Waga Energy reports strong revenue growth in 2024

Waga Energy posted revenues of €55.7 million in 2024, up 67 percent year over year, largely credited to revenue growth generated by the sale and upgrade of RNG.

The WagaBox units portfolio operated by the group has injected 576 gigawatt hours (roughly 2 million MMBtu) of renewable natural gas (RNG), including 219 GWh outside of France. The increase in RNG production is due to the commissioning of 10 new units: seven WagaBox units in France, one in the United States, one in Canada, and one cryogenic module sold in the U.S. The group has maintained a high performance level, achieving an average availability of 94.3 percent for units that have been in operation for more than 12 months.

The company reports sales activity as “very dynamic,” with 11 new contracts signed since the beginning of 2024, adding an installed capacity of 0.8 terawatt-hours per year (2.7 million MMBtu).

“In 2024, we reaped the benefits of our structuring initiatives implemented since the IPO in October 2021. This is done at all levels: industrial, financial and commercial with, over the past two months, an acceleration of contracts signed in the United States and Europe,” says Mathieu Lefebvre, chairman and CEO of Waga Energy. “In the ten years since its creation, Waga Energy has emerged as a global player in the production of renewable natural gas and a leader in the upgrade of biogas from landfill sites. 

Waga Energy is gaining momentum in the U.S., with 12 units currently under construction, including four new projects signed in the last two months, the company says. This further demonstrates the U.S. market’s interest in WagaBox technology. According to the final regulation published in December 2024 regarding the eligibility of gas upgrading equipment, Waga Energy is expected to be eligible for an Investment Tax Credit for units that began construction before the end of 2024. 

The European market has resumed its growth with five new contracts: three in France, the first in Italy, and a second in Spain.

To date, the group operates 30 RNG production units in France, Spain, Canada and the U.S., offering an installed capacity of 1.4 TWh per year (4.8 million MMBtu), of which 51 percent in Europe and 49 percent in North America, and 19 units are under construction in France, Spain, Italy, Canada and the U.S., representing an additional installed capacity of 1.8 TWh per year (6.1 million MMBtu. Based on these 49 secured projects, the group estimates signed annual recurring revenues to be around €170 million, compared to approximately €100 million one year ago.

To reach its objectives, the group will leverage a sales pipeline of 179 projects at the end of December 2024, representing a potential installed capacity of more than 15 TWh per year (51.2 million MMBtu), an increase of 27 percent compared to the end 2023 and 10 percent compared to the end of August 2024. 
In 2024, Waga Energy also significantly strengthened its financial structure by raising €223 million through the equity and debt market.

“As far as revenues and installed capacity are concerned for 2026, these targets could be achieved with a few months' time shift depending on new projects to be signed,” Lefebvre says. “In all cases, this would not impact the EBITDA breakeven objective in the course of 2025, nor the objective of signed annual recurring revenues of more than €400m in 2026.”