Opal Fuels Inc (NYSE: OPAL) is a renewable natural gas company that develops, owns, and operates biogas conversion projects at landfills and dairy farms, producing renewable natural gas (RNG) and renewable power. Revenue comes from selling RNG fuel, associated environmental attributes such as Renewable Identification Numbers and Low Carbon Fuel Standard credits, and from constructing and servicing RNG fueling stations. OPAL is vertically integrated across biogas capture, gas processing, fuel dispensing, and environmental attribute monetization. The company sources feedstock biogas through long-term gas rights agreements with landfill owners and dairy operators, relationships it describes as built over several decades. Its project portfolio includes facilities in commercial operation, under construction, and held as equity method investments, with design capacity utilization targeted in the 75 to 85 percent range on an aggregate basis over the near term, per the FY2025 10-K filed 2026-03-16. The company carries a stockholders' deficit as of December 31, 2025, indicating a debt-heavy capital structure.

Revenue model

Transactional revenue from RNG fuel sales, monetization of environmental attributes (RINs, LCFS credits), fueling station construction contracts, and station operation and maintenance services. Some projects are held as equity method investments, contributing income through ownership distributions.

Products and services

Renewable natural gas (RNG) produced from landfill gas and dairy manure biogas. Renewable power generated from biogas. RNG fueling stations (construction, operation, and maintenance). Environmental attribute marketing including RINs and LCFS credits. Biogas conversion project development and engineering.

Customers and end markets

Landfill owners and dairy farm operators as feedstock partners and host sites. Fleet owners and operators as end users of RNG fuel dispensed at OPAL-operated fueling stations. Low carbon intensity project developers seeking RNG marketing and dispensing partnerships. Environmental attribute buyers in regulated credit markets.

Value-chain role

Vertically integrated midstream and downstream operator: captures raw biogas at host sites, upgrades it to pipeline-quality RNG, dispenses fuel through owned and operated fueling stations, and markets associated environmental attributes. Also acts as project developer and construction contractor for fueling infrastructure.

Geographic exposure

United States. Specific states or regional concentration not detailed in the filing excerpts provided.

Source: SEC 10-K, filed 2026-03-16

Industry: Gas & Other Services Combined Peers: Archaea Energy Inc. Calumet Specialty Products Partners, L.P. Clean Energy Fuels Corp CVR Energy Inc Delek US Holdings Inc Par Pacific Holdings Inc Green Plains Inc World Kinect Corp Marathon Petroleum Corp Renewable Energy Group, Inc.