Revenue increase of 29.6% in 2021
Progress on unit operation, reliability, and the technology pushed production up 18%
Waga Energy reported €12.3 million in consolidated revenue for 2021, a year-on-year increase of 29.6%. This increase can be explained by the rise in RNG production and the cryogenic distillation modules sales to Air Liquide. Without the equipment sales, the company's year-on-year revenue growth reaches 14.7%.
In 2021, the ten WAGABOX® units in operation produced 145 GWh (494,000 mmBtu) of RNG, a 26.7% year-on-year increase. The increase in production is due to consistent improvements in the operation of WAGABOX® units (the technology pushed production up 18%) and to the fact that the three units commissioned in 2020 were operational for the entire year 2021.
Waga Energy signed a total of eight new WAGABOX® projects in 2021, five in France, two in Canada and one in the United-States. As of today, elven WAGABOX® units are in operation and thirteen more are under construction worldwide.
Waga Energy CEO and cofounder Mathieu Lefebvre said: "The year 2021 was an exceptional one for Waga Energy. Our 'build, own, 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 United States. By entering the North American market, we are bringing medium-sized landfills there a unique and very attractive solution for producing RNG."