• A renewable natural gas version of a traditional fuel company like Shell or BP, focused on heavy-duty transportation.
• Essentially, the 'Tesla' for renewable natural gas fuel for trucks and buses.

• Renewable Natural Gas (RNG) Production & Supply: OPAL Fuels produces and supplies renewable natural gas derived from organic waste for use primarily as a transportation fuel.
• RNG Fueling Station Development & Operations: The company designs, builds, operates, and maintains a network of compressed natural gas (CNG) and liquefied natural gas (LNG) fueling stations for heavy-duty vehicles.
• RNG Project Engineering & Construction: OPAL Fuels provides engineering, procurement, and construction (EPC) services for renewable natural gas production facilities.

OPAL Fuels (symbol: OPAL) sells primarily to other companies (B2B) rather than individuals. Its business model focuses on developing, marketing, and operating renewable natural gas (RNG) production facilities and providing RNG fueling infrastructure and services.

According to OPAL Fuels' 2023 Annual Report (10-K), the company has significant customer concentration. For the year ended December 31, 2023, its three largest customers accounted for approximately 76% of its consolidated revenues. Specifically, one customer represented 42% of total revenues, another customer accounted for 20%, and a third customer accounted for 14%.

However, OPAL Fuels does not publicly disclose the specific names of these major customers in its financial filings. Therefore, their stock symbols cannot be provided.

General categories of companies that OPAL Fuels serves include:

• Commercial and Logistics Fleets: Companies operating large truck fleets for long-haul transportation, parcel delivery, and other commercial purposes, seeking to reduce their carbon footprint by converting to RNG.
• Municipal and Public Transit Agencies: City and county governments, public transportation authorities, and waste collection services that utilize RNG to fuel their bus and waste truck fleets, aiming for cleaner operations.
• Waste Management Companies and Utilities: Entities involved in the production of biogas from landfills and wastewater treatment plants (often as a source for RNG), or utilities that purchase RNG for injection into natural gas pipelines or for direct energy generation.

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Adam Comora Co-Chief Executive Officer

Adam Comora has co-led OPAL Fuels since its formation in December 2020. From February 2011 until January 2022, Mr. Comora was with Fortistar, a privately-owned investment firm focused on sustainability challenges. During his time at Fortistar, he served as President and Chief Executive Officer of TruStar Energy, which is now the fuel station services segment of OPAL Fuels. TruStar Energy was acquired by Fortistar Methane Group LLC in April 2021. Prior to joining Fortistar, Mr. Comora was a partner at EnTrust Capital, an asset management firm, and an Analyst and Associate at JP Morgan Investment Bank from 1994 to 1998. He is also the Founder and President of FORTISTAR since 1993, and Chairman of FORTISTAR's management and investment committees, indicating a pattern of managing companies backed by private equity firms.

Jonathan Maurer Co-Chief Executive Officer

Jonathan Maurer has served as Co-Chief Executive Officer of OPAL Fuels since its formation in December 2020. He previously worked for over thirty years at Fortistar, a privately-owned investment firm that focuses on building, growing, and managing companies addressing sustainability. At Fortistar, Mr. Maurer was a Managing Director and Co-Head of its Investment Team, overseeing all management and investment activities related to renewable natural gas, landfill gas to power, and biomass energy investments. He also served on Fortistar's management and investment committees. Before joining Fortistar, Mr. Maurer was a commercial banker with JP Morgan Chase & Co. His extensive career at Fortistar demonstrates a pattern of managing companies backed by private equity firms.

Kazi Hasan Chief Financial Officer

Kazi Hasan joined OPAL Fuels as Chief Financial Officer in February 2025. He brings over 25 years of extensive financial, operational, and strategic leadership experience within the energy sector. Before his role at OPAL Fuels, Mr. Hasan served as Senior Advisor at Fluence Energy and as EVP and Chief Financial Officer at Puget Sound Energy and Cleco Corporate Holdings. He spent more than two decades at the publicly traded AES, holding senior global and regional executive positions, including Global Chief Risk Officer. Mr. Hasan has also served on the boards of various public and private companies.

Dave Unger Executive Vice President

Dave Unger has been an Executive Vice President of OPAL Fuels since December 2020. He was a Senior Vice President at Fortistar from February 2018 until January 2022. Prior to Fortistar, Mr. Unger spent 23 years at Waste Management, Inc., where he was instrumental in developing their renewable natural gas (RNG) and compressed natural gas (CNG) monetization lines of business. He has developed over 70 renewable energy facilities, including RNG, landfill gas to electricity, and solar projects.

Darrell Birck Executive Vice President of Biogas

Darrell Birck has served as the Executive Vice President of Biogas for OPAL Fuels since 2024. He brings over 25 years of leadership experience in energy industry engineering, construction, and business optimization. Before joining OPAL Fuels, Mr. Birck worked for 19 years at Cytec Solvay Group, a specialty chemicals and materials technology company, where he held various positions, including multi-plant manager.

The key risks to OPAL Fuels' business are primarily centered around regulatory dependence and market volatility for environmental attributes, operational challenges in their renewable natural gas (RNG) projects, and financial health concerns related to cash flow, debt, and returns on capital.

1. Dependence on Regulatory Support and Volatility of Environmental Attribute Markets: OPAL Fuels derives a significant portion of its revenue, ranging from approximately 50% to 58.43%, from the sale of environmental attributes such as Renewable Identification Numbers (RINs), Low Carbon Fuel Standard (LCFS) credits, and Renewable Energy Credits (RECs). This makes the company's revenues "extremely volatile" and highly dependent on prevailing industry regulations in the United States. Changes in these regulations, or a reduction in the market price of these environmental credits, can have substantial negative impacts on the company's revenue and margins. For example, the loss of ISCC carbon credits negatively impacted the company's Adjusted EBITDA. The potential for regulatory shifts, particularly under different political administrations, also poses a significant risk.
2. Operational Risks and Performance of RNG Projects: The company faces inherent operational challenges and risks related to the performance of its newly constructed or under-construction biogas conversion projects and fueling stations. These facilities may not perform as expected due to a lack of operating history, potential delays or problems in construction, equipment degradation, system failures, and outages. A critical risk in this area is the "unreliable biogas quality and quantity," as OPAL Fuels often lacks warranties from project site owners regarding the consistency of the gas supply. This exposes the company to operational disruptions stemming from site owners' inability to meet commitments, transportation issues, and difficulties in gas collection. Any failure of these facilities to meet performance expectations could materially harm the company's business and financial results.
3. Financial Health, Capital Management, and Customer Concentration: OPAL Fuels has been characterized by "low operating cash flow generation compared to competitors" and a "higher debt and high risk of capital dilution." The company's returns on capital employed (ROCE) have been consistently low (around 0.6% over the last five years), indicating that capital investments are not generating high returns. There is also a risk of capital dilution, which could occur if the company fails to redeem preferred shares held by NextEra. Furthermore, the company exhibits significant customer concentration, with its top two customers accounting for 54% of total revenue in the first nine months of FY24 and 57% in Q3 FY24, making it vulnerable to changes in these key customer relationships.

The clearest emerging threat for OPAL Fuels is the rapid advancement and increasing adoption of zero-emission heavy-duty trucks, specifically battery-electric vehicles (BEVs) and hydrogen fuel cell electric vehicles (FCEVs). Major truck manufacturers (such as Tesla, Volvo, Daimler Truck, PACCAR, Hyundai, and Nikola) are investing significantly in the development, production, and deployment of these vehicles, which fundamentally shift away from internal combustion engines that OPAL's renewable natural gas (RNG) fuels. As fleets increasingly pilot and transition to electric and hydrogen powertrains, the long-term demand for RNG as a transportation fuel for heavy-duty applications could be significantly reduced, directly impacting OPAL's core business model of producing and distributing RNG.

OPAL Fuels Inc. (OPAL) operates primarily in the renewable natural gas (RNG) sector, focusing on the production and distribution of RNG, along with the development and operation of fueling infrastructure for RNG-powered vehicles.

The addressable market for OPAL Fuels' main products and services can be identified as the North American Renewable Natural Gas market. This market encompasses the production, distribution, and utilization of RNG, which aligns with OPAL Fuels' vertically integrated business model that combines RNG production with fueling infrastructure development.

The North American renewable natural gas market was valued at approximately USD 6.01 billion in 2025. This market is projected to grow significantly, reaching an estimated USD 12.18 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 8.16% from 2025 to 2034.

OPAL Fuels (OPAL) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and favorable market dynamics:

1. Expansion of Renewable Natural Gas (RNG) Production Capacity: OPAL Fuels is actively increasing its RNG production through the development and commissioning of new projects. Recent examples include the Atlantic RNG Project and the commencement of construction on the CMS RNG Project in North Carolina, which is expected to add 1.0 million MMBtu annually to OPAL Fuels' design capacity. Other projects like Sapphire RNG and Polk County RNG have also commenced commercial operations, significantly boosting the company's operational capacity. This expansion directly translates to a larger volume of RNG available for sale.
2. Growth in Fuel Station Services: The company's vertically integrated model includes its Fuel Station Services segment, which focuses on the marketing and distribution of RNG as a transportation fuel. This segment continues to perform well, with an increase in transportation fuel dispensed and growth in RNG dispensed as transportation fuel. OPAL Fuels has a network of operating and under-construction fueling stations, indicating continued investment in this area to meet demand from major fleets.
3. Monetization of Environmental Tax Credits: OPAL Fuels has been successfully monetizing Investment Tax Credits (ITCs) under the Inflation Reduction Act (IRA), having completed multiple sales that generated over $40 million in gross proceeds in the past year. Additionally, the company anticipates recognizing 45Z production tax credits starting in the fourth quarter of 2025, with a full year of contribution expected in 2026. These tax credits provide a significant boost to the company's financial performance and economic outlook.
4. Favorable Policy Environment and Expanding Renewable Natural Gas (RNG) Market: The renewable natural gas sector benefits from a positive policy environment, including bipartisan support for RNG. The broader RNG market is projected to experience substantial growth, driven by increasing corporate sustainability initiatives and supportive regulatory frameworks. This expanding market provides a robust tailwind for OPAL Fuels' continued growth and market penetration.
5. Strategic Focus on Heavy-Duty Transportation Sector Decarbonization: OPAL Fuels is strategically targeting the heavy-duty transportation sector, which has historically been challenging to decarbonize. The company positions RNG and compressed natural gas (CNG) as attractive alternatives to diesel for Class 8 trucking, aiming to accelerate their adoption. This focus on a significant and underserved market segment represents a considerable opportunity for revenue growth.

Share Repurchases

• In the first quarter of 2023, OPAL Fuels repurchased 1,635,783 shares of its Class A common stock for approximately $16.4 million.

Share Issuance

• OPAL Fuels became a publicly listed company in July 2022 through a business combination with ArcLight Clean Transition Corp. II, which was expected to provide approximately $536 million in gross proceeds.
• As part of the business combination in December 2021, a $125 million PIPE (Private Investment in Public Equity) was fully committed at $10.00 per share.
• For the nine months ended September 30, 2025, the company received $58 million in proceeds from the issuance of Class A common stock under its At-The-Market (ATM) program, compared to $170 million for the same period in 2024.

Inbound Investments

• The business combination with ArcLight Clean Transition Corp. II, which closed in July 2022, valued OPAL Fuels at an implied pro forma enterprise value of $1.75 billion.
• Affiliates of NextEra Energy committed to an investment of up to $100 million in preferred equity as part of the business combination.
• For the full year 2025, OPAL Fuels expects to achieve approximately $50 million in gross proceeds from the monetization of Investment Tax Credits (ITCs) from its RNG projects, with $43 million in gross proceeds realized year-to-date as of September 30, 2025. The company completed sales of $8.9 million in Q1 2025, $16.7 million in Q2 2025, and $17.3 million in Q3 2025 related to the Polk RNG facility.

Capital Expenditures

• For the nine months ended September 30, 2025, OPAL Fuels invested $60.9 million in the construction of new RNG projects and company-owned fueling stations, with an additional $17.9 million representing its share of capital expenditures in unconsolidated entities. For the comparable period in 2024, capital expenditures in RNG projects and owned fueling stations were $72.8 million.
• In the third quarter of 2025, capital expenditures amounted to $16.4 million, primarily focused on new RNG facilities and new OPAL-owned fueling stations.
• OPAL Fuels aims to commence construction on approximately 2.0 million annual MMBtu of new RNG design capacity in 2025, with a focus on expanding its RNG project portfolio and fueling station network. As of Q3 2025, the company has 47 operating fueling stations and 41 under construction, 16 of which are company-owned.