Greenlane Renewables Secures Repeat Order Valued at $8.7 Million for International Energy Company RNG Project in the United States
~Greenlane receives third order in 18 months from repeat customer for biogas upgrading system~
Vancouver, British Columbia, Canada – May 30, 2022 Greenlane Renewables Inc. (“Greenlane”) (TSX: GRN / FSE: 52G) today announced that its wholly-owned subsidiary, Greenlane Biogas North America Ltd., has been awarded a contract for $8.7 million (US$6.8 million) for a dairy manure to renewable natural gas (“RNG”) project in the United States owned by an international energy company. This contract win marks the third project within 18 months for this customer that Greenlane has successfully bid. The project owner and location have not been disclosed at this time. Greenlane will supply its membrane separation biogas upgrading system, with order fulfillment expected to commence immediately.
“Greenlane continues to be selected for important RNG projects based not only on the attractiveness of our products, but also the commitment of our people to customer service,” said Brad Douville, President and CEO of Greenlane. “Despite a tough economic backdrop, efforts to decarbonize global energy systems through the use of RNG remain robust and dynamic. We’re working hard to help project developers and owners advance their RNG projects in a market where demand continues to far outstrip supply.”
About Greenlane Renewables
Greenlane Renewables is a pioneer in the rapidly growing renewable natural gas (“RNG”) industry. As a leading global provider of biogas upgrading systems, we are helping to clean up two of the largest and most difficult-to-decarbonize sectors of the global energy system: the natural gas grid and the commercial transportation sector. Our systems produce clean, low-carbon and carbon-negative RNG from organic waste sources such as landfills, wastewater treatment plants, dairy farms, and food waste streams. To the company’s knowledge, Greenlane is the only biogas upgrading company offering the three main technologies: waterwash, pressure swing adsorption, and membrane separation. Greenlane’s business has been built on over 30 years of industry experience, patented and proprietary technology, over 100 hydrogen sulfide treatment systems sold, and over 135 biogas upgrading systems sold into 19 countries, including some of the largest RNG production facilities in the world. For further information, please visit www.greenlanerenewables.com.
For more information please contact:
Incite Capital Markets
Eric Negraeff / Darren Seed
Brad Douville, President & CEO, Greenlane Renewables
FORWARD LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expected”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or that present events will continue. In particular, this news release contains forward looking information relating to supply of Greenlane’s membrane separation biogas upgrading system, the expected immediate commencement of order fulfillment of the $8.7 million contract, that Greenlane continues to be selected for important RNG projects and that demand continues to outstrip supply in the RNG market. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of future growth and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond the Company’s control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, risks identified in the Company's annual information form and in other documents filed with Canadian securities regulatory authorities on the Company's SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. Actual results may differ materially from those anticipated. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.