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• ChargePoint for heavy-duty natural gas and hydrogen trucks.
• Like a green fuel version of Chevron or Shell, dedicated to the heavy-duty truck market.

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• Renewable Natural Gas (RNG): Production and distribution of renewable natural gas primarily for the heavy-duty truck market.
• Natural Gas Fueling Station Services: Design, development, construction, operation, and servicing of fueling stations for trucking fleets that use natural gas.
• Hydrogen Fueling Station Services: Design, development, and construction services for hydrogen fueling stations.

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OPAL Fuels Inc. primarily sells its renewable natural gas (RNG) and fueling station development services to other companies (B2B) that operate heavy-duty truck fleets. Its customer base consists of large commercial and municipal entities looking to decarbonize their transportation operations.

Based on publicly available information and the company's focus on large fleet operators, its major customers include:

• Republic Services, Inc. (Symbol: RSG) - A leading provider of environmental services in the U.S., including solid waste collection, transfer, recycling, and disposal services. Republic Services operates large fleets of heavy-duty vehicles and is a significant partner for OPAL Fuels regarding RNG supply and fueling infrastructure development.
• Waste Management, Inc. (Symbol: WM) - The largest environmental services company in North America, providing comprehensive waste management services. Waste Management also operates extensive fleets and is a key customer for OPAL's RNG and fueling solutions.

In addition to these major players, OPAL Fuels serves other large-scale logistics and transportation companies, various private and public fleets (e.g., municipal sanitation, package delivery, regional hauling), and other commercial entities that are transitioning to renewable natural gas or hydrogen for their heavy-duty vehicle operations.

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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, he was with Fortistar, a privately-owned investment firm focused on sustainability challenges, where he notably served as President and Chief Executive Officer of TruStar Energy (now OPAL Fuels' fuel station services segment). Prior to Fortistar, Mr. Comora was a partner at EnTrust Capital, an asset management firm, and an Analyst and Associate at JP Morgan Investment Bank.

Jonathan Maurer, Co-Chief Executive Officer

Jonathan Maurer has co-led OPAL Fuels since its inception in December 2020. He previously spent over thirty years at Fortistar, a privately-owned investment firm that provides capital to build, grow, and manage companies addressing sustainability. At Fortistar, he was Managing Director and Co-Head of its Investment Team, overseeing management and investment activities for renewable natural gas, landfill gas to power, and biomass energy investments, and served on Fortistar's management and investment committees. Before Fortistar, Mr. Maurer was a commercial banker with JP Morgan Chase & Co.

Kazi Hasan, Chief Financial Officer

Kazi Hasan joined OPAL Fuels as Chief Financial Officer in February 2025, bringing over 25 years of extensive financial, operational, and strategic leadership experience in the energy sector. His prior roles include Senior Advisor at Fluence Energy and EVP and Chief Financial Officer at Puget Sound Energy and Cleco Energy Utilities. Mr. Hasan also spent more than two decades at publicly traded AES in various senior global and regional executive roles, including Global Chief Risk Officer. He has a proven track record in corporate development, financial operations, capital raising, growth planning, M&A, and investor relations, having raised over $30 billion in equity and debt. He has also served on the boards of various public and private companies.

David Unger, Executive Vice President

David Unger has been an Executive Vice President at OPAL Fuels since December 2020. He previously served as a Senior Vice President at Fortistar from February 2018 until January 2022. Prior to Fortistar, Mr. Unger worked for 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, and developed over 70 renewable energy facilities.

Darrell Birck, Executive Vice President of Biogas

Darrell Birck serves as the Executive Vice President of Biogas at OPAL Fuels. He strengthens the leadership team with his expertise in engineering, construction, and business optimization within the renewable energy industry.

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Here are the key risks to OPAL Fuels' business:

1. Exposure to Regulatory and Policy Changes: OPAL Fuels' profitability is heavily dependent on government incentives and environmental credit programs, such as D3 Renewable Identification Numbers (RINs) and Low Carbon Fuel Standard (LCFS) credits, which constitute a significant portion of the company's revenue. Any adverse changes in regulations, reductions in incentive values, or shifts in governmental policy (e.g., under a new administration) could materially impact the market price of these credits, directly affecting OPAL Fuels' revenue and margins.

2. Commodity Price Volatility: The company is susceptible to the volatility of commodity prices, including natural gas, diesel, and the aforementioned environmental credits. Fluctuations in these prices can impact the cost of operations, the competitiveness of renewable natural gas against conventional fuels, and the overall value of OPAL Fuels' products and environmental attributes, leading to potential instability in future earnings.

3. Capital Intensity, Project Execution, and Operational Dependencies: OPAL Fuels' growth strategy relies on significant capital investments for developing and expanding its RNG production facilities and fueling station network. The company has experienced historical operating losses, maintains a substantial level of debt, and has expressed a need for liquidity, raising risks of potential capital dilution. Furthermore, delays in project development, increased construction costs, operational hazards inherent in handling flammable materials at RNG facilities, and the company's reliance on agreements with third-party feedstock providers (like landfill and dairy farm owners) and utility companies pose significant operational and financial risks. Disruptions in any of these areas could hinder growth plans, affect cash flows, and impact overall profitability.

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The clear emerging threat for OPAL Fuels is the rapid advancement and increasing adoption of **battery-electric heavy-duty trucks**. As major manufacturers such as Tesla, Daimler Truck, and Volvo Trucks continue to develop, produce, and deploy electric semi-trucks, the market for internal combustion engine heavy-duty trucks, including those powered by renewable natural gas (RNG), faces a direct challenge. If battery technology improves in terms of range, charging speed, and cost-effectiveness, and as charging infrastructure expands, battery-electric trucks could significantly reduce the long-term demand for RNG and natural gas fueling stations, directly undermining OPAL Fuels' core business.

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OPAL Fuels Inc. operates in several addressable markets related to renewable natural gas (RNG) and alternative fueling infrastructure, primarily for the heavy-duty truck market in North America.

Renewable Natural Gas (RNG) Production and Distribution

The global renewable natural gas (RNG) market was estimated at approximately USD 15.17 billion in 2024 and is projected to grow to about USD 30.13 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 8.0% from 2025 to 2033. North America, a key region for OPAL Fuels, held the largest share of the global RNG market, approximately 45%, in 2024. Within this market, the transportation fuel segment, which includes heavy-duty trucking, constituted the largest application share, about 56%, in 2024. In the U.S., renewable natural gas (RNG) and compressed natural gas (CNG) currently serve only 2% of the heavy-duty trucking market, indicating a significant addressable growth opportunity. The North American RNG market capacity is projected to reach 604 million cubic feet per day (mmcfd) in 2025.

Natural Gas Fueling Stations

The global natural gas refueling stations market is projected to reach USD 4.1 billion by 2034, growing from USD 2.1 billion in 2024 at a CAGR of 6.8%. North America represents a significant market for natural gas fueling stations, with the U.S. expected to contribute substantially to the regional market's expansion due to continuous investments in infrastructure and technological advancements. As of 2023, the United States had over 700 public compressed natural gas (CNG) fueling stations and approximately 50 liquefied natural gas (LNG) fueling stations, mainly serving the long-haul trucking industry.

Hydrogen Fueling Stations

The global hydrogen fueling station market size was approximately USD 500.74 million in 2025 and is predicted to grow to about USD 2,271.60 million by 2035, with a CAGR of 16.32% from 2026 to 2035. The U.S. hydrogen fueling station market specifically generated USD 83.1 million in revenue in 2024 and is anticipated to reach USD 458.2 million by 2030, exhibiting a robust CAGR of 32.4% from 2025 to 2030. North America held a dominant share of the global market, accounting for 42.14% in 2025.

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OPAL Fuels Inc. (OPAL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Increased Renewable Natural Gas (RNG) Production: The company anticipates continued double-digit growth in RNG production, stemming from new facilities coming online and enhanced operational efficiencies at existing plants. For 2026, OPAL Fuels targets RNG production between 5.4 million and 5.8 million MMBtu.
2. Expansion of Fuel Station Services and New Fleet Adoption: OPAL Fuels is actively expanding its network of owned fueling stations, which reached 61 by the end of 2025. The company expects improving macro conditions to stimulate deferred truck purchases by fleets, leading to increased adoption of Compressed Natural Gas (CNG) and RNG in heavy-duty trucking, particularly in 2027 and beyond, with 2026 as a pivotal year.
3. Benefit from 45Z Tax Credits: The extension of the 45Z tax credit through 2029 provides crucial policy stability and financial support for RNG project economics. OPAL Fuels' 2026 guidance includes an estimated $15 million to $20 million from these credits, directly contributing to profitability and revenue.
4. Operational Improvements and Higher Plant Utilization: Ongoing enhancements in gas collection, plant efficiencies, and operational teams are projected to drive incremental production growth from existing RNG assets. The company aims to increase plant utilization towards a target of 85% to 86%.
5. Strategic Project Pipeline and Capital Investment: OPAL Fuels maintains a robust pipeline of new project opportunities, including biogas rights and renewable power conversion projects. The company's strengthened liquidity position, supported by new financing facilities, enables disciplined capital allocation for further expansion across its integrated RNG value chain.

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Capital Allocation Decisions for OPAL Fuels (OPAL)

Share Issuance

• In March 2026, OPAL Fuels LLC issued an initial $120 million of Series A Preferred Units, at $100 per unit, to an affiliate of Fortistar. The investor committed up to an additional $60 million within one year.
• The newly issued Series A Preferred Units carry a 12% annual dividend that compounds quarterly, and the Fortistar affiliate also received a warrant for up to 3,000,000 Class A common shares.
• Approximately $100 million of the proceeds from the initial $120 million issuance was used to fully redeem existing Series A preferred units previously held by a NextEra Energy affiliate.

Inbound Investments

• In March 2026, OPAL Fuels secured a new upsized $180 million Series A preferred stock facility with an affiliate of its majority shareholder, Fortistar.
• An initial amount of $120 million was issued from this facility at closing in March 2026.

Capital Expenditures

• OPAL Fuels invested $70.7 million in capital expenditures during fiscal year 2025, primarily for RNG projects under construction and OPAL-owned fueling stations.
• For the year ended December 31, 2025, the company's portion of capital expenditures in unconsolidated entities (equity method investments) was $19.5 million.
• As of December 31, 2024, the company anticipated spending approximately $194 million in capital expenditures for the subsequent 12 months, directed towards projects and fuel stations under construction and contributions to equity method investment projects.