OPAL Fuels Inc.

OPAL Fuels Inc. (NASDAQ:OPAL) is a renewable energy company founded in 1998 and based in White Plains, New York. The company went public in May 2021 and has emerged as a vertically integrated player in the renewable natural gas (RNG) industry. OPAL operates across the entire value chain from biogas capture and RNG production to fuel distribution and station services, primarily serving heavy and medium-duty trucking fleets seeking to replace diesel fuel with cleaner alternatives.

Over the past few years, OPAL Fuels has executed an aggressive expansion strategy focused on scaling its RNG production capacity and fuel station network. The company has dramatically increased its operational footprint, growing from 2 operating RNG facilities in 2022 to 11 facilities by the end of 2024, with annual design capacity expanding to 8.8 million MMBtus. Key project completions include the Prince William, Emerald, Sapphire, and Polk County facilities, with the Atlantic project expected to commence operations in Q3 2025. The company has also been actively expanding its development pipeline, placing approximately 2 million MMBtus of new capacity into construction annually and securing new gas rights agreements, including projects in Illinois and Florida. OPAL has maintained its vertically integrated strategy while exploring adjacent opportunities, including hydrogen fueling station development services and potential expansion into agricultural waste, wastewater, and food waste feedstocks beyond its current landfill focus. On the fuel station services side, OPAL has grown from operating and servicing a smaller network to having 47 stations in construction as of late 2024, with 20 being OPAL-owned facilities. The company has been positioning itself to benefit from the adoption of new natural gas engine technologies, particularly Cummins' 15-liter natural gas engine for heavy-duty trucking applications. Additionally, OPAL has been exploring the potential for eRINs (electricity-based RINs) which could provide additional revenue streams from its renewable power generation assets, potentially worth $50-80 million in EBITDA if regulations are finalized favorably.