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Greenlane announces fiscal year 2019 financial results

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 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.

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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 its financial results for fiscal year 2019, generating revenue of $3.3 million and a gross profit of $1.6 million in the fourth quarter of 2019, representing a gross margin of 49%.  For the full year, Greenlane posted $9.1 million in revenue and $3.3 million of gross profit (36% margin).  The Company’s sales pipeline was valued at over $680 million at the end of 2019, representing an increase of over 50% from $450 million at the beginning of 2019.

The International Renewable Energy Agency (IRENA), an organization dedicated to promoting global adoption of renewable energy and facilitating sustainable use, believes that channeling $110 trillion of stimulus packages into renewable energy investments could not only confront the global climate emergency but also spur massive economic growth.  The organization released its “Transforming Energy Scenario” report, in which it aims to lower global CO₂ emissions by 70% by 2050 by focusing stimulus dollars into clean energy.

Waste360 published the first in a three-part series that explores developments in RNG and what these developments will likely mean for whom.  The first article focused on activities in specific jurisdictions, with Brad Douville, Greenlane’s CEO, offering some comments on the RNG utility market.  “My sense is more utilities in the U.S. will mimic what’s done in British Columbia and Quebec in order to advance RNG, such as come back with long-term fixed price contracts. I think they will work with utilities commissions to implement a rate base pricing mechanism. And there will be laws such as California’s organic mandate [banning landfilling of organics by 2025] that will drive additional feedstocks into RNG projects,” he says.

General Mills, one of the largest U.S. food companies, has committed to 100% renewable electricity powering its global operations by 2030.  In addition to other renewable sources, the company plans to grow its biogas operations to help it achieve the target, primarily through anaerobic digestion of wastewater streams generated by food production operations.  General Mills currently has anaerobic digesters and biogas upgraders at plants in Tennessee, Brazil, and France, with electricity produced from biogas displacing 20-30% of the company’s annual power spend on electricity from the grid at the plants.

For the latest articles on the RNG sector, click on the links below!

April 24 – May 1, 2020

$110 trillion renewables stimulus package could create 50 million jobs

Where is RNG moving forward and what will this mean for the industry?

Biogas to support General Mills' 100% renewable electricity goals

Greenlane Renewables
Email: IR@greenlanerenewables.com
Phone: 604.493.2004
Address: 110 - 3605 Gilmore Way, Burnaby BC V5G 4X5, Canada.