Montauk Renewables lists on JSE main board
By Edward West 24m ago
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JOHANNESBURG – US-based renewable energy company, Montauk Renewables, has listed on the JSE main board, making this the first company listing on the JSE for 2021.
The listing from Monday is a secondary listing for the company under the alternative fuels classification. Its primary listing is on the Nasdaq in the US.
The share price opened at R215 per share on the JSE on Monday morning, but was well down to R155 yesterday afternoon.
Montauk was previously listed on the JSE as Montauk Holdings. Montauk Renewables is a new listing resulting from the unbundling of Montauk Holdings.
The company develops, operates and manages biogas-fuelled renewable energy projects, and has been specialising in the recovery and processing of methane gas sources for use as an alternative to fossil fuels for over 30 years.
JSE Capital Markets director Valdene Reddy said in a statement yesterday the listing was an opportunity for South African investors to invest in the green fuel space, and help preserve the planet for future generations.
“We wish Montauk success in their growth journey as we all work together towards growing shared prosperity,” she said.
The JSE now has 337 companies listed with a market capitalisation of over R18.9 trillion.
Biogas is produced by microbes breaking down organic matter in the absence of oxygen in a process called anaerobic digestion. Montauk sources commercial scale biogas from landfill gas or anaerobic digester gas.
Its portfolio includes 12 renewable natural gas and three renewable electricity projects across six states in the US.
According to a pre-listing statement, proceeds from the Nasdaq listing on January 22, 2021 would be used to raise capital to fund potential new projects, including new project site evaluation, project conversions and strategic acquisitions, and to complete the listing. – Edward West