Opal Fuels Inc
opalfuels.comOpal 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.
Products & 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.
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.
Customers & 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.
Geographic Exposure
United States. Specific states or regional concentration not detailed in the filing excerpts provided.
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