November 11th 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 announced financial results for the third quarter ended September 30, 2022, posting record revenue of $19.9 million, a 48% increase over the $13.4 million reported in the third quarter of 2021, gross margin (gross profit excluding amortization) of $4.9 million (25% of revenue), and Adjusted EBITDA of $0.4 million. “We’ve delivered record quarterly revenue and a solid bottom line, and we maintain our excitement about the growth of the RNG industry and our role in its success,” said Brad Douville, CEO of Greenlane. “We remain driven to grow our business and balance this growth’s impact on our bottom line.”
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!
NextEra Energy Resources LLC and Coffee County, Alabama, have announced plans to build the first landfill RNG production facility in the state of Alabama. The project will be located at a landfill owned and operated by Coffee County and interconnect with a pipeline owned by Southeast Gas, the leading gas utility in the region. All the gas from the project will be sold to Southeast Gas under a long-term contract. The project will upgrade the existing landfill gas collection system and construct a new RNG production facility that will capture 1,100 standard cubic feet per minute of landfill methane gas per year and convert it to RNG.
Scandinavian Biogas has signed a multi-year agreement worth approximately €27.6M for the supply of liquid biogas to the transport sector in the Nordic region. The agreement runs over several years with deliveries of liquefied biogas to begin shipping in 2023. Scandinavian Biogas will play an important role in the expansion of fossil-free liquefied biogas (Bio-LNG) for the transport sector in Sweden and the Nordic region.
In 2021, conditioned biogas injected into Denmark’s gas grid reached a record-breaking 25%, according to the Ministry of Foreign Affairs of Denmark’s Trade Council. The RNG is from biogas produced by anaerobic digestion facilities in the country. Expectations are for that number to rise to at least 30% by the end of this year, and 70% in 2030. Denmark has a long-standing history of producing biogas from agricultural residues, with the sector’s development starting in the 1970s and slowly transforming into today’s advanced industry. Strong policies and large government investments have been a central driver for Denmark’s biogas system.
For the latest articles on the RNG sector, click on the links below!
Nov 4-11, 2022
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