Greenlane Renewables reports $4.2m revenue in Q2
The firm reported revenue of $4.2 million (€2.69 million) in the second quarter ending 30 June 2020, representing a 45% increase from $2.9 million (€1.86 million) reported in the first quarter ending 31 March 2020.
Brad Douville, president and CEO of Greenlane, said: “We successfully grew our revenue this quarter by 45% on a sequential basis while facing some tough marketplace conditions as a result of the COVID-19 backdrop.
“We also achieved a third consecutive quarter of rapid growth of our sales order backlog adding $21 million from the recent and significant contract wins for dairy farm projects in California.
“Our focus remains on a strong second half of 2020. This trend continues so far in the third quarter highlighted by a recent contract win in Brazil, and the launch of our joint venture with SWEN Impact Fund for Transition to accelerate deployment of Greenlane’s biogas upgrading system and solutions in Europe.”
In its market outlook, Greenlane said the energy transition “continues to gain momentum and support” as global economies recover from the pandemic, incorporating green initiatives. The firm also said RNG continues to gain traction with natural gas utilities in their quest to remain competitive with the electricity grid, relative to driving renewable content and decarbonised energy offerings.
The company said: “Greenlane, with visibility to more than 100 new projects, remains well-positioned to capture a growing share of the RNG value chain as a leading industry provider of biogas upgrading and project development solutions.”