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OPAL Fuels
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Updated Oct 21, 2026
OPAL Fuels Co-CEO Maurer retires March 31, 2027; Comora becomes sole CEO.
Jonathan Maurer, Co-Chief Executive Officer since the company's formation in April 2021, will retire effective March 31, 2027, transitioning OPAL Fuels to single-CEO leadership under Adam Comora. Maurer will remain available as Senior Advisor during the transition and has no severance or compensation agreement beyond existing equity vesting terms. The Board has commenced an executive search for a President to report to Comora.
Tone: neutralRevenue
$349M
OPAL 10-K · FY 2025
Employees
331
Revenue growth YoY
+16%
Founded
2021
Profile
OPAL 10-K Item 1 · Mar 16, 2026OPAL Fuels is a vertically integrated renewable natural gas company that captures and converts biogas from landfills and dairy farms into RNG and Renewable Power. The company also designs, builds, and operates fueling stations that dispense RNG to heavy- and medium-duty trucking fleets, and monetizes associated Environmental Attributes including RINs and LCFS credits. Its vertical integration spans the full RNG value chain from biogas capture through fuel dispensing.
Read filing description ↓ Collapse description ↑
OPAL Fuels Inc. 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. Biogas is generated by microbes as they break down organic matter in the absence of oxygen. Biogas is comprised of non-fossil waste gas, with high concentrations of methane, which is the primary component of RNG and the source for combustion utilized by Renewable Power plants to generate electricity. Biogas can be collected and processed to remove impurities for use as RNG (a form of high-Btu fuel) and injected into existing natural gas pipelines as it is fully interchangeable with fossil fuel-based natural gas. Partially treated biogas can be used directly in heating applications (as a form of medium-Btu fuel) or in the production of Renewable Power. Our principal sources of biogas are (i) LFG, which is produced by the decomposition of organic waste at landfills, and (ii) dairy manure, which is processed through anaerobic digesters to produce the biogas. We also design, develop, construct, operate and service Fueling Stations for trucking fleets across the country that use natural gas to displace diesel as their transportation fuel. We have participated in the alternative vehicle fuels industry for over a decade and have established an expanding network of Fueling Stations for dispensing RNG. In addition, we have recently begun implementing design, development, and construction services for hydrogen Fueling Stations, and we are pursuing opportunities to diversify our sources of biogas to other waste streams.
Primary products
- Renewable Natural Gas (RNG)
- Renewable Power
- Environmental Attributes (RINs, LCFS credits, ISCC Carbon Credits, RECs)
- Fueling Station construction and services
- RNG marketing and dispensing
- Hydrogen Fueling Stations
Business segments
End markets
Geographies
“We believe based on (i) our status as one of the largest operators of LFG-to-RNG projects, (ii) our over 20-year track record of operating and developing projects, (iii) our vertically integrated business platform, (iv) our deep relationships with some of the largest landfill owners and (v) our relationships with dairy producers in the country, we are well-positioned to continue to operate and grow our portfolio and respond to competitive pressures.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased by $49.0 million, or 16%, in 2025 versus 2024, driven by growth in Fuel Station Services and RNG Fuel, partially offset by a decline in Renewable Power revenues.
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