Wedoany.com Report-Mar 18, Opal Fuels Inc. on March 13 announced the company produced 3.8 million MMBtu of renewable natural gas (RNG) in 2024, up 41% when compared to 2023. The increase was supported by three new landfill RNG projects that commenced operations during the year.
Opal Fuels provided an overview of its 2024 operations in a fourth quarter earnings release issued March 13. Company officials provided additional details regarding company operations during a fourth quarter earnings call, which was held the following day.
According to the company, it commenced operations its Prince William, Sapphire and Polk landfill RNG projects last year. The combined annual production capacity of those facilities is 3.6 million MMBtu. The new projects boost Opal Fuels’ total RNG capacity to 8.8 million MMBtu. Projects currently under construction are expected further increase the company’s RNG capacity to 11.4 million MMBtu.
Opal Fuels produced 1.1 million MMBtu of RNG during the fourth quarter up 38% when compared to the same period of 2023. Production for the full year reached 3.8 million Btu, up 41% when compared to the previous year.
The company’s Fuel Station Services segment sold, dispensed and serviced an aggregate of 41.9 million and 150.2 million GGEs of transportation fuel for the three and 12 months ended Dec. 13, up 19% and 13%, respectively, when compared to the prior-year periods. Of that volume, RNG dispensed as a transportation fuel was 19.3 million and 74 million GGEs, respectively, an increase of 54% and 69% compared to the prior-year periods.
As of the end of 2024, Opal Fuels said it has 47 stations under construction, including 20 owned by the company.
“2024 was a solid year for OPAL Fuels, we made strong progress on our operational and strategic objectives and have positioned the company for continued success this year and for many years to come,” said Adam Comora, co-CEO of OPAL Fuels.
Comora said Opal’s growth continues to be driven by the company’s execution in building and operating RNG projects. He also noted that vertical integration provides the most value for Opal and its feedstock partners. Of the company’s 17 RNG projects that are currently in operation or under construction, Comora said 12 have been the result of securing new gas rights and five were a combination of acquisition and conversion of existing landfill gas to electric projects.
According to Comora, Opal expects 2025 to be another year of growth, with projected RNG production expected to be in the range of 5 million to 5.4 million MMBtu. If realized, that level of growth will represent a 30% to 40% increase over 2024.
“We're proud of our position as one of the largest integrated RNG operators in the market.” said co-CEO Jonathan Maurer. “OPAL Fuels is a leader in the space and our track record of success makes us a logical choice for feedstock suppliers seeking an operating partner, and fleet customers looking to deploy trucks that are Cleaner, Cheaper, Now.”
"We're excited about our outlook for 2025, our guidance reflects our expectation of executing our business plan as we navigate challenging market conditions. We expect to continue to expand our RNG facility footprint and grow our Fuel Station Services segment," Maurer added. "The management team remains focused on disciplined execution to drive shareholder value.”
Opal Fuels reported $80 million in revenue for the fourth quarter, down 8% when compared to the same period of 2023. Net loss was $5.4 million, compared to a net income of $20.1 million. Basic net loss per share was 5 cents, compared to basic net earnings of 11 cents. Adjusted EBITDA was $22.6 million, compared to $32 million.
For the full year 2024, revenue was $300 million, up 17% when compared to 2023. Net income was $14.3 million, compared to $127 million. Basic net earnings were 2 cents, compared to 70 cents. Adjusted EBITDA was $90 million, compared to $52 million.
