AleAnna is a small natural gas exploration and production company focused entirely on Italy, with two businesses: conventional natural gas and renewable natural gas (RNG). The conventional business is built around a 33.5% non-operating working interest in the Longanesi field in Italy's Po Valley, which AleAnna describes as one of Italy's largest modern natural gas discoveries. AleAnna achieved first production from Longanesi in March 2025 and sells its share of gas exclusively to Shell Energy Europe at prevailing Italian gas prices. AleAnna also holds two additional conventional discoveries — Gradizza and Trava — awaiting production approvals, plus a large undeveloped exploration acreage position. The RNG business, launched in 2023, involves acquiring existing anaerobic digester facilities that convert agricultural waste into biogas, then upgrading them to produce pipeline-quality biomethane for sale into the SNAM national pipeline. AleAnna currently owns three RNG plants, all fully permitted but pre-biomethane production; they currently generate modest electricity revenue. The RNG business model relies heavily on a 15-year Italian government floor price for biomethane of approximately $39 per mcf and capital subsidies covering up to 40% of eligible conversion costs. AleAnna's near-term growth plan involves expanding Longanesi production, obtaining approvals for Gradizza and Trava, and acquiring additional AD facilities ahead of the June 2027 expiration of legacy electricity incentives, which AleAnna expects will motivate AD owners to sell or convert.