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Montauk Renewables Acquires NR3 for Undisclosed Sum

05/11/2021 05:44

09:29 AM EDT, 05/11/2021 (MT Newswires) -- Montauk Renewables (MNTK), which is focused on the recovery and processing of biogas from non-fossil sources, said on Tuesday that it has acquired NR3, an environmental technology and renewable energy company.

Terms of the acquisition were not disclosed.

Montauk said it believes the NR3 acquisition could be transformative in expanding its focus on decarbonization projects.

Montauk said it is now in the late stages of evaluating a five-year, 20-unit development cluster project that could initially deploy the NR3 technology. Once finalized, that initial project could deploy a multi-year, cumulative capital investment expected to be in the $100 million to $150 million range, and should be accretive to EPS halfway through its 5-year development cycle.

Shares of the Pittsburgh, Penn.-based company rose as much as 1.2% in pre-bell trade.

Price: 9.15, Change: +0.11, Percent Change: +1.22