OPAL Fuels Business Summary

OPAL Fuels Inc. (OPAL) operates as a vertically integrated renewable energy company specializing in the capture and conversion of biogas into renewable natural gas (RNG) and renewable electricity. The company generates revenue through three primary business segments: RNG Fuel, which involves the production and sale of RNG alongside the monetization of environmental credits (RINs and LCFS); Fuel Station Services, providing construction, maintenance, and dispensing services for heavy-duty trucking fleets; and Renewable Power, which generates electricity from landfill gas for sale to public utilities. OPAL’s competitive advantage lies in its full-value-chain integration, allowing it to control costs from biogas source to the vehicle tank. In the market, OPAL competes directly with firms such as Montauk Renewables, Clean Energy Fuels Corp., and Aemetis, positioning itself as a specialized leader in the decarbonization of the Class 8 heavy-duty trucking sector. The company is led by Co-CEOs Adam Comora and Jonathan Maurer, both of whom possess extensive backgrounds in energy investment and infrastructure from their tenures at Fortistar, the private equity firm that originally incubated OPAL’s predecessor companies. The executive team includes Chief Financial Officer Kazi Hasan, who joined in early 2025, and Executive Vice Presidents Darrell Birck and David Unger, who oversee biogas operations and project development. OPAL’s leadership is supported by a high-pedigree Board of Directors, chaired by Mark Comora and featuring notable industry veterans such as Lance Moll (former CEO of FedEx Freight) and Scott M. Sutton (former CEO of Olin Corporation). Significant institutional backing is provided by NextEra Energy, which serves as both a strategic partner and major shareholder, alongside prominent investors such as Invesco Ltd. and Ares Management.