OPAL Fuels Inc. reported a total revenue of $299.97 million for the fiscal year ending December 31, 2024, marking a 17.1% increase from $256.11 million in the previous year. The company's net income attributable to Class A common stockholders was $4.4 million, a significant decrease from $112.7 million in 2023, primarily due to lower operating income and increased expenses. The company’s revenue growth was driven by a notable increase in its Renewable Natural Gas (RNG) segment, which saw a 33% rise in revenue, largely attributed to higher sales of Environmental Attributes, including Renewable Identification Numbers (RINs) and Low Carbon Fuel Standard (LCFS) credits.
In terms of operational developments, OPAL Fuels owned and operated 26 projects as of December 31, 2024, with 11 dedicated to RNG and 15 to Renewable Power. The company’s RNG projects had a design capacity of 8.8 million MMBtus per year, while its Renewable Power projects had a nameplate capacity of 105.8 MW per hour. The company also reported a significant increase in RNG production, with 3.7 million MMBtus produced in 2024 compared to 2.6 million MMBtus in 2023. This growth was facilitated by the commencement of operations at new facilities, including the Prince William and Polk projects.
Strategically, OPAL Fuels has been expanding its capabilities and market presence. The company recently acquired a 50% interest in the Wasatch Resource Recovery facility, which converts food waste into RNG, thereby diversifying its biogas sources. Additionally, OPAL Fuels amended its credit agreement to facilitate future capital raises and project financing, extending the availability period for delay draw term loans through March 2026. The company is also exploring opportunities in hydrogen fueling stations, indicating a strategic shift towards broader renewable energy solutions.
The company’s employee headcount stood at 342 as of December 31, 2024, reflecting its commitment to scaling operations. However, OPAL Fuels faces challenges, including increased costs associated with project development and potential regulatory changes that could impact the market for RNG and Environmental Attributes. The company noted that its financial performance is closely tied to government incentives for renewable energy, which could change and affect future growth prospects.
Looking ahead, OPAL Fuels anticipates continued growth in RNG production and sales, driven by increasing demand for low-carbon fuels in the transportation sector. The company expects to leverage its existing projects and explore new opportunities to enhance its market position. However, it remains cautious about potential regulatory changes and market conditions that could impact its operations and financial results.
About OPAL Fuels Inc.
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