Biogas site access and contract dependence
Projects rely on rights granted by landfill and dairy owners and operators.
- Scope
- Biogas conversion projects
- Materiality
- high
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.
8,3 %
10,4 %
+16,3 %
1.18
1.18
| % | |
|---|---|
| RNG Fuel | 45% Production and sale of renewable natural gas from landfill and dairy biogas, plus related environmental attributes. |
| Fuel Station Services | 30% Construction, maintenance, and operation of RNG/CNG fueling stations and related equipment. |
| Renewable Power | 20% Electricity generation from landfill biogas and sale of associated environmental attributes. |
| Project Development and Other | 5% Development, engineering, and transaction-related services across biogas conversion projects. |
OPAL Fuels sells RNG and related environmental attributes to transportation fleets and other hard-to-decarbonize...
- Heavy-duty trucking fleetsprimary
Buy RNG and fueling services to reduce emissions and fuel costs versus diesel.
- Third-party station owners and operatorssecondary
Buy design-build, maintenance, and dispensing services for RNG/CNG stations.
- Biogas site owners and project partnersprimary
Provide landfill or dairy biogas rights and partner on project development.
- Public utilitiessecondary
Buy renewable power and associated environmental attributes from landfill gas projects.
- Low-carbon fuel credit marketsprimary
RINs, LCFS credits, and RECs are monetized through compliance and voluntary markets.
OPAL Fuels operates primarily in the United States, where its RNG, fueling station, and renewable power businesses are...
- •United States is the core operating and sales geography
- •Renewable power is sold to public utilities across the U.S.
- •RNG economics are supported by California, Washington, and Oregon programs
- •Project sites depend on local landfill, dairy, and pipeline access
- •Fueling station activity is concentrated near trucking and freight corridors
OPAL Fuels is focused on expanding its vertically integrated model across the biogas value chain, from project...
01
Expand project pipeline and feedstock basemedium-term
More biogas sources increase RNG supply, scale, and resilience.
02
Deepen vertical integrationmedium-term
Owning production, marketing, and dispensing captures more value and reduces third-party dependence.
03
Serve transportation decarbonization demandshort-term
Fleet customers need practical lower-carbon fuel solutions with credit support.
The business depends on access to biogas rights, site owners, and third-party contractors, so project execution can be...
Pipeline and interconnection constraints
The company does not control all delivery infrastructure needed to move RNG or power.
- Scope
- Renewable power and RNG delivery
- Materiality
- high
Regulatory and credit-market exposure
RNG economics depend on RINs, LCFS credits, and related policy frameworks.
- Scope
- Environmental attributes monetization
- Materiality
- high
Third-party execution risk
Manufacturers, service providers, and contractors can delay construction or operations.
- Scope
- Fuel station and project development activities
- Materiality
- high
Seasonality in demand and pricing
RNG and renewable power pricing can vary with weather and seasonal fuel demand.
- Scope
- RNG sales and renewable electricity
- Materiality
- medium
Construction contract revenue recognition
Third-party design-build contracts
Goodwill impairment
Reporting unit carrying values
Seasonality
Quarterly revenue and operating results
Environmental attribute monetization
RNG and renewable power economics
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: 29/04/2026