July 10th Issue of Greenlane Digest
IN THE NEWS
Greenlane (TSXV:GRN) is a pioneer in the rapidly emerging renewable natural gas (RNG) market. We work with waste producers, gas utilities, and project developers to turn low-value biogas into a valuable low-carbon clean energy resource.
Greenlane signs new $2.4 million system supply contract with Grupo Cocal of Brazil
Greenlane announces exercise of warrants for gross proceeds of $1.3 million
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 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 30+ years’ industry experience are fierce competitive advantages.
Today, we are a trusted partner globally and are ranked number one in installed capacity, having delivered more than 100+ biogas upgrading installations in 18 countries and counting. We’ve learned a lot along the way. First to market in 11 of the 18 countries where our systems operate, we’re also proud to have supplied the systems for the largest RNG production facilities in North America and Europe, respectively.
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!
Greenlane announced another contract win, signing a $2.4 million (US$1.8 million) contract with Grupo Cocal (“Cocal”), a Brazilian sugar mill operator that refines sugar and produces ethanol biofuel from the sugarcane. Greenlane will supply its Pressure Swing Adsorption (“PSA”) biogas upgrading system for this first-of-its-kind RNG project. The Greenlane-supplied system will process and upgrade biogas created from the anaerobic decomposition of byproducts from Cocal’s sugar refining and ethanol production process into clean RNG. The RNG will be used, in part, to displace diesel fuel in Cocal’s commercial operations and vehicle fleet and provide a clean low-carbon supply of RNG for the local gas grid. This is expected to be the first commercial-scale pipeline injection RNG project in the Brazilian sugar cane industry.
Greenlane also announced the exercise of just over 5 million warrants at an exercise price of $0.26 per warrant for gross proceeds to Greenlane of $1.3 million. The warrant exercise was in connection with the previously announced Framework Agreement with Pressure Technologies plc (“PT”) through which PT sold its equity position in Greenlane in a series of block trades. "The exercise of these warrants, enabled by the previously announced Framework Agreement with PT, not only provides additional cash reserves for the business and further strengthens our balance sheet, but also is indicative of the strong demand for the underlying common shares of the Company," said Brad Douville, President and CEO of Greenlane.
The European Biogas Association published a new paper providing a detailed analysis of biomethane potential in the transportation sector, highlighting the rapid decarbonization potential of RNG as a transportation fuel. Within the EU, transportation is the only sector that continues to see annual increases in GHG emissions, and the EBA calls upon EU policymakers to recognize the valuable role and potential of RNG.
UPS released its 2019 Sustainability Progress Report, which highlights the key role RNG has played in helping the company with its sustainability initiatives. In 2019, UPS made the U.S.’s largest-ever single investment in RNG, committing to purchase 250 million gallons of RNG over the next several years, which will reduce emissions by more than 1 million metric tons. The company also added over 6,000 compressed natural gas vehicles to its fleet in 2019. The company continues to increase the percentage of alternative fuels, including RNG, in its vehicle fleet and is roughly halfway to meeting its 40 percent alternative fuel target as a percentage of total ground fuel by 2025.
For the latest articles on the RNG sector, click on the links below!
July 3-10, 2020
Acknowledging the full potential of biomethane as transport fuel
UPS releases 2019 Sustainability Progress Report highlighting key role of RNG
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