Moving Full Speed Ahead in U.S. for Power-to-X, European Energy's subsidiary, EE North America (EENA) Secures Agreement with Montauk Renewables, Inc. for Biogenic CO2 Supply to Produce Green e-Fuels
European Energy's subsidiary, EE North America (EENA), is accelerating the clean energy transition in the United States through a strategic agreement with Montauk Renewables, Inc. (NASDAQ: MNTK) ("Montauk"), reinforcing the company's commitment to Power-to-X technologies. The agreement grants EENA the option to purchase biogenically produced CO2, critical for the production of e-fuels, over a span of up to 15 years, with potential for extension thereafter.
Pioneering Power-to-X and e-fuels in the U.S.
European Energy is currently constructing a Power-to-X plant in Denmark (Kassø) which will be a first-of-its-kind facility supplying e-methanol to the global logistics company Maersk among others. The biogenic CO2 sourced from Montauk will be used for even larger e-methanol facilities in Texas that European Energy is currently developing. This landmark agreement is a testament to European Energy's dedication to driving forward sustainable energy solutions such as green hydrogen, e-methanol, and sustainable aviation fuel, across North America.
Biogenic CO2 for Carbon-Based E-Fuels
Biogenic CO2 plays a crucial role in the production of carbon-based e-fuels, and this agreement highlights the possibility of sourcing this essential component within the U.S. enabling the replacement of fossil-based fuels and chemicals from locally produced e-fuels.
Finding the Right Strategic Partners
Through this dynamic partnership, EENA further solidifies its position as a key player in the renewable energy sector, embracing a collaborative approach to champion environmental responsibility and forge a path towards a brighter, cleaner tomorrow. With Power-to-X initiatives gaining momentum, EENA is actively seeking the right partners for these transformative projects, paving the way for eco-friendly fuel alternatives.
EENA's CEO, Lorena Ciciriello, expressed her enthusiasm for the agreement, stating, "By thinking creatively, building robust relationships, and strategically assembling the pieces for long-term growth, we are at the forefront of the clean energy transition. With genuine excitement and a shared vision, EENA and Montauk Renewables are forging a powerful partnership, propelling us towards a brighter and more sustainable tomorrow. Our passion for driving the transition to cleaner energy fuels our dedication every step of the way."
"Collaboration is paramount in tackling large and complex projects, and we are thrilled to celebrate this agreement with Montauk," said Jaime Casasus-Bribian, European Energy's Head of Power-to-X Projects for the Americas & Iberia. He emphasized the value of being a first mover in the Power-to-X space, stating, "With a holistic approach to project development and strong strategic partnerships, we are leveraging the expertise from our blueprint e-methanol project in Denmark (Kassø), maximizing our first mover advantage in the U.S., together with our group company Ammongas that provides solutions for capturing and cleaning CO2. Our aim is to be a key player in the U.S. across e-fuels and hydrogen, driving innovation and forging a sustainable energy future."
"The expected agreement between Montauk and EE North America will have a positive impact on the global reduction of CO2, a greenhouse gas which contributes to climate change, while continuing to expand and diversify our revenue sources, in this case with fixed-price commodity sales," said Sean McClain, CEO of Montauk. "Our relationship with European Energy is another example of Montauk's commitment to environmental stewardship, its multi-faceted development strategy, its ability to align itself with industry leaders and its commitment to enhancing shareholder value."
About EE North America
EE North America develops, finances, builds, and operates wind and solar farms as well as Power-to-X projects. Its parent company, European Energy A/S, is based in Copenhagen, Denmark, and has significant and in-depth experience in the development and deployment of renewable energy in four continents. European Energy was founded in 2004 and has a current project pipeline of 50 GW in markets across the world. For more information, please visit EuropeanEnergy.com.
For more information on Power-to-X (PtX), visit, https://europeanenergy.com/green-solutions/ptx/
Related news, https://europeanenergy.com/news-insights/
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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-fuelled 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
Contact
Jim Blakeslee
Communications
EE North America
+1 832 689 3527
jbl@europeanenergy.com
Ming Ou Lü
PR Manager
European Energy
+45 31 26 93 76
miol@europeanenergy.com
John Ciroli
Chief Legal Officer and Secretary
Montauk Renewables
+1 412 747 8700
investor@montaukenergy.com
Montauk Investor Relations Contact:
Georg Venturatos
Gateway Investor Relations
MNTK@gateway-grp.com
+1 (949) 574-3860
