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August 18th Issue of Greenlane Digest


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 releases this week:

Greenlane announces second quarter 2023 financial results

Greenlane completes previously announced appointments of Executive Vice Chair and President and Chief Executive Officer

Greenlane announced its financial results for the second quarter ended June 30, 2023, posting revenue of $14.9 million, a gross profit of $3.8 million, and gross margin before amortization of $4.3 million (29% of revenue). During the quarter, the Company announced a collaborative agreement with ZEG Biogás e Energis SA ("ZEG Biogás"), a company 50% owned by Vibra Energia S.A. (“VIBRA”), previously the fuel distribution unit of Petrobras, to establish industrial scale volume production of Greenlane’s Totara+ Water Wash biogas upgrading product in Brazil. “During the second quarter we continued to work toward our goal of becoming cash flow and Adjusted EBITDA positive in the next nine months by targeting attractive market segments where Greenlane can realize volume opportunities with a streamlined product portfolio and by investing in systems and processes that will allow us to scale the business,” said Brad Douville, CEO of Greenlane Renewables. “Our agreement with ZEG Biogás is emblematic of the type of opportunity that will help create operating leverage. The second quarter was an extremely busy one for us, as we continued to successfully build and commission over 20 separate upgrading projects. We delivered strong gross margins this quarter.”

Greenlane also confirmed the appointments of Brad Douville as Vice Chair of the Board of Directors and “Executive Vice Chair” while Ian Kane is now President and CEO. These appointments, as previously announced on June 8, 2023, mark an important next step in the execution of Greenlane’s strategic plan and represent a significant addition to its leadership team. Mr. Kane has also been appointed to the Company’s Board of Directors.

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 35 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 over 140 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!

Synthica Energy, an energy transition platform that designs, builds, owns and operates large-scale, contracted anaerobic digestion facilities to convert pre-consumer organic waste into renewable natural gas (RNG), has closed on a large equity investment from the Infrastructure Business within Goldman Sachs Asset Management (Goldman Sachs). The new capital will help grow Synthica’s infrastructure projects and accelerate the development of its facilities in key target markets across the US, including Ohio, Texas, Georgia, Kentucky and Louisiana in the near term. Over the coming years, Synthica said it plans to develop clean energy facilities in Florida, Illinois, Missouri, New York and Pennsylvania. Synthica plans to sell its RNG production under offtake contracts with gas utilities, energy majors, and industrial purchasers. Distinct from many existing RNG developers, who largely focus on dairy products from farms or mixed solid waste from landfills, Synthica’s infrastructure business model focuses on processing pre-consumer organic waste. This focus provides access to a large and stable supply of input material from major food, beverage, and industrial manufacturers.

CEO Bernard Looney said bp is aiming for US$500 million in earnings before interest, taxes, depreciation and amortization by 2025 as it builds out 80 new facilities, more than doubling present capacity for the Archaea Energy business unit. bp expects the buildout to bring its biogas output to 40,000 barrels of oil equivalent per day by 2025 and to reach 70,000 barrels of oil equivalent per day by 2030. In the first half of 2023, biofuel production volumes were already up 10% year over year in part due to the acquisition of Archaea. The bullishness comes as bp and other companies in the RNG space feel tailwinds from a favorable update to the federal Renewable Fuel Standard and ongoing opportunities via the Investment Tax Credit and other federal climate initiatives.  

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

Aug 11-18, 2023

Goldman Sachs invests in Synthica Energy

bp on track for $500M EBITDA target for Archaea as it looks to ramp up RNG

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