Commissioning of New RNG Projects
OPAL Fuels has successfully commissioned the Sapphire and Polk RNG projects, bringing their total to 11 RNG projects in operation with a design capacity of 8.8 million MMBtus, a 3.6 million increase this year.
Strong Financial Performance
Adjusted EBITDA for the quarter was approximately $31 million, up from $16.5 million in Q3 2023, with significant contributions from environmental credit sales and fuel station services.
Revenue Growth
Revenue in the third quarter was $84 million, an increase from $71.1 million in Q3 2023, primarily driven by increased production and timing of environmental credit sales.
Net Income Surge
Net income for the third quarter was $17.1 million, a significant increase from $0.2 million in Q3 2023, driven by growth in fuel station services and sale of investment tax credits.
RNG Production Increase
RNG production was 1.0 million MMBtus for Q3 2024, a 40% year-over-year increase.