Calgary, Alberta–(Newsfile Corp. – November 29, 2023) – Green Impact Partners (TSXV: GIP) (“GIP” or the “Company”) announces third quarter 2023 results and provides an update on its near-term projects.

“As a young and growing company, we deeply value the power of execution, and our team is focused on achieving key milestones,” said Jesse Douglas, Chief Executive Officer. “Commercial operations at our GreenGas Colorado facilities are imminent as we finalize the interconnections with the local utility company. In parallel, our team is expertly navigating the complexities of the Future Energy Park, guiding us through regulatory processes, negotiating key contracts, and positioning us for financial close in early 2024. As we approach the close of 2023, I am inspired and humbled by our progress, confident that we are laying the essential groundwork for a transformational year ahead as we commence construction of the Future Energy Park.”

Commercial Operations at GreenGas Colorado RNG Facility Imminent (“GreenGas Colorado”)

GIP’s GreenGas Colorado facilities are fully complete, with all major components commissioned. Commercial operations are imminent as the local utility completes its final interconnection steps to accept the Company’s gas production into the pipeline system. GIP continues to optimize performance of the facility to maximize the returns of the lowest possible carbon intensity score and highest energy production. GreenGas Colorado is expected to produce gas at or above the expected run-rate production of 360,000 MMBtu per year, which remains on track to be fully realized through 2024.

Future Energy Park Advances in Preparation for Start of Construction in 2024

GIP continues to advance the Future Energy Park focusing on regulatory, engineering, procurement, and construction (“EPC”) contracts, commercial contracts, and financing. The Company looks forward to working with the City of Calgary to commence construction in 2024. GIP expects financial close as early as the first quarter of 2024.

Executive Leadership Team Addition

GIP welcomed Sonya Kirby to the executive leadership team as Chief Operating Officer. Sonya will be responsible for developing and supporting the implementation of organizational strategies, providing direction to support functions including Construction, Project Management, Project Controls, and Environmental Health & Safety, and ensuring that business plans align with the Company’s planned growth targets and long-term goals. Most recently, Sonya was responsible for the development and implementation of TC Energy’s natural gas pipeline projects in Canada as Vice-President CGL Phase 2/Cedar and Close Out and Vice-President Canada Gas Projects and, prior to that, she held the role of Vice-President of Safety, Quality, and Compliance. Sonya has over 28 years of engineering, operations and project experience at various companies including Sasol Canada, Talisman, Nexen and BP.

Sonya holds her Professional Engineer designation from the Association of Professional Engineers and Geoscientists of Alberta (APEGA), earned a Bachelor of Applied Science, Engineering from the University of Regina, received a Project Management Professional (PMP) designation from the Project Management Institute (PMI), and has a Master of Business Administration from the University of Calgary’s Haskayne School of Business.


(in thousands of dollars) September 30, 2023
Three Months
September 30, 2022
Three Months
Revenue 46,141 55,347  
Adjusted EBITDA1 1,146 (169 )


(in thousands of dollars) September 30, 2023
Nine Months
September 30, 2022
Nine Months
Revenue 123,772 169,019  
Adjusted EBITDA1 312 325  


1 See Non-IFRS Measures below

Revenue: Revenue decreased by $9.2 million and $45.2 million for the three and nine months ended September 30, 2023, respectively, as compared to the same periods in 2022. The majority of this decrease was due to the lower volumes and lower underlying market prices for the energy products optimized and sold.

Adjusted EBITDA: Adjusted EBITDA for the three months ended September 30, 2023 improved over the same period in the prior year mainly due to improved gross margins due to increased fees for service as compared to the prior year. Adjusted EBITDA for the nine months ended September 30, 2023 was consistent with the same period in the prior year. Gross margins improved year over year, due to the increased fees for service, which were implemented following the first quarter.

For a more detailed discussion on GIP’s results for the three and nine months ended September 30, 2023, please see the Company’s financial statements and management’s discussion & analysis (“MD&A”), which are available at: and on the Company’s SEDAR page at

About Green Impact Partners

Green Impact Partners is focused on creating a more sustainable future and inclusive planet by developing clean energy. GIP acquires, develops, and builds RNG and clean bio-energy projects, with the intention of building, owning, and operating a portfolio of producing facilities, and participates in a wide range of zero-carbon opportunities during every stage of the project lifecycle – from idea generation through to operations. GIP has a portfolio of RNG growth opportunities under development, and if all were to achieve final investment decision, would represent over $3 billion in capital expenditures over the next three years. In its pursuit of net zero earth impact, GIP is positioned to be a leading producer of decarbonizing energy in North America. GIP’s shares trade on the TSX Venture Exchange under the symbol GIP.V. For more information about GIP and its projects, visit

Non-IFRS Measures

This news release contains certain financial measures that do not have any standardized meaning prescribed by IFRS. Therefore, these financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned these measures should not be construed as an alternative to net and comprehensive income or to cash from (used in) operating, investing, and financing activities determined in accordance with IFRS, as indicators of our performance. We use non-IFRS measures, including EBITDA and Adjusted EBITDA, to assist investors in determining our ability to generate income and cash provided by operating activities and to provide additional information on how these cash resources are used.

Below is a description and composition of each non-IFRS measure disclosed in this news release, together with: (i) the most directly comparable financial measure that is specified, defined and determined in accordance with IFRS to which each non-IFRS measure relates; (ii) an explanation of how each non-IFRS measure provides useful information to investors and the additional purposes for which management uses each non-IFRS measure; and (iii) a quantitative reconciliation of each non-IFRS measure to the most directly comparable IFRS financial measure.

EBITDA is defined as earnings before interest, taxes, depreciation, and amortization. EBITDA is a non-IFRS measure, calculated by adding back the impacts of income tax, finance costs, depreciation and amortization to net income (loss) for the period. Net income (loss) is the most directly comparable IFRS financial measure. EBITDA does not have a standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures provided by other issuers. Management believes EBITDA is an important performance metric that measures recurring cash flows before changes in non-cash working capital.

Adjusted EBITDA is defined as EBITDA adjusted for certain non-operating, non-recurring and non-cash items. Adjusted EBITDA is used by management to evaluate the earnings and performance of the Company before consideration of capital, financing and tax structures. Income (loss) from Operations before amortization and depreciation is the most directly comparable IFRS financial measure. Adjusted EBITDA does not have a standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures provided by other issuers. Prior period Adjusted EBITDA has been calculated and presented in accordance with the current period calculation and presentation.

Management believes that in addition to net income (loss), Adjusted EBITDA is a useful supplemental measure to enhance investors’ understanding of the results generated by the Company’s principal business activities prior to consideration of how those activities are financed, how the results are taxed, how the results are impacted by non-cash charges, and charges that are irregular in nature or not reflective of the Company’s core operations. Management calculates these adjustments consistently from period to period. Adjusted EBITDA is used by management to determine the Company’s ability to service debt and finance capital expenditures. Management believes that Adjusted EBITDA as a measure is indicative of how the fundamental business is performing.

Investor & Analyst Inquiries:

Nikolaus Kiefer
Chief Investment Officer
(236) 476-3445

Cautionary Statements

This news release contains forward-looking statements and/or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. When used in this news release, such words as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” “would,” “will,” “explores,” and similar expressions, as they relate to GIP, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of GIP with respect to future events, and are subject to certain risks, uncertainties and assumptions.

Certain information and statements contained in this news release constitute forward-looking statements, including: the anticipated production, performance, and capital expenditures in relation to the Company’s projects; the expected timing of project construction, milestones and operations; financial close and the timing thereof of Future Energy Park; the expectations regarding the receipt of required permits in respect of Future Energy Park and the timing thereof; timeline and certainty for construction of Future Energy Park; timeline to finalize of the interconnections with the local utility company for the GreenGas Colorado facilities; expected run-rate productions for the GreenGas Colorado facilities; the costs associated with the Company’s projects and funding of such costs; potential strategic partnership transactions and the potential benefits and timing thereof; and the expectations regarding future EBITDA.

Many factors could cause GIP’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: the impact of general economic conditions in Canada and the United States, including the continued effects of the COVID-19 pandemic; industry conditions including changes in laws and regulations and/or adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, in Canada and the United States; volatility of prices for energy commodities; change in demand for clean energy to be offered by GIP; competition; lack of availability of qualified personnel; obtaining required approvals of regulatory authorities, in Canada and the United States; ability to access sufficient capital from internal and external sources; many of which are beyond the control of GIP. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such forward-looking statements.

Readers are encouraged to review and carefully consider the risk factors pertaining to GIP described in the Company’s annual MD&A for the year ended December 31, 2022, which is accessible on GIP’s SEDAR+ issuer profile at The forward-looking statements contained in this release are made as of the date of this release, and except as may be expressly be required by law, GIP disclaims any intent, obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Management of GIP has included the above summary of assumptions and risks related to forward-looking statements provided in this release in order to provide shareholders with a more complete perspective on GIP’s current and future operations and such information may not be appropriate for other purposes. GIP’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits GIP will derive therefrom.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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