August 12th Issue of Greenlane Digest
IN THE NEWS
Greenlane (TSX:GRN) is a pioneer in the rapidly emerging renewable natural gas (RNG) industry. We work with waste producers, gas utilities, and project developers to turn low-value biogas into a valuable low-carbon and carbon-negative clean energy resource. 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.
Greenlane issued the following news release this week:
Greenlane announces second quarter 2022 financial results
Greenlane announced financial results for the second quarter ended June 30, 2022, posting record revenue of $18.1 million, a 44% increase over the $12.6 million reported in the second quarter of 2021, and gross margin (gross profit excluding amortization) of $4.6 million (25% of revenue). “On the back of another record revenue quarter for Greenlane, we remain optimistic about our long term outlook,” said Brad Douville, President and CEO of Greenlane. “The demand for RNG continues to expand as highlighted by some of the largest market participants and their related news, including recent US Senate support for RNG under the Inflation Reduction Act, industry M&A activity, and gas utilities and governments progressing toward targeted and regulated RNG penetration rates."
Greenlane is a pure play in the RNG space, offering multiple core biogas upgrading technologies, in use and proven in the industry today. Biogas upgrading sales are forecasted by industry to grow at a minimum 30% compound annual growth rate (CAGR) over the next five years in North America and Europe. Our demonstrated leadership in biogas upgrading, scope and breadth of product offerings, and over 30 years of industry experience are fierce competitive advantages.
Today, we are a trusted partner globally and are ranked number one in installed capacity, having sold more than 135 biogas upgrading systems into 19 countries and counting. We’ve learned a lot along the way. First to market in 12 of the 19 countries where our systems have been sold, we’re also proud to have supplied the systems for many of the largest RNG production facilities in the world.
Through the Greenlane Digest, our goal is to provide weekly updates and the latest articles on the RNG industry. Make sure you forward our newsletter to your contacts!
The Inflation Reduction Act, which had appeared to be dead just weeks ago and now heads to the House of Representatives after the recent Senate approval, would accelerate U.S. emission cuts and put the country on a path to reduce greenhouse gases by 40 percent below 2005 levels by 2030, significantly narrowing the gap with the goal Biden set under the Paris climate agreement to cut that pollution by at least half by that date. The bill includes $369 billion in climate and energy provisions that will transform how Americans get their energy and shape the country’s climate and industrial policy for decades. New and expanded tax credits for low-carbon technologies contained in the bill would remain on the books for a decade, providing certainty to clean energy developers who have faced regular lapses in the incentives.
The sale of green energy producer Nature Energy is attracting initial interest from energy majors including bp and Shell, according to people familiar with the matter. BlackRock, Global Infrastructure Partners and EQT AB are also considering potential offers for the Danish company amid surging demand for alternative fuel sources, the people said. French utility Engie SA and private equity firm KKR & Co. have separately been studying the business, according to the people, who also said that Nature Energy could be valued at $2 billion or more in a sale, with first round bids expected in the coming weeks.
NGVAmerica applauds the introduction of the Renewable Natural Gas Incentive Act by Senators Richard Burr and Mark Warner, a bipartisan effort to provide a tax credit for heavy-duty vehicles that use RNG to further support clean and efficient transportation across America. The Renewable Natural Gas Incentive Act would create a $1.00 per gallon tax credit for dispensers of RNG used for transportation. NGVAmerica highlighted that no commercially available, reliable, and scalable heavy-duty powertrain solution runs cleaner than renewable natural gas, or biomethane.
For the latest articles on the RNG sector, click on the links below!
Aug 5-12, 2022
Historic climate bill to supercharge clean energy industry
Biogas firm Nature Energy is drawing takeover interest from Shell, BlackRock
NGVAmerica applauds Senate introduction of RNG Motor Fuel Tax Credit Bill
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