Net::SFTP.start passes its options hash directly to Net::SSH.start, so we should look to its documentation. It lists three options that look relevant:
:keys => an array of file names of private keys to use for publickey and hostbased authentication 
:key_data => an array of strings, with each element of the array being a raw private key in PEM format. 
:keys_only => set to true to use only private keys from keys and key_data parameters, even if ssh-agent offers more identities. This option is intended for situations where ssh-agent offers many different identites. 
The answer to a related question suggests that you may need to use all three:
Net::SFTP.start(ftp_host, user,
  key_data: [],
  keys: "tmp/some-certs/privatekey.pem",
  keys_only: true)
If you want to use the raw key data from the SOME_PRIVATE_KEY environment variable instead, it ought to look like this:
Net::SFTP.start(ftp_host, user,
  key_data: [ ENV["SOME_PRIVATE_KEY"] ],
  keys: [],
  keys_only: true)