Opal Fuels (OPAL) Registration filing summary

Company overview and business model

• Vertically integrated in capturing and converting biogas into renewable power and renewable natural gas (RNG), with over 20 years of industry experience.

• Markets and distributes RNG to heavy-duty trucking and hard-to-decarbonize industrial sectors.

• Designs, develops, constructs, operates, and services fueling stations for natural gas and hydrogen, expanding its network nationwide.

• Principal biogas sources include landfill gas and dairy manure, with ongoing diversification into other waste streams.

• Incorporated in Delaware, headquartered in White Plains, NY.

Financial performance and metrics

• As of September 2, 2026: 30,290,963 shares of Class A common stock, 121,500,000 shares of Class B, and 22,899,037 shares of Class D outstanding.

• No dividends currently paid on Class A common stock.

• Class A common stock last traded at $1.99 per share on Nasdaq.

Use of proceeds and capital allocation

• Net proceeds intended for general corporate purposes, including sales and marketing, operational costs, renewable energy and fueling station development, strategic transactions, and working capital.

• May use proceeds to repay debt or invest in/acquire complementary businesses, products, or technologies, with no current commitments.

• Management retains broad discretion over allocation of proceeds.