Green Impact Partners Announces Fiscal 2023 Results and Highlights Key Accomplishments

April 29, 2024 7:30 AM EDT | Source: Green Impact Partners

Calgary, Alberta--(Newsfile Corp. - April 29, 2024) - Green Impact Partners Inc. (TSXV: GIP) ("GIP" or the "Company") today reported its results for the year ended December 31, 2023.

GIP is a developer, builder, owner and operator of clean energy and water and solids recycling assets. GIP's success lies in the continuous ability to develop and construct projects with returns significant enough that it can maintain long-term project ownership with minimal financial exposure. Key risks are mitigated through steps such as highly advancing engineering and design prior to construction, entering into lump-sum, fixed-price construction contracts, limiting technology-related risks, and securing long-term contracted feedstock agreements. Key accomplishments in 2023 to advance GIP's business strategy included:

  • Executed a $545 Million Strategic Partnering Agreement with Amber Infrastructure Group ("Amber Infrastructure")
  • Pursuant to the Strategic Partnering Agreement, GIP completed the Sale of 50% of its GreenGas Colorado RNG project (the "Colorado JV") to Amber Infrastructure
  • Closed a $10 Million Private Placement at $10 per share
  • Commenced Commercial Operations at the Colorado JV
  • Executed a Sales Agreement for the Colorado JV Investment Tax Credits
  • Advanced Key Milestones for the Future Energy Park to Move Towards Financial Close and Notice to Proceed
  • Recruited an experienced Chief Operating Officer, Sonya Kirby, to further bolster the advancement of the Company's development projects including the Future Energy Park

"I am proud of the steps we have taken to execute the Future Energy Park and the progress we continue to make towards financing and the start of construction of the project. We have brought the pieces together that we control and are actively and aggressively working with regulators to prepare for financial close," said Jesse Douglas, Chief Executive Officer. "Our ability to execute, de-risk and recycle capital is evident in the execution of the Colorado JV facilities and I look forward to continuing to build on that success."

For a more detailed discussion on GIP's results for the year ended December 31, 2023, please see the Company's financial statements and management's discussion & analysis, which are available at: and on the Company's SEDAR+ page at


(in thousands of dollars, except per share data)
For the Year Ended December 31, 2023

For the Year Ended December 31, 2022



Adjusted EBITDA1


1 See Non-IFRS Measures below

Revenue: Revenues were $161.2 million for fiscal 2023 compared to $213.7 million in fiscal 2022. The decrease in revenue was primarily due to a reduction in volumes into the Company's facilities due to extreme cold weather in January 2023 which impacted customers' production, shut-ins related to the wildfires in May 2023, and lower underlying market prices for the Company's energy product optimization services. This was partially offset by both increased volumes and prices for the Company's fee for service business, namely related to solids disposal and recycling.

Adjusted EBITDA: The $1.1 million reduction in Adjusted EBITDA between December 31, 2023 and December 31, 2022 was primarily a result of the following, excluding adjustments for extraordinary items in each respective period:

  • Gross margins improved by $2.2 million year-over-year as a result of both fee increases to combat inflationary pressures and an increase in solids disposal and recycling volumes in 2023 compared to 2022, which generated higher margins than other services offered.
  • This gross margin increase was partially offset by an aggregate increase of $1.9 million in salaries and wages and selling, general and administrative costs as the Company continued to build out its staffing and infrastructure in order to execute on its near- and medium-term initiatives.
  • An unrealized loss on foreign exchange of $0.3 million compared to a gain of $0.9 million in 2022 resulted in a negative impact to adjusted EBITDA of $1.2 million.

Additional Insider Investment

On April 28, 2024, the Company entered into an amendment to the previously disclosed option agreement (the "Option Agreement") with certain directors of the Company (the "Optionees"). Under the amendment, one of the Optionees has agreed to fund an additional $4.0 million to GIP, available at GIP's sole discretion (the "Additional Option"). The Additional Option has similar terms to the original option except for additional commitment fees. During the term of the Option Agreement, the Company may, at its sole option, repurchase the options from the Optionees by paying all amounts previously funded to the Company including accrued interest at a rate of 1.25% per month plus commitment fees on the Additional Option.

The Option Agreement and the Additional Option constitute "related party transactions" of GIP, within the meaning of Multilateral Instrument 61-101 - Protections of Minority Security Holders in Special Transactions ("MI 61-101") as the individuals entering into the agreements are directors of the Company. The Company determined that the transactions are exempt from the formal valuation and minority approval requirements of MI 61-101 in reliance of the exemptions set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively.

About Green Impact Partners

Green Impact Partners is forging a path towards a sustainable future by turning waste into clean, renewable energy. With a focus on renewable natural gas (RNG) and clean bio-energy projects, our mission is to acquire, develop, construct, and operate facilities that not only produce energy but also play an important role in waste reduction and lowering emissions. Our comprehensive approach spans the entire project life cycle, from idea generation through construction to ongoing operations. In addition to our RNG and clean bio-energy projects, GIP maintains a current portfolio of water and solids treatment and recycling facilities in Canada, alongside a solids recycling business in the United States.

Traded on the TSX Venture Exchange under the symbol GIP, Green Impact Partners invites you to join us in our journey to create a more sustainable future. For more information about GIP, please visit

Non-IFRS Measures

The Non-IFRS financial measures used within this news release by the Company are EBITDA and Adjusted EBITDA. 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. EBITDA does not have a standardized meaning prescribed by IFRS and is not necessarily comparable to similar measures provided by other companies. Management believes EBITDA is an important performance metric that measures normalized 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. Net income (loss) 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. Except as otherwise indicated, these financial measures will be calculated and disclosed on a consistent basis from period to period. For more information with respect to such financial measures, see the "Summary of Non-IFRS Measures" section of GIP's most recent MD&A which is available on SEDAR+ at

Further Information

Please contact Nikolaus Kiefer, Chief Investment Officer at (236) 476-3445 or or visit

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 release, such words as "would", "will", "anticipates", believes", "targets", "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. 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, global supply chain issues; increased inflationary pressures; 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; failure to negotiate and conclude any required commercial agreements; non-performance of agreements in accordance with their terms; 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. In particular, this news release contains forward-looking statements, based upon assumptions which management of the Company believes to be reasonable, pertaining to but not limited to the following: continued ramp up of production at the Colorado JV; financial close and Notice to Proceed to construction for the Future Energy Park project; ability to access sufficient debt and equity required for Future Energy Park; budgets, including future capital, operating or other expenditures and projected costs; ability to meet anticipated construction timing; the Company's ability to execute on its business plan.

Readers are encouraged to review and carefully consider the risk factors pertaining to GIP described in the filing statement of GIP dated May 17, 2021, and the 2023 year end MD&A which are 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.

To view the source version of this press release, please visit