Waga Energy reports 29% revenue increase in 2021

Waga Energy reported consolidated revenue of €12.3 million in 2021, a year-on-year increase of 29.6%.

The revenue increase was driven by a rise in RNG production and cryogenic distillation module sales to Air Liquide. Without the equipment sales to Air Liquide, Waga Energy’s revenue growth would have stood at 14.7%. Most of the revenue generated in France came from long-term contracts backed by feed-in-tariffs.

The 10 WAGABOX units in operation produced 144.68 GWh of RNG in 2021, a 26.7% year-on-year increase. Waga Energy said the increase in production is due to consistent improvements in the operation of WAGABOX units and the fact that the three new units that went online in 2020 were operational for the whole of 2021.

Last year, Waga Energy signed a total of eight new WAGABOX projects in 2021; two are in Canada and one is in the US. The five remaining projects are in France. At the end of last year, 10 WAGABOX units were in operation and 11 more were under construction globally. The entire base of WAGABOX units will have an installed capacity of over 800 GWh per year.

“The year 2021 was an exceptional one for Waga Energy,” said Mathieu Lefebvre, CEO and co-founder of Waga Energy. “Our ‘build, own, and operate’ model proved to be both effective and relevant.

“The high point of the year was undoubtedly the signing of two contracts in Canada and a first project in the US. By entering the North American market, we are bringing medium-sized landfills there a unique and very attractive solution for producing RNG.

“Despite the global pandemic and geopolitical instability, 2022 is off to a strong start. Sales are good. We signed two new projects in France, the details of which will be announced soon, and are continuing to support not only the transition to greener energy but also Europe’s energy independence.”

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