PRESS RELEASE

from Waga Energy (EPA:WAGA)

Waga Energy: Strong increase in revenue (+74%), commissioning of first international units and accelerated rollout in the United States

Waga Energy
Waga Energy: Strong increase in revenue (+74%), commissioning of first international units and accelerated rollout in the United States

08-Feb-2024 / 07:00 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

Strong increase in revenue (+74%), commissioning of first international units and accelerated rollout in the United States

2023 revenue: €33.3 million (unaudited)

  • Consolidated revenue up 74%.
  • 336 GWh (1,146,480 MMBtu) of renewable natural gas (RNG) injected into the grid.
  • 55,000 tons of eqCO2 equivalent avoided[1].
  • Commissioning of 5 new WAGABOX® units, including 3 internationally.
  • 6 contracts signed in the US, confirming breakthrough in North America.
  • 18 owned-operated units, representing an installed capacity of 675 GWh per year.
  • 37 secured-projects as of December 31, 2023, representing an installed production capacity of over 2.2 TWh per year (with 0.6 TWh/year of non-owned units).

 

 Unaudited revenue

2023

2022

Chg.

Number of units in operation (at year-end)

18

13

+38%

Renewable natural gas (RNG) production for the year (GWh)

336

216

+55%

Renewable natural gas (RNG) / gas purification service sales (€m)[2]

23.7

15.1

+57%

Sale of equipment (€m)[3]

9.0

3.6

+149%

O&M and other services (€m)[4]

0.6

0.5

+32%

Consolidated revenue

33.3

19.2

+74%

 

Waga Energy reported €33.3 million in consolidated revenue for 2023, up 74% versus 2022.

In 2023, the installed base of WAGABOX® units injected 336 GWh (1,146,480 MMBtu) of RNG (+55%), with 63 GWh (214,964 MMBtu) internationally. This acceleration is due to the commissioning of 5 new units, including 3 outside France (2 in Canada and 1 in Spain), representing a major milestone in the international deployment of the solution. The Spanish unit and one of the two Canadian units are large-capacity plants capable of producing three to five times more than standard French units. International production units account for 14% of the Group revenue generated by RNG sales and purification services.

 

Throughout 2023, Waga Energy's operations teams have maintained a high level of performance: the installed base achieved an average uptime of 95.7% on units that were in operation for more than 12 months, and of 94.2% including the units commissioned in 2023, and notably the first international units.

In 2023, Waga Energy kick-started the construction of 6 new WAGABOX® units in the United States, confirming its breakthrough in this strategic market. These new contracts represent additional production capacity of 660 GWh (2,252,000 MMBtu) per year, comparable with the total installed capacity of the 17 units commissioned in France since 2017.

 

 

December 31, 2023

December 31, 2022

 

Number

Capacity (TWh/y)

Number

Capacity (TWh/y)

Total

37

2.2

31

1.5

Owned-Units

33

1.6

27

0.9

In operation

18

0.7

13

0.4

Under construction

15

1.0

14

0.5

Non-Owned Units

4

0.6

4

0.6

In operation

2

0.1

2

0.1

Under construction

2

0.4

2

0.4

 

Mathieu Lefebvre, Waga Energy CEO, commented:"2023 saw Waga Energy turn in an outstanding performance, characterized by the commissioning of its first international units in Canada and Spain. We illustrated the robustness of our technology, our operational excellence, and our ability to overcome technical and regulatory constraints, in order to successfully carry out our projects at the service of the energy transition and the fight against global warming. From a business standpoint, this year's signed projects in the United States alone represent a higher recurring revenue that what has been secured since the Group was founded in 2015. This successful breakthrough in a highly strategic market reflects the interest expressed in our solution among local waste treatment operators. In a global economic environment favorable to renewable natural gas, we continue to deliver on the plan presented at the time of our IPO."

 

Ambitions

Waga Energy will hold a Capital Markets Day today at 2:00 p.m., Central European Time (CET). A press release was issued today, outlining the key takeaways of this presentation with a focus on the Group's guidance. The press release and presentation can be downloaded from the 'Investors' section of our corporate website.

Upcoming events:

  • FY 2023 results on April 29, 2024, after market close.
  • Annual General Meeting on June 27, 2024.


About Waga Energy

Waga Energy (EPA: WAGA) produces competitively priced Renewable Natural Gas – RNG – (also known as “biomethane”) by upgrading landfill gas using a patented purification technology called WAGABOX®. The RNG produced is injected directly into the gas distribution networks that supply individuals and businesses, providing a substitute for fossil natural gas. Waga Energy finances, builds and operates its WAGABOX® units under long-term contracts with landfill operators for the supply of raw gas, and generates income by selling the RNG it produces or by offering a purification service. As of December 31, 2023, Waga Energy owns and operates 18 WAGABOX® units in France, Spain and Canada, representing an installed capacity of 675 GWh per year (2,303,195 MMBtu). Each project initiated by Waga Energy contributes to the fight against global warming and helps the energy transition. Waga Energy is listed on Euronext Paris.

 

Disclaimer

This press release and the information contained herein do not constitute an offer to sell or a solicitation of an offer to buy or subscribe to shares in Waga Energy in any country.

This press release contains forward-looking statements and should not be construed as a guarantee that the facts and data stated will occur. These forward-looking statements are based on data, assumptions and estimates considered reasonable by Waga Energy. Waga Energy operates in a competitive and rapidly evolving environment. It is therefore not in a position to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the materialization of a risk or combination of risks could lead to results that differ significantly from those mentioned in any forward-looking statement. Waga Energy draws your attention to the fact that forward-looking statements are in no way a guarantee of its future performance and that its actual financial position, results and cash flows and the development of the sector in which Waga Energy operates may differ significantly from those proposed or suggested by the forward-looking statements contained in this press release. In addition, even if Waga Energy’ financial position, results, cash flows and developments in the industry in which it operates are consistent with the forward-looking information contained in this press release, such results or developments may not be a reliable indication of Waga Energy’ future results or developments. Readers are advised to carefully consider the risk factors described in Chapter 3 “Risk factors” of the 2022 universal registration document approved by the French Market Authority on June 16, 2023 under number R.23-029 and Section 7 “Description of the main risks and uncertainties for the coming six months” of the 2023 half-year financial report. Should all or any part of these risk factors materialize or others, in no case whatsoever will Waga Energy be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages. This information is given only as of the date of this press release. Waga Energy makes no commitment to publish updates to this information or on the assumptions on which it is based, except in accordance with any legal or regulatory obligation applicable to it.

 

CONTACT

Laurent Barbotin
Head of Investor Relations
+33 772 771 185
laurent.barbotin@waga-energy.com

 


[1] Estimate based on non-renewable and renewable natural gas emission factors in France according to French energy agency ADEME’s carbon database and factoring in direct and indirect emissions.

[2] Revenue from RNG sales and from gas purification service provided to landfill operators that sell the RNG by-themselves.

[3] Revenue from equipment sales.

[4] Revenue from operations and maintenance contracts.


Regulatory filing PDF file

File: Download the press release


Language:English
Company:Waga Energy
5 Rue Raymond Chanas
38320 Eybens
France
Phone:(33) 772 771 185
E-mail:laurent.barbotin@waga-energy.com
Internet:www.waga-energy.com
ISIN:FR0012532810
Euronext Ticker:WAGA
AMF Category:Inside information / Information on annual revenues
EQS News ID:1832845
 
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1832845  08-Feb-2024 CET/CEST

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