OPAL Fuels has unveiled a new fueling station and expanded partnership with GT Carriers.
Takeaway Points
- OPAL Fuels unveiled a new fueling station and expanded partnership with GT Carriers.
- The El Centro station, which is expected to begin operation in December, is the third station in Southern California.
- On Aug. 7, 2024, OPAL Fuels reported second quarter 2024 results.
OPAL Fuels Unveils its Third Fueling Station
OPAL Fuels Inc. said on Thursday that it is opening its third fueling station in El Centro, CA, with GT Carriers Inc., a Southern California regional freight carrier. The El Centro station, which is expected to begin operation in December, is the third station in Southern California that OPAL Fuels has completed for GT Carriers.
OPAL Fuels owns these stations and has entered into long-term fuel supply agreements with GT Carriers. These stations expand OPAL Fuels’ RNG dispensing network, comprising over 300 stations across the U.S.
Luis Garcia, President of GT Carriers, said, “Our relationship with OPAL Fuels helps to substantially reduce our diesel costs and helps us move towards meeting our sustainability goals by dramatically lowering carbon emissions across our fleet.”
Adam Comora, co-CEO of OPAL Fuels, commented, “Our Fuel Station Services business segment continues to grow rapidly, backed by customers like GT Carriers who understand that RNG lowers both their fuel costs and their carbon footprint. RNG is one of the cleanest and most affordable transportation fuels available. Our fueling station business growth and vertical integration continues to be a strategic advantage to accessing the transportation fuel market in the United States for our RNG.”
These stations are located near major Southern California transit routes, allowing GT Carriers to efficiently and sustainably transport agricultural products to and from customer locations throughout the southwestern United States, OPAL said.
OPAL Fuels Reports Second Quarter 2024 Results
On Aug. 7, 2024, OPAL Fuels Inc. announced results for the three and six months ended June 30, 2024.
Adam Comora, Co-Chief Executive Officer, said, “Second quarter results were solid and we remain on target to achieve our 2024 financial objectives. We achieved Adjusted EBITDA of $18.9 million, driven by growing RNG production, supportive RIN prices and improved margins in our Fuel Stations Services segment. A substantial majority of our expected RIN sales for this year are now contracted at favorable pricing and we remain on schedule for completing construction of our RNG projects coming online this year.”
Financial Highlights
According to the company, its revenue for the three and six months ended June 30, 2024, was $71.0 million and $135.9 million, an increase of $15.9 million, or 29%, and $37.9 million, or 39%, compared to the same periods last year. Our share of revenues from equity method investments, not included above for three and six months ended June 30, 2024, were $11.2 million and $22.0 million, compared to $2.1 million and $5.8 million, in the same periods prior year. Net income for the three and six months ended June 30, 2024, was $1.9 million and $2.6 million, compared to $114.1 million and $106.7 million in the same periods last year.
About OPAL Fuels Inc.
OPAL Fuels Inc. (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 harmful methane emissions and decarbonize the economy.
About GT Carriers, Inc.
GT Carriers is a leader in international goods transport. With over 250 trucks operating out of California and neighboring states, they provide local, regional, cross border and drayage freight hauling services. Among other things, they leverage a green CNG/RNG fleet to set themselves apart from their competition and bring additional value to their customers.
