Fortistar
Fortistar is a privately-owned investment firm, founded in 1993 and based in White Plains, NY, that deploys capital across sustainability-focused energy, transportation, and industrial companies, with a core focus on vertically integrated renewable natural gas production and CNG fueling distribution.
- Company typePrivate
- Founded1993
- HeadquartersWhite Plains, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingServices
What Fortistar does
Fortistar is a privately-owned investment firm founded in 1993 and headquartered in White Plains, New York, that provides capital and operational expertise to build, grow, and manage companies addressing complex sustainability challenges across the energy, transportation, and industrial sectors. Since inception, the firm has raised over $3.5 billion for portfolio companies and projects and currently operates more than 100 facilities through a portfolio of 14 companies, employing 350+ people across operating subsidiaries and investment professionals.
The firm's core competency is the development of renewable natural gas (RNG) projects from landfill and dairy biogas, combined with downstream CNG/RNG fueling station distribution. It captures landfill methane, purifies it using Air Liquide proprietary membranes into pipeline-quality RNG, and delivers it through TruStar Energy's network of 250+ CNG fueling stations (now consolidated under Opal Fuels, Nasdaq: OPAL) serving heavy-duty trucking fleets. Beyond RNG, Fortistar has invested in adjacent sustainability verticals including hydrogen generation (BayoTech), battery technology and energy storage (Nanoramic, Titan AES, Ambri), solar and storage project development (Epic Star Energy), aviation automation (Skyryse), agricultural biotech (Vestaron), carbon capture (Carbonfree Chemicals), and waste plastics-to-fuel (Golden Renewable Energy, Braven Environmental).
Fortistar's business model combines private equity returns with operating company economics: investment management returns from deploying third-party and balance-sheet capital, fuel sales through CNG/RNG stations, electricity sales from landfill gas-to-power facilities, environmental commodity revenue (RINs under the EPA's Renewable Fuel Standard and California LCFS credits), and equity appreciation from exits and IPOs (notably Opal Fuels in 2021). The firm targets landfill owners and operators, heavy-duty trucking fleets, dairy farms, and municipalities as primary counterparties, and pursues opportunities through B2B enterprise sales, industry conferences (WasteExpo, ACT Expo), and direct partnership outreach.
Fortistar firmographics
Firmographics- Name
- Fortistar
- Legal name
- Fortistar
- Website
- http://www.fortistar.com/
- Company type
- Private
- Founded year
- 1993
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Fortistar is a privately-owned investment firm, founded in 1993 and based in White Plains, NY, that deploys capital across sustainability-focused energy, transportation, and industrial companies, with a core focus on vertically integrated renewable natural gas production and CNG fueling distribution.
- Ownership category
- akta.pro rank
Fortistar industry classification
Industry- Product category
- Sustainable Infrastructure Investment
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Renewable Natural Gas (RNG) Program Development & Portfolio Management (EUAJAJAA)
- akta.pro secondary industry
- Pension Master Trusts, Superannuation & Provident Funds (FSAAAGAB)
Keywords
Where Fortistar is headquartered
LocationHeadquarters
- HQ city
- White Plains
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Fortistar business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Investment Management Returns: Fortistar generates returns through equity investments in portfolio companies across energy, transportation, and industrial sectors. As a private investment firm, they raise and deploy capital for sustainable infrastructure projects, earning returns through exits, dividends, and asset appreciation.
- RNG and CNG Fuel Sales: Through TruStar Energy and Opal Fuels, Fortistar generates revenue from selling RNG and CNG as transportation fuel to heavy-duty fleet operators. The vertically integrated model captures value from production through distribution.
- Carbon Credit Revenue: RNG projects generate Revenue from Renewable Identification Numbers (RINs) under the EPA's Renewable Fuel Standard and Low-Carbon Fuel Standard (LCFS) credits in California, providing additional revenue streams for RNG producers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Investment firm services - no public pricing |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels5 records
Fortistar product offering
Product offeringCore offering
Fortistar is a privately-owned investment firm founded in 1993 that provides capital to build, grow, and manage companies addressing complex sustainability challenges across the energy, transportation, and industrial sectors. Through a portfolio of 14 companies, the firm operates a vertically integrated renewable natural gas (RNG) value chain spanning landfill gas capture, RNG production, pipeline distribution, and CNG fueling station operations via subsidiary TruStar Energy and majority-owned Opal Fuels (Nasdaq: OPAL).
Product overview
Fortistar is a privately-owned investment firm that provides capital to build, grow and manage companies addressing complex sustainability challenges. Rather than offering a single unified product, Fortistar operates as a holding company with a portfolio of 14 portfolio companies across the energy, transportation, and industrial sectors. Key products and services include renewable natural gas (RNG) production and distribution through OPAL Fuels, CNG fueling station development through TruStar Energy, hydrogen generation through BayoTech, energy storage technology through Nanoramic (Neocarbonix™), carbon capture through Carbonfree Chemicals (SkyMine®, SkyCycle™), battery diagnostics through Titan Advanced Energy Solutions, and various other sustainability-focused companies in verticals including waste plastics processing, solar coatings, vertical farming, crop protection, and aviation automation.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Reduces CO2 emissions by 35,000 tons per year per RNG project (Florida New River project)
- +5 more outcomes
Companies that use Fortistar
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Fortistar technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Fortistar partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and flagship.
- Epic Star EnergycoreEpic Star Energy is a Fortistar portfolio company managed by a team of renewable energy developers. They develop stand-alone energy storage systems coupled with sustainable energy resources, including a 3.2 GW solar PV project and 2.0 GW storage in Arizona, and the largest energy storage project in NYC under contract with Con Edison.
- Opal FuelsflagshipOpal Fuels (Nasdaq: OPAL) is Fortistar's majority-owned, vertically integrated renewable fuels platform resulting from the merger of Fortistar Methane Group and TruStar Energy in 2021. It is involved in production and distribution of RNG for the heavy-duty truck market and also develops, constructs, and services RNG and hydrogen fueling stations.
- Rumpke Waste & RecyclingcoreFortistar partnered with Rumpke Waste & Recycling, one of the nation's largest privately-owned waste and recycling firms, to develop the $33 million Noble Road Landfill RNG Project in Shiloh, Ohio. The project captures 20,323 tons of methane annually to produce 6.9 million GGE of RNG.
- Chesapeake Utilities CorporationcoreChesapeake Utilities Corporation, through its Aspire Energy affiliate, provides pipeline distribution for RNG from Fortistar's projects. The company is a diversified energy delivery company listed on NYSE, committed to innovative energy solutions and lowering carbon footprint.
- Air LiquidecoreAir Liquide provides proprietary membranes for Fortistar's RNG projects to treat landfill gas by removing carbon dioxide and other components to produce pipeline-quality RNG. Air Liquide is a multinational leading company in gases, technologies and services for industry and health.
- Paloma DairycoreFortistar partnered with Paloma Dairy (Van Hofwegen family, 4th generation dairy farm in Gila Bend, AZ) to develop the Sunoma Renewable Biofuels Project, a dairy digester RNG facility producing 1.6 million GGE annually for Class 8 trucking.
- TruStar EnergyflagshipTruStar Energy is a Fortistar subsidiary and one of the nation's leading developers of CNG fueling stations. With 250+ stations built and 50+ service technicians, TruStar provides fueling solutions for fleet operators with 99.9% uptime and 80+ million GGE annual capacity.
Scale indicators10 records
Recent moves8 records
Expansion highlights6 records
Fortistar competitors and assessment
Company assessmentDirect peers
- Archaea Energy: Archaea Energy was a leading U.S. landfill-based RNG producer acquired by BP in 2022 — directly comparable to Fortistar's landfill gas-to-RNG project model and feedstock strategy.
- Generate Capital: Generate Capital is a privately-held investment and operating company financing sustainable infrastructure (renewables, energy storage, RNG, EV charging) — directly comparable to Fortistar's sustainable infrastructure investment platform and operating model.
- Clean Energy Fuels: Clean Energy Fuels is the largest U.S. operator of CNG/RNG fueling stations for heavy-duty trucking, directly competing with TruStar Energy and Opal Fuels in fleet fuel supply and station infrastructure.
- Cambrian Energy Group: Cambrian Energy is a CNG/RNG infrastructure developer and station operator serving heavy-duty fleets, overlapping with TruStar Energy's CNG station development business.
Broad incumbents
- Macquarie Asset Management: Macquarie's Green Investment Group and infrastructure funds deploy capital across renewables, storage, and energy transition assets, comparable in mandate though at far greater scale and broader scope than Fortistar.
- Brookfield Asset Management: Brookfield's renewable power and transition infrastructure platform invests across wind, solar, storage, and RNG-adjacent assets — a much larger, broadly diversified incumbent operating in overlapping sustainable infrastructure asset classes.
- Enbridge: Enbridge has invested in U.S. RNG production and renewable energy projects as part of its low-carbon strategy, overlapping with Fortistar's RNG value chain via utility-scale pipeline and gas infrastructure exposure.
Others
- SDCL Energy Efficiency Income Trust (SEEIT): SEEIT co-invested with Fortistar in Primary Energy and acquired Fortistar's remaining stake — they are an LP/co-investor in Fortistar's portfolio and a comparable institutional investor in energy efficiency and CHP assets.
Emerging players
- Waste Management, Inc. Waste Management operates landfill gas-to-energy projects and renewable energy assets at its own landfills, partially overlapping with Fortistar's landfill gas capture and RNG project development model.
- True Green Capital Management: True Green Capital is a private investment firm focused on renewable energy and energy transition infrastructure, comparable in target asset class but smaller in scale than Fortistar's platform.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Fortistar social profiles
Digital presenceFortistar financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fortistar leadership team
Management profileNumber of profiles
Profiles4 records
Fortistar subsidiaries and ownership
Company hierarchySubsidiaries2 records
Fortistar funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fortistar M&A and investment
M&A and investmentM&A1 record
Investments12 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fortistar
What does Fortistar do?
Fortistar is a privately-owned investment firm founded in 1993 that provides capital to build, grow, and manage companies addressing complex sustainability challenges across the energy, transportation, and industrial sectors. Through a portfolio of 14 companies, the firm operates a vertically integrated renewable natural gas (RNG) value chain spanning landfill gas capture, RNG production, pipeline distribution, and CNG fueling station operations via subsidiary TruStar Energy and majority-owned Opal Fuels (Nasdaq: OPAL).
Is Fortistar a public or private company?
Fortistar is a private company. It is classified as family owned and is currently operating.
When was Fortistar founded?
Fortistar was founded in 1993. It employs 501 to 1,000 people.
Where is Fortistar based?
Fortistar is headquartered in White Plains, United States, in the North America region.
How does Fortistar make money?
Three revenue lines are on record. Investment Management Returns are the primary driver. The others are RNG and CNG Fuel Sales and carbon Credit Revenue.
Who are Fortistar's main competitors?
Direct peers on record are Archaea Energy, Generate Capital, Clean Energy Fuels and Cambrian Energy Group. Broad incumbents are Macquarie Asset Management, Brookfield Asset Management and Enbridge. SDCL Energy Efficiency Income Trust (SEEIT) is listed as an others. Emerging players are Waste Management, Inc. and True Green Capital Management.
Does Fortistar have an API?
No public API is recorded for Fortistar.
What industry is Fortistar in?
Fortistar's product category is Sustainable Infrastructure Investment. Its primary akta.pro industry code is EUAJAJAA, Renewable Natural Gas (RNG) Program Development & Portfolio Management, with a secondary code of FSAAAGAB, Pension Master Trusts, Superannuation & Provident Funds. Its NAICS code is 525 and its SIC code is 4991.