SOUTH AFRICA – Montauk Renewables, a US-based renewable energy company, has listed on the Johannesburg Stock Exchange (JSE) main board, making this the first company listing on the JSE for 2021.

The listing this week is a secondary listing for the company under the alternative fuels classification with its primary listing is on the Nasdaq in the US.

the share price opened at US$14 per share on the JSE on Monday morning, but was well down to US$10 on Wednesday afternoon.

Montauk was previously listed on the JSE as Montauk Holdings, but 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.

“The JSE now has 337 companies listed with a market capitalisation of over US$123 billion”

JSE Capital Markets director Valdene Reddy said in a statement 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 US$123 billion.

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.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE