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~Greenlane to supply biogas upgrading systems to returning customer, Brightmark, for a project generating RNG from dairy farms for injection into the local gas grid~
Greenlane Renewables Inc. (" Greenlane ") (TSXV: GRN / FSE: 52G) today announced that its wholly-owned subsidiary, Greenlane Biogas North America Ltd., has signed an $7.7 million (US$5.8 million) contract for a new renewable natural gas ("RNG") project developed by San Francisco, California-based Brightmark LLC ("Brightmark"). The multiple-site dairy farm project in the State of Florida will utilize Greenlane's pressure swing adsorption ("PSA") biogas upgrading systems.
"This is a showcase project and second contract with Brightmark, one of the leading RNG project developers in the United States," said Brad Douville, President & CEO of Greenlane. "We're honored to be a trusted collaborator for this exciting new project in Florida."
Greenlane's biogas upgrading systems will be used in Brightmark's Sobek RNG project in Okeechobee County, Florida, at four Larson family dairy farms. The project is anticipated to generate 171,000 MMBtu annually of RNG upon completion, which will be injected into the local interstate gas pipeline system. Order fulfilment by Greenlane will start immediately.
"Greenlane's industry expertise and track record in designing and providing biogas upgrading systems were exactly what we were looking for in a partner as we continue to grow our RNG project portfolio," said Bob Powell, Founder and CEO of Brightmark. "This helped us de-risk and conclude the project financing, an important step prior to starting construction."
As announced by Brightmark yesterday, they have formed a joint venture with a multinational energy corporation to own projects across the United States to produce and market dairy RNG. The news release is at: https://www.brightmark.com/2020/10/chevron-brightmark-partnership/
About Brightmark
Brightmark is a global waste solutions company that takes a holistic approach to tackling the planet's most pressing environmental challenges with imagination and optimism for the future. Brightmark offers waste solutions focused on plastics renewal and producing clean energy through organic waste. For more information please visit www.brightmark.com .
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 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 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 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, Greenlane supplying biogas upgrading systems for Brighmark's Sobek RNG project utilizing Greenlane's pressure swing adsorption (PSA) systems for dairy farm applications in the United States; the resulting renewable natural gas being injected into the natural gas pipeline; the project generating sufficient amounts of RNG upon completion; order fulfilment starting immediately; and that there will be future opportunities to work together with Brightmark. 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, the risks that Greenlane will not be able to supply to the Brightmark Sobek RNG project the biogas upgrading systems as contemplated; the resulting renewable natural gas may not be injected into the natural gas pipeline; the project may not be a success or as expected; order fulfilment may not occur as contemplated or at all; and future opportunities to work with Brightmark may not be as expected. Additional risk factors can also be found in the Company's annual information form, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201008005304/en/
Incite Capital Markets
Eric Negraeff / Darren Seed
Ph: 604.493.2004
Brad Douville, President & CEO, Greenlane Renewables
Email: IR@greenlanebiogas.com
