Greenlane Renewables (TSX: GRN) has reportedly nabbed a major contract in Brazil for the supply of a pressure swing adsorption system designed for use in landfills to purify biogas.
The contract, valued at $35.3 million, is said to be with a leading environmental services company that is focused on a portfolio of landfill assets that it intends to generate biomethane from. The name of the company was not disclosed.
The agreement will see the supply of Greenlane’s Cascade PSA LF product, which is a landfill gas-to-biomethane solution that includes two stage pressure swing adsorption tech that is said to be highly efficient. The solution is slated to be deployed at what is described as one of the largest landfills in Brazil, however details on project location were also not disclosed, however contract fulfillment is expected to start immediately.
“Our customer ran a professional and highly competitive process and we are honoured to win the contract. Greenlane is motivated to build upon our market leadership and presence in Brazil and is committed to continuing to build out a talented local team that will be key to the implementation and eventual servicing of the systems we deploy throughout the country. The opportunity for significant expansion of biomethane in Brazil is clear to us and we look forward to working with our customers as they expand their own capacity and develop additional projects,” commented CEO Ian Kane.
The contract size is substantial for Greenlane, given that year to date revenues are sitting at $30.4 million, while its market capitalization as a whole is roughly $29.4 million as of yesterday’s close.
Greenlane Renewables last traded at $0.235 on the TSX.
Information for this briefing was found via Sedar and Greenlane Renewables. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
