Greenlane Renewables Signs $11 Million Contract For New System Sales
- Greenlane will supply biogas upgrading systems for new RNG projects in the United States
VANCOUVER, BC, April 28, 2022 /CNW/ - Greenlane Renewables Inc. ("Greenlane") (TSX: GRN) (FSE: 52G) today announced that its wholly-owned subsidiary, Greenlane Biogas North America Ltd., has been awarded an $11.4 million (US$8.9 million) contract with a single customer for the supply of its pressure swing adsorption ("PSA") biogas upgrading systems for new food waste-to-renewable natural gas ("RNG") projects across three US states. The customer name has not been disclosed at this time. Order fulfillment is expected to commence immediately.
"According to the U.S. Department of Agriculture, food waste is estimated at between 30-40 percent of the food supply. It is a big problem today that needs solving," said Brad Douville, President and CEO of Greenlane. "We are excited to be part of the solution by supporting an organization's drive to improve the environment through a cost effective decarbonization solution that transforms food waste into RNG. We create innovative and efficient solutions for all types of biogas applications globally, and for this application, Greenlane's PSA biogas upgrading system was a perfect fit."
Greenlane Renewables is a pioneer in the rapidly growing renewable natural gas ("RNG") industry. 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. Our systems produce clean, low-carbon and carbon-negative RNG from organic waste sources such as landfills, wastewater treatment plants, dairy farms, and food waste streams. To the company's knowledge, Greenlane is the only biogas upgrading company offering the three main technologies: waterwash, pressure swing adsorption, and membrane separation. Greenlane's business has been built on over 30 years of industry experience, patented and proprietary technology, over 100 hydrogen sulfide treatment systems sold, and over 135 biogas upgrading systems sold into 19 countries, including some of the largest RNG production facilities in the world. For further information, please visit www.greenlanerenewables.com.
FORWARD LOOKING INFORMATION – This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "is expected", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. In particular, this news release contains forward looking information relating to the expected immediate commencement of order fulfillment of the $11.4 million contract; the supply and use of Greenlane's PSA biogas upgrading systems to create clean renewable natural gas. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of future growth and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond the Company's control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, risks identified in the Company's annual information form and in other documents filed with Canadian securities regulatory authorities on the Company's SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. Actual results may differ materially from those anticipated. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
SOURCE Greenlane Renewables Inc.
Incite Capital Markets, Eric Negraeff / Darren Seed, Ph: 604.493.2004; Brad Douville, President & CEO, Greenlane Renewables, Email: [email protected]
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