March 12th Issue of Greenlane Digest
IN THE NEWS
Greenlane (TSX: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 and carbon-negative clean energy resource.
Greenlane issued the following news release this week:
Greenlane announces fourth quarter and fiscal year 2020 financial results
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 110 biogas upgrading systems 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 financial results for the fourth quarter and fiscal year ended December 31, 2020, recording record revenue of $8.8 million in the fourth quarter, an increase of 167% over the $3.3 million reported in Q4 of 2019. For the full year, revenue increased 147% to $22.5 million. The sales backlog stood at $45.7 million at year end, with the sales pipeline valued at over $720 million. “Our record revenue in 2020 and continued positive outlook for the business in 2021 is backed by a marked increase in sales activity and the emergence and increased scale of market participants in the RNG sector,” said Brad Douville, President and CEO of Greenlane. “Our sales order backlog, which ultimately ends up in revenue, has grown to a record level that is up over 180% year-over-year, in part, because of this trend. The RNG market, and Greenlane’s unique position in it with our product offerings made up of multiple core upgrading technologies, remains robust.”
The city of Hamilton, Ontario partnered with Enbridge Gas on the first RNG-fuelled bus in Ontario, as the Hamilton Street Railway (HSR) becomes the first public transportation authority in the province to use RNG to transport customers. The RNG used in the HSR bus will be generated from 450 tonnes of organic waste, diverting it from the landfill, and displace CO2 emissions from 36,000 litres of diesel fuel. The initial cost of an RNG bus is half that of an electric bus while having a similar fuel price to diesel. Diesel buses can be replaced 1-for-1 with RNG without compromising performance. Like diesel, RNG operates during freezing weather conditions and refuelling takes minutes, not hours. This demonstrates that municipalities can have carbon-neutral transit today without sacrificing performance, reliability, or range.
Vermont Gas will supply the Appalachian Gap Distillery (AGP) with RNG as the distiller of craft spirits has committed to offset 50 percent of its natural gas usage. AGP is striving to receive certification from Climate Neutral, a non-profit aiming to decrease global carbon emissions through net-zero certification for consumer brands. Vermont Gas has been offering RNG to its business and residential customers since 2018.
Clean Energy Fuels, the largest provider of RNG transportation fuel in the U.S., announced another joint venture with a global energy supermajor, this week finalizing a partnership with BP Products North America, a subsidiary of bp. The joint venture, which will develop, own, and operate new RNG projects at dairies and other agriculture facilities, will see each company have 50% voting control, with bp contributing initial funding of US$50 million and Clean Energy investing US$30 million. Clean Energy will be the operating partner.
The UK’s Energy Networks Association (ENA), an industry body representing utilities in the UK and Ireland, has released its 2021 plan for the “Gas Goes Green Pathway to Net Zero”, a program to decarbonize the natural gas grid. The ENA highlights the crucial role biomethane will play in its plan, which includes boosting UK biomethane production, creating new green gas markets for farmers and other biomethane producers, and streamlining the gas grid connection process for biomethane and hydrogen. Biomethane alone could deliver a 6% reduction in the UK’s GHG emissions by 2030 and provide heating for 6.4 million homes.
For the latest articles on the RNG sector, click on the links below!
Mar 5 - 12, 2021
RNG fuels Ontario's first carbon-negative bus
Vermont Gas’s RNG to help distillery reach net zero
Clean Energy Fuels, bp finalise dairy RNG joint venture
Boosting biomethane production is key part of UK's Gas Goes Green plan
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