Waga Energy staying active, losing money

French landfill gas-to-energy technology provider Waga Energy has reported a net loss of 11.6 million euros ($13.6 million) in the first half of 2025, increasing its loss by 27.5 percent compared with the 9.1 million euros ($10.67 million) it lost in the first half of last year.

While the company’s losses have continued, it is not because of a decline in business activity. Waga Energy’s revenue of 27.4 million euros ($32.1 million) in the first half of this year represents a 7 percent increase from the 25.6 million euros ($30 million) of Waga Energy revenue in the first half of 2024.

On the positive side of the ledger in this year’s first half, Waga points to higher overall renewable natural gas (RNG) revenue at its facilities. However, the firm also experienced an expected decline in engineering, procurement and construction revenue caused by the commissioning of its Hartland project in Western Canada.

The Waga RNG portfolio grew by 326 gigawatt hours (1.1 million metric million British thermal units, or MMBtu) based on project completions or additions in France, Spain, Canada and the United States.

“We are pleased to report a solid financial and operational performance in the first half of 2025, highlighted by new projects in the U.S. and Italy, the commissioning of a large-capacity unit in Canada, and earnings before interest, taxes, depreciation and amortization (EBITDA) approaching breakeven,” Waga Energy CEO Mathieu Lefebvre says. “Despite a challenging environment marked by trade measures and a policy context perceived as less supportive for renewables, we firmly believe that producing local, renewable energy is crucial and represents the best response to current and future crises.

“Our proprietary and proven technology, which allows us to produce cost-competitive RNG from landfill gas, represents a unique advantage to deploy our solution in target markets across Europe and the Americas."

The CEO also refers to the recent acquisition of a majority stake in the company by EQT, a global investment organization earlier this year as representing “a major milestone providing additional momentum to accelerate the international development of our solution while maximizing our environmental contribution.”

On the operations front, Waga says it has maintained an average uptime of 95 percent for Wagabox units that have been in operation for more than 12 months.

As of this year’s third quarter, Waga operates 31 RNG production units in France, Spain, Canada and the U.S., representing an installed capacity of more than 1.5 terra watt hours per year.