March 10th 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 releases this week:
Greenlane announces $7.2 million system sale
Greenlane announces Q4 and fiscal year 2022 financial results
Greenlane announced that it has been awarded a $7.2 million (US$5.4 million) contract through Synthica St Bernard, LLC for a food waste-to-pipeline RNG project in Ohio, United States. Greenlane will supply an integrated sulfur removal and water wash system for upgrading biogas generated from food waste streams into pipeline-spec RNG for direct injection into the local natural gas pipeline network. “We’re excited to work with Synthica St. Bernard, LLC and have them select both our experience and industry-leading water wash system and integrated sulfur removal technology,” said Brad Douville, CEO of Greenlane.
Greenlane also announced its financial results for the fourth quarter and fiscal year ended December 31, 2022. Greenlane reported record annual revenue of $71.2 million for the fiscal year, an increase of 29% over $55.4 million reported in 2021. Gross margin before amortization in 2022 was $16.8 million, or 24% of revenue, compared with $14.1 million, or 25% of revenue, in 2021. “The Greenlane team delivered another year of record revenue in 2022, a solid accomplishment given some challenges in the RNG market in the US that emerged during the year,” said Brad Douville, CEO of Greenlane. “We see 2023 as a pivotal year for Greenlane as we actively diversify our global presence and invest in systems and processes that will allow us to scale the business. Our investments to grow in key international markets include strengthening local supply chains, employing local talent, and partnering with industry participants that have strong relationships locally within the region”, added Douville.
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 35 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 over 140 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!
Global biomethane supply increased by an estimated 16% (1bcm) in 2022 to close to a record 7bcm, according to new International Energy Agency (IEA) data. The increase was primarily driven by the EU and the US, which together account for approximately 90% of incremental biomethane supply. EU biomethane production rose by an estimated 15% (0.5 bcm) to close at 4bcm, spurred by 65% growth in France (442 plants). The US remains by far the largest biomethane-producing country in the world, a position it has held since 2019. The country’s biomethane output grew by an impressive 20% (close to 0.4 bcm) to reach 2bcm in 2022, accounting for almost 30% of global biomethane output. It currently has over 250 operational biomethane facilities, with around 220 additional plants under construction or planned.
Energy giant TotalEnergies has bought biogas producer Polska Grupa Biogazowa (PGB) as well as some solar power projects in Poland, the French company said as it further expands its footprint in the country. The acquisition of PGB raises TotalEnergies’ biogas production capacity to 1.1 TWh and gives the company a strong position in the promising Polish market, which represents Europe’s fourth-largest potential for biogas and biomethane production, estimated at close 100 terawatt-hours (TWh).
For the latest articles on the RNG sector, click on the links below!
Mar 3-10, 2023
Global biomethane production hits record 7bcm in 2022
TotalEnergies purchases Polish biogas producer
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