~Company delivers 3rd consecutive record revenue quarter with growth of over 300% in Q1 2021 over same period last year and 2nd consecutive quarter of positive Adjusted EBITDA~

Greenlane Renewables Inc. (" Greenlane '' or the " Company ") (TSX: GRN / FSE: 52G / OTC: GRNWF), today announced financial results for the first quarter ended March 31, 2021. For further information on these results please see the Company's Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis filed on SEDAR at . All amounts are in Canadian dollars unless otherwise stated and in accordance with IFRS.

First Quarter Highlights Include:

  • Record revenue of $12.2 million, an increase of 317% over the $2.9 million reported in the first quarter of 2020.
  • Gross margin 1 of $3.3 million (27% of revenue).
  • Adjusted EBITDA of $0.6 million 2 .
  • Net loss of $0.2 million (or $0.00 per share).
  • Sales order backlog 3 of $37.7 million as at March 31, 2021.
  • Sales pipeline 4 , valued at over $715 million as at March 31, 2021.
  • The Company increased its cash balance with a $26.5 million bought deal offering.
  • The Company further strengthened its balance sheet through the early repayment in full, including principal and interest, of its outstanding promissory note in the amount of $6.0 million using funds received from the exercise of warrants.
  • The Company successfully graduated to the TSX Exchange from the TSX Venture Exchange.
  • The Company was recognized as the top performing TSX Venture Exchange listed company during calendar year 2020 in the Clean Technology and Life Sciences sector.
  • The Company announced new contract wins totalling $3.6 million in the quarter including supply of a membrane separation biogas upgrading system for a project in the Midwest United States to produce renewable natural gas ("RNG") from dairy operations, and a pressure swing adsorption biogas upgrading system for a project in Brazil, the fifth contract win in the country for Greenlane.

"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."

"In 2020, our revenues grew 100% over 2019. To maintain this level of annual growth trajectory, we will focus on adding further contract wins from our sales pipeline to our sales order backlog. Year to date in 2021, we've been winning contracts across multiple geographies and technologies, have announced $6.2 million in new contracts in the first month of Q2, and see the potential for further near term conversion of sales pipeline opportunities."

"Greenlane is in an enviable financial position as we exited the first quarter with over $37 million in cash on our balance sheet and no debt. Our strong liquidity provides us with the opportunity to develop and invest in new RNG projects, pursue strategic growth initiatives, and further invest in product enhancements. On a strategic front related to our build, own and operate model, in Europe we continue to pursue upgrading-as-a-service opportunities whereas in North America our focus is to address a scarcity of project development capital in the market. The company intends to deploy specialized development capital in the North American market where it can be helpful to accelerate projects to the ready-for-construction phase."

Greenlane continually updates its pipeline of active system sales opportunities, which at March 31, 2021 was approximately $715 million. The sales pipeline represents visibility to a significant number of opportunities that will funnel down, through our sales process, and move into our sales order backlog once successfully converted into contract wins. The Company's sales order backlog 3 of $37.7 million as at March 31, 2021 is a snapshot in time which varies from quarter end to quarter end. The sales order backlog increases by the value of new system sales contracts and is drawn down over time as projects progress towards completion with amounts recognized in revenue. The Company's gross margin in the quarter was 27% ($3.3 million). Going forward, gross margin is expected to continue to be in the range of 25% to 30% on an annual basis.

The Market Outlook

Earth Day was celebrated on April 22, which saw leaders across the globe declare commitments to curb greenhouse gas emissions. The Biden administration in the U.S. vowed to reduce emissions in that country by at least 50% by 2030, while Canada announced an emissions reduction target of 40 to 45% by 2030. In the U.K., a 78 percent reduction in greenhouse gas emissions by 2035 will be set into law this year. Every quarter we continue to see the decarbonization movement gain momentum, and RNG will play an ever more meaningful role as its impact on reducing net carbon emissions is proven and available today.

Southern California Gas Company ("SoCalGas"), the largest gas distribution utility in the United States, set a bold net zero emissions commitment to achieving net zero greenhouse gas (GHG) emissions by 2045. This commitment aligns with the Paris Climate Agreement and demonstrates the foundational role of gas infrastructure in advancing California's carbon neutral economy. SoCalGas has long been an advocate of RNG, and this recent announcement by the utility incorporates the delivery of increasing amounts of carbon-negative RNG. Recently, Enbridge, one of the leading energy infrastructure companies in North America and the largest natural gas utility in North America by volume, announced a partnership focused on developing RNG projects across Canada targeting the tremendous potential of converting landfill waste gas into clean RNG for direct injection into local gas networks. As a geography, Canada has over 10,000 landfill sites that account for 20 percent of our country's methane emissions - today only one third of those emissions are captured.

Conference Call

The public is invited to listen to the conference call in real time by telephone at 2 pm PT (5 pm ET) today, May 12th. To access the conference call by telephone, please dial: 1-800-319-4610 (Canada & USA toll-free) or 604-638-5340. Callers should dial in 5-10 minutes prior to the scheduled start time and ask to join the Greenlane Renewables conference call.

Shortly after the conference call, the replay will be archived on the Greenlane Renewables website and replay will be available in streaming audio and a downloadable MP3 file.


Management evaluates the Company's performance using a variety of measures, including "Adjusted EBITDA", "gross margin (excluding amortization)", "sales pipeline" and "sales order backlog". The non-IFRS measures should not be considered as an alternative to or more meaningful than revenue or net loss. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. The Company believes these non-GAAP financial measures provide useful information to both management and investors in measuring the financial performance and financial condition of the Company. Management uses these and other non-IFRS financial measures to exclude the impact of certain expenses and income that must be recognized under IFRS when analyzing consolidated underlying operating performance, as the excluded items are not necessarily reflective of the Company's underlying operating performance and make comparisons of underlying financial performance between periods difficult. From time to time, the Company may exclude additional items if it believes doing so would result in a more effective analysis of underlying operating performance. The exclusion of certain items does not imply that they are non-recurring.

Note 1 - Gross margin does not include amortization

Note 2 - Reconciliation of net loss to Adjusted EBITDA:

Three months ended
March 31, 2021

Three months ended
March 31, 2020

Net loss



Add back:

Share based compensation



Depreciation and amortization



Finance expense



Other income



Foreign exchange (gain) loss



Other adjustments - bonus accrual



Adjusted EBITDA Income (Loss)



Note 3 - Sales order backlog refers to the balance of unrecognized revenue from contracted projects. The sales order backlog increases by the value of new system sales contracts and is drawn down over time as projects progress towards completion with amounts recognized in revenue (by reference to the stage of completion of each contract).

Note 4 - Greenlane maintains a sales pipeline of prospective projects that it updates regularly based on quote activity to ensure that it is reflective of sales opportunities that can convert into orders within approximately a rolling 24 month time horizon. Not all of these potential projects will proceed or proceed within the expected timeframe and not all of the projects that do proceed will be awarded to Greenlane. Additions to the amount in the sales pipeline come from situations where the Company provides a quote on a prospective project and reductions to the sales pipeline arise when the Company loses a prospective project to a competitor, a project does not proceed or, where a quote in the pipeline is converted to Greenlane's sales order backlog.

All filings related to the first quarter ended March 31, 2021 are available on SEDAR at .

About Greenlane Renewables

Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon and carbon-negative 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: waterwash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 125 biogas upgrading systems sold into 19 countries worldwide, including the world's largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit .

Forward Looking Information Advisory – 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: Greenlane's increased quarterly revenue in the first quarter of 2021 being indicative of the strength of its sales pipeline, its ability to convert more prospects into signed contracts, then deliver against them, and the overall growth of the global RNG market; adding further contract wins from the sales order pipeline to the sales order backlog to maintain an annual growth trajectory of 100% revenue growth year over year; the potential for further near term conversion of sales pipeline opportunities; the opportunity to develop and invest in new RNG projects, pursue strategic growth initiates and further invest in product enhancements; deploy specialized development capital to accelerate projects to the ready-for-construction phase; management's belief that the sales pipeline represents visibility to a significant number of opportunities that will funnel down, through the sales process, and move into the sales order backlog; successful conversion of the sales order backlog into contract wins; management's anticipation that the going forward gross margin will be in the range of 25-30% on an annual basis; emissions reductions in the U.S. of at least 50% by 2030, in Canada, a target of 40-45% by 2030, and in the UK change in the law to require a 78% reduction by 2035; the momentum in the decarbonization movement; the role RNG will play in reducing net carbon emissions; the net zero emissions targets set by Southern California Gas Company and their advocacy of RNG; Enbridge's intention to develop RNG projects across Canada; the number of landfill sites in Canada that account for 20% of Canada's methane emissions and the amount of methane currently being captured. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believes 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 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 Greenlane's 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 Greenlane's financial performance in 2021, Greenlane having a role in economies working towards combating climate change, large oil and gas producers not investing in the RNG industry as expected, RNG not impacting the transportation sector and gas grid as expected, Greenlane's market outlook, Greenlane's market share of the RNG value chain, Greenlane's role as a leading biogas upgrading and project development solutions provider, US RNG production facilities not having the strong capacity growth expected; the transportation sector not focusing on low carbon fuel sources as anticipated, large oil and gas producers not aiming to reduce their net carbon intensity as anticipated, Greenlane's order backlog not being recognized in revenue and Greenlane's sales pipeline not resulting in orders. Additional risk factors can also be found in the Company's Management Discussion and Analysis and in its Annual Information Form, which have been filed under the Company's SEDAR profile at . 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.

FINANCIAL OUTLOOK INFORMATION – This news release contains "financial outlook information" regarding Greenlane's prospective revenue and results, which is subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above. Revenue and other estimates contained in this news release were made by Greenlane management as of the date of this news release and are provided for the purpose of describing anticipated changes, and are not an estimate of profitability or any other measure of financial performance. Investors are cautioned that the financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein. The Company's revenues are largely derived from a relatively small number of biogas upgrader orders accounted for on a stage of completion basis over typically a nine to eighteen-month period. Timing of new contract awards varies due to customer-related factors such as finalizing technical specifications and securing project funding, permits and RNG off-take and feedstock agreements. Some contracts contain termination provisions that allow the customer to terminate with no penalty or with minimum prescribed threshold payments based on the length of time since the contract was entered into. Some projects have built-in pause periods to allow customers to complete concurrent activities such as civil work. As a result, the Company's revenue varies from month to month and quarter-to-quarter. THE COMPANY QUALIFIES ALL THE FORWARD LOOKING STATEMENTS AND FINANCIAL OUTLOOK INFORMATION CONTAINED IN THIS NEWS RELEASE BY THE FOREGOING CAUTIONARY STATEMENTS.

Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this news release.

Incite Capital Markets
Eric Negraeff / Darren Seed
Greenlane Renewables Inc.
Brad Douville, President & CEO
Ph: 604.493.2004

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Facedrive Inc. (" STEER " or " the Company ") (TSXV: FD) (OTCQX: FDVRF), an integrated ESG technology platform, today announced and filed its interim financial statements for the quarter ended June 30, 2022 (" Q2 2022 "). All financial results are reported in Canadian dollars, unless otherwise stated.

STEER logo (CNW Group/Facedrive Inc.)

STEER reported a quarterly revenue record of $15,048 ,939 in Q2 2022, up from $4,521,548 in Q2 2021, representing 232.83% year-over-year growth. Q2 2022 revenue also represents 40.19% quarter-over-quarter growth compared to Q1 2022 revenue of $10,734,515 . All revenue growth was organic. The Company also reported a record Gross Merchandize Value i of $ 21,661,109 in Q2 2022, up from $14,304 ,750 during Q2 2021, representing 51.43% year-over-year growth. Compared to $19,465 ,604 in Q1 2022, this also represents approximately 11.28% quarter-over-quarter growth.

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Q2 2022 Interim Financial and Operational Highlights


For the three
months ended
June 30, 2022

Δ (YoY)

For the three
months ended
June 30, 2021


For the three
months ended
March 31, 2022




On-Demand Offerings

Q2 2022

Q2 2021

Q1 2022

B2B Marketplace


476.81 %


52.82 %


Suppr APP (Foods Delivery, Rideshare, Daas, Health )


-6.05 %


-7.46 %


Subtotal On-Demand Offerings


272.29 %


42.88 %


Subscription-Based Offerings

Vehicle subscription


5.62 %


5.51 %




211.87 %


0.46 %


Subtotal Subscription-Based Offerings


14.76 %


4.87 %


Total Revenue


232.83 %


40.19 %


"In Q2 2022, STEER continued a strong growth trajectory set in Q1 2022. This past quarter, we more than tripled revenues as compared to Q2 2021 and continue to increase our operational efficiencies while focusing on growth and expansion. Therefore, the platform we have built continues to demonstrate that we can increase revenues significantly while managing costs, which is evident in our Q2 results.

Q2 has also been remarkable for STEER in the sense that the Company significantly expanded the geographical presence of its EV subscription platform, STEER EV. Having launched the service in Texas and British Columbia , Management for the Company feels that STEER is well-positioned to capitalize on the burgeoning demand in the personal vehicle subscription sector. Moreover, we continue to enhance our ESG reporting tool suite as well as extend our ESG mandate throughout all of the Company's business processes", said Suman Pushparajah , Chief Executive Officer of the Company.

Selected Financial Highlights

The following provides a summary of the Financial Results of the Company. For detailed information please refer to Facedrive's Q2 2022 Interim Financial Statements and its Management's Discussion and Analysis of Financial Condition and Results of Operations for the quarter-ended June 30, 2022 (the " Q2 2022 MD&A "), filed on SEDAR at .

For the three months ended June 30









Cost of revenue



General and administration



Operational support



Research and development



Sales and marketing









Total costs and operating expenses







Government and other grants



Foreign exchange loss



Interest expenses



Interest income



Gain from sale of equipment



Gain or Loss on termination



Fair value loss on investment








Deferred income tax recovery






Cumulative translation adjustment








Loss per share – basic and diluted





Weighted average shares outstanding – basic and diluted



About the Company

STEER is an integrated ESG technology platform that moves people and delivers things through subscription and on-demand services. The Company's goal is to build a one-of-a-kind system that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. The Company's offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, B2B marketplace, Delivery-as-a-Service (DaaS) and rideshare businesses. The Company's platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Company's impact on carbon reductions and offsets.

For more about the Company, visit .
Suman Pushparajah , CEO
100 Consilium Pl, Unit 400
Scarborough, ON
Canada M1H 3E3

Forward-Looking Information

Certain information in this press release contains forward-looking information, including with respect to the Company's business, operations and condition, management's objectives, strategies, beliefs and intentions, and the company's forward plans to scale up its electric vehicle subscription business. This information is based on management's reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. Actual results and the timing of events may differ materially from those anticipated in the forward-looking information as a result of various factors. Information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. Statements containing forward-looking information are not facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements.

See "Forward-Looking Information" and "Risk Factors" in the Company's Annual Management Discussion & Analysis (MD&A) for the year ended December 31, 2021 (filed on SEDAR on May 2 , 2022),its interim MD&A for the period ended March 31, 2022 (filed on SEDAR on May 30, 2022 ), and its interim MD&A for the period ended June 30, 2022 (filed on SEDAR on August 29, 2022 ) for a discussion of the uncertainties, risks and assumptions associated with these statements and other risks. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. We have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

i " Gross Merchandise Value " (GMV) means the total value of all merchandise and services sold over a given period of time through the Company's ESG platform of product and services offerings.  Gross Merchandise Value is a metric most commonly used by e-commerce companies.  It is intended to measure the growth of the business or use of a platform to sell merchandise and services, some or all of which may be owned by others and is therefore not all revenue to the platform owner or provider (such as the Company). In the Company's case, GMV includes the value of the food, supplies and merchandise ordered and the gross fees charged by the Company to customers on account of rides and deliveries, a substantial portion of which the Company does not recognize as revenue. The most directly comparably or correlated GAAP financial measure in the context of our Company is revenue which, for Q2 2022 was $15,048,939 and $4,521,939 in Q2 2021. Note that GMV is a non-GAAP financial measure, meaning that it is not a standardized financial measure under the financial reporting framework used to prepare the Company's financial statements and it might not be comparable to similar financial measures disclosed by other issuers.

SOURCE Facedrive Inc.

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