GRN stock pops on Brazil contract win

Shares of Greenland Renewables (Greenlane Renewables Stock Quote, Chart, News, Analysts, Financials TSX:GRN) are leading the Toronto Stock Exchange today on news of a hefty new contract.

The company today announced it had been awarded a (C) $35.2-million contract with an unnamed client it described as a “leading environmental services company in Brazil”.

GRN will provide its gas-to-biomethane solution to work on one of the largest landfills in the South American country.

“We are delighted to have been selected for a showcase project in Brazil,” CEO Ian Kane. “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. Furthermore, this is an example of the type of high-value contract we have been focused on winning, one with a repeatable configuration that leverages our new sector-focused product lines.”

Burnaby-based Greenlane Renewables develops biogas upgrading systems to produce renewable natural gas from organic waste sources like landfills, wastewater treatment plants and agriculture and food waste.

At press time, shares of GRN were up 17.9 per cent to $0.23.