OPAL Fuels Inc. has reported $300 million in revenue for 2024, up 17 percent from 2023. Net income for 2024 landed at $14.3 million, down from $127 million for 2023.
“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”, co-CEO Adam Comora said.
The company said it has begun operations at three landfill renewable natural gas (RNG) projects: Prince William, Sapphire, and Polk, which have a total annual design capacity of 3.6 million British thermal units (MMBtu). This brings the annual design capacity of OPAL Fuels’ operational RNG projects to 8.8 MMBtu by the end of 2024. When including projects that are currently under construction, the total annual design capacity rises to 11.4 MMBtu.
In 2024, OPAL Fuels produced 3.8 MMBtu of RNG, a 41 percent increase compared to the same period in the prior year.
“Since becoming a public company in 2022, we have, organically, more than tripled our operating production capacity and doubled EBITDA through a combination of converting existing biogas-to-electricity plants into RNG, new RNG projects, and strong growth in our fuel station services segment. Despite near-term market volatility, 2025 is expected to be another year of solid growth for OPAL Fuels”, said Comora.
The Fuel Station Services segment sold, dispensed, and serviced 41.9 million and 150.2 million gasoline gallon equivalents (GGEs) of transportation fuel for the fourth quarter and full year 2024, respectively. The annual figure is an increase of 13 percent from 2023.
Source: By Paul Anderson from Rigzone.com