Company Overview Summary

Business Focus

• Primary Operations: Exploration, development, and production of natural gas in Italy; developing renewable natural gas (RNG) projects.
• Natural Gas Assets: Located mainly in the Po Valley, Northern Italy.
• Renewable Natural Gas: Focused on acquiring, upgrading, and operating biogas digesters (anaerobic digesters) converting waste into biomethane, with activity in Italy’s bio-methane market.

Key Assets and Properties

• Conventional Natural Gas Discoveries:
  • Longanesi Field: 33.5% interest; first produced gas in March 2025; potential for at least 7 wells planned.
  • Gradizza & Trava: Permitted and awaiting approval; potential for future development.
• Number of Reserves: Approximately 17.6 million cubic feet (10^6 ft³) of net proved undeveloped natural gas reserves.
• Additional Prospects: 13 development prospects at various permitting stages on about 2.7 million net acres.

Recent Activities

• Production: Began at Longanesi in March 2025 after installing a temporary processing facility.
• Gas Sale Agreement: Signed with Shell Energy Europe Limited for Longanesi gas; future sales contingent on production start.
• Additional Projects:
  • Acquired and developing bio-methane facilities, including past acquisitions for ~€9 million.
  • Developing new greenfield RNG project at Campagnatico with start-up planned for 2025, supported by Italian government incentives.

Revenue and Financials

• Revenue: Has not yet generated revenue from core natural gas operations as of December 31, 2024.
  • 2024: Predominantly from electricity sales of RNG assets purchased in July 2024.
• Employees: 7 full-time and 6 part-time contractors.
• Corporate Headquarters: Dallas, Texas.
• Italian Management: Offices in Rome, Italy.
• Market Capitalization: Approximate market value as of Dec 31, 2024: $382,100.
• Shares Outstanding: 40.58 million Class A shares, 25.99 million Class C shares (as of March 31, 2025).

Strategic and Development Goals

• Leverage expertise in seismic imaging and hydrocarbon exploration to develop and expand reserves.
• Focus on environmentally sustainable RNG projects, supported by Italian government incentives, including a guaranteed floor price of €124/MWh (~$37.60/103 ft³).
• Expand RNG portfolio via acquisitions of existing digesters and greenfield development.
• Plan to develop multiple wells over several phases, with infrastructure investments for future production.

Business Model and Industry Position

• Natural Gas Market: Serving Italy, which imports 96% of its natural gas; leveraging Italy’s dense pipeline network.
• Renewable Natural Gas Market: Growing market in Italy and the EU, with targets to produce 30% of EU natural gas via biomethane by 2030.
• Competitive Position: Facing limited competitors in Italy’s natural gas exploration but more fragmented competition in RNG segment; primary competitors include Eni (divesting RNG assets), Shell, BP, and Total.

No Current Revenue from Core Operations (as of 2024 year-end)

• No wells are classified as producing; production at Longanesi began only in March 2025.
• Electricity revenue from RNG plants purchased or operated in Italy but not from natural gas sales at year-end.

Additional Notes

• Significant investments (~$227 million since 2008) in exploration and development.
• Focus on environmentally friendly RNG, leveraging Italian government incentives, including a 15-year floor price and construction subsidies.
• Operations are governed by Italian and EU environmental, safety, and energy regulations.
• The company is structured as a holding (Up-C), dependent on distributions from its parent entity, HoldCo.

Summary: AleAnna, Inc. is an energy development company focused on natural gas exploration, development, and renewable natural gas projects in Italy. It owns significant reserves and exploration prospects, recently began natural gas production at Longanesi, and intends to grow its renewable energy portfolio through acquisition and upgrades, supported by favorable government incentives. The company has yet to generate revenue from its core natural gas operations and operates with a small team headquartered in Dallas and Rome.