Greenlane Renewables Provides COVID-19 Operational Update
Burnaby, British Columbia, Canada – March 25, 2020 Greenlane Renewables (“Greenlane” or the “Company”) (TSXV: GRN / FSE: 52G) is providing an update with respect to the impact from the COVID-19 virus outbreak on its current operations. To date, there have been no known cases of COVID-19 at any of Greenlane’s offices or projects.
“The health and safety of our people and their families is paramount, as is the protection of the communities in which we operate” said Brad Douville, CEO and President of Greenlane Renewables. “Greenlane would not be the company that it is without these individuals and their dedication to making the Company a leader in the biogas upgrading industry. In saying that, we are navigating these extraordinary times and have made changes to our business to protect our employees and their families and to do our part in limiting the spread of the virus. Fortunately, we are afforded the ability to have our employees work from home and to provide aftercare support to our customers through our remote management system.”
“Greenlane incorporates an asset-light business model that allows for operational flexibility and, as such, we outsource much of our equipment manufacturing to a number of trusted supply chain partners based strategically around the world,” added Mr. Douville. “In February, we saw a short-lived manufacturing disruption in China as authorities moved quickly to isolate the spread of COVID-19 there. Subsequently, production has resumed for Greenlane components. Additionally, we benefit from a global customer base where sales contracts typically have long lead times and customers are less sensitive to short-term disruptions. Private equity investors that we work with have not slowed down as a result of the ongoing public market distractions. Furthermore, dairy and swine farms as well as landfills and waste water treatment facilities are still creating feedstock and carrying on their essential services. Energy companies still need renewable natural gas for transportation, residential, commercial and industrial applications as an important component of their greenhouse gas emission reduction strategies.”
As the situation has been evolving rapidly, health authorities around the globe have been recommending stronger actions and governments are responding with increasingly more stringent guidelines over work environments and the movement of its people. The Company is in constant communication with its customers and suppliers to make real-time assessments and adjustments. For example, jurisdictions such as Italy, India and Quebec, where we have supply chain partners, have just recently closed non-essential businesses. Management remains vigilant with ongoing developments and business impacts due to the fluidity of the global pandemic.
“The Company has a strong balance sheet after having completed an $11.5 million public offering in February that netted $6.8 million, after expenses and partial note repayment.” commented Lynda Freeman, CFO of Greenlane Renewables. “We continue to prudently manage our liquidity position during these uncertain times to react to the changing business climate. Interestingly, our business development activities have increased due primarily to the fact that customers are now isolated in front of their computers and progressing potential projects.”
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 100 biogas upgrading units supplied into 18 countries worldwide, including the world’s largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities, and project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com.
For more information please contact:
Incite Capital Markets
Eric Negraeff / Darren Seed
Brad Douville, President & CEO, Greenlane Renewables
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