Overview
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- TickerOPAL on Nasdaq1
- IndustryGas & Other Services Combined1
- HeadquartersBoston, Massachusetts1
- Business address200 Clarendon Street, 55Th Floor, Boston, Ma 021163
- Filer categoryAccelerated filer, Smaller reporting company, Emerging growth company3
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OPAL Fuels Inc. (including its subsidiaries, the “Company,” “OPAL,” “we,” “us” or “our”) is a vertically integrated leader in the capture and conversion of biogas into low carbon intensity renewable natural gas ("RNG") and Renewable Power. OPAL Fuels is also a leader in the marketing and distribution of RNG to heavy duty trucking and other hard to de-carbonize industrial sectors. RNG is chemically identical to the natural gas used for cooking, heating homes and fueling natural gas engines, with one significant difference: RNG is produced by recycling methane emissions created by decaying organic waste as opposed to natural gas which is a fossil fuel pumped from the ground. We have participated in the biogas-to-energy industry for over 20 years.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Fuel Station Services brought in 61% of the revenue OPAL Fuels Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| Fuel Station Services | $166.9M | $214.6M |
| Renewable Natural Gas Fuel Supply | $88.4M | $101.7M |
| Renewable Power | $44.7M | $32.8M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development5¢$14.9M
- Selling, general and admin20¢$64.0M
- Other costs49¢$158.6M
- Income tax16¢$52.7M
- Profit11¢$36.4M
Out of $326.7M in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$70.7M
Out of $36.5M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Project development and start up costs | $14.9M | $19.1M |
| Selling, general and administrative | $64.0M | $53.1M |
| Depreciation, amortization, and accretion | $22.5M | $17.9M |
| Impairment loss | $0 | $2.0M |
| Income from equity method investments | -$2.6M | -$13.2M |
| Total operating expenses | $341.6M | $278.8M |
| Operating income | $7.4M | $21.2M |
| Interest and financing expense | -$27.5M | -$21.5M |
| Interest income | $1.2M | $1.9M |
| Other income | $2.5M | $3.8M |
| Total other expenses | -$23.7M | -$15.8M |
| Net (loss) income before income tax benefit | -$16.3M | $5.4M |
| Income tax benefit | $52.7M | $8.9M |
| Net income | $36.4M | $14.3M |
| Net income attributable to redeemable non-controlling interest | $21.3M | $2.9M |
| Net income attributable to non-redeemable non-controlling interest | $330.0K | $443.0K |
| Dividends on redeemable preferred non-controlling interests | $10.5M | $10.5M |
| Net income attributable to Class A common stockholders | $4.3M | $561.0K |
| Basic (in shares) | 28.1M shares | 27.6M shares |
| Diluted (in shares) | 29.3M shares | 27.7M shares |
| Basic (in dollars per share) | $0.15 | $0.02 |
| Diluted (in dollars per share) | $0.15 | $0.02 |
| Total revenues | $349.0M | $300.0M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $24.4M | $24.3M | |
| Accounts receivable, net of allowance of $469 and $, respectively (2) | $61.8M | $46.5M | |
| Contract assets | $8.3M | $11.1M | |
| Parts inventory | $11.0M | $10.3M | |
| Total current assets | $122.7M | $116.8M | |
| Property, plant, and equipment, net | $495.6M | $458.3M | |
| Investments in other entities | $231.2M | $223.6M | |
| Net investment in sales-type lease | $8.2M | $0 | |
| Restricted cash - non-current | $2.7M | $2.3M | |
| Goodwill | $54.6M | $54.6M | |
| Other long-term assets | $44.4M | $25.6M | |
| Contract liabilities | $6.3M | $9.3M | |
| Loan, current portion | $15.1M | $12.6M | |
| Total current liabilities | $104.2M | $103.6M | |
| Loan, net of debt issuance costs | $337.1M | $285.0M | |
| Other long-term liabilities | $20.4M | $27.4M | |
| Total liabilities | $461.7M | $416.0M | |
| Accumulated deficit | -$1.3M | -$137.0M | |
| Accumulated other comprehensive (loss) income | -$26.0K | $152.0K | |
| Class A common stock in treasury, at cost; 1,635,783 shares as of December 31, 2025 and 2024 | -$11.6M | -$11.6M | |
| Total stockholders' deficit attributable to the Company | -$12.9M | -$148.4M | |
| Non-redeemable non-controlling interests | $2.8M | $618.0K | |
| Total stockholders' deficit | -$10.1M | -$147.8M | -$477.9M |
| Total liabilities, redeemable preferred, redeemable non-controlling interests and stockholders' deficit | $959.5M | $881.1M | |
| Allowance for credit loss | $469.0K | $0 | |
| Restricted cash - current | $1.2M | $972.0K | |
| Prepaid expense and other current assets | $16.0M | $23.6M | |
| Total assets of consolidated VIEs | $959.5M | $881.1M | |
| Accounts payable, related party | $19.0M | $17.1M | |
| Accrued expenses and other current liabilities | $63.9M | $64.6M |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $24.4M | $24.3M | |
| Accounts receivable, net of allowance of $469 and $, respectively (2) | $61.8M | $46.5M | |
| Contract assets | $8.3M | $11.1M | |
| Parts inventory | $11.0M | $10.3M | |
| Total current assets | $122.7M | $116.8M | |
| Property, plant, and equipment, net | $495.6M | $458.3M | |
| Investments in other entities | $231.2M | $223.6M | |
| Net investment in sales-type lease | $8.2M | $0 | |
| Restricted cash - non-current | $2.7M | $2.3M | |
| Goodwill | $54.6M | $54.6M | |
| Other long-term assets | $44.4M | $25.6M | |
| Contract liabilities | $6.3M | $9.3M | |
| Loan, current portion | $15.1M | $12.6M | |
| Total current liabilities | $104.2M | $103.6M | |
| Loan, net of debt issuance costs | $337.1M | $285.0M | |
| Other long-term liabilities | $20.4M | $27.4M | |
| Total liabilities | $461.7M | $416.0M | |
| Accumulated deficit | -$1.3M | -$137.0M | |
| Accumulated other comprehensive (loss) income | -$26.0K | $152.0K | |
| Class A common stock in treasury, at cost; 1,635,783 shares as of December 31, 2025 and 2024 | -$11.6M | -$11.6M | |
| Total stockholders' deficit attributable to the Company | -$12.9M | -$148.4M | |
| Non-redeemable non-controlling interests | $2.8M | $618.0K | |
| Total stockholders' deficit | -$10.1M | -$147.8M | -$477.9M |
| Total liabilities, redeemable preferred, redeemable non-controlling interests and stockholders' deficit | $959.5M | $881.1M | |
| Allowance for credit loss | $469.0K | $0 | |
| Restricted cash - current | $1.2M | $972.0K | |
| Prepaid expense and other current assets | $16.0M | $23.6M | |
| Total assets of consolidated VIEs | $959.5M | $881.1M | |
| Accounts payable, related party | $19.0M | $17.1M | |
| Accrued expenses and other current liabilities | $63.9M | $64.6M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net income | $36.4M | $14.3M |
| Depreciation, amortization, and accretion | $22.5M | $17.9M |
| Stock-based compensation | $6.5M | $6.5M |
| Allowance for accounts receivable | $2.5M | $85.0K |
| Assets' impairment | $0 | $2.0M |
| Reduction of carrying amount of operating lease right-of-use assets | $771.0K | $679.0K |
| Income from investments in other entities | -$2.6M | -$13.2M |
| Distributions from return on investments in other entities | $5.6M | $14.3M |
| Deferred income taxes | -$16.5M | $0 |
| Amortization of deferred financing costs | $1.9M | $1.1M |
| Gain on dispositions | -$3.6M | -$321.0K |
| Paid-in-kind interest income | -$193.0K | -$207.0K |
| Change in fair value of derivative financial instruments | -$2.4M | -$892.0K |
| Accounts receivable | -$19.8M | -$301.0K |
| Parts inventory | -$670.0K | -$103.0K |
| Prepaid expenses and other current and long-term assets | $11.3M | -$18.6M |
| Accrued expenses and other current and non-current liabilities | -$7.1M | $4.7M |
| Net cash provided by operating activities | $36.5M | $31.4M |
| Purchase of property, plant, and equipment | -$70.7M | -$127.2M |
| Proceeds from sale of short-term investments | $0 | $9.9M |
| Distributions from return of investments in other entities | $11.4M | $4.3M |
| Cash paid, related to investments in other entities | -$22.4M | -$21.6M |
| Cash received from (paid for) note receivable | $1.4M | -$750.0K |
| Proceeds from disposal of property, plant and equipment | $3.0M | $828.0K |
| Net cash used in investing activities | -$77.3M | -$134.6M |
| Proceeds from loans | $70.0M | $100.0M |
| Repayment of loans | -$17.0M | -$1.6M |
| Financing costs paid to other third parties | -$1.2M | -$629.0K |
| Proceeds from issuance of shares of Class A common stock under the ATM program, net | $0 | $170.0K |
| Repayment of principal portion of finance lease liabilities | -$1.2M | $0 |
| Payment of preferred dividends | -$10.5M | -$13.1M |
| Distribution to non-redeemable non-controlling interest | -$150.0K | -$703.0K |
| Cash paid for income taxes related to net share settlement of equity awards | -$391.0K | -$627.0K |
| Capital contribution from non-redeemable non-controlling interests | $2.0M | $0 |
| Net cash provided by financing activities | $41.6M | $83.5M |
| Net increase (decrease) in cash, restricted cash, and cash equivalents | $738.0K | -$19.7M |
| Interest paid, net of $2,531 and $3,212 capitalized, respectively | $27.8M | $22.9M |
| Lease liabilities arising from obtaining right-of-use assets | $1.5M | $2.4M |
| Purchase of property, plant and equipment included in accrued expenses and other current liabilities | $24.6M | $23.2M |
| Accounts payable | $1.9M | $3.4M |
| Interest capitalized | $2.5B | $3.2B |
No quarter-by-quarter statement was filed.
Corporate structure
OPAL Fuels Inc. sits at the top of its group. 124 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of OPAL Fuels Inc.
- Invesco Filed SCHEDULE 13G/A on OPAL Fuels Inc., latest Aug 13, 2026 (7 filings since Feb 7, 2025)
- NextEra Energy Filed SCHEDULE 13D/A on OPAL Fuels Inc., latest Mar 10, 2026 (4 filings since Aug 1, 2022)
- Zimmer Partners, LP Filed SCHEDULE 13G/A on OPAL Fuels Inc., latest May 15, 2025 (4 filings since Feb 9, 2023)
- Mark S. Comora Filed SCHEDULE 13D/A on OPAL Fuels Inc., latest Apr 23, 2025 (3 filings since Jul 29, 2022)
- Barclays Filed SCHEDULE 13G/A on OPAL Fuels Inc., latest Mar 21, 2025 (5 filings since Feb 10, 2022)
- Encompass Capital Advisors LLC Filed SC 13G/A on OPAL Fuels Inc., latest Nov 14, 2024 (4 filings since Jul 28, 2022)
- VANGUARD GROUP INC Filed SC 13G/A on OPAL Fuels Inc., latest Nov 12, 2024 (4 filings since Feb 13, 2024)
- Electron Capital Partners, LLC Filed SC 13G/A on OPAL Fuels Inc., latest Feb 14, 2024 (2 filings since Feb 21, 2023)
- ArcLight CTC Holdings II, L.P. Filed SC 13D/A on OPAL Fuels Inc., latest Dec 19, 2023 (6 filings since Feb 14, 2022)
- METEORA CAPITAL, LLC Filed SC 13G/A on OPAL Fuels Inc., latest Apr 11, 2023 (2 filings since Feb 16, 2023)
- Beryl Capital Management LLC Filed SC 13G/A on OPAL Fuels Inc., latest Feb 14, 2023 (2 filings since Jul 15, 2022)
- CITADEL ADVISORS LLC Filed SC 13G/A on OPAL Fuels Inc., latest Feb 14, 2023 (3 filings since Feb 3, 2022)
- OPAL Fuels Inc. Boston, Massachusetts
- AC Landfill Energy LLC Subsidiary · New Jersey, United States
- Albany Energy LLC Subsidiary · Delaware, United States
- Arbor Hills Energy LLC Subsidiary · Delaware, United States
- Arbor Hills RNG LLC Subsidiary · Delaware, United States
- BC Landfill Energy LLC Subsidiary · New Jersey, United States
- Beacon HoldCo LLC Subsidiary · Delaware, United States
- Beacon Landfill Gas Holdings LLC Subsidiary · Delaware, United States
- Beacon RNG Acquisition LLC Subsidiary · Delaware, United States
- Beacon RNG Investments LLC Subsidiary · Delaware, United States
- Beacon RNG LLC Subsidiary · Delaware, United States
- Brownie LLC Subsidiary · California, United States
- C&C Energy LLC Subsidiary · Delaware, United States
- C&C RNG LLC Subsidiary · Delaware, United States
- Central Valley RNG LLC Subsidiary · Delaware, United States
- CMS Charlotte Energy LLC Subsidiary · Delaware, United States
- CMS RNG LLC Subsidiary · Delaware, United States
- Concord Energy 2 LLC Subsidiary · Delaware, United States
- Concord Energy LLC Subsidiary · Delaware, United States
- Cottonwood RNG LLC Subsidiary · Delaware, United States
- CV RNG HoldCo LLC Subsidiary · Delaware, United States
- CV RNG Holdings LLC Subsidiary · Delaware, United States
- DB Digester, LLC Subsidiary · California, United States
- East Bridgewater Energy LLC Subsidiary · Delaware, United States
- Elk Run Renewable Energy LLC Subsidiary · Delaware, United States
- Emerald RNG LLC Subsidiary · Delaware, United States
- and 98 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What OPAL Fuels Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Finance-lease assets | $2.7M2 Dec 31, 2025 | $9.6M2 Dec 31, 2024 | −71.5% |
| Operating-lease assets (leased space) | $13.1M2 Dec 31, 2025 | $12.7M2 Dec 31, 2024 | +2.6% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $24.4M2 Dec 31, 2025 | $24.3M2 Dec 31, 2024 | +0.4% |
| Marketable securities, current | $08 Dec 31, 2024 | $9.9M8 Dec 31, 2023 | −100.0% |
| Stakes in other companies (equity method) | $231.2M2 Dec 31, 2025 | $223.6M2 Dec 31, 2024 | +3.4% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $54.6M2 Dec 31, 2025 | $54.6M2 Dec 31, 2024 | 0% |
| Intangible assets, net (excluding goodwill) | $1.3M8 Dec 31, 2024 | $1.6M8 Dec 31, 2023 | −17.1% |
| Finite-lived intangibles, gross | $10.6M8 Dec 31, 2024 | $10.6M8 Dec 31, 2023 | 0% |
| Accumulated amortization | $9.3M8 Dec 31, 2024 | $9.0M8 Dec 31, 2023 | +3.0% |
| Finite-lived intangibles, net | $1.3M8 Dec 31, 2024 | $1.6M8 Dec 31, 2023 | −17.1% |
Properties, in its own words
We do not own any real property. Our corporate headquarters are located in White Plains, New York, where we occupy approximately 13,600 square feet of shared office space with an affiliate of Fortistar pursuant to an Administrative Services Agreement. In addition, we lease office and maintenance facilities in Oronoco, Minnesota and Rancho Cucamonga, California. Our interests in our RNG and Renewable Power projects are our only material properties. See Item 1. Business — Our projects for additional information.
Item 2 of the 10-K filed Mar 16, 2026.5
Leadership
Who has led OPAL Fuels Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2025
- Chief executive officerAdam Comora Jul 25, 2022 to now14
- Chief executive officerJonathan Gilbert Maurer Jul 25, 2022 to now15
- ChairDaniel R. Revers May 10, 2021 to Feb 3, 202216
- Chief financial officerKazi Hasan Feb 3, 2025 to now17
- Chief financial officerScott Contino Nov 22, 2023 to Nov 22, 202318
- Chief financial officerAnn T. Anthony Jul 25, 2022 to Oct 5, 202319
- Chief financial officerMarco F. Gatti Mar 22, 2021 to Mar 22, 202120
- Chief operating officerAnthony Falbo Jul 25, 2022 to May 22, 202421
- Chief operating officerKerrick S. Knauth Mar 22, 2021 to Mar 22, 202122
Board members and other officers (22)
- Executive Vice PresidentDarrell Birck Dec 9, 2024 to now23
- Senior Vice PresidentHugh Donnell Jul 25, 2022 to Oct 4, 202224
- Executive Vice PresidentScott Edelbach Jul 25, 2022 to now25
- OfficerJohn Frederick Erhard Mar 22, 2021 to Mar 22, 202126
- Board memberLance D. Moll Oct 2, 2025 to now27
- Board memberScott McDougald Sutton Nov 3, 2025 to now28
- Board memberJames J. Martell Jun 29, 2023 to now29
- Board memberAshok Vemuri Jul 25, 2022 to now30
- Board memberBetsy L. Battle Jul 25, 2022 to now31
- Board memberKevin Michael Fogarty Jul 25, 2022 to now32
- Board memberMark S. Comora Jul 25, 2022 to now33
- Board memberNadeem Nisar Jul 25, 2022 to now34
- Board memberScott Dols V. Jul 25, 2022 to now35
- Board memberMarco F. Gatti Oct 4, 2022 to Jun 29, 202336
- Board memberArno Harris Mar 22, 2021 to Mar 22, 202137
- Board memberBrian Goncher Mar 22, 2021 to Mar 22, 202138
- Board memberDaniel R. Revers Mar 22, 2021 to Mar 22, 202139
- Board memberJa-Chin Lee Mar 22, 2021 to Mar 22, 202140
- Board memberJohn Frederick Erhard Mar 22, 2021 to Mar 22, 202126
- Board memberSteven Berkenfeld Mar 22, 2021 to Mar 22, 202141
- General counselJohn Coghlin Jul 25, 2022 to now42
- General counselChristine M. Miller Mar 22, 2021 to Mar 22, 202143
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- AC Landfill Energy LLC New Jersey4
- Albany Energy LLC Delaware4
- Arbor Hills Energy LLC Delaware4
- Arbor Hills RNG LLC Delaware4
- BC Landfill Energy LLC New Jersey4
- Beacon HoldCo LLC Delaware4
- Beacon Landfill Gas Holdings LLC Delaware4
- Beacon RNG Acquisition LLC Delaware4
- Beacon RNG Investments LLC Delaware4
- Beacon RNG LLC Delaware4
- Brownie LLC California4
- C&C Energy LLC Delaware4
- C&C RNG LLC Delaware4
- CMS Charlotte Energy LLC Delaware4
- CMS RNG LLC Delaware4
- CV RNG HoldCo LLC Delaware4
- CV RNG Holdings LLC Delaware4
- Central Valley RNG LLC Delaware4
- Concord Energy 2 LLC Delaware4
- Concord Energy LLC Delaware4
- Cottonwood RNG LLC Delaware4
- DB Digester, LLC California4
- East Bridgewater Energy LLC Delaware4
- Elk Run Renewable Energy LLC Delaware4
All 125 listed subsidiaries
- Emerald RNG LLC Delaware4
- Fall River Renewable Power LLC Delaware4
- Grady Road Renewable Energy LLC Delaware4
- Greentree Landfill Gas Company, LLC Pennsylvania4
- Guadalupe RNG LLC Delaware4
- Guadalupe Renewable Energy LLC Delaware4
- Hickory Ridge Renewable Energy LLC Delaware4
- Hoosier Renewable Energy LLC Delaware4
- Imperial Landfill Gas Company, LLC Pennsylvania4
- Indian Creek Renewable Energy LLC Delaware4
- Judith LLC Delaware4
- Kirby Canyon RNG LLC Delaware4
- Lakeway Renewable Energy LL Delaware4
- Land2Gas LLC Delaware4
- Lyon Energy LLC Delaware4
- MD Digester, LLC California4
- MM Lopez Energy LLC Delaware4
- MM Prince William Energy LLC Delaware4
- MM San Diego LLC Delaware4
- MM Taunton Energy LLC Delaware4
- MM West Covina LLC Delaware4
- Mayfield Renewable Energy LLC Delaware4
- Miramar Energy LLC Delaware4
- NEO Albany, L.L.C. Delaware4
- NEO Lopez Canyon LLC Delaware4
- NEO Prince William LLC Delaware4
- NEO San Diego LLC Delaware4
- NEO Taunton LLC Delaware4
- NEO West Covina LLC Delaware4
- New River HoldCo LLC Delaware4
- New River RNG LLC Delaware4
- Noble Road HoldCo LLC Delaware4
- Noble Road RNG LLC Delaware4
- OPAL Fuels Inc. Delaware4
- OPAL Fuels Station Services LLC Delaware4
- Opal CMS RNG LLC Delaware4
- Opal Contracting LLC Delaware4
- Opal Elk Run RNG LLC Delaware4
- Opal Emerald RNG LLC Delaware4
- Opal Fuels ITC HoldCo II LLC Delaware4
- Opal Fuels ITC HoldCo LLC Delaware4
- Opal Fuels Intermediate HoldCo 2 LLC Delaware4
- Opal Fuels Intermediate HoldCo LLC Delaware4
- Opal Fuels Intermediate ITC HoldCo LLC Delaware4
- Opal Fuels LLC Delaware4
- Opal Fuels Non-ITC HoldCo II LLC Delaware4
- Opal Fuels Non-ITC HoldCo III LLC Delaware4
- Opal Fuels Non-ITC HoldCo LLC Delaware4
- Opal Fuels Parent HoldCo 2 LLC Delaware4
- Opal Fuels Parent HoldCo 3 LLC Delaware4
- Opal Fuels RNG HoldCo II LLC Delaware4
- Opal Grady Road RNG LLC Delaware4
- Opal Hickory Ridge RNG LLC Delaware4
- Opal HoldCo LLC Delaware4
- Opal Hoosier RNG LLC Delaware4
- Opal Indian Creek RNG LLC Delaware4
- Opal Lakeway HoldCo LLC Delaware4
- Opal Lakeway RNG LLC Delaware4
- Opal Land2Gas LLC Delaware4
- Opal Paragon RNG LLC Delaware4
- Opal RNG LLC Delaware4
- Opal Renewable Power HoldCo II LLC Delaware4
- Opal Renewable Power HoldCo III LLC Delaware4
- Opal Renewable Power LLC Delaware4
- Opal Rolling Meadows RNG LLC Delaware4
- Opal Sapphire RNG LLC Delaware4
- Opal Services LLC Delaware4
- Opal Seven Mile RNG LLC Delaware4
- Opal Stones Throw RNG LLC Delaware4
- Opal West Kentucky Mayfield RNG LLC Delaware4
- Opal Wexford County RNG LLC Delaware4
- Paragon RNG LLC Delaware4
- Pine Bend Energy LLC Delaware4
- Pine Bend HoldCo LLC Delaware4
- Pine Bend RNG LLC Delaware4
- Pioneer Crossing Energy LLC Delaware4
- Pioneer RNG LLC Delaware4
- Polk County RNG LLC Delaware4
- Port Charlotte Energy LLC Delaware4
- Prince William Energy LLC Delaware4
- Prince William Holdings LLC Delaware4
- Prince William RNG LLC Delaware4
- Reynolds RNG LLC Delaware4
- Richmond Energy LLC Delaware4
- Richmond RNG LLC Delaware4
- Rolling Meadows Renewable Energy LLC Delaware4
- San Bernardino Landfill Gas Partnership, L.P. California4
- San Marcos Energy LLC Delaware4
- Santa Cruz Energy LLC Delaware4
- Sapphire RNG LLC Delaware4
- Seven Mile Renewable Energy LLC Delaware4
- Stones Throw Renewable Energy LLC Delaware4
- Sunoma HoldCo LLC Delaware4
- Sunoma Holdings LLC Delaware4
- Sunoma Renewable Biofuel, LLC Arizona4
- Sycamore Energy 1 LLC Delaware4
- Sycamore Energy 2 LLC Delaware4
- Sycamore Energy LLC Delaware4
- Sycamore RNG LLC Delaware4
- VS Digester, LLC California4
- Wexford County Renewable Energy LLC Delaware4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- ArcLight Clean Transition Corp. IIFeb 4, 2021 to Jul 21, 20223
Timeline
- Aug 10, 20268-K Results of operations44
- Jul 28, 20268-K Regulation FD disclosure45
- Jun 22, 20268-K Shareholder vote46
- Jun 3, 20268-K Other events47
- May 20, 20268-K Change to shareholders' rights48
- May 11, 20268-K Results of operations49
- Apr 28, 20268-K Regulation FD disclosure50
- Mar 16, 20268-K Results of operations51
- Mar 9, 20268-K New debt or obligation; Unregistered sale of shares; Regulation FD disclosure52
- Nov 7, 20258-K Results of operations53
- Oct 28, 20258-K Executive or director change; Regulation FD disclosure54
- Oct 27, 20258-K Regulation FD disclosure55
- Jul 25, 2022New chief executive Jonathan Gilbert Maurer becomes CEO15
- Jul 25, 2022New chief executive Adam Comora becomes CEO14
Calendar
Coming up
- Nov 5, 2026Reports results for the quarter ending Sep/202656
When it reported results
- Aug 10, 2026Reported quarterly or annual results44
- May 11, 2026Reported quarterly or annual results49
- Mar 16, 2026Reported quarterly or annual results51
- Nov 7, 2025Reported quarterly or annual results53
- Aug 7, 2025Reported quarterly or annual results57
- May 8, 2025Reported quarterly or annual results58
- Mar 14, 2025Reported quarterly or annual results59
- Feb 28, 2025Reported quarterly or annual results60
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
456 filings to the SEC since October 2021: 5 annual reports, 19 quarterly reports, 81 major events, 186 insider forms, 51 large holders, 114 other. The latest 20:
- Sep 17, 2026EFFECT EDGAR
- Sep 14, 2026S-3/A EDGAR
- Sep 8, 20264 EDGAR
- Sep 4, 2026S-3 EDGAR
- Sep 2, 20264 EDGAR
- Sep 2, 20264 EDGAR
- Aug 13, 2026SCHEDULE 13G/A EDGAR
- Aug 10, 202610-Q EDGAR
- Aug 10, 20268-K EDGAR
- Jul 28, 20268-K EDGAR
- Jun 22, 20268-K EDGAR
- Jun 15, 20264 EDGAR
- Jun 4, 20264 EDGAR
- Jun 3, 20268-K EDGAR
- May 21, 20264 EDGAR
- May 20, 20268-K EDGAR
- May 20, 20264 EDGAR
- May 20, 20264 EDGAR
- May 18, 20264 EDGAR
- May 11, 20268-K EDGAR
The 456 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
83 open-market trades by officers, directors and large owners since October 2021: 60 buys and 23 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Comora AdamCo-Chief Executive Officer | Buy | 20,000 | $2.08 | $41.6K | Form 4 |
| Sep 1, 2026 | Comora AdamCo-Chief Executive Officer | Buy | 50,000 | $1.93 | $96.5K | Form 4 |
| Sep 1, 2026 | Nisar NadeemDirector | Buy | 10,000 | $1.91 | $19.1K | Form 4 |
| Aug 31, 2026 | Nisar NadeemDirector | Buy | 10,000 | $1.98 | $19.8K | Form 4 |
| Jun 11, 2026 | Sutton Scott McDougaldDirector | Buy | 50,000 | $1.95 | $97.5K | Form 4 |
| Jun 3, 2026 | Nisar NadeemDirector | Buy | 5,000 | $2.25 | $11.2K | Form 4 |
| Jun 2, 2026 | Nisar NadeemDirector | Buy | 10,000 | $2.32 | $23.2K | Form 4 |
| May 21, 2026 | Dols Scott V.Director | Buy | 7,946 | $2.00 | $15.9K | Form 4 |
| May 20, 2026 | Dols Scott V.Director | Buy | 4,346 | $2.06 | $9.0K | Form 4 |
| May 19, 2026 | Dols Scott V.Director | Buy | 25,105 | $2.05 | $51.5K | Form 4 |
| May 18, 2026 | Dols Scott V.Director | Buy | 12,603 | $2.02 | $25.5K | Form 4 |
| May 18, 2026 | Nisar NadeemDirector | Buy | 5,000 | $2.02 | $10.1K | Form 4 |
| May 15, 2026 | Nisar NadeemDirector | Buy | 10,000 | $1.94 | $19.4K | Form 4 |
| May 14, 2026 | Nisar NadeemDirector | Buy | 10,000 | $2.05 | $20.5K | Form 4 |
| Aug 18, 2025 | Comora AdamCo-Chief Executive Officer | Buy | 18,256 | $2.32 | $42.4K | Form 4 |
| Aug 15, 2025 | Comora AdamCo-Chief Executive Officer | Buy | 21,744 | $2.30 | $50.0K | Form 4 |
| Jun 13, 2025 | Comora AdamCo-Chief Executive Officer | Buy | 100 | $3.10 | $310 | Form 4 |
| Jun 13, 2025 | Nisar NadeemDirector | Buy | 10,000 | $3.17 | $31.7K | Form 4 |
| Jun 12, 2025 | Comora AdamCo-Chief Executive Officer | Buy | 2,600 | $3.06 | $8.0K | Form 4 |
| Jun 11, 2025 | Comora AdamCo-Chief Executive Officer | Buy | 5,400 | $3.08 | $16.6K | Form 4 |
All 83 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- InvescoSCHEDULE 13G/A, 7 filings Feb 7, 2025 to Aug 13, 202661
- NextEra EnergySCHEDULE 13D/A, 4 filings Aug 1, 2022 to Mar 10, 202662
- Zimmer Partners, LPSCHEDULE 13G/A, 4 filings Feb 9, 2023 to May 15, 202563
- Mark S. ComoraSCHEDULE 13D/A, 3 filings Jul 29, 2022 to Apr 23, 202564
- BarclaysSCHEDULE 13G/A, 5 filings Feb 10, 2022 to Mar 21, 202565
- Encompass Capital Advisors LLCSC 13G/A, 4 filings Jul 28, 2022 to Nov 14, 202466
- VANGUARD GROUP INCSC 13G/A, 4 filings Feb 13, 2024 to Nov 12, 202467
- Electron Capital Partners, LLCSC 13G/A, 2 filings Feb 21, 2023 to Feb 14, 202468
- ArcLight CTC Holdings II, L.P.SC 13D/A, 6 filings Feb 14, 2022 to Dec 19, 202369
- METEORA CAPITAL, LLCSC 13G/A, 2 filings Feb 16, 2023 to Apr 11, 202370
- Beryl Capital Management LLCSC 13G/A, 2 filings Jul 15, 2022 to Feb 14, 202371
- CITADEL ADVISORS LLCSC 13G/A, 3 filings Feb 3, 2022 to Feb 14, 202372
- ADAGE CAPITAL PARTNERS GP, L.L.C.SC 13G/A, 3 filings Feb 10, 2022 to Feb 9, 202373
- ARES MANAGEMENT LLCSC 13G, 1 filing Aug 1, 202274
- INTEGRATED CORE STRATEGIES (US) LLCSC 13G, 1 filing Dec 10, 202175
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Kazi HasanChief Financial Officer | 55 | $432.7K | $3.2M76 |
| 2025 | Jonathan MaurerCo-Chief Executive Officer | 66 | $614.8K | $3.0M76 |
| 2025 | Adam ComoraCo-Chief Executive Officer | 54 | $614.8K | $3.0M76 |
| 2025 | John CoghlinGeneral Counsel | 59 | $430.6K | $1.5M76 |
| 2024 | Jonathan MaurerCo-Chief Executive Officer | 66 | $591.8K | $3.0M76 |
| 2024 | Adam ComoraCo-Chief Executive Officer | 54 | $591.8K | $3.0M76 |
| 2024 | John CoghlinGeneral Counsel | 59 | $411.7K | $2.2M76 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 78. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Invesco Ltd. | 4,078,082 | $9.0M | 0.0% | +866,072 |
| Ares Management LLC | 3,059,533 | $6.7M | 0.3% | No change |
| Electron Capital Partners, LLC | 1,800,000 | $4.0M | 0.2% | No change |
| BlackRock, Inc. | 1,405,752 | $3.1M | 0.0% | +155,469 |
| Vanguard Capital Management LLC | 1,005,343 | $2.2M | 0.0% | −902 |
| Yaupon Capital Management LP | 810,183 | $1.8M | 0.1% | +29,491 |
| UBS Group AG | 596,160 | $1.3M | 0.0% | +114,213 |
| Geode Capital Management, LLC | 546,611 | $1.2M | 0.0% | +24,415 |
| Rockefeller Capital Management L.P. | 453,632 | $998.0K | 0.0% | No change |
| SIR Capital Management, L.P. | 373,849 | $822.5K | 0.1% | No change |
| Goldman Sachs Group Inc | 351,564 | $773.4K | 0.0% | +94,174 |
| Inspire Investing, LLC | 309,787 | $681.5K | 0.0% | +89,762 |
| Marshall Wace, Llp | 258,126 | $567.9K | 0.0% | +33,681 |
| J. Derek Lewis & Associates Inc. | 248,500 | $546.7K | 0.1% | −11,500 |
| State Street Corp | 238,686 | $525.1K | 0.0% | +14,558 |
| Aqr Capital Management LLC | 193,801 | $426.4K | 0.0% | +129,582 |
| Vanguard Fiduciary Trust Co | 167,256 | $368.0K | 0.0% | +30,922 |
| Northern Trust Corp | 162,881 | $358.3K | 0.0% | −11,253 |
| Vanguard Portfolio Management LLC | 150,493 | $331.1K | 0.0% | +22,702 |
| Adage Capital Partners Gp, L.l.c. | 115,000 | $253.0K | 0.0% | No change |
| WINTON GROUP Ltd | 67,780 | $149.1K | 0.0% | +55,213 |
| Morgan Stanley | 64,406 | $141.7K | 0.0% | −38,591 |
| Susquehanna International Group, Llp | 57,266 | $126.0K | 0.0% | −28,898 |
| Dimensional Fund Advisors LP | 54,038 | $118.9K | 0.0% | +20,401 |
| Shay Capital LLC | 42,629 | $93.8K | 0.0% | +5 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How OPAL Fuels Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGAROPAL Fuels Inc.1
- CIK0001842279
- Employer ID (EIN)98-15783575
- Filer statusAccelerated filer an emerging growth company; a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 311
- Industry code (SIC)4932 Gas & Other Services Combined1
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
- Business address200 Clarendon Street, 55Th Floor, Boston, MA 021161
- Phone617-531-63001
- Shares outstanding29,001,120 Common Class A shares; 121,500,000 Common Class B shares; 22,899,037 Common Class D shares as of Mar 16, 20265
- Public float$65.0M as of Jun 30, 20255
- AuditorBDO USA, P.C., Melville, NY PCAOB ID 243; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceFeb 4, 20211
- Filings487 in all: 4 (164), 8-K (79), 3 (32), 425 (22), CORRESP (18), 10-Q (17), UPLOAD (17), SC 13G (16)1
All 41 form types
SC 13G/A (15), 424B3 (13), EFFECT (8), S-4/A (7), SCHEDULE 13G/A (7), SC 13D/A (6), 10-K (5), 8-K/A (5), S-1/A (5), 10-Q/A (4), ARS (4), DEF 14A (4), DEFA14A (3), POS AM (3), SC 13D (3), SCHEDULE 13D/A (3), SCHEDULE 13G (3), 25-NSE (2), 4/A (2), NT 10-Q (2), S-1 (2), S-3 (2), S-3/A (2), S-4 (2), SEC STAFF LETTER (2), 144 (1), 424B4 (1), 8-A12B (1), CERT (1), S-1MEF (1), S-8 (1), SC TO-I (1), SC TO-I/A (1)
- Latest filingsAnnual report (10-K) Mar 16, 2026
Quarterly report (10-Q) Aug 10, 2026
Proxy statement (DEF 14A) Apr 23, 2026
Latest 8-K (8-K) Aug 10, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Common Stock, par value $0.0001 per share | OPAL | The Nasdaq Stock Market LLC |
From the cover page of the 10-K filed Mar 16, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks OPAL Fuels Inc. names in Item 1A of its 10-K filed Mar 16, 2026: 66 risks under these headings, as written.5
- Risks Related to Our Business
- Risks Related to Regulations or Governmental Actions
- Risks Related to Our Indebtedness
- Risks Related to Ownership of Our Class A Common Stock
- We are dependent on contractual arrangements with, and the cooperation of, owners and operators of biogas project sites where our Biogas Conversion Projects are located for the underlying biogas rights granted to us in connection with our Biogas Conversion Projects and for access to and operations on the biogas project sites where we utilize those underlying biogas rights.
- The owners and operators of biogas project sites generally make no warranties to us as to the quality or quantity of gas produced.
- From time to time, we face disputes or disagreements with owners and operators of biogas project sites which could materially impact our ability to continue to develop and/or operate an existing Biogas Conversion Project on its current basis, or at all, and could materially delay or eliminate our ability to identify and successfully secure the rights to construct and operate other future Biogas Conversion Projects.
- For the U.S. transportation fuel market, we are dependent on the production of vehicles and engines capable of running on natural gas and we have no control over these vehicle and engine manufacturers. We are also dependent on the willingness of owners of truck fleets to adopt natural gas-powered vehicles and to contract with us for the provision of compressed natural gas to these fleets.
- Failure of third parties to manufacture quality products or provide reliable services in a timely manner could cause delays in developing, constructing, bringing online and operating our Biogas Conversion Projects and Fueling Stations, which could damage our reputation, adversely affect our partner relationships or adversely affect our growth.
- We rely on interconnection, transmission and pipeline facilities that we do not own or control and that are subject to constraints within a number of our regions. If these facilities fail to provide us with adequate capacity or have unplanned disruptions, we may be restricted in our ability to deliver Renewable Power and RNG to our counterparties and we may either incur additional costs or forego revenues.
- We rely on third-party utility companies to provide our Biogas Conversion Projects with adequate utility supplies, including sewer, water, gas and electricity, in order to operate our Biogas Conversion Project facilities. Any failure on the part of such companies to adequately supply our facilities with such utilities, including any prolonged period of loss of electricity, may have an adverse effect on our business and results of operations.
- We are subject to risks associated with litigation or administrative proceedings that could materially impact our operations, including proceedings in the future related to our projects we subsequently acquire.
The other 58 risks
- We currently own, and in the future may acquire, certain assets in which we have limited control over management decisions, including through joint ventures, and our interests in such assets may be subject to transfer or other related restrictions.
- A reduction in the prices we can obtain for the Environmental Attributes generated from RNG, which include RINs, ISCC Carbon Credits, LCFS credits, and other incentives, could have a material adverse effect on our business prospects, financial condition and results of operations.
- Volatility in the price of oil, gasoline, diesel, natural gas, RNG, or Environmental Attribute prices could adversely affect our business.
- We face significant upward pricing pressure in the market with respect to our securing the biogas rights necessary for proposed new Biogas Conversion Projects and our conversion of existing Renewable Power rights to RNG rights on existing Biogas Conversion Projects that we plan to convert.
- We currently face declining market prices for LCFS credits specifically within California as well as significant upward pressure on the costs associated with dispensing RNG specifically within California to generate the LCFS credits.
- A prolonged environment of low prices or reduced demand for Renewable Power could have a material adverse effect on our business prospects, financial condition and results of operations.
- Increased rates of recycling and legislation encouraging recycling, increased use of waste incineration, advances in waste disposal technology, decreased demand for meat and livestock products could decrease the availability or change the composition of waste for biogas conversion project gas.
- We currently use, and may continue in the future to use, forward-sale and hedging arrangements, to mitigate certain risks, but the use of such arrangements could have a material adverse effect on our results of operations.
- Our ability to acquire, convert, develop and operate Biogas Conversion Projects, as well as expand production at current Biogas Conversion Projects, is subject to many risks.
- Acquiring Biogas Conversion Projects involves numerous risks, including potential exposure to pre-existing liabilities, unanticipated costs in acquiring and implementing the project, and lack of or limited experience in new geographic markets.
- Our Biogas Conversion Projects face operational challenges, including among other things the breakdown or failure of equipment or processes or performance below expected levels of output or efficiency due to wear and tear of our
- equipment, latent defects, design or operator errors, force majeure events, or lack of transmission capacity or other problems with third party interconnection and transmission facilities.
- An unexpected reduction in RNG production by third-party producers of RNG with whom we maintain marketing agreements to purchase RNG and/or the associated Environmental Attributes, or their inability or refusal to deliver such RNG or Environmental Attributes as provided under such agreements, may have a material adverse effect on our results of operations and could adversely affect our performance under associated dispensing agreements.
- Construction, development and operation of our Biogas Conversion Projects involves significant risks and hazards.
- Our failure to dispense a specified quality or quantity of RNG could have a material adverse effect on our financial condition and results of operations, by subjecting us to, among other things, possible penalties or terminations under the various contractual arrangements under which we operate, including pursuant to a purchase and sale agreement related to the sale of our Environmental Attributes.
- The success of our RNG projects depends on our ability to timely generate and ultimately receive certification of the Environmental Attributes associated with our RNG production and sale. A delay or failure in the certification of such Environmental Attributes could have a material adverse effect on the financial performance of our Biogas Conversion Projects.
- Maintenance, expansion and refurbishment of our Biogas Conversion Projects involve the risk of unplanned outages or reduced output, resulting from among other things periodic upgrading and improvement, unplanned breakdowns in equipment, and forced outages.
- In order to secure development, operational, dispensing and other necessary contract rights for our Biogas Conversion Projects, we typically face a long and variable development cycle that requires significant resource commitments and a long lead time before we realize revenues.
- Our Biogas Conversion Projects may not produce expected levels of output, and the amount of Renewable Power or RNG actually produced at each of our respective projects will vary over time, and, therefore so will generation of associated Environmental Attributes.
- Our business plans include expanding from Renewable Power and RNG production projects into additional transportation-related infrastructure, including production and development of hydrogen vehicle Fueling Stations. Any such expansions may present unforeseen challenges and result in a competitive disadvantage relative to our more-established competitors in the markets into which we wish to expand.
- Our gas and manure rights agreements for Biogas Conversion Projects are subject to certain conditions. A failure to satisfy such conditions could result in the loss of such rights.
- Our commercial success depends in part on our ability to identify, acquire, develop and operate public and private Fueling Stations for public and commercial fleet vehicles in order to dispense RNG for use as vehicle fuel and generate the associated Environmental Attributes.
- Our success is dependent on the willingness of commercial fleets and other counterparties to adopt, and continue use of RNG, which may not occur in a timely manner, at expected levels or at all. Our vehicle fleet counterparties may choose to invest in renewable vehicle fuels other than RNG.
- Acquisition, financing, construction, and development of Fueling Station projects by us or our partners that own projects may not commence on anticipated timelines or at all.
- Our Fueling Station construction activities for commercial fleets and other counterparties are subject to business and operational risks, including predicting demand in a particular market or markets, land use, permitting or zoning difficulties, responsibility for actions of sub-contractors on jobs in which we serve as general contractor, potential labor shortages and cost overruns.
- Certain of our Biogas Conversion Projects and Fueling Stations are newly constructed or are under construction and may not perform as we expect.
- Our contracts with government entities may be subject to unique risks, including possible termination of or reduction in the governmental programs under which we operate, instances in which our contract provisions allow the government entity to terminate, amend or change terms at their convenience, and competitive bidding processes for the award of contracts.
- Our cash could be adversely affected if the financial institutions in which we hold our cash fail.
- Liabilities and costs associated with hazardous materials and contamination and other environmental conditions may require us to conduct investigations or remediation at the properties underlying our projects, may adversely impact the value of our projects or the underlying properties, and may expose us to liabilities to third parties.
- We have a history of accounting losses and may incur additional losses in the future.
- Loss of our key management could adversely affect our business performance. Our management team has limited experience in operating a public company such as us.
- Failure to maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and operating results. In addition, current and potential stockholders could lose confidence in our financial reporting, which could have a material adverse effect on the price of our Class A common stock.
- Litigation or legal proceedings could expose us to significant liabilities and have a negative impact on our reputations or business.
- Our business and operations could be negatively affected if we become subject to any securities litigation or shareholder activism, which could cause us to incur significant expense, hinder execution of business and growth strategy and impact its stock price.
- Our only material assets are our direct interests in OPAL Fuels, and we are accordingly dependent upon distributions from OPAL Fuels to pay dividends and taxes and other expenses.
- If we are deemed an “investment company” under the Investment Company Act as a result of our ownership of OPAL Fuels, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on its business.
- In certain cases, payments under the Tax Receivable Agreement may be accelerated and/or significantly exceed the actual benefits that we realize in respect of the tax attributes subject to the Tax Receivable Agreement.
- Our increasing reliance on information technology and other systems subjects us to risks associated with cybersecurity. Cybersecurity incidents or our failure to maintain the security and integrity of Company, employee, associate, customer or third-party data could have a disruptive effect on our business and adversely affect our reputation and financial performance.
- Our business may be impacted by macroeconomic conditions, including fears concerning the financial services industry, inflation, rising interest rates and volatile market conditions, and other uncertainties beyond our control.
- Our operations are subject to numerous stringent EHS laws and regulations that may expose us to significant costs and liabilities. From time to time, we have been issued notices of violations from government entities that our operations have failed to comply with such laws and regulations. Failure to comply with such laws and regulations may result in the assessment of sanctions, including administrative, civil or criminal penalties, the imposition of investigatory or remedial obligations, and the issuance of orders limiting or prohibiting some or all of our operations.
- Existing and future changes to federal, state and local regulations and policies, including permitting requirements applicable to us, and enactment of new regulations and policies, may present technical, regulatory and economic barriers to the generation, purchase and use of Renewable Power and RNG, and may adversely affect the market for the associated Environmental Attributes. A failure on our part to comply with any laws, regulations or rules applicable to us may adversely affect our business, investments and results of operations.
- Our biogas conversion project site owners and operators are also subject to extensive federal, state and local regulations and policies, including permitting requirements. Any failure on their part to comply with any laws, regulations, rules or permits, applicable to them may also adversely affect our business, investments and results of operations.
- The financial performance of our business depends upon tax and other government incentives for the generation of RNG and Renewable Power, any of which could change at any time and such changes may negatively impact our growth strategy.
- The Company may incur contractual obligations from the indemnification of third parties if tax authorities challenge the amount or availability of ITCs or related tax benefits that the Company is obligated to provide to such third parties under such contractual arrangements.
- We are subject to changing law and regulations regarding regulatory matters, corporate governance and public disclosure that will increase both our costs and the risk of noncompliance.
- Our level of indebtedness and preferred stock redemption obligations could adversely affect our ability to raise additional capital to fund our operations and acquisitions. It could also expose us to the risk of increased interest rates and limit our ability to react to changes in the economy or our industry. We may be unable to obtain additional financing to fund our operations or growth.
- Future sales and issuances of our Class A common stock could result in additional dilution of the percentage ownership of our stockholders and could cause our share price to fall.
- Future sales of a substantial number of shares of our Class A common stock, or the perception in the market that the holders of a large number of shares of Class A common stock intend to sell shares, could reduce the market price of our Class A common stock.
- We are an “emerging growth company,” and our election to comply with the reduced disclosure requirements as a public company may make our Class A common stock less attractive to investors.
- The existence of a family relationship between Mr. Mark Comora, as our Chairman of our board, and Mr. Adam Comora, as our Co-Chief Executive Officer, may result in a conflict of interest on the part of such persons between what they, in their capacity as Chairman or Co-Chief Executive Officer, respectively, may believe is in our best interests and the interests of our stockholders in connection with a decision to be made by us through our board, standing committees thereof, and management and what he may believe is best for himself or his family members in connection with the same decision.
- We are a controlled company, and thus not subject to all of the corporate governance rules of Nasdaq. You will not have the same protections afforded to stockholders of companies that are subject to such requirements.
- The dual-class structure of our common stock may adversely affect the trading market for the shares of Class A common stock.
- There can be no assurance that we will be able to comply with the continued listing standards of Nasdaq.
- Because there are no current plans to pay cash dividends on shares of common stock for the foreseeable future, you may not receive any return on investment unless you sell your shares of common stock for a price greater than that which you paid for it.
- Anti-takeover provisions are contained in our certificate of incorporation that could delay or prevent a change of control.
- The trading price of the Class A common stock has been, and is likely to continue to be, volatile and could fluctuate in response to a number of factors, many of which are beyond our control.
- A credit ratings downgrade or other negative action by a credit rating organization could adversely affect the trading price of the shares of our Class A common stock.
- Our certificate of incorporation provides that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
Legal proceedings
From time to time, we are involved in various legal proceedings, lawsuits and claims incidental to the conduct of our business, some of which may be material. Our businesses are also subject to extensive regulation, which may result in regulatory proceedings against us. We do not believe that the outcome of any of our current legal proceedings will have a material adverse impact on our business, financial condition and results of operations.
Central Valley Project
In September 2021, an indirect subsidiary of the Company, MD Digester, LLC (“MD”), entered into a fixed-price Engineering, Procurement and Construction Contract (an “EPC Contract”) with VEC Partners, Inc. d/b/a CEI Builders (“CEI”) for the design and construction of a turn-key renewable natural gas production facility using dairy cow manure as feedstock in California’s Central Valley. In December 2021, a second indirect subsidiary of the Company, VS Digester, LLC (“VS”) entered into a nearly identical EPC Contract (collectively, the "EPC Contracts") with CEI for the design and construction of a second facility, also in California’s Central Valley. CEI’s performance under both of the EPC Contracts is fully bonded by licensed sureties.
CEI has submitted a series of change order requests seeking to increase the EPC Contract Price by approximately $14 million, per project, primarily due to: (1) modifications to CEI’s design drawings which are required to meet its contracted performance guaranties, and (2) a default by one of CEI’s major equipment manufacturers. The Company disputes the vast majority of the change order requests.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGAROPAL Fuels Inc. filings on SEC EDGAR
- 2SEC EDGAROPAL Fuels Inc. 10-K for fiscal 2025
- 3SEC EDGAROPAL Fuels Inc. filings on SEC EDGAR
- 4
- 5
- 6SEC EDGAROPAL Fuels Inc. 10-K for fiscal 2021
- 7SEC EDGAROPAL Fuels Inc. 10-K for fiscal 2022
- 8SEC EDGAROPAL Fuels Inc. 10-K for fiscal 2023
- 9SEC EDGAROPAL Fuels Inc. 10-K for fiscal 2021
- 10SEC EDGAROPAL Fuels Inc. 10-Q for fiscal 2025
- 11SEC EDGAROPAL Fuels Inc. 10-Q for fiscal 2025
- 12SEC EDGAROPAL Fuels Inc. 10-Q for fiscal 2026
- 13SEC EDGAROPAL Fuels Inc. 10-Q for fiscal 2025
- 14SEC EDGARAdam Comora, Chief executive officer
- 15
- 16SEC EDGARDaniel R. Revers, Chair
- 17SEC EDGARKazi Hasan, Chief financial officer
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- 24SEC EDGARHugh Donnell, Senior Vice President
- 25
- 26SEC EDGARJohn Frederick Erhard, Officer
- 27SEC EDGARLance D. Moll, Board member
- 28SEC EDGARScott McDougald Sutton, Board member
- 29SEC EDGARJames J. Martell, Board member
- 30SEC EDGARAshok Vemuri, Board member
- 31SEC EDGARBetsy L. Battle, Board member
- 32SEC EDGARKevin Michael Fogarty, Board member
- 33SEC EDGARMark S. Comora, Board member
- 34SEC EDGARNadeem Nisar, Board member
- 35SEC EDGARScott Dols V., Board member
- 36SEC EDGARMarco F. Gatti, Board member
- 37SEC EDGARArno Harris, Board member
- 38SEC EDGARBrian Goncher, Board member
- 39SEC EDGARDaniel R. Revers, Board member
- 40SEC EDGARJa-Chin Lee, Board member
- 41SEC EDGARSteven Berkenfeld, Board member
- 42SEC EDGARJohn Coghlin, General counsel
- 43SEC EDGARChristine M. Miller, General counsel
- 44SEC EDGARResults of operations
- 45SEC EDGARRegulation FD disclosure
- 46SEC EDGARShareholder vote
- 47SEC EDGAROther events
- 48SEC EDGARChange to shareholders' rights
- 49SEC EDGARResults of operations
- 50SEC EDGARRegulation FD disclosure
- 51SEC EDGARResults of operations
- 52
- 53SEC EDGARResults of operations
- 54
- 55SEC EDGARRegulation FD disclosure
- 56NasdaqNasdaq calendar
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