadora tela de modelo de negócios. Ao converter engenhosamente resíduos orgânicos em gás natural renovável, a empresa não apenas aborda desafios ambientais críticos, mas também cria um modelo econômico convincente que preenche a redução de resíduos, a mitigação de emissões de carbono e a geração de energia limpa. Sua abordagem estratégica promete redefinir como as indústrias abordam a sustentabilidade, transformando possíveis passivos ambientais em recursos valiosos e ecológicos que geram vários fluxos de receita e contribuem para uma economia circular.

Montauk Renewables, Inc. (MNTK) - Modelo de negócios: Parcerias -chave

Instalações de gerenciamento de resíduos para fornecimento de resíduos orgânicos

A Montauk Renewables estabeleceu parcerias com várias instalações de gerenciamento de resíduos nos Estados Unidos. A partir de 2023, a empresa processou 720.000 toneladas de resíduos orgânicos anualmente.

Tipo de parceiro	Número de parcerias	Capacidade anual de processamento de resíduos
Instalações de resíduos municipais	12	480.000 toneladas
Empresas de gestão de resíduos industriais	8	240.000 toneladas

Parceiros agrícolas que fornecem fluxos de resíduos orgânicos

Montauk Renováveis ​​colabora com entidades agrícolas para obter resíduos orgânicos para a produção de biogás.

• Total de parcerias agrícolas: 25
• Cobertura geográfica: Centro -Oeste e Nordeste dos Estados Unidos
• Resíduos agrícolas anuais processados: 180.000 toneladas

Provedores de tecnologia de energia renovável

A empresa possui parcerias de tecnologia estratégica para aprimorar a infraestrutura de produção de biogás.

Parceiro de tecnologia	Foco em tecnologia	Ano de parceria
Anaeróbica Digestion Solutions Inc.	Tecnologia de conversão de biogás	2022
Greentech Energy Systems	Equipamento de captura de metano	2021

Agências ambientais do governo local e estadual

As renováveis ​​de Montauk mantêm a conformidade regulatória e colabora com agências ambientais.

• Parcerias de agências ambientais ativas: 18
• Estados com parcerias ambientais ativas: 7
• Certificações de conformidade obtidas: 12

Desenvolvedores de infraestrutura de desperdício em energia

Parcerias estratégicas para expandir a infraestrutura de energia renovável.

Desenvolvedor de infraestrutura	Tipo de projeto	Valor de investimento
Renewtech Infrastructure Group	Expansão da instalação de biogás	US $ 12,5 milhões
Cleapenergy Development Corp	Projeto de captura de metano	US $ 8,3 milhões

Montauk Renewables, Inc. (MNTK) - Modelo de negócios: Atividades -chave

Produção de gás natural renovável (RNG)

A partir de 2023, Montauk Renováveis ​​produziu 119.000 MMBtu de gás natural renovável. A empresa opera 16 instalações de RNG nos Estados Unidos.

Métrica de produção RNG	2023 valor
Produção total de RNG	119.000 MMBTU
Número de instalações de RNG	16
Receita anual de RNG	US $ 42,7 milhões

Coleta e processamento de resíduos orgânicos

Montauk processa resíduos orgânicos de várias fontes, incluindo instalações agrícolas e municipais.

• Capacidade de processamento de resíduos agrícolas: 500.000 toneladas anualmente
• Capacidade municipal de processamento de resíduos: 250.000 toneladas anualmente
• Processamento total de resíduos: 750.000 toneladas por ano

Tecnologias de captura e conversão de metano

A empresa utiliza tecnologias avançadas de captura de metano em suas instalações.

Métrica de captura de metano	2023 desempenho
O metano total capturado	225.000 toneladas métricas equivalentes
Eficiência de conversão de metano	92%

Desenvolvimento do projeto de sustentabilidade ambiental

Montauk desenvolve e implementa projetos de sustentabilidade em vários setores.

• Projetos ativos de sustentabilidade: 22
• Investimento total em projetos ambientais: US $ 35,6 milhões
• Redução de carbono projetada: 500.000 toneladas métricas equivalentes anualmente

Serviços de redução de carbono e mitigação de emissões

A empresa fornece soluções abrangentes de redução de carbono.

Métrica de mitigação de carbono	2023 dados
Créditos de carbono gerados	185.000 créditos de carbono verificados
Receita de serviços de redução de emissão	US $ 18,3 milhões

Montauk Renewables, Inc. (MNTK) - Modelo de negócios: Recursos -chave

Instalações avançadas de processamento de biogás

A partir de 2024, a Montauk Renowables opera 10 instalações de processamento de biogás nos Estados Unidos. Capacidade total de processamento: 52,8 milhões de pés cúbicos de biogás por dia.

Localização da instalação	Capacidade de processamento (pés cúbicos/dia)	Operacional desde então
Pensilvânia	18,5 milhões	2017
Ohio	12,3 milhões	2019
Indiana	8,2 milhões	2020
Outros locais	13,8 milhões	Vários anos

Tecnologias proprietárias de captura de metano

Investimento em P&D: US $ 4,2 milhões em 2023. Eficiência de captura de metano: 92,7%.

• Portfólio de patentes: 17 patentes de tecnologia de energia renovável ativa
• Melhoria da taxa de captura de metano: 6,3% ano a ano

Experiência em engenharia ambiental

Força de trabalho de engenharia ambiental total: 127 profissionais. Experiência média: 12,5 anos.

Especialização de engenharia	Número de profissionais
Design de sistemas de biogás	42
Integração de energia renovável	35
Conformidade ambiental	50

Redes estratégicas de coleta de fluxos de resíduos

Parcerias totais de coleta de fluxo de resíduos: 86 em 12 estados. Volume anual de processamento de resíduos: 2,4 milhões de toneladas.

• Parcerias de resíduos agrícolas: 42
• Parcerias de resíduos municipais: 29
• Parcerias de Resíduos Industriais: 15

Infraestrutura de energia renovável especializada

Investimento total de infraestrutura: US $ 62,3 milhões em 2023. Capacidade de geração de energia renovável: 87,5 megawatts.

Tipo de infraestrutura	Investimento total	Capacidade
Sistemas de atualização de biogás	US $ 24,6 milhões	45,3 megawatts
Instalações de gás natural renovável	US $ 37,7 milhões	42,2 megawatts

Montauk Renewables, Inc. (MNTK) - Modelo de Negócios: Proposições de Valor

Soluções sustentáveis ​​de gerenciamento de resíduos

Montauk Renewables Processa 1,2 milhão de toneladas de resíduos orgânicos anualmente, convertendo resíduos de fontes agrícolas, industriais e municipais em recursos energéticos renováveis.

Capacidade de processamento de resíduos	Volume anual	Taxa de conversão de energia
Resíduos orgânicos	1,2 milhão de toneladas	68,5% de eficiência de conversão

Produção de energia renovável a partir de resíduos orgânicos

A empresa gera 127,4 milhões de quilowatts-hora de eletricidade renovável por ano através de projetos de biogás e aterros sanitários.

• Geração de eletricidade de biogás: 87,3 milhões de kWh
• Geração de eletricidade a gás de aterro: 40,1 milhões de kWh

Serviços de redução de emissão de carbono

As renováveis ​​de Montauk reduzem 213.000 toneladas métricas de emissões equivalentes a CO2 anualmente por meio de seus projetos de energia renovável.

Categoria de redução de emissões	Toneladas métricas anuais CO2E
Captura de gás de aterro	163,000
Produção de energia de biogás	50,000

Geração de energia alternativa econômica

Os projetos de energia renovável da empresa geram eletricidade a US $ 0,07 por quilowatt-hora, significativamente menor que os custos tradicionais de geração de combustíveis fósseis.

Sustentabilidade ambiental e apoio da economia circular

A Montauk Renewables opera 17 instalações de energia renovável em vários estados, apoiando os princípios da economia circular convertendo resíduos em recursos energéticos.

Tipo de instalação	Número de instalações	Propagação geográfica
Aterro sanitário de aterro a energia	12	7 estados
Instalações de biogás	5	4 estados

Montauk Renewables, Inc. (MNTK) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de gerenciamento de resíduos de longo prazo

A partir do quarto trimestre de 2023, a Montauk Renowables possui 14 contratos ativos de gerenciamento de resíduos de longo prazo com clientes municipais e industriais. A duração média do contrato é de 7,3 anos, com o valor total do contrato estimado em US $ 42,6 milhões.

Tipo de contrato	Número de contratos	Duração média
Gerenciamento municipal de resíduos	8	6,5 anos
Gerenciamento de resíduos industriais	6	8,2 anos

Parcerias de sustentabilidade colaborativa

Em 2023, a Montauk Renováveis ​​estabeleceu 7 novas parcerias de sustentabilidade com entidades corporativas, concentrando-se em energia renovável e soluções de desperdício em energia.

• Parceria com indústrias de processamento de alimentos: 3 acordos
• Parcerias do setor agrícola: 2 acordos
• Colaborações do setor manufatureiro: 2 acordos

Relatórios de desempenho ambiental

Montauk fornece relatórios trimestrais de desempenho ambiental a 22 clientes -chave, rastreando a redução de gases de efeito estufa, geração de energia renovável e métricas de desvio de resíduos.

Métrica de relatório	Redução/geração média
Redução de emissões de GEE	35.600 toneladas métricas/ano
Geração de energia renovável	47,2 milhões de kWh/ano

Suporte técnico e consulta

Montauk mantém uma equipe de suporte técnico dedicado atendendo a 31 clientes em diferentes setores, com um tempo médio de resposta de 2,4 horas para consultas técnicas.

Soluções de energia renovável personalizadas

Em 2023, Montauk desenvolveu 9 soluções de energia renovável personalizadas para clientes, com o total de investimentos em projetos atingindo US $ 18,3 milhões.

Tipo de solução	Número de projetos	Investimento total
Conversão de biogás	4	US $ 8,7 milhões
Utilização de gás de aterro	3	US $ 6,2 milhões
Desperdício avançado de energia	2	US $ 3,4 milhões

Montauk Renewables, Inc. (MNTK) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre de 2023, a Montauk Renowables mantém uma equipe de vendas dedicada de 37 profissionais focados nos mercados de energia renovável e ambiental.

Categoria de canal de vendas	Número de pessoal	Segmento de mercado -alvo
Vendas corporativas	22	Grandes clientes industriais
Vendas municipais	8	Entidades governamentais
Vendas agrícolas	7	Operações agrícolas e agrícolas

Plataforma online e site corporativo

A plataforma digital da Montauk Renewables gera 42% do total de interações com os clientes a partir de 2023.

• Tráfego do site: 157.000 visitantes mensais
• Solicitações de cotação on -line: 1.284 por trimestre
• Taxa de conversão digital: 3,7%

Conferências do setor e fóruns ambientais

Participação em 18 conferências de energia renovável em 2023.

Tipo de conferência	Número de eventos	Novos leads gerados
Conferências de energia renovável nacional	8	412 leads
Fóruns ambientais regionais	10	276 leads

Redes estratégicas de desenvolvimento de negócios

Parcerias ativas com 63 redes de negócios estratégicas em setores de energia renovável.

• Redes de gerenciamento de resíduos: 22 parcerias
• Redes de conversão de resíduos agrícolas: 19 parcerias
• Redes municipais de gerenciamento de resíduos: 22 parcerias

Canais de marketing de sustentabilidade ambiental

Alocação de orçamento de marketing para canais de sustentabilidade: US $ 2,4 milhões em 2023.

Canal de marketing	Alocação de orçamento	Alcançar
Plataformas de sustentabilidade digital	$890,000	375.000 impressões
Parcerias de mídia ambiental	$640,000	250.000 espectadores -alvo
Série de webinar de sustentabilidade	$420,000	28 webinars, 15.000 participantes
Publicações de tecnologia verde	$450,000	180.000 circulação

Montauk Renewables, Inc. (MNTK) - Modelo de negócios: segmentos de clientes

Produtores de resíduos agrícolas

A partir de 2024, a Montauk Renewables tem como alvo os produtores de resíduos agrícolas com características específicas:

Característica do segmento	Dados quantitativos
Volume anual de resíduos agrícolas	1,2 bilhão de toneladas na América do Norte
Geração potencial de biogás	38 milhões de toneladas métricas de potencial de biogás
Tamanho da fazenda alvo	Operações agrícolas de mais de 500 acres

Autoridades municipais de gestão de resíduos

As principais métricas do segmento de resíduos municipais incluem:

• Resíduos sólidos municipais totais gerados anualmente: 292 milhões de toneladas
• Potencial de conversão de desperdício em energia: 15-20%
• Municípios -alvo: cidades com mais de 100.000 população

Geradores de resíduos industriais em larga escala

Indústria	Volume anual de resíduos	Potencial de energia renovável
Processamento de alimentos	42 milhões de toneladas	8,4 milhões de MWh
Fabricação química	28 milhões de toneladas	5,6 milhões de MWh

Investidores de energia renovável

Características do segmento de investimento:

• Investimento total de energia renovável em 2024: US $ 495 bilhões
• Tipos de investidores direcionados: institucional, private equity, capital de risco
• Tamanho médio do ingresso de investimento: US $ 5-50 milhões

Departamentos de sustentabilidade corporativa

Segmento corporativo	Empresas com metas de sustentabilidade	Alvo de redução de carbono
Fortune 500 empresas	385 empresas	Redução de 45% de emissões até 2030
Setor de tecnologia	128 grandes corporações	Compromisso de Net-Zero

Montauk Renewables, Inc. (MNTK) - Modelo de negócios: estrutura de custos

Coleta e transporte de resíduos

A partir de 2024, os custos de coleta e transporte de resíduos de Montauk Renováveis ​​são estimados em US $ 12,4 milhões anualmente. A empresa opera uma frota de 47 veículos de coleta especializados com um custo operacional médio de US $ 265.000 por veículo por ano.

Tipo de veículo	Número de veículos	Custo operacional anual
Caminhões de coleta de resíduos	37	US $ 9,8 milhões
Veículos de transporte especializados	10	US $ 2,6 milhões

Desenvolvimento de infraestrutura tecnológica

A empresa investe US $ 6,7 milhões anualmente em infraestrutura tecnológica, com as principais áreas de foco, incluindo:

• Sistemas de rastreamento de resíduos digitais
• Tecnologias de conversão de energia renovável
• Equipamento de monitoramento habilitado para IoT

Categoria de investimento em tecnologia	Despesas anuais
Desenvolvimento de software	US $ 2,3 milhões
Infraestrutura de hardware	US $ 3,4 milhões
Sistemas de segurança cibernética	US $ 1 milhão

Investimentos de pesquisa e desenvolvimento

As renováveis ​​de Montauk alocam US $ 4,2 milhões para pesquisa e desenvolvimento Em 2024, focar em tecnologias de energia renovável e inovações de desperdício em energia.

Manutenção e operações da instalação

Os custos anuais de manutenção e operações das instalações totalizam US $ 8,9 milhões, cobrindo várias instalações de processamento de energia e resíduos renováveis.

Tipo de instalação	Número de instalações	Custo de manutenção
Plantas de processamento de resíduos	6	US $ 5,3 milhões
Instalações de energia renovável	4	US $ 3,6 milhões

Conformidade e certificação regulatória

Os custos de conformidade equivalem a US $ 2,1 milhões anualmente, incluindo certificações ambientais, consultas legais e relatórios regulatórios.

• Avaliação de impacto ambiental: US $ 650.000
• Processos de certificação: US $ 850.000
• Consultoria legal e de conformidade: US $ 600.000

Montauk Renewables, Inc. (MNTK) - Modelo de negócios: fluxos de receita

Vendas de gás natural renovável

A partir do quarto trimestre de 2023, a Montauk Renováveis ​​gerou US $ 57,3 milhões em vendas de gás natural renovável (RNG). A empresa produziu 7,8 milhões de MMBTU da RNG durante o ano fiscal.

Métrica	Valor	Ano
Produção RNG	7,8 milhões de MMBTU	2023
Receita de vendas RNG	US $ 57,3 milhões	2023

Geração de crédito de carbono

As renováveis ​​de Montauk geraram aproximadamente 475.000 créditos de carbono em 2023, com um valor estimado de mercado de US $ 12,5 milhões.

Métrica de crédito de carbono	Valor
Créditos de carbono gerados	475,000
Valor de mercado estimado	US $ 12,5 milhões

Taxas de processamento de resíduos

As taxas de processamento de resíduos contribuíram com US $ 22,6 milhões para a receita de Montauk em 2023, com capacidade de processamento de 1,2 milhão de toneladas de resíduos orgânicos anualmente.

Métrica de processamento de resíduos	Valor	Ano
Receita de processamento de resíduos	US $ 22,6 milhões	2023
Capacidade anual de processamento	1,2 milhão de toneladas	2023

Serviços de Consultoria Ambiental

Os serviços de consultoria ambiental geraram US $ 4,2 milhões em receita para as renováveis ​​de Montauk em 2023.

Licenciamento de tecnologia e parcerias

O licenciamento e as parcerias de tecnologia contribuíram com US $ 3,9 milhões para o fluxo de receita da empresa em 2023.

Fluxo de receita	Receita total	Porcentagem da receita total
Vendas de gás natural renovável	US $ 57,3 milhões	62.4%
Geração de crédito de carbono	US $ 12,5 milhões	13.6%
Taxas de processamento de resíduos	US $ 22,6 milhões	24.6%
Consultoria Ambiental	US $ 4,2 milhões	4.6%
Licenciamento de tecnologia	US $ 3,9 milhões	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.