November 20th Issue of Greenlane Digest
IN THE NEWS
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 announces third quarter financial results
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 110 biogas upgrading systems 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.
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 interim financial results for the third quarter ended September 30, 2020, in which the company posted record revenue of $6.5 million, a 30% year-over-year increase, and an increase of over 350% in its sales order backlog from the third quarter of 2019. Greenlane ended the quarter with $5.7 million in cash and cash equivalents. “Our record revenue this quarter was the result of conversion of our rapidly growing sales order backlog into the revenue line through execution of our customer contracts,” said Brad Douville, President and CEO of Greenlane. “From Q1 2020, our quarterly revenues have ramped sequentially on average by 50%.”
Recent data released from the California Air Resources Board (CARB) revealed that the energy weighted carbon intensity (CI) value of California’s natural gas vehicle fuel portfolio in the Low Carbon Fuel Standard (LCFS) program was below zero. RNG, which can be used as a direct replacement for conventional natural gas in transportation, has the lowest CI rating of all fuels in the LCFS program. The combination of an ultra-clean natural gas-fired engine and RNG as the fuel allows vehicle fleets to achieve cost-effective carbon negative operations today.
The world’s largest containership powered by liquefied natural gas (LNG) has completed its first LNG bunkering (refueling) with Total’s LNG bunker vessel, the Gas Agility, at the Port of Rotterdam in the Netherlands. The LNG bunkering operation, which incorporated 13% biomethane, was the largest to ever take place and the culmination of seven years of research and development. This operation also marked the shipping industry’s first commercial use of biomethane on this scale and highlights Total’s ambition to not only reach net zero carbon emissions by 2050 but also its commitment to help reduce the carbon intensity of its energy products used by customers.
In the UK, renewable fuels provider Gasrec said results of a recent major study, The Low Emissions Freight Trial (LEFT), have highlighted the ‘significant’ environmental and financial benefits of gas over diesel, particularly in long-haul applications. The LEFT report was published following a £20 million government-funded program to trial, develop, and demonstrate low-emission vehicles in the road transport sector. After 12 months of in-service trials in customer fleets, spark ignition gas trucks achieved well-to-wheel GHG reductions of between 69-81% when fuelled with biomethane. A second trial followed two compression ignition gas trucks, where a small amount of diesel is used as the ignition source for the LNG. In-service data was collected for nine months, demonstrating this technology could generate well-to-wheel GHG savings of 65% or greater with biomethane.
In Connecticut, construction of the state’s first dairy biogas digester system is almost complete. The new facility will recycle food waste and manure from more than 400 dairy cows into RNG and soil products. Once complete, the digester is expected to produce 550 kW of electricity and reduce 25,000 tons of organic waste annually.
And here in Canada, the Trudeau government tabled a bill on Thursday that if enacted will legally bind Canada to achieve net-zero carbon emissions by 2050. Under Bill C-12, milestone years for reduction targets start in 2030 and progress every five years until 2050, with mandated progress reports due two years prior to the next milestone year. Although the bill doesn’t specifically mandate how the government should reduce emissions, a proposed 15-member advisory board would provide advice on setting reduction targets and the best “sectoral strategies” for achieving net zero emissions, in which RNG could have a promising role.
For the latest articles on the RNG sector, click on the links below!
Nov 13-20, 2020
RNG vehicles achieve first-ever carbon negative milestone
Biomethane used in major Dutch LNG bunkering operation
Low Emissions Freight Trial shows ‘significant’ benefits of renewable gas
Connecticut’s first dairy biogas project almost complete
Trudeau unveils new net-zero emissions plan to meet climate change targets
Address: 110 - 3605 Gilmore Way, Burnaby BC V5G 4X5, Canada.