Welcome to our monthly recap, where we combine the latest in the RNG industry with exclusive Greenlane Renewables updates, as we collectively navigate the path to a more sustainable future.
Some great industry developments at work as we continue to cover the RNG space!
Greenlane’s Latest News
Greenlane Renewables Announces Fourth Quarter and Fiscal Year 2023 Results
On March 26th, Greenlane announced its financial results for the fourth quarter and fiscal year ended December 31, 2023. For further information on these results please see the Company’s Audited Consolidated Financial Statements and Management’s Discussion and Analysis filed under the Company’s profile on SEDAR+ at www.sedarplus.ca.
“In 2023, our focus was on preparing the business for further growth, scaling and positive Adjusted EBITDA in 2024,” declared Ian Kane, President and CEO of Greenlane. “We continue on this journey of business foundation building and are happy with our progress to date. We have invested in and implemented processes and systems to enable us to achieve this scaling sustainably. We are transitioning from an engineered-to-order to a configured-to-order business model, emphasizing standard products to streamline our costs and enhance our competitiveness in the market. This accelerates our ability to increase the sales pipeline, revenue, and enhance our bottom line.” - Excerpt from Ian Kane, President and CEO of Greenlane’s news release comments, March 26, 2024.
Read here for the complete press release.
Industry News
Hexagon Agility Prepares for Higher Natural Gas Truck Demand
Hexagon Agility has been installing compressed natural gas and renewable natural gas fuel systems on Class 8 pilot trucks running Cummins’ new X15N natural gas engine. The trucks are expected to be in serial production by mid-2024 with the launch of the new X15N, 15-litre engine expected to triple the addressable market for heavy-duty natural gas trucks over the next few years.
Clean Energy Opens New RNG Hub in Dallas-Fort Worth
Clean Energy Fuels has opened two new renewable natural gas (“RNG”) fueling stations for heavy-duty trucks and other fleet vehicles in the Dallas-Fort Worth area. These openings have taken the company’s fueling network to over 600 stations as RNG is becoming more recognized as the cleanest, most affordable, and readily available alternative fuel for the transportation market.
OptiFuel Systems to Begin Testing RNG-Powered Locomotive
OptiFuel Systems (“OptiFuel”) will begin testing a prototype 5600 hp Total-Zero™ Renewable Natural Gas (“RNG”) Line Haul Locomotive and 2500 hp Total-Zero™ Powered Tender in January next year. These RNG-powered locomotives aim to eliminate harmful pollutants that are released from diesel and renewable diesel engines with the program being partially funded with a US Department of Energy grant.
Australia’s First Biomethane-to-Gas-Network Injection Plant Receives GreenPower Certification
Australia’s first biomethane-to-gas-network injection plant has been formally certified by GreenPower – a government-managed renewable energy certification program. This is exciting news for the country’s renewable natural gas industry and is the first time biomethane has been formally certified as meeting the environmental and social standards set by GreenPower.
Have a great day!
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