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November 10th Issue of Greenlane Digest

Hi and welcome to our NEW Greenlane Digest.

Big things are happening at Greenlane, and we're thrilled to share the exciting news with you! Not only have we been busy upgrading biogas to RNG, but we've also given our brand a fresh new look.

In the spirit of accelerating change, we're delighted to announce another significant update to the Greenlane Digest as we're transitioning to a MONTHLY distribution! This allows us to pack even more valuable insights into each edition, combining the latest in the RNG industry with exclusive Greenlane Renewables updates, as we collectively navigate the path to a more sustainable future.

But that's not all – our revamped Digest kicks off this month with a special introduction letter from our new President & CEO, Ian Kane. Get ready to hear firsthand about the exciting developments at Greenlane and vision for the future.

Change is in the air, and we're eager to continue our journey with you. Stay tuned for a richer, more insightful Greenlane Digest experience.

The Greenlane Renewables Team


Letter from the CEO, Greenlane Renewables

Good afternoon and thank you everyone for reading today's Digest.

The recent quarter was my first as President and CEO of the company. I accepted this role because of the opportunity that I believe Greenlane represents to help decarbonize the two most difficult sectors; that being the natural gas utility market and the transportation industry.

Greenlane has a tenured history in leading the RNG industry backed with over 35 years of experience. The company was born out of its proprietary water-wash systems and has added the two other major technologies most often used in biogas upgrading to its portfolio, namely pressure swing adsorption and membrane separation. With these three fundamental upgrading technologies complemented by our biogas desulfurization products, we stand well-equipped to offer the right solution for the majority of RNG projects, spanning a diverse range of feedstocks.

Greenlane experienced exponential revenue growth during the first several years of becoming a public company in 2019. While we continue to see many opportunities to grow our business further, we must do so at a pace that optimizes our resources and does not overextend our balance sheet. My goal as CEO is to manage the Company's sales growth with the focus on execution and overall company profitability.

In 2023, we've taken action and have been investing toward making the business scalable and creating operating leverage through the implementation of new systems and related processes. We've also rebranded and launched our new line of sector-focused standard products in September that will contribute to streamlined processes and cost efficiencies. Our standard products are configured-to-order, and will result in reduced engineering time and a repeatable, simplified and faster sales process.

We have the drive to succeed and will continue to focus on efficiencies and overall cost reductions through key programs such as enterprise resource planning (ERP) and product lifecycle management (PLM). These efforts will continue into 2024, but at a lower spending level, with much of the initial investments having been made in 2023. These initiatives coupled with our focused efforts to increase our system sales have already benefited Greenlane with the largest sales contract in the company's history announced last month.

The changes underway will take some time to show in our financial results, but are expected to reflect our resilience, adaptability, and commitment to deliver on our overall long term results as we grow our product sales into existing and exciting new markets.

I want to thank you for your continued support, and eagerly anticipate the opportunity to provide you with more updates of our progress. Stay tuned for further developments!

Sincerely,

Ian Kane
President & CEO
Greenlane Renewables