OPAL Fuels Inc.
OPAL Fuels Inc. develops, owns, and operates projects that capture biogas and convert it into renewable natural gas (RNG) and renewable power. The company also provides fuel station services, including the construction, maintenance, and operation of RNG and CNG fueling infrastructure, primarily in the United States.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueProduction and sale of renewable natural gas from landfill and dairy biogas, plus related environmental attributes.
Construction, maintenance, and operation of RNG/CNG fueling stations and related equipment.
Electricity generation from landfill biogas and sale of associated environmental attributes.
Development, engineering, and transaction-related services across biogas conversion projects.
Products
Reported · share of revenue- Environmental Credits60.5 %
- Third Party Construction13.7 %
- Renewable Power Sales8.9 %
- Brown Gas7.7 %
- Services7.5 %
- Other1.7 %
Source: 10-K FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
OPAL Fuels sells RNG and related environmental attributes to transportation fleets and other hard-to-decarbonize industrial users that need lower-carbon fuel alternatives. It also serves third-party owners of fueling stations, landfill and dairy project partners, and public utilities that purchase renewable power. The company’s customer base is tied to regulatory credit markets and to end users seeking lower-emission fuel and power solutions.
Buy RNG and fueling services to reduce emissions and fuel costs versus diesel.
Buy design-build, maintenance, and dispensing services for RNG/CNG stations.
Provide landfill or dairy biogas rights and partner on project development.
Buy renewable power and associated environmental attributes from landfill gas projects.
RINs, LCFS credits, and RECs are monetized through compliance and voluntary markets.
Strategy
OPAL Fuels is focused on expanding its vertically integrated model across the biogas value chain, from project development and gas capture to RNG marketing and dispensing. It is also broadening beyond landfill gas toward additional methane-producing feedstocks and technologies, while using environmental credit markets and station infrastructure to deepen customer relationships.
More biogas sources increase RNG supply, scale, and resilience.
Owning production, marketing, and dispensing captures more value and reduces third-party dependence.
Fleet customers need practical lower-carbon fuel solutions with credit support.
Geography
OPAL Fuels operates primarily in the United States, where its RNG, fueling station, and renewable power businesses are tied to federal and state clean-fuel programs. Its renewable power projects sell electricity to public utilities throughout the U.S., while RNG economics are especially influenced by California, Washington, and Oregon credit markets. The business depends on access to landfill and dairy biogas sites and on pipeline and interconnection infrastructure across multiple U.S. regions.
Risks
The business depends on access to biogas rights, site owners, and third-party contractors, so project execution can be disrupted if counterparties fail to cooperate or perform. It is also exposed to regulatory credit markets, pipeline and interconnection constraints, and seasonal demand swings in RNG and renewable power. As a capital-intensive project developer, OPAL Fuels must also manage financing availability and accounting estimates tied to construction contracts and asset impairment.
- Biogas site access and contract dependenceImpact: HighLikelihood: Medium
Projects rely on rights granted by landfill and dairy owners and operators.
Exposure: Biogas conversion projects
- Pipeline and interconnection constraintsImpact: HighLikelihood: Medium
The company does not control all delivery infrastructure needed to move RNG or power.
Exposure: Renewable power and RNG delivery
- Regulatory and credit-market exposureImpact: HighLikelihood: Medium
RNG economics depend on RINs, LCFS credits, and related policy frameworks.
Exposure: Environmental attributes monetization
- Third-party execution riskImpact: MediumLikelihood: Medium
Manufacturers, service providers, and contractors can delay construction or operations.
Exposure: Fuel station and project development activities
- Seasonality in demand and pricingImpact: MediumLikelihood: Low
RNG and renewable power pricing can vary with weather and seasonal fuel demand.
Exposure: RNG sales and renewable electricity
Accounting
Judgemental itemsProgress is measured using estimated costs to complete, which can shift revenue timing and margin.
Impact: Third-party design-build contracts
Valuation depends on projected RNG prices, volumes, and discount rates.
Impact: Reporting unit carrying values
RNG demand and renewable power output vary by season, affecting quarterly comparability.
Impact: Quarterly revenue and operating results
RINs, LCFS credits, RECs, and similar credits can affect revenue recognition and timing.
Impact: RNG and renewable power economics
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Last updated: 24/09/2026