LipiAndes

What LipiAndes does

LipiAndes (formerly Empresas Lipigas) is a publicly traded Andean energy company headquartered in Chile, listed on the Santiago Stock Exchange under the ticker LIPIGAS. Founded in 1955, it distributes liquefied petroleum gas (LPG), natural gas, and liquefied natural gas (LNG) across Chile, Colombia, Peru, and Ecuador, serving more than 893,000 tons of annualized gas volume in 2024. The company has begun a strategic repositioning toward renewable gases — BioGNL (renewable LNG), BioGLP, and rDME — anchored in a cross-border Green Corridor project linking Chile and Peru, and has additionally extended into electricity retail through its EVOL subsidiary.

The company's core products are physical: LPG distributed in cylinders and bulk to households and industry, LNG delivered via maritime terminal at Quintero and a network of refueling stations, and an emerging line of renewable and low-carbon gases targeted at industrial customers seeking decarbonization. Underlying technology and platforms consist of import and regasification terminals, maritime and overland logistics, a base of more than 800 distributors and the LipiVecino retail channel, and over 130 municipal partnerships in Chile. The named industrial customer base includes AB InBev, Nestlé, Quiborax, Algorta, Solvay, Maxagro, and Grupo San Gabriel.

LipiAndes makes money primarily through volume-based sales of gas across residential, commercial, and industrial segments, complemented by regulated distribution margins, ancillary services (cylinder sales, equipment, maintenance), and electricity revenue via EVOL. Growth is being driven geographically (the June 2025 entry into Ecuador via the Duragas acquisition), by inorganic moves (Rocktruck 2023, Ecom Energía 2022, Four Trees 2021), and by product-line expansion into renewable gases and electricity. Roughly 78% of EBITDA is generated in Chile, 12% in Colombia, and 10% in Peru, with Ecuador currently contributing only marginally pending integration.

Name

LipiAndes

Legal name

Empresas Lipigas S.A.

Website

https://lipiandes.com

Company type

Public

Founded year

1955

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

LipiAndes is a publicly listed Chilean energy company (Santiago Stock Exchange: LIPIGAS) that distributes LPG, natural gas, and LNG across Chile, Colombia, Peru, and Ecuador, and is expanding into renewable gases (BioGNL, rDME) and electricity retail via its EVOL subsidiary.

Ownership category

akta.pro rank

Product category

Liquefied Petroleum Gas Distribution

NAICS

Natural Gas Distribution (22121)

SIC

Natural Gas Distribution (4924)

akta.pro primary industry

Gas Distribution Operations (Day-to-Day Field & System Operations) (EUAJAAAB)

akta.pro secondary industries

Commercial & Fleet Fueling (Cardlock, On-Site Tanks, Bulk Delivery) (EUALAIAD), NGLs & LPG Trading & Marketing (EUAGAAAE), CNG/LNG Refueling for Industrial Fleets (Private Stations, Yard Fueling) (EUALALAK), NGL/LPG Pipeline Pump/Compressor & Metering Stations Operations (TLAGAEAL)

Keywords

• Liquefied petroleum gas
• Natural gas distribution
• Liquefied natural gas
• Renewable biogas fuel
• Gas distribution services

Headquarters

HQ city

Las Condes

HQ country

Chile

HQ region

Latin America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. LPG Sales (GLP): Liquefied petroleum gas sales in cylinders and bulk to residential, commercial, and industrial customers across Chile, Colombia, Peru, and Ecuador. Major revenue contributor with 746,860 tons sold in 2024.
2. Natural Gas Distribution: Natural gas distribution via pipeline networks to residential customers in Chile (Calama, Osorno, Puerto Montt) and via CNG/LNG to industrial clients nationwide.
3. LNG Station Operations: LNG fueling stations for heavy-duty cargo trucks as part of the Green Corridor initiative, serving both own fleet and third-party transportation companies.
4. Electricity Commercialization (EVOL): Solar generation assets (3.6 MW across 19 plants), electricity trading to free clients, and energy efficiency services. Operates since 2017 with PMGD plant in Valparaíso.
5. Renewable Gas (BioGNL/BioGLP): Emerging revenue stream from renewable LNG and LPG products derived from organic waste processing, planned for commercial launch in 2025.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

LipiAndes is a Latin American energy group that distributes liquefied petroleum gas (LPG), natural gas, liquefied natural gas (LNG), and renewable gas products to residential, commercial, industrial, and transportation customers across Chile, Colombia, Peru, and Ecuador. The company operates its own maritime LPG import terminal in Quintero, pipeline networks, and the Green Corridor LNG station network for heavy cargo trucks. It also sells electricity through its EVOL subsidiary (19 solar plants totaling 3.6 MW) and Ecom Energía energy management services.

Product overview

LipiAndes is a Latin American energy group operating in Chile, Colombia, Peru, and Ecuador, offering a comprehensive portfolio of energy solutions. The company operates primarily through its core brands: Lipigas (LPG distribution in Chile), EVOL (electrical business including renewable generation and energy services), Limagas/Limagas Natural (Peru gas operations), Gas País (Colombia operations), and EVA (Peru electrical solutions). Product portfolio includes traditional LPG, natural gas, LNG, and renewable variants (BioGNL, Bio GLP, rDME). The group provides B2B and B2C services including cylinder distribution, bulk gas supply, LNG refueling stations for heavy transport, solar distributed generation, and digital services like LipiVecino direct sales. Strategic initiatives include the Green Corridor connecting Chile-Peru with LNG stations for cargo trucks and renewable energy transition through biogas production.

Differentiator

Problem solved

Functional benefit

Products and services

• Lipigas (LPG Distribution Chile) Main brand for LPG (liquefied petroleum gas) distribution serving residential, industrial, commercial, and vehicular sectors across Chile with 36.8% market share.
• Limagas (Peru LPG Distribution) Peruvian subsidiary focused on LPG distribution and gas natural vehicular operations in Peru.
• Limagas Natural (Peru Natural Gas) Peruvian subsidiary specializing in natural gas distribution including CNG and LNG, leading the green corridor LNG station project connecting Chile and Peru.
• Gas País (Colombia LPG Distribution) Colombian subsidiary focused on LPG distribution and gas solutions operations in Colombia.
• EVOL (Electricity Business) Electricity business subsidiary handling energy commercialization, renewable generation (19 solar plants, 3.6 MW), efficiency services, and electrical project consulting.
• EVA (Peru Electrical Energy Solutions) Peruvian electrical energy solutions brand offering distributed generation and renewable energy services.
• LNG (Liquefied Natural Gas) Supply Liquefied natural gas distributed via trucks to industrial customers and LNG service stations for heavy cargo trucks, enabling cleaner transportation fuel.
• Natural Gas Pipeline Distribution Natural gas distributed through pipeline networks in Calama, Osorno, Puerto Montt and as CNG (compressed natural gas) for industrial and vehicular customers.
• Green Corridor (Corredor Verde) LNG Truck Stations International LNG station network for heavy cargo trucks connecting Lima to Puerto Montt, spanning Chile and Peru with strategic station locations along Route 5 South.
• LipiVecino Direct Cylinder Service Direct cylinder sale service without delivery, passing 100% of distribution savings to customers. Expanded to nearly 100 points of sale covering 61+ communes.
• BioGNL (Renewable LNG) Renewable and carbon-neutral LNG produced from biogas treatment of organic waste (via Maxagro biodigesters), reducing CO2 emissions by over 19,000 tonnes annually compared to diesel trucks.
• rDME+GLP Low-Carbon Gas Renewable gas (rDME) mixed with traditional LPG to create a low-carbon fuel reducing emissions by over 80%, compatible with existing LPG infrastructure.
• Lipigas Plus Cylinder Innovative translucent LPG cylinder made of HDPE and fiberglass, 55% lighter than steel cylinders, allowing users to see remaining content. 11kg format.
• Ecom Energía (Energy Management Services) Chilean energy management company providing energy advisory, contract management, electricity trading, and project consulting services managing approximately 900 GWh/year.
• Solar Distributed Generation Solar photovoltaic generation service for industrial and commercial clients, with 19 plants totaling 3.6 MW capacity across Chile from Coquimbo to Ñuble regions.

Quantifiable outcome

• 23.9% EBITDA increase in 2024 to $155.3 billion CLP
• +7 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

14 partnerships are on record, tiered core, minor and flagship.

• HAM Criogénica (Spain)coreTechnology or Integration · 17 June 2024Spanish technology partner providing LNG station design and construction expertise for the Green Corridor initiative. HAM has 40+ years of experience in gas sector and supplied technology for first LNG stations in Chile (Linares) and Peru (Mala).
• Rocktruck (Chile)minorStrategic or Co-development Partner · 10 October 2023Acquisition of 70% stake in logistics startup to enhance LNG delivery capabilities for heavy cargo transportation.
• Omega Green (Paraguay)minorStrategic or Co-development Partner · 20 April 2023Partnership for renewable LPG (BioGLP) supply to Chile, supporting Lipigas goal to offer renewable gas in cylinders by 2028.
• Transportes San GabrielcoreChannel Partner/ Reseller/ Distributor · 23 November 2022Host company for first Chilean LNG station at Linares facility, operating 35-route trucks supplying AB InBev and Nestlé. Pioneer fleet for green corridor.
• TransviñaminorChannel Partner/ Reseller/ Distributor · 23 November 2022Wine industry logistics company operating 17 LNG trucks using Tabolango open-access station for regional distribution.
• Ecom Energía Chile SpA and Ecom Generación SpAcoreStrategic or Co-development Partner · 19 October 2022100% acquisition through EVOL SpA subsidiary for USD 4.2 million plus variables. Ecom manages ~900 GWh/year electricity portfolio and advises 300+ free market clients, adding commercialization and advisory capabilities to EVOL.
• Maxagro (Chile)coreStrategic or Co-development Partner · 22 June 2022Chilean pork producer providing organic waste from biodigesters for BioGNL production. Maxagro has processed organic residues since 2007, converting waste to biogas that Lipigas transforms into renewable LNG for green corridor trucks.
• Quiborax (Chile)coreStrategic or Co-development Partner · 24 May 2022Non-metallic mining company replacing diesel and fuel oil with LNG for drying and steam generation at Arica and Antofagasta plants. Agreement makes Lipigas largest LNG distribution coverage in Chile.
• Algorta (Chile)coreStrategic or Co-development Partner · 24 May 2022Leading iodine producer switching to LNG for operations in Iquique and Antofagasta, reducing particulate emissions by 90%+ and environmental footprint.
• Lima GascoreStrategic or Co-development Partner · 1 February 2022Lima Gas took contractual position for Neogas Peru acquisition, transferring 100% of Neogas Peru S.A. shares within 60 days from February 2016 agreement date.
• Suburban Propane Partners (USA)flagshipStrategic or Co-development Partner · 6 December 2021Third largest US propane retailer collaborating with Lipigas and Oberon Fuels to test rDME+GLP mixtures for residential and commercial use in Latin America. Suburban is first global LPG company to invest in rDME production.
• Oberon Fuels (USA)coreTechnology or Integration · 6 December 2021Only commercial producer of renewable dimethyl ether (rDME) worldwide, supplying product from Brawley, California facility for mixing trials with LPG in Chile. IHS Markit estimates rDME has carbon intensity of -278 when produced from dairy biogas.
• Four Trees Energía Distribuida SpAcoreStrategic or Co-development Partner · 1 September 202180% acquisition for USD 3.3 million. Company operates 19 solar photovoltaic plants (3.6 MW total capacity) serving industrial and commercial self-generation clients across Coquimbo to Ñuble regions.
• Solvay Peróxidos de los Andes (Chile)coreStrategic or Co-development Partner · 26 August 2021Agreement for Lipigas to supply LNG as raw material for hydrogen and hydrogen peroxide production at Solvay plant in Coronel, Biobío Region. First non-fuel industrial use of LNG in Chile and entire Pacific Coast.

Scale indicators9 records

Recent moves14 records

Expansion highlights5 records

Direct peers

• Metrogas: Metrogas is the largest natural gas distribution utility in Chile, operating pipeline networks serving residential, commercial, and industrial customers. Comparable to LipiAndes' piped natural gas business in Calama, Osorno, and Puerto Montt.
• Suburban Propane Partners: Suburban Propane is the third-largest US propane retailer and an active strategic partner of LipiAndes (rDME/GLP trials). Comparable LPG distribution model, retail/cylinder business, and renewable-gas innovation roadmap make it a relevant peer.
• Promigas: Promigas is one of Colombia's largest gas distributors, transporting and distributing natural gas and LPG. Comparable to LipiAndes' Colombian LPG operations (Gas País, Chilco, Lidergas) and a regional benchmark for LatAm gas distribution economics.
• Gasco: Gasco is a leading Chilean LPG and natural gas distributor, historically LipiAndes' closest domestic competitor in LPG cylinders and bulk. Directly comparable in product mix, customer base, and country focus.

Broad incumbents

• Naturgy (Gas Natural Fenosa): Naturgy is a major multinational gas distribution and electricity utility with deep LatAm presence (notably gas distribution in Chile, Colombia, Brazil). Overlaps with LipiAndes' piped gas and emerging LNG business but operates at much greater scale and scope.
• Repsol: Repsol is an integrated oil and gas major with downstream fuels marketing and LPG/butane distribution across Latin America (Peru, Ecuador). Comparable in LPG trading and marketing, fuels retail, and emerging LNG mobility, though far larger and integrated upstream.
• Engie (and Engie Energía Chile): Engie is a global energy utility with significant gas distribution and power generation in Chile and Peru. Comparable to LipiAndes in industrial gas supply, LNG procurement, and energy transition positioning, but at much broader scale.
• Empresas Públicas de Medellín (EPM): EPM is a Colombian multi-utility providing gas, electricity, water, and telecommunications. Comparable to LipiAndes in LatAm gas distribution scale, integrated energy platform, and public-utility-style operations across the Andean region.
• Enel (Enel Américas): Enel Américas is a leading electricity and gas distribution group across Chile, Colombia, Peru, and other LatAm markets. Comparable to LipiAndes in multi-country energy retail, gas distribution, and the EVOL-type electricity platform.

Regional players

• Compañía de Gas de Lima (Cálidda): Cálidda is the dominant natural gas distribution utility in Lima, Peru. Comparable to LipiAndes' Limagas Natural piped-gas and CNG business in Peru, and a relevant peer for LatAm gas-distribution economics and concession economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/lipiandes
• YouTubeyoutube.com/@lipiandes
• Facebookfacebook.com/LipiAndes
• LinkedInlinkedin.com/company/lipiandes
• Instagraminstagram.com/lipiandes

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LipiAndes