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Greenlane Renewables Inc. (TSXV:GRN) CEO Brad Douville discusses how the company is making money and growing by providing the right equipment to upgrade the production of renewable natural gas (RNG).
#naturalgas #technology #FortisBC
“We’re making money right now. And how are we doing that? We sell the equipment that does what we refer to in the industry as upgrading. We remove the impurities, and then we separate the carbon dioxide from the biomethane to create high purity biomethane that’s suitable for direct use of vehicles or direct injection into the local pipeline network,” Douville said.
Greenlane Renewables creates the specifications for the equipment from their standard products and oversees the installation and commissioning. Last year, the company’s Greenlane Biogas North America was awarded a $12.1 million contract by FortisBC Energy Inc. for the supply of a biogas upgrading system for a new project at the Vancouver landfill in British Columbia, Canada. Greenlane also closed its acquisition of acquisition of Airdep S.R.L., a provider of biogas desulfurization and air deodorization products based in Vicenza, Italy.
According to Douville, Airdep had very attractive technology that does hydrogen sulphide removal. The company has been relatively undiscovered so they took the chance to bring them in-house and take the products globally. Douville said the acquisition allows them to offer incremental value to their customers.
“We started as a venture listed company of the TSXV. Usually, it takes quite a number of years to graduate to the senior board. But our growth has been phenomenal. We’ve been growing, you know, 100 percent annually. We were only on the junior board for 18 months until we graduated,”
“It’s been a really good response from the investor base. The markets certainly embraced the products that we sell. And it’s been a tremendous ride in terms of the growth in the business. We aren’t currently seeing that subside anytime soon.”
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