- The company has completed the acquisition of three biogas plants in Italy
- AleAnna, Inc. has begun generating revenue from plants in Tuscany and Piedmont
- The Italian Government has granted capital incentives for construction of AleAnna's Campagnatico plant project
DALLAS and ROME, Dec. 18, 2024 (GLOBE NEWSWIRE) -- AleAnna, Inc., ("AleAnna" or the "Company") (Nasdaq: ANNA), today announced the completion of a series of initiatives through which the Company has expanded or proven out aspects of its renewable natural gas business. These include the purchase of majority working interests in three Italian biogas plants, first corporate revenue generation from its plant operations, and demonstration of the Company's ability to secure Italian Government capital incentives for the construction of biogas plants and their conversion to biomethane plants.
The Campagnatico project, located in the Tuscany region, is a newbuild biomethane plant operated by AleAnna subsidiary, AleAnna Renewables (AleAnna working interest 100%). The plant is designed to produce 500 standard cubic meters (Scm) per hour from agricultural waste feedstock. Construction is underway and is anticipated to be completed in Q1 2026. Total acquisition and construction costs are estimated at $15,330,000, and the Italian Government has awarded construction capital incentives totaling $5,350,000, which will serve to significantly improve the profitability of the plant once operational.
The Campopiano plant, also located in Tuscany, is an existing biogas plant producing renewable electricity from agricultural wastes. AleAnna Renewables is the new operator (AleAnna working interest 90%). The plant will be retrofitted with a biomethane upgrader during 2025 after which it will be designed to produce 500 Scm per hour of biomethane. Total acquisition and construction costs are estimated at $14,500,000, and the Company anticipates that the retrofitted plant will qualify for Italian Government construction capital incentives totaling $3,050,000.
The Casalino plant, located in the Piedmont region, is also an existing biogas plant producing renewable electricity from agricultural wastes. AleAnna Renewables is the new operator (AleAnna working interest 100%). The plant will be retrofitted with a biomethane upgrader during 2025 after which it will be designed to produce 250 Scm per hour of biomethane. Total acquisition and construction costs are estimated at $10,800,000, and the Company anticipates that the retrofitted plant will qualify for Italian Government construction capital incentives totaling $2,830,000.
The Campopiano plant currently generates about $150,000 per month of sales revenue, and the Casalino plant currently generates about $120,000 per month of sales revenue, for combined initial corporate revenues for AleAnna of approximately $270,000 per month.
Management Commentary
Marco Brun, AleAnna's Chief Executive Officer, said, "We are thrilled with the early success of our RNG business, and with the quality of the three plant acquisitions. With a large backlog of future plant acquisition targets, and a proven and industry-leading management team, we hope to continue growing our RNG business and being a leader in the Italian green energy industry."
About AleAnna, Inc.
AleAnna is establishing itself as a leader in development of both onshore conventional natural gas and RNG production in Italy. With a large conventional gas portfolio and a rapidly growing backlog of RNG projects, AleAnna is investing in a secure and reliable domestic energy supply for Italy and beyond. AleAnna has regional headquarters in Dallas, TX, and Rome, Italy.
Forward-Looking Statements
The information included herein contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements, other than statements of present or historical fact included herein, regarding the Business Combination, the anticipated benefits of the Business Combination, AleAnna's future financial performance following the Business Combination, as well as AleAnna's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any statements made in connection herewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements. However, not all forward-looking statements contain such identifying words. These forward-looking statements are based on AleAnna management's current expectations and assumptions about future events. They are based on current information about the outcome and timing of future events. You should not place undue reliance upon any forward looking statements, which speak only as of the date made. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. AleAnna cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of AleAnna. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the ability to recognize the anticipated benefits of the Business Combination and any transactions contemplated thereby, which may be affected by, among other things, competition, the ability of AleAnna to grow and manage growth profitably and retain its management and key employees; AleAnna's need for additional capital to execute its business plan and support its anticipated growth; costs related to the Business Combination; the risks associated with the growth of AleAnna's business and the timing of expected business milestones; AleAnna's ability to identify, develop and operate new projects; the reduction or elimination of government economic incentives to the natural gas market; delays in acquisition, financing, construction and development of new projects; decline in public acceptance and support of renewable energy development and projects; the ability to obtain necessary regulatory and governmental permits and approvals; uncertainty regarding the EU's clean energy transition, including existing regulations and changes to regulations and policies that affect AleAnna's operations; the ability to maintain the listing of AleAnna's securities on a national securities exchange; and the effects of competition on AleAnna's future business. These forward-looking statements involve significant risks and uncertainties, and should one or more of the risks or uncertainties described herein and in any statements made in connection in addition to these occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. There may be additional risks that AleAnna does not know or that AleAnna currently believes are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Additional information concerning these and other factors that may impact AleAnna's expectations and projections can be found in filings it makes with the SEC, including the definitive proxy statement/prospectus filed by Swiftmerge and AleAnna Energy with the SEC on November 21, 2024, including those under "Risk Factors" therein, and other documents filed or to be filed with the SEC by AleAnna. SEC filings are available on the SEC's website at www.sec.gov.
Investor Relations Contact
For AleAnna, Inc.:
Caldwell Bailey
ICR, Inc.
AleAnnaIR@icrinc.com
