WAGA ENERGY
Waga Energy PRESS RELEASE Meylan (France), December 21, 2021 Waga Energy awarded an EU grant of ?2.4 million Waga Energy received a ?2.4 million European grant as part of the Innovation Fund - Small Scale programme. This grant will be used to partly finance the first international WAGABOX(R) project, under construction in Spain. Waga Energy produces Renewable Natural Gas (also known as "biomethane"), a substitute for natural fossil-based gas, thanks to a breakthrough technology, called WAGABOX(R), which recovers methane emitted on landfills. In five years, Waga Energy has injected over 35 million cubic meters of RNG in the French grid thanks to ten units operating in France, thus avoiding the emission of 60,000 metric tons of CO2eq. Ten more units are under construction in France, Spain and Canada. The European grant will help Waga Energy industrialize the making of the WAGABOX(R) units and enhance their operation. It will also finance the development of an innovation to be incorporated to the cryogenic distillation module of the units, aiming to reduce production costs. A double impact to fight climate change "The European grant will help us improve the competitiveness of the RNG we produce and accelerate the expansion of our solution on a large scale, namely in countries that do not subsidize renewable energy projects. It will help us recover more methane from our waste and deliver more RNG to substitute for fossil-based energies. It will then have a double impact to cutting greenhouse gas emissions and fight climate change",explains Mathieu Lefebvre, Waga Energy CEO and co-founder. These upgrades will be implemented on a WAGABOX(R) unit currently under construction on the Can Mata landfill, near Barcelona, operated by the international environmental service provider PreZero, part of the Schwarz Group. This unit will produce 70 GWh/y of RNG (240,000 mmBtu), thus avoiding the emission of 17,000 tonnes of CO2eq each year. It is the first landfill gas injection project financed by a private contract with long-term purchase of energy in Europe (Biomethane Purchase Agreement) comparable to the PPA model (Power Purchase Agreement) used for renewable electricity projects. The Innovation Fund is one of the world's largest funding programs for the demonstration of innovative low-carbon technologies. It was designed by the European Commission with the aim of delivering the EU climate and reinforcing the European competitiveness on clean technologies. The budget comes from the EU Emissions Trade System.
NOTE TO EDITORS
About Waga Energy (www.waga-energy.com) Waga Energy (ISIN: FR0012532810, symbol: WAGA) produces competitively priced Renewable Natural Gas (also known as "biomethane") by upgrading landfill gas using a patented purification technology called WAGABOX(R). The RNG produced is injected directly into the gas distribution networks that supply individuals and businesses, providing a substitute for natural gas. Waga Energy finances, builds and operates its WAGABOX(R) units under long-term contracts with landfill operators for the supply of raw gas, and generates income by selling the RNG it generated. Waga Energy operates 10 WAGABOX(R) units in France, representing an installed capacity of 225 GWh/year. Ten units are under construction in France, Spain and Canada. Each project initiated by Waga Energy contributes to the fight against global warming and the helps the energy transition. Waga Energy has been listed since October 27, 2021 on Euronext Paris.
PRESS CONTACT Laurent Barbotin Regulatory filing PDF file File: Download the press release |
| Language: | English |
| Company: | Waga Energy |
| 2 chemin du Vieux Chêne | |
| 38240 Meylan | |
| 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 / Other releases |
| EQS News ID: | 1260825 |
| End of Announcement | EQS News Service |
1260825 21-Dec-2021 CET/CEST
