This chapter analyses the influence of foreign capital on the development of the gas industry in Spain through the case of the French company Lebon et Cie, which was active between 1841 and 1925. It examines how this company introduced and consolidated public and private gas lighting in various Spanish cities, especially during the second half of the nineteenth century. The study shows how Lebon et Cie established a dominant position thanks to municipal concessions and its investment capacity. This chapter also describes the progressive nationalisation of urban services in the twentieth century, which marked the decline of the concession model in the hands of foreign companies such as Lebon.