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24 min ago 2 min read
Industrial gas major Air Liquide has sold its biogas production businesses across the US and Europe as it reported a slight dip in quarterly revenue, despite a record project backlog.
The company finalised the sale of assets in the US, France, Norway and Sweden to Mobius Renewables (Mobius) – a US-based company involved in developing projects that capture methane emissions and convert them into low-carbon energy.
Last week, Air Liquide first-quarter revenue of €6.79bn ($8bn), down 3.5% year-on-year, while its of signed projects rose to a record €5.5bn ($6.4bn)
The transaction with Mobius includes six operating landfill gas-to-renewable natural gas sites in the US, five farm-based anaerobic digestion sites in France, and a 51% interest in Redo Biosolutions, with production and distribution assets across Norway and Sweden.
Mobius said the acquisition would support its ambition to become a leading global producer of renewable natural gas (RNG).
“With this transaction, our teams can now focus on improving operations and investing in new projects as we set the foundation for future global growth,” said Cynthia Walker, President and CEO of Mobius.
The company currently produces and distributes more than 5.5 million MMBtu of RNG annually from landfill gas and anaerobic digestion.
The final sale value was not disclosed, although Reuters previously reported that Air Liquide’s biomethane portfolio could fetch around €500m ($585m), depending on the assets included.
Prior to the sale, Air Liquide operated 29 biomethane production units across Europe, China and the US.
Investment in biomethane across Europe has accelerated in recent years, supported by policy measures such as REPowerEU. Around €12.4bn ($14.5bn) in new investment is projected between 2026 and 2030, following more than €4bn ($4.7bn) committed between 2023 and 2025.
However, the sector’s outlook has softened. The International Energy Agency reduced its 2040 forecast for total biogas demand by 15% in May 2025. Despite this, biomethane demand is still expected to increase fivefold by 2035.
Air Liquide CEO François Jackow said the company’s growing backlog reflects “tangible, high-quality projects currently under construction” that are expected to support future growth.
