Waga Energy Inc., the US subsidiary of the Waga Energy Group, has secured $60 million (€55.8 million) financing with asset manager Eiffel Investment Group to finance the construction of four renewable natural gas (RNG) production units in the US.
This is the first financing Waga Energy has secured in the US.
Waga Energy's "WAGABOX®," is a purification technology to produce RNG from landfill gas, and the company is deploying it worldwide.
The Group said it has made a major breakthrough in the US in recent months, where seven large-capacity units are currently under construction.
To finance its growth in this strategic market, the Group's fully-owned US subsidiary Waga Energy Inc., has secured the investment from asset manager Eiffel Investment Group.
This operation will finance the first four projects of Waga Energy in the United States, including the WAGABOX unit - in its final construction phase - in Steuben County, Bath (New York State).
Once up and running, Waga said these four units will be able to produce a combined 1,980,000 MMBtu (495 GWh) of RNG per year, avoiding over 120,000 tons of eqCO2 annually, equivalent to cutting emissions from 140 million gallons of gasoline based on the United States Environmental Protection Agency (EPA) calculation methodology.
This is the second time Waga Energy and Eiffel Investment Group have partnered up. In 2020, the Eiffel Gaz Vert (Eiffel Green Gas) fund granted Waga Energy bond financing of €20 million to fund the construction of four WAGABOX units in France. This financing was fully repaid in 2022.
Guénaël Prince, CEO, Waga Energy USA, said: "Eiffel's support will enable us to accelerate the rollout of the WAGABOX solution in the United States. We are pleased to further our partnership kick-started in 2020, at the service of the energy transition and the fight against global warming. We also want to sincerely thank the Eiffel teams for their renewed trust, responsiveness and professionalism."
Pierre-Antoine Machelon, managing director, Eiffel Investment Group: "On the back of financing that has tripled from 2020, we are thrilled to help accelerate the growth of Waga Energy and its North America team. Since 2019, Eiffel has implemented an RNG-focused strategy in agriculture, industry and waste recovery, particularly through the Eiffel GazVert fund. By financing these four fully secured projects, Eiffel is proud to expand its operations in the United States and contribute towards reducing global methane emissions - a target reiterated at the COP28 summit."
Waga Energy secures $60m for its “first” US financing deal
