OPAL Fuels Announces Joint Venture for North Carolina Renewable Natural Gas Production Facility
WHITE PLAINS, N.Y.--(BUSINESS WIRE)-- OPAL Fuels (Nasdaq: OPAL) announced today that it has entered into a joint venture with an affiliate of environmental services leader Republic Services, Inc. (NYSE: RSG) for a new biogas-to-renewable natural gas ('RNG') facility at Republic's Charlotte Motor Speedway Landfill in Concord, North Carolina.
The new RNG facility, owned jointly by OPAL and its minority partner, a Republic Services affiliate, will have an initial annual design capacity of approximately 1.4 million MMBtu. This project is a conversion of an existing OPAL-owned renewable electricity facility at the site, and the joint venture has executed a new long-term gas rights agreement for the RNG plant. OPAL has already made investments into the construction of this facility and it is expected to come online consistent with recent RNG project timelines.
Using proven technology, the project will capture biomethane produced naturally from the decomposition of organic material from the landfill and convert it into RNG, a low-carbon, low-cost transportation fuel.
'This facility further advances OPAL Fuels' positioning as a leader in the development, operation, and distribution of RNG that provides a sustainable and cost-effective fuel solution for fleets,' said Jonathan Maurer, co-CEO, OPAL Fuels. 'We appreciate increased collaboration with best-in-class partners as we continue to bring cost effective solutions for partners, fleet customers, and the local communities they serve.'
About OPAL Fuels
OPAL Fuels (Nasdaq: OPAL) is a leader in the capture and conversion of biogas into low carbon intensity RNG and renewable electricity. 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. For additional information, and to learn more about OPAL Fuels and how it is leading the effort to capture North America's naturally occurring methane and decarbonize the economy, please visit www.opalfuels.com.
Forward-Looking Statements
Certain statements in this communication may be considered forward-looking statements within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels' (the 'Company's') future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as 'believe,' 'may,' 'will,' 'potentially,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'could,' 'would,' 'project,' 'target,' 'plan,' 'expect,' or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management's control, including, but not limited to, general economic conditions and other risks, uncertainties and factors set forth in the sections entitled 'Risk Factors' and 'Cautionary Statement Regarding Forward-Looking Statements' in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q, and other filings it makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Except as required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.
Disclaimer
This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
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