May 13th 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 2022 financial results
Greenlane announced financial results for the first quarter 2022, generating revenue of $16.3 million, a 33% increase over the $12.2 million reported in the first quarter of 2021. “Despite challenging macro market conditions including the conflict in Eastern Europe, supply chain disruptions and inflationary pressures, we continue to see strong demand for RNG generally and for our products specifically,” said Brad Douville, President and CEO of Greenlane. “Our first quarter of 2022 was marked by another strong set of results with revenue generated during the period the second highest in Company history and our sixth consecutive quarter of positive Adjusted EBITDA.”
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 30 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 more than 135 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!
The Mercedes-Benz Vans (MBV) Charleston plant in South Carolina recently celebrated being the site of the state’s first RNG project. The plant uses RNG for various processes like maintaining building temperature and humidity levels as well as in the operation of its paint shop. MBV sources the RNG by converting methane produced at a local commercial vegetable cannery. The use of RNG significantly reduces the plant’s carbon footprint by offsetting the need for fossil fuels.
In 2021, FortisBC increased annual RNG supply by 184 per cent compared to 2020, which is the largest annual delivery in program history to date. By the end of 2022, FortisBC expects to triple its supply again and have around 3.9 petajoules (PJ) of contracted annual RNG supply for its customers, enough energy to meet the natural gas needs of approximately 43,750 homes in B.C. With the exponential growth in RNG supply as well as continued work in exploring the incorporation of other renewable and low carbon gases, like hydrogen, FortisBC expects that its original 2030 goal of 15 per cent of its gas supply being renewable and low carbon will be met or exceeded.
British Columbia is proposing low-carbon fuel requirements for marine and aviation fuel and expanding the activities that can generate credits under new legislation updating the province's Low Carbon Fuel Standard (LCFS). LCFS programs limit the carbon intensity of transportation fuels to maximum levels that fall each year. Higher-carbon fuels that exceed the annual maximum incur deficits that suppliers must offset with credits generated by distributing approved lower-carbon alternative fuels. The BC-LCFS requires a 20 percent reduction in fuel carbon intensity by 2030. Proposed changes include requiring reductions to the carbon intensity of jet fuel and marine fuel, which have been contemplated but not yet attempted in existing North American LCFS programs.
For the latest articles on the RNG sector, click on the links below!
May 6-13, 2022
Mercedes-Benz plant is site of South Carolina’s first RNG project
FortisBC nearly triples RNG supply in 2021, looks for repeat in 2022
British Columbia files LCFS overhaul
Address: 110 - 3605 Gilmore Way, Burnaby BC V5G 4X5, Canada.