The Greenlane Digest

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 are at work as we continue to cover the RNG space!

Greenlane’s Latest News

Greenlane Renewables Announces Fourth Quarter and Fiscal Year 2024 Financial Results

Greenlane announced its financial results for the fourth quarter and fiscal year ended December 31, 2024. 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. All amounts reported are in Canadian dollars and in accordance with International Financial Reporting Standards (“IFRS”) unless otherwise stated.

Fiscal Year 2024 Highlights Include:

• Adjusted EBITDA² loss of $1.7 million;
• Annual revenue of $51.8 million;
• Gross profit of $15.4 million;
• Gross Margin¹ before amortization of $16.3 million (32% of revenue);
• Net loss and comprehensive loss of $1.3 million; and
• Sales Order Backlog³ of $21.8 million as at December 31, 2024.

Fourth Quarter Highlights Include:

• Adjusted EBITDA² loss of $0.2 million;
• Revenue of $8.5 million;
• Gross profit of $3.6 million;
• Gross Margin¹ before amortization of $3.8 million (45% of revenue);
• Net income and comprehensive income of $1.9 million;
• Cash and cash equivalents at quarter end of $16.2 million;
• No debt, other than payables, advance payment / performance bonding and standby letters of credit resulting from normal course operations, as at December 31, 2024;
• Signed a new contract for a $6.5 million system supply contract for a landfill gas to renewable natural gas ("RNG") project in Canada;
• Filed patent applications for new landfill gas upgrading technology architected to maximize methane recovery while minimizing capex;
• Signed two service contracts with an international energy company; and
• Announced biogas desulfurization orders as part of international expansion through wholly-owned subsidiary Airdep S.r.l. expanding its sales into the South American market, specifically in Brazil.

Click HERE to to watch Brad Douville, Chief Executive Officer, and Stephanie Mason, Chief Financial Officer present the results through a video presentation on the Company’s Events and Presentations page.

Click HERE to view the fourth quarter and fiscal year 2024 financial results news release.

Click HERE to see Mr. Douville present the Company’s investor presentation after announcing Greenlane’s 2025 strategy in his letter to shareholders on February 27, 2025.

Greenlane at industry events

Greenlane continues its strategic marketing plan with a robust presence at key biogas and renewable energy events across North America and Brazil this spring. These events offer prospects opportunities to connect with the team and explore the company's innovative technologies. Greenlane exhibited at Value of Biogas East in Toronto on March 17-19. The team is heading to Drummondville, QC for the RNG Forum on April 8-10 and Bento Gonçalves, Brazil for the 7⁰ Fórum Sul Brasileiro Biogas e Biometano, also on April 8-10. In late April, the team will be at Biogas Americas in Denver, CO on April 28-30. Stay tuned for more information on these events.

Industry News

Energy Vision Report Finds RNG, Not Electric Vehicles, Best Option to Replace Oldest, Dirtiest Diesel Trucks

The sustainability NGO Energy Vision recently released a report assessing ways to replace heavy-duty diesel trucks built before 2013. The report, “A Path to a Healthier America: Ditching Old Diesel Trucks,” focuses on replacing 130,000 heavy-duty diesel vehicles built before 2013 in 31 highly populated U.S. counties, including the 10 largest metro areas.

These trucks have the worst air emissions of all vehicles on U.S. roads, yet 2.4 million of them still operate nationwide. Diesel trucks emit carcinogenic particulates, nitrogen oxides, and other harmful chemicals which contribute to smog and acid rain, as well as high GHGs. The study found running newer, cleaner diesel engines on RD would yield 66% of the health benefits of switching to heavy-duty EVs, and up to 86% reduction in GHG emissions compared to fossil diesel — without electric trucks’ big upfront costs.

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SoCalGas Announces First RNG Contract Approved Under California Program

Southern California Gas Co. (SoCalGas) announced it executed a contract with Organic Energy Solutions (OES) to procure renewable natural gas (RNG) converted from organic waste and inject it into SoCalGas’ pipeline system. The contract is the first approved by the California Public Utilities Commission (CPUC) under Senate Bill (SB) 1440 which sets specific RNG procurement targets for the state’s natural gas utilities. The RNG will be sourced from a project located in the city of San Bernardino and is an important step toward achieving California’s goal to reduce methane emissions from agriculture and waste while advancing energy decarbonization in the state. SB 1440 is recognized as the nation's first renewable gas standard and led the CPUC to set goals for the procurement of RNG, also known as biomethane, which is made from the organic waste of wastewater treatment plants, dairies, landfills, agricultural practices and forestry residues.

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Test Drive: Cummins X15N Big-Bore Natural Gas

While we keep saying the X15N is a new engine, it comes to North America with more than 2.5 billion miles logged by production engines in Asia and Australia. More than 50,000 of these engines are already running globally.

Presently, 16 North American fleets are field testing the engine, including two in Canada. They are testing linehaul, regional, and vocational duty cycles, and have accumulated more than 2.1 million miles of real-world evaluation — including hot and cold weather and high-altitude exposure.

“We’ve been researching and developing this particular engine for six years now,” says Mario Sanchez, Cummins’ on-highway sales director. “It has run more than 40,000 hours of dyno testing and 6 million miles (8 million km) of pre-production on-road testing. Yes, it’s new to North America, but it’s already a well-proven product.”

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ADBA Calls on Rachel Reeves to Support Anaerobic Digestion Ahead of Spring Statement

The Anaerobic Digestion and Bioresources Association has written to the UK's Chancellor of the Exchequer, Rachel Reeves, ahead of the Spring Statement later today (26 March).

In a letter written by Chair and former Secretary of State for Energy and Climate Change Chris Huhne and Chief Executive Charlotte Morton OBE, and supported by close to 100 members and industry representatives, ADBA calls for the Chancellor to back the anaerobic digestion (AD) industry and its potential to grow, help achieve net-zero, and produce clean, sustainable, and secure energy.

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Alberta Proposes Regulatory Changes to Help Grow Biogas Industry

The government of Alberta has introduced legislation that aims to update its Agricultural Operation Practices Act to help grow and diversify agriculture while supporting the province’s emerging biogas industry.

The Agricultural Operation Practices Act and its regulations address the location of confined feeding operations, facility construction standards, siting of seasonal feeding and bedding sites, and the management and application of manure. This includes rules and standards for all agricultural operations that handle manure and organic materials.

Updates proposed by the government aim to provide certainty for those who store and use biogas production byproducts as a nutrient source to grow crops. The government said the proposed changes are also expected to encourage investment in biodigester facilities.

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Thank you for your time and interest in Greenlane Renewables and have a great day!