AleAnna Inc (NASDAQ: ANNA) is an Italy-focused energy company that produces conventional natural gas and renewable natural gas (RNG) from onshore properties. It generates revenue by selling natural gas from exploration and production activities and electricity generated from RNG derived from animal and agricultural waste. The company operates two segments: Conventional, which produced $22.4M in revenue for the year ended December 31, 2025, and Renewable, which produced $2.7M in revenue for the same period, totaling $25.0M in combined revenue versus $1.4M in FY2024. All conventional natural gas assets are concentrated in the Po Valley in Northern Italy, anchored by the Longanesi, Gradizza, and Trava fields, while all current RNG assets are located in Tuscany in Central Italy. The company has invested approximately $250M over 15 years in property acquisition and development, holds roughly 25.8 Bcf net recoverable proved natural gas reserves (per DeGolyer and MacNaughton), and holds leases on approximately 2.7 million net acres as of the 10-K filed March 31, 2026.

Revenue model

Transactional sales of conventional natural gas under a gas sale agreement with Shell Energy Europe Limited and electricity sales from RNG production. Conventional segment contributed $22.4M and Renewable segment contributed $2.7M in revenue for FY2025.

Products and services

Conventional natural gas produced from onshore Po Valley fields (Longanesi, Gradizza, Trava); renewable natural gas and electricity generated from anaerobic digestion of animal and agricultural waste via AleAnna Renewable and RNG subsidiaries.

Customers and end markets

Shell Energy Europe Limited is the named gas offtake counterparty under a gas sale agreement entered October 29, 2024. End markets include Italian natural gas supply and Italian renewable energy markets.

Value-chain role

Upstream exploration and production operator for conventional natural gas; RNG producer converting agricultural and animal waste into biomethane and electricity. Operates under Italian Ministry of Environment and Energy Security (MASE) permitting and concession framework.

Geographic exposure

All conventional natural gas assets in the Po Valley, Northern Italy. All current RNG assets in Tuscany, Central Italy. Financials reported in USD with Euro-denominated operations, subject to EUR/USD exchange rate exposure.

Competitors

Energean PLC, Società Padana Energia, Po Valley Energy, Pengas Italiana Srl, Eni, Royal Dutch Shell, Total, SNAM

Source: SEC 10-K, filed 2026-03-31

Industry: Crude Petroleum & Natural Gas