In this episode, we sit down with Mathieu Lefebvre, the co-founder and CEO of Waga Energy, a French clean energy company that listed on Euronext Paris in October 2021 in a €126 million IPO. Only six years after founding the company, Mathieu and his co-founders chose the public markets to fund Waga's international expansion. Mathieu and his team led the company through volatile markets, higher inflation, a difficult €55 million follow-on capital raise in 2024, and ultimately to a take-private by EQT, announced in June 2025.
Waga Energy has developed a unique technology, the Wagabox, that converts landfill gas into renewable natural gas, turning a major source of greenhouse gas emissions into a usable energy source that is injected directly into the local gas grid. The business is capital intensive but with high visibility: Waga invests in, owns and operates its units under 15 to 20 year contracts with landfill operators and gas utilities. From a French startup, the company has grown into a global player with 55 projects today across seven countries in Europe, North America and Latin America.
With Mathieu, we discuss why a young company chose to list so early, the realities of being a small cap in a turbulent equity market — including a forced exit from the MSCI small and mid cap index that triggered a sharp share price correction just before the 2024 capital raise, and ultimately the strategic decision to return to private ownership with EQT.
Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.
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