Green Energy Firm Makes Noise on Contracts

Green Energy Firm Makes Noise on Contracts

By: Tomas Ronolski - News

Monday, June 29, 2020

The renewable energy field is a wide one, with more companies pressing to get into the space, as an alternative to more conventional fossil fuels. 

Vancouver-based Greenlane Renewables Inc. (TSX-Venture: GRN) said its subsidiary has signed $20.6 million in new supply contracts using Greenlane’s Pressure Swing Adsorption biogas upgrading system. The first contract, worth $17.1 million, is for the supply of biogas upgrading and related equipment for a multi-location dairy farm cluster located in California. 

The second contract, worth $3.5 million, is part of the same cluster, however, is subject to final financing approval. The name of purchaser is being withheld at this time.

Said CEO Brad Douville, “This is a major contract win for us, representing over 185% of 2019’s revenue, for a showcase project in the California dairy industry that will meaningfully contribute toward the State’s greenhouse gas reduction targets. 

“This is Greenlane’s fourth and largest project to-date to upgrade biogas to high-quality RNG for injection into the California gas pipeline system.”

Shares in GRN added a nickel, or 12.8%, to 44 cents by midday Monday, on volume of 3.5 million shares. 

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