May 14th Issue of Greenlane Digest
IN THE NEWS
Greenlane (TSX: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 and carbon-negative clean energy resource.
Greenlane issued the following news release this week:
Greenlane announced financial results for the first quarter 2021, with record revenue of $12.2 million, an increase of 317% over the $2.9 million reported in the first quarter of 2020, and positive adjusted EBITDA of $0.6 million. “The first quarter record results set another milestone for Greenlane as we continue to rapidly scale up to meet the fast-growing demand for RNG. The company delivered its third consecutive quarter of record revenue and second consecutive quarter of positive Adjusted EBITDA,” said Brad Douville, President and CEO of Greenlane. “Since the first quarter of 2020, Greenlane has increased quarterly revenue on average by over 40%, which is indicative of the strength of our sales pipeline, our ability to convert more prospects into signed contracts then deliver against them, and the overall growth of the global RNG market.”
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 sold more than 125 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 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!
Tackling methane emissions caused by human activity is the most ‘immediate and cost-effective’ way to deliver the Paris Agreement target to keep global warming below 2C, ideally 1.5C, says a new in-depth report from the United Nations Environment Programme and Climate and Clean Air Coalition (To Reduce Short-Lived Climate Pollutants). The report says with readily available technology – including anaerobic digestion and biogas – immediate results can be delivered. By 2030 emissions from oil and gas processing can be reduced by 65%, the waste sector (including wastewater treatment and organics recycling) by 30-35% and agriculture by 25-30%.
Regarding methane emissions in the United States, Congress and the Biden administration are now starting to address methane emissions which is a giant step forward for U.S. climate policy. More than 50% of the emissions come from non-fossil fuel sources: 38% from agriculture and municipal solid waste (MSW), most of which still ends up in landfills, and wastewater (17%). One solution that’s commercially available now is capturing the biogases emitted by these organic wastes as they decompose, which are 50% to 60% methane. Instead of escaping into the air and warming the climate, the gases are contained and refined into clean RNG.
Chevron announced an additional $20 million investment in the Adopt-a-Port initiative with California RNG provider Clean Energy Fuels Corp. Chevron has now invested a total of $28 million in the initiative, which provides truck operators – large fleets and owner-operators – serving the ports of Los Angeles and Long Beach with cleaner, carbon-negative RNG to reduce emissions. In addition to providing funding for Adopt-a-Port, Chevron supplies RNG to Clean Energy stations near the ports. Chevron’s funding will allow truck operators to subsidize the cost of buying new or converting to RNG powered trucks. Clean Energy, meanwhile, will manage the program, including offering fueling services for qualified truck operators.
A key takeaway from the Canadian Biogas Association’s (CBA) new market report is that biogas in Canada experienced a decade of rapid growth from 2011 to 2020, with close to a 50% jump in operating biogas projects across the country. Canada now has 279 biogas projects from coast to coast, capturing waste methane from agricultural waste, landfills, green bin programs and municipal wastewater treatment facilities and turning it into a total of 196 megawatts of clean electricity and 6 million gigajoules of RNG. The CBA’s report points to another decade of growth for the biogas sector as it highlights that Canada is tapping only 13% of easily accessible biogas potential.
For the latest articles on the RNG sector, click on the links below!
May 7-14, 2021
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