Greenlane Renewables Commences Trading on the TSX Venture Exchange under the Symbol “GRN” and Introduces Management Team
Greenlane Renewables Inc. (“Greenlane” or the “Company”) (TSXV: GRN)
today announced the commencement of trading on the TSX Venture Exchange
under the symbol “GRN”. Greenlane has successfully completed its spinout
from Pressure Technologies plc (LSE:PRES) and its concurrent financing,
raising approximately $8.4 million, exceeding the minimum target of $6
million by 40 percent.
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Greenlane's three main biogas upgrading technologies: Water Wash, Pressure Swing Adsorption, Membrane Separation.(Photo: Business Wire)
Headquartered in Burnaby, British Columbia, Greenlane is an established
technology leader and trusted industry partner for upgrading low-energy
biogas to pipeline and vehicle grade renewable natural gas (“RNG”). With
over 30 years of RNG experience, the Company is perfectly positioned to
participate in the rapid expansion of RNG opportunities around the
world. As a competitive advantage, Greenlane is the only biogas
upgrading company offering the three main technologies: Water Wash,
Pressure Swing Adsorption, and Membrane Separation.
“Having now successfully completed our spin-out, listing and financing,
we have created a focused and nimble organization with solid financial
backing, trusted industry-standard technology and incredible depth in
management and the Board,” said Brad Douville, President & CEO.“With
this financing behind us, we are accelerating our growth plans and
expansion into new vertical markets with our Build, Own, Operate
business model. This new model allows us to partner with project
developers, financers and offtakers to add recurring revenue and profits
to our business in addition to our global sales of biogas upgrading
equipment with quoting activity that currently stands at over $600
million.”
In addition to continuing the current business of Greenlane, the
Company’s primary business objectives are to:
-
migrate from solely being an equipment supplier to being a project
developer in key opportunities around the world to build, own and
operate RNG producing facilities, allowing Greenlane to generate
attractive recurring revenue and profits;
-
improve gross margins in its current biogas upgrading business;
-
increase size and throughput of the sales pipeline; and
-
pursue consolidation opportunities in a highly fragmented industry to
solidify Greenlane’s leading market position.
Market Opportunity
According to the Global Biogas Upgrading Market Outlook, the global
market for renewable natural gas and its biogas upgrading subset is
forecast to grow at minimum 30 percent Compound Annual Growth Rate over
the next five years in North America and Europe. To help provide some
context, reaching just five percent RNG content in the North American
natural gas distribution network alone, would represent approximately
US$18 billion in new biogas upgrading equipment sales and US$27 billion
in annual RNG sales. The pace of new announcements by governments and
gas utilities has accelerated in past months signaling the emergence of
RNG as essential in driving uptake of low-carbon renewable content.
For example, on March 27, 2019, Quebec Minister of Energy and Natural
Resources Jonatan Julien announced new regulations establishing a
governing framework for one of the objectives of the 2030 Energy Policy
Action Plan. The regulation sets the minimum quantity of RNG produced in
Québec and to be injected by a natural gas distributor at one percent of
the total quantity of natural gas the distributor distributes as of
2020, and progressively increases that quantity to set it as of 2025 at
five percent of the total quantity of natural gas distributed. Greenlane
has approximately two thirds market share of supplied units currently
operating in Quebec and will be delivering two more units for the City
of Quebec wastewater treatment plant next year. In addition, on April 2,
2019, SoCalGas announced a broad, inclusive and integrated plan to help
achieve California's ambitious environmental goals in a paper titled
California's Clean Energy Future: Imagine the Possibilities. To
kick-start the plan, SoCalGas will pursue regulatory authority to
implement a broad renewable natural gas procurement program with a goal
of replacing five percent of its natural gas supply with RNG by 2022 and
20 percent by 2030. A Greenlane supplied plant located in Perris,
California was the first to start injecting into the SoCalGas network
meeting Rule 30, one of the most stringent RNG pipeline injections
specifications in the world.
Strong Management Team
Brad Douville – President & CEO
Brad was appointed President of Greenlane Biogas in November, 2017. He
joined Greenlane after a 25 year career in the natural gas commercial
vehicle industry. He was one of the founding members of Westport
Innovations Inc. (now Westport Fuel Systems Inc.), a University of
British Columbia spinoff company formed in 1995 that has grown into a
leading alternative fuels technology supplier of CNG and LNG systems to
many of the world’s leading manufacturers of cars and commercial
vehicles. He was also one of the founding members of the Cummins
Westport joint venture formed in 2001, which is the preeminent supplier
of natural gas engines for trucks and buses in North America. He holds a
Master of Applied Science Degree in Mechanical Engineering from the
University of British Columbia and an Executive Program certificate from
the Stanford School of Business.
Mike Liggett – Chief Financial Officer
Mike has over 20 years of financial experience in public companies,
completing over $300 million in equity and debt financing and
approximately $200 million in merger and acquisition transactions. Since
January 2012, Mike has provided CFO and accounting services to numerous
public and private companies, currently serving as CFO of Greenlane on a
part-time basis. Mike is a Chartered Professional Accountant and worked
for PwC prior to taking his first CFO role with a public company.
Brent Jaklin – Senior Vice President of Sales & Service
Brent has over 20 years of experience in alternative fuels, low emission
technologies and renewable natural gas projects where he has been
involved in all stages from project development, technology development,
design, project management, and equipment installation to commissioning
and field services. Since 2009, Brent has held various positions with
Greenlane Biogas, Aftercare Manager, Director of Operations, Managing
Director North America, and Vice President, Sales & Technology. Prior to
joining Greenlane, Brent was with QuestAir Technologies, a provider of
Pressure Swing Adsorption systems for hydrogen and biogas purification.
Brent holds a degree in Mechanical Engineering from Lakehead University.
Dale Goudie - Senior Director of Technology and Product Management
Dale has over 18 years of engineering experience in the design and
development of natural gas engines fuel systems, and cryogenic systems.
Prior to joining Greenlane, Dale held various engineering and product
development roles with Westport Fuel Systems Inc. where he focused on
technology/product development, creating/managing new business
opportunities, and applied research. Dale obtained his BSc, Mechanical
Engineering from Queen’s University and his MASc, Mechanical Engineering
from the University of Victoria.
Jim Bornholdt - Senior Director of Purchasing, Project Management and
QHSE
Jim has over 35 years of purchasing and logistics experience in a broad
range of industries ranging from Manufacturing, Aerospace, Civil
Construction, Shipbuilding, Technology, and even the Olympic Games. In
Jim’s past roles he was responsible for leading the strategic sourcing,
procurement services, contract management, inventory management,
warehouse operations and asset recovery functions for various
multi-million dollar projects globally.
Marco Mazaferro – Director of Project Development
Marco has over 15 years of experience in renewable energy projects and
has been newly appointed to the role of Director of Project Development.
He has been responsible for sales and business development for Canada
and Latin America where he evaluated hundreds of projects and sold
equipment and services. Prior to joining Greenlane in 2015, Marco
developed wind and RNG projects in Brazil where he acquired deep
knowledge of anaerobic digestion, biogas upgrading and ancillary
technologies in addition to expanding his network of contacts and
understanding local market drivers. Marco holds a degree in Business
Administration from the Pontifícia Universidade Católica de São Paulo in
Brazil and MSc in Sustainable Energy Development from the University of
Calgary.
Sandra Keyton - Vice President, Human Resources
Sandra is a growth-oriented Human Resources executive with 30 years of
global HR experience in the technology, automotive and energy sectors.
Prior to joining Greenlane, Sandra held the position of Senior Vice
President, Global Human Resources with Westport, where she led the
global HR function in Westport’s high growth period. Sandra is a past BC
Human Resources Management Association Board Member and holds her CPHR
designation. Sandra is a graduate of the British Columbia Institute of
Technology Human Resources Management Program.
About Greenlane Renewables
Greenlane Renewables is a leading global provider of biogas upgrading
systems. Our systems produce clean, 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 first and second largest biogas upgrading facilities,
Greenlane is inspired by a commitment to helping waste producers improve
their environmental impact, green credentials, and bottom line. For
further information, please visit www.greelanerenewables.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”,
“expect”, “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. The forward-looking information contained in this press release,
includes, but is not limited to, statements related to among others,
those relating to general economic conditions, legislative and
regulatory environments where the business of Greenlane operates
including Canada, the United States, and Europe, the impact of
increasing competition, and the ability to obtain regulatory approvals
necessary to the operations of the business. 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, results of operations, operational
matters, historical trends, current conditions and expected future
developments, as well as other considerations that are believed to be
appropriate in the circumstances. While we consider 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 our control, could cause
actual results to differ materially from the forward-looking information
in this press release. Such factors include, without limitation: risks
relating to the Company's ability to execute its business strategy and
the benefits realizable therefrom, risks specifically related to the
Company’s international operations, and risks relating to the market
price of the Common Shares. Additional risk factors can also be found in
the Company's filing statement, which has been filed under the Company's
SEDAR profile at www.sedar.com.
Readers are cautioned not to put undue reliance on forward-looking
information. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release or
has in any way approved or disapproved of the contents of this press
release.
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