Greenlane Renewables hits record revenues in 2020

In Canada, Greenlane Renewables Inc. hit a record revenue of CAN$8.8 million (about USD$7 million), an increase of 167% over the CAN$3.3 million reported in the fourth quarter of 2019, and record revenue of CAN$22.5 million, an increase of 147%, compared to the CAN$9.1 million of revenue generated in 2019 since the PT Biogas acquisition on June 3, 2019.

“Our record revenue in 2020 and continued positive outlook for the business in 2021 is backed by a marked increase in sales activity and the emergence and increased scale of market participants in the RNG sector,” said Brad Douville, President and CEO of Greenlane. “We continue to see large energy companies entering the sector seeking to secure supplies of RNG and, as a result, investing in new projects and buying biogas upgrading equipment. Our sales order backlog, which ultimately ends up in revenue, has grown to a record level that is up over 180% year-over-year, in part, because of this trend. Furthermore, we’ve seen consistent growth in revenue every quarter throughout 2020 and successfully achieved positive Adjusted EBITDA in the fourth quarter. The RNG market, and Greenlane’s unique position in it with our product offerings made up of multiple core upgrading technologies, remains robust.”

Fourth Quarter Highlights Include:

• Record sales order backlog3 of $45.7 million at year end, an increase of over 180% from the $16.2 million reported as at December 31, 2019,
• Sales pipeline4, valued at over $720 million as at December 31, 2020 versus $680 million as at December 31, 2019, reflects both the increase of more than $89 million in new opportunities and the movement of $49.1 million in signed contracts into the sales order backlog. Greenlane has visibility to more than 180 new projects globally,
• Multiple contract wins totalling $18 million: The Company announced in the quarter a new $7.7 million pressure swing adsorption system supply contract for a multi-site dairy farm renewable natural gas (“RNG”) project in Florida as part of the Chevron U.S.A and Brightmark LLC joint venture and a $10 million membrane separation system supply contract for a new RNG project in the United States owned by an international energy company.

Fiscal Year 2020 Highlights Include:

• Revenue increased 101% over 2019, after giving effect to the acquisition of the biogas business as if it had occurred on January 1, 2019,
• Nearly $50 million in new contracts signed: During the year ended December 31, 2020, the Company signed $49.1 million in new system supply contracts, including a $17.1 million system supply contract for an RNG project at a multi-location dairy farm cluster in California and the first commercial scale pipeline injection RNG project in the Brazilian sugarcane industry,
• Advancement of Build, Own and Operate business model: The Company signed a definitive joint venture agreement with SWEN Impact Fund for Transition which enables Greenlane to provide “Upgrading-as-a-Service” to developers and owners of RNG projects in Europe by offering potential customers the opportunity to replace the initial capital outlay for the biogas upgrading equipment, with a monthly fee under long-term contract.