OPAL Fuels

What OPAL Fuels does

OPAL Fuels is a fully integrated, vertically integrated renewable natural gas (RNG) producer and distributor targeting the U.S. heavy-duty transportation sector. Formed in April 2021 through the merger of Fortistar Methane Group (upstream) and TruStar Energy (downstream) under Fortistar's ownership, the company became publicly traded on Nasdaq in July 2022 via a SPAC business combination with ArcLight Clean Transition Corp. II at a $1.75B enterprise value, and is now headquartered in White Plains, NY.

The company operates a national waste-to-energy platform that captures fugitive methane emissions from landfills and dairy farms, processes the biogas into pipeline-quality RNG using Air Liquide-sourced membrane technology and proprietary upgrading systems, and distributes the fuel through a network of more than 140 company-owned and operated RNG/CNG fueling stations across 42 states. Its project portfolio includes named facilities such as Sapphire (NC), Atlantic (NJ, JV with SJI), Pine Bend (MN), Noble Road (OH), Sunoma at Paloma Dairy (AZ), Bio Town (IN), and New River (FL), plus the GFL Environmental 50/50 joint venture pipeline covering sites in Pennsylvania, Michigan, North Carolina, Alabama, and Georgia.

OPAL generates revenue across four streams: (1) RNG production and sale under 10+ year supply contracts with fleet operators, supplemented by D3 RIN and LCFS environmental credit monetization; (2) build-own-operate fueling station services with construction, service, and dispensing fees; (3) IRA Investment Tax Credit sales (five completed to date) and a $100M Section 45Z Clean Fuel Production Credit master agreement; and (4) long-term offtake arrangements with NextEra Energy affiliates for the majority of its environmental attributes. The company sells directly to enterprise fleet customers (waste haulers, logistics providers, retail distribution), and secures 20+ year gas rights agreements with landfill owners (e.g., Republic Services, Rumpke, GFL) and dairy operators (e.g., Paloma Dairy) for feedstock access. Recent strategic emphasis includes the hire of a dedicated CRO for fuel station services and a MoU with Nikola Corporation to position RNG as feedstock for renewable hydrogen refueling infrastructure.

Name

OPAL Fuels

Legal name

OPAL Fuels LLC

Website

https://opalfuels.com

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

251–500 employees

Short description

OPAL Fuels is a vertically integrated U.S. renewable natural gas producer and distributor that captures methane from landfills and dairy farms, upgrades it to pipeline-quality RNG, and sells it under long-term contracts to heavy-duty trucking fleets through 140+ company-owned fueling stations.

Ownership category

akta.pro rank

Product category

Renewable Natural Gas Production and Distribution

NAICS

Natural Gas Distribution (2212), Natural Gas Distribution (22121)

SIC

Natural Gas Distribution (4924), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

RNG Injection, Interconnection & Pipeline Quality Compliance (EUAAAEAE)

akta.pro secondary industry

RNG Offtake, Marketing & Environmental Attributes (RINs/LCFS/Guarantees of Origin) (EUAAAEAG)

Keywords

• Renewable natural gas production
• RNG fuel distribution
• CNG fueling stations
• Landfill gas capture
• Heavy-duty fleet fueling

Headquarters

HQ city

White Plains

HQ country

United States

HQ region

North America

Offices11 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. RNG Production and Sales: OPAL produces RNG by capturing methane from landfills and dairy farms, converts it to pipeline-quality RNG, and sells the fuel to heavy-duty transportation fleet customers. Revenue is generated from RNG volume sold under long-term supply agreements (typically 10+ years). Additional revenue derives from associated environmental credits including D3 RINs (Renewable Identification Numbers) under the EPA Renewable Fuel Standard and LCFS (Low Carbon Fuel Standard) credits in applicable states.
2. Fueling Station Services: OPAL builds, owns, and operates custom-designed RNG/CNG fueling stations for fleet customers. Revenue includes construction and development fees, ongoing station service and maintenance contracts, and fuel dispensing fees. All carbon credits and incentives are passed through to customers via lower fuel costs.
3. IRA Tax Credit Monetization: Sale of Investment Tax Credits (ITCs) generated under the Inflation Reduction Act (IRA) for qualifying RNG production facilities. OPAL has completed five ITC sales including a $23M sale for the Atlantic RNG facility in New Jersey. Also includes Section 45Z Clean Fuel Production Tax Credits monetization agreements worth up to $100M.
4. Environmental Credit Monetization: Long-term agreements for sale of environmental attributes including RINs and LCFS credits associated with RNG production. NextEra Energy affiliate has entered into a purchase and sale agreement for the majority of OPAL's environmental attributes. D3 RIN price compression noted as a risk factor in 2025-2026.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

OPAL Fuels is a fully integrated, nationwide producer and distributor of renewable natural gas (RNG). It captures methane emissions from landfills and dairy farms, upgrades the gas to pipeline quality, and delivers it as vehicle fuel to heavy-duty Class 8 trucking fleets through 140+ owned-and-operated CNG/RNG fueling stations. The company also develops and operates on-site RNG production projects for feedstock hosts and manages all environmental credit monetization (RINs, LCFS, IRA ITCs, Section 45Z) on behalf of customers.

Product overview

OPAL Fuels is a fully integrated, nationwide leader in the production and distribution of renewable natural gas (RNG). The company operates a vertical waste-to-energy model combining upstream RNG production from landfills and dairy farms with downstream marketing and distribution of RNG/CNG for heavy-duty transportation fleets. The core offerings include RNG production facilities (Paloma Dairy Sunoma, Atlantic, Pine Bend, Noble Road, New River, Bio Town projects), fueling station development and operations (TruStar Energy brand), and comprehensive project development services for landfill and dairy farm partners. OPAL Fuels serves Class 8 trucking fleets with RNG fuel at costs up to 50% less than diesel, while converting harmful methane emissions into clean, renewable vehicle fuel.

Differentiator

Problem solved

Functional benefit

Brands

• TruStar Energy: RNG fueling station development, construction, and service subsidiary of OPAL Fuels
• Sapphire RNG Facility

Products and services

• Renewable Natural Gas (RNG) Production Capture of methane emissions from landfills and dairy farms and conversion into pipeline-quality renewable natural gas for use as vehicle fuel in heavy-duty trucking; produced by OPAL's vertically integrated platform across multiple production facilities.
• RNG/CNG Fueling Station Development and Operations In-house engineering, design, permitting, construction, and 24/7 monitoring of RNG/CNG fueling stations for fleet operators; supports fast-fill, time-fill, and compact station configurations behind customer depots or at shared locations.
• RNG Fuel Supply (Fleet Customers) Long-term volume-based supply of renewable natural gas to Class 8 heavy-duty trucking fleets at OPAL-owned fueling stations, with RIN/LCFS credit value passed through as a discounted fuel price.
• RNG Project Development for Producers Full-lifecycle RNG project development service provided to landfill owners and dairy/livestock farmers, including plant design, permitting, construction, operations, optimization, and project financing; feedstock hosts receive long-term revenue share.
• CNG/RNG Parts and Service Parts supply and 24/7 emergency service support for CNG/RNG fueling stations operated by OPAL and third-party customers, delivered through a national service network of 60+ technicians.
• Hydrogen Refueling Infrastructure (Emerging) Co-developed hydrogen refueling stations for heavy-duty fuel-cell electric trucks behind customer depots, leveraging OPAL's RNG portfolio as feedstock to lower the carbon intensity of hydrogen production.

Quantifiable outcome

• RNG costs 40–70% less per gallon than diesel fuel for fleet operators
• +8 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered flagship, major, supporting and emerging.

• South Jersey Industries (SJI)flagshipStrategic or Co-development Partner · 23 October 202550/50 joint venture to develop and operate RNG facilities. Inaugurated Atlantic RNG facility at Atlantic County Utilities Authority landfill in Egg Harbor Township, New Jersey (October 2025). Facility has nameplate capacity of 2,500 SCFM of landfill gas and produces over 650,000 MMBtu annually of pipeline-quality RNG injected into South Jersey Gas pipelines. SJI purchases the RNG; OPAL manages development and operations. Fifth ITC sale (~$23M) completed for this facility, with OPAL receiving $11.5M.
• GFL Environmental Inc.flagshipStrategic or Co-development Partner · 14 December 202150/50 joint venture to develop, construct, and operate RNG production facilities at GFL-owned landfill sites in the United States. First project in Michigan expected to produce 2 million MMBtu/year (early 2023). Second project in North Carolina expected to produce over 1 million MMBtu/year (mid-2023). OPAL also operates an existing RNG facility at a GFL Pennsylvania landfill producing ~890,000 MMBtu/year. In 2026, the partnership advanced construction of two additional facilities at Stones Throw Landfill (Alabama) and Grady Road Landfill (Georgia) with combined capacity of nearly 2 million MMBTU, supplying fuel for about 800 heavy-duty Class 8 trucks.
• Paloma Dairy / Van Hofwegen FamilymajorOthers · 10 November 2021Sunoma Renewable Biofuel Project at Paloma Dairy in Gila Bend, Arizona. $65M+ investment producing 1.6M GGE annually from dairy manure anaerobic digestion. Prevents 54,000 metric tons of CO2 equivalent annually. Creates revenue stream for multi-generational dairy. 50 construction jobs and 4 full-time positions created. Montrose Environmental Group provided design/engineering; ISC led construction; Southwest Gas purchases the gas; Live Oak Bank provided debt financing.
• Montrose Environmental GroupsupportingImplementation/ SI/ Consulting Partner · 10 November 2021Design, engineering, construction oversight, and equipment procurement for Paloma Dairy Sunoma RNG Project. Montrose Water and Sustainability Services division provided subject matter expertise for the anaerobic digestion project. Also provided commissioning support. OPAL engaged Montrose for Atlantic RNG facility engineering as well.
• Nikola CorporationemergingStrategic or Co-development Partner · 30 September 2021Memorandum of Understanding signed September 2021 to co-develop and co-market hydrogen refueling infrastructure for heavy-duty fuel-cell electric vehicles (FCEV) in North America. Initial focus on 'behind the fence' private fleet fueling. OPAL to leverage growing RNG portfolio to cost-effectively reduce carbon intensity of Nikola's hydrogen supply. Nikola's Tre FCEVs for North America targeted 2023+ launch. Parties to initiate beta projects with select customers.
• Republic Services, Inc.majorOthers · 28 April 2021RNG project development at Republic Services' Pine Bend Landfill in Inver Grove Heights, Minnesota — the first landfill RNG production facility in Minnesota. Partnership with NextEra Energy Marketing. Project produces over 6M GGE/year, captures 3,200 SCFM of landfill gas, creates 2,140 dekatherms of RNG per day. Xcel Energy provides pipeline interconnection. Supports Republic's goal to send 50% more biogas to beneficial reuse by 2030.
• Xcel Energy, Inc.supportingOthers · 28 April 2021Pipeline interconnection partner for Pine Bend RNG Project in Minnesota. Xcel Energy operates the gas pipeline into which RNG is injected at Republic Services' Pine Bend Landfill. As the leading electric and gas utility in the region, Xcel Energy enables the delivery of RNG to end markets.
• Rumpke Waste & RecyclingmajorOthers · 17 September 2020RNG project development at Rumpke's Noble Road Landfill in Shiloh, Ohio. $33M project captures 20,323 tons of methane annually (equivalent to 49,940 tons of CO2). Produces 6.9M GGE per year, enough to fuel 725 biofuel trucks. Chesapeake Utilities/Aspire Energy purchases the RNG. Project created 35–40 construction jobs and 3 permanent operations positions. OPAL developed and operates the facility.
• Chesapeake Utilities CorporationmajorOthers · 17 September 2020RNG offtake and pipeline partner for Noble Road RNG Project in Ohio. Affiliate Aspire Energy's pipelines distribute the RNG produced at Rumpke's Noble Road landfill. Chesapeake Utilities is one of the largest RNG stakeholders through its affiliate, representing nearly 10% of Aspire Energy's entire system volume once flowing. Recognized as a Top Workplace in Delaware for nine consecutive years.
• Air LiquidesupportingTechnology or Integration · 17 September 2020Proprietary membrane technology provider for RNG upgrading at Noble Road and other OPAL facilities. Membranes remove CO2 and other components from landfill gas to produce pipeline-quality RNG. Air Liquide is a multinational leading company in gases, technologies, and services for industry and health.

Scale indicators17 records

Recent moves10 records

Expansion highlights6 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/opalfuels
• LinkedInlinkedin.com/company/opal-fuels-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OPAL Fuels