Greenlane Renewables has agreed to acquire Airdep, a provider of biogas desulphurisation and air deodorisation products based in Italy.
The acquisition will bring in-house an effective, proven technology to remove hydrogen sulphide (H2S) from biogas for integration with Greenlane’s portfolio of biogas upgrading systems that produce low-carbon and carbon-negative RNG.
Since its founding a decade ago, Airdep has employed over 100 H2S treatment systems using a proprietary liquid reagent media for the removal of H2S in biogas. The liquid media is regenerated and recirculated within the process to minimise operating costs.
“Every biogas to RNG project requires H2S treatment,” said Brad Douville, president and CEO of Greenlane. “The addition of Airdep’s proven technology to our industry-leading biogas upgrading solutions enables us to bring even more value to customers.
“Our search for the best commercially available H2S treatment technologies, particularly for higher flow, higher H2S concentration applications, led us to Airdep. We believe the price-performance of its products is compelling and will expand their use across a broader set of applications.”
Douville went on to say that Airdep has demonstrated success through strong revenue growth, but that so far, that growth has largely been in the Italian market, which represents 90% of its revenue.
“We see a real, substantial and untapped opportunity to expand the geographic scope of sales of these products to the rest of Europe, to North and South America, and to the rest of the world,” he said.
“The acquisition also gives us a solid footprint in Italy, one of the most dynamic RNG markets, creating new opportunities for sales of our biogas upgrading systems in the region.”
Andrea Valerio, founder and sole owner of Airdep, said he is excited to become part of Greenlane Renewables. Valerio will continue to lead Airdep as managing director on closing of the transaction.
The total maximum consideration for the acquisition of Airdep is CAD$13 million (€9 million). Closing is anticipated in January.