Opal Fuels completes business combination with ArcLight

By Opal Fuels LLC | July 26, 2022

Opal Fuels, a vertically integrated producer and distributor of renewable natural gas (RNG), on July 21 announced that it has completed its previously announced business combination with ArcLight Clean Transition Corp. II.

The transaction was unanimously approved by ArcLight’s board of directors and was approved at a special meeting of ArcLight shareholders on July 15, 2022.

The combined entity will be renamed Opal Fuels Inc. and commencing on July 22, 2022, the Class A ordinary shares of New Opal will trade on the Nasdaq under the ticker symbol “OPAL” and its warrants will trade on the Nasdaq under the ticker symbol “OPALW”.

 

Company background

Opal Fuels is a renewable energy company specializing in the capture and conversion of biogas for the production of RNG for use as a vehicle fuel for heavy and medium-duty trucking fleets, and the generation of renewable power for sale to utilities. Opal Fuels also designs, develops, constructs, operates and services fueling stations for trucking fleets across the country that use natural gas to displace diesel as their transportation fuel. The biogas conversion projects currently use landfill gas and dairy manure as the source of the biogas. In addition, Opal Fuels has recently begun implementing design, development, and construction services for hydrogen fueling stations.

As of May 1, 2022, Opal Fuels owns and operates 24 biogas projects, five of which are RNG projects and 19 of which are renewable power projects. Additionally, Opal Fuels currently has seven RNG projects under construction.

 

Management commentary

Adam Comora, co-CEO of Opal Fuels, stated, “We are incredibly proud to complete this transaction and become a public company. This transformative step enables the next phase of growth at OPAL Fuels, and we look forward to our continued partnership with the ArcLight team and delivering value to all of our stakeholders.”

Jonathan Maurer, co-CEO of Opal Fuels, commented, “We remain focused on executing on our project pipeline and further expanding our portfolio of RNG production facilities and network of RNG fueling stations, which enables our customers to accelerate their transition to sustainable, renewable transportation fuels.”

Marco Gatti, chief financial officer of ArcLight said, “ArcLight is proud to have partnered with OPAL Fuels, a leader in the energy transition segment delivering on tangible decarbonization solutions for the transportation sector. We are confident in management’s proven ability to create value as the RNG industry evolves and matures and look forward to the company’s continued growth.”

Opal Fuels’ senior management team will continue to lead the now combined company, including Adam Comora (Co-chief executive officer), Jonathan Maurer (co-chief executive officer), Ann Anthony (chief financial officer), John Coghlin (general counsel), Scott Edelbach (executive vice president), Anthony Falbo (chief operating officer) and Dave Unger (executive vice president).

New Opal’s board of directors will be comprised of Mark Comora (chairman), Betsy Battle, Scott Dols, Kevin Fogarty, Marco Gatti, Nadeem Nisar, and Ashok Vemuri.

 

Advisors

Sheppard Mullin Richter & Hampton LLP is serving as legal advisor to Opal Fuels. Kirkland & Ellis LLP is serving as legal advisor to ArcLight.