May 12th 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 release this week:
Greenlane announces first quarter 2023 financial results
Greenlane announced its financial results for the first quarter ended March 31, 2023. Greenlane reported revenue of $15.5 million, with gross margin before amortization of $3.8 million, or 24% of revenue. “We’re focused on our future and expect to be cash flow and Adjusted EBITDA positive in the next twelve months,” said Brad Douville, CEO of Greenlane Renewables. “With a deep understanding of the RNG market, and given that growth is never a straight line, we’re resetting and we’ve honed our strategy to target attractive market segments where Greenlane can realize volume opportunities. We know the capabilities of each of the technologies we offer and we’ve fine-tuned our product portfolio to deliver configurable systems faster, replicate them across many similar opportunities, optimize costs and drive measurable value to our customers. Our collaboration with ZEG Biogás is a prime example of this strategy in action, and offers us the opportunity to create another step change in global RNG production capacity.”
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!
An Environmental Protection Agency (EPA) Regional Director says anaerobic digesters are a solution for waste management and capturing farm emissions. EPA Region 5 Administrator Debra Shore says the agency, along with the USDA, is working to accelerate anaerobic digestion capacity to reduce methane emissions and divert food waste from landfills while generating a renewable energy source. Shore says funding is available from the USDA and EPA through the Inflation Reduction Act to support digester projects.
DTE Vantage, a part of DTE Energy, has a story. It begins with the developer’s first landfill gas-to-power contract in the late 1980’s, followed by its early entrance, and subsequent expansion, into dairy farm RNG. DTE has a portfolio of 13 RNG projects with two more under construction—four are landfill gas projects and the remainder are investments in dairy RNG. In the dairy space, DTE may construct, own, and operate digesters, or when farmers own the digester, DTE’s job is solely to process the biogas and carry through to getting it injected into the pipeline. On the landfill side DTE commonly has upstream involvement, beginning with tuning and balancing how biogas is pulled from wellfields, though it may just collaborate as the biogas offtaker.
For the latest articles on the RNG sector, click on the links below!
May 5-12, 2023
Dairy digester project featured during EPA visit
DTE Vantage revs up dairy RNG work
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