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OPAL Fuels

Closed (deSPAC)

Energy · renewable natural gas fueling stations and biogas conversion

What it is
A private company in energy preparing to list via a SPAC merger. Full profile in progress.
What it’s doing now
Merging with ArcLight Clean Transition Corp. II (ACTD) — closed (despac).
What you should know
The deal carries a $225M minimum-cash condition — heavy redemptions can break it.
Profile in progress — we only publish what we can verify in filings, and for this company that work isn’t finished. Identity and deal facts above are current; business detail, financials and peers will appear as the filings are parsed.

What the company says about itself

Web research — not audited

OPAL Fuels is a fully integrated, nationwide leader in the production and distribution of low-carbon intensity renewable natural gas (RNG). The company utilizes a vertical waste-to-energy model to capture methane emissions from landfills and dairy farms, purifying them into RNG to replace diesel in heavy-duty transportation and industrial markets.

Markets:
Renewable Natural Gas | Waste-to-Energy | Heavy-Duty Transportation | Industrial Markets
Products:
Renewable Natural Gas (RNG) | Hydrogen Fueling Stations | RNG Project Development | Fueling Infrastructure
What our web check found

[WEB-INTEL 2026-08-26] 16 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Opal Fuels LLC is merging with a special-purpose acquisition company to go public with a valuation of roughly $2 billion, the companies said." [https://www.wsj.com/finance/investing/renewable-natural-gas-firm-opal-fuels-to-go-public-in-2-billion-spac-merger-11638442800] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "OPAL Fuels LLC has entered into a business combination agreement with ArcLight Clean Transition Corp. II (Nasdaq: ACTD) enterprise value of $1." [https://opalfuels.com/press-releases/business-combination/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "$125M Min-cash condition $225M" [https://spacbrain.com/spac/ACTD/deal] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "OPAL Fuels LLC, entered into a preferred equity financing of up to $180,000,000 with an affiliate of Fortistar." [https://www.stocktitan.net/sec-filings/OPAL/8-k-opal-fuels-inc-reports-material-event-3220215782c5.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "An initial $120,000,000 of Series A Preferred Units was issued at $100 per unit, carrying a 12% annual dividend compounding quarterly, with a partial payment-in-kind option." [https://www.stocktitan.net/sec-filings/OPAL/8-k-opal-fuels-inc-reports-material-event-3220215782c5.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "About $100,000,000 of the initial proceeds redeemed existing Series A preferred units held by a NextEra Energy affiliate" [https://www.stocktitan.net/sec-filings/OPAL/8-k-opal-fuels-inc-reports-material-event-3220215782c5.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The investor committed up to an additional $60,000,000 within one year and received a warrant for up to 3,000,000 Class A common shares at a price equal to the 20‑day VWAP plus $0.50." [https://www.stocktitan.net/sec-filings/OPAL/8-k-opal-fuels-inc-reports-material-event-3220215782c5.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "OPAL Fuels Intermediate HoldCo LLC drew approximately $128.4 million under its existing credit agreement, using part of the proceeds to repay about $20 million outstanding on its revolving loan facility." [https://www.stocktitan.net/sec-filings/OPAL/8-k-opal-fuels-inc-reports-material-event-3220215782c5.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "At closing, $120 million was issued from the facility, of which approximately $100 million was used to fully redeem the Series A Preferred Units" [https://investors.opalfuels.com/news-releases/news-release-details/opal-fuels-announces-closing-180-million-preferred-stock/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "price of up to $180,000,000. OPAL Fuels ・ closed a new $180 million preferred stock facility ・ $120 million was issued from the facility," [https://investors.opalfuels.com/static-files/5668b3fe-00b0-492c-91ef-c148e5f7c71e] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "OPAL Fuels raises up to $180M in 12% preferred units with Fortistar affiliate, redeems $100M of existing preferreds, issues warrants for up" [https://www.stocktitan.net/sec-filings/OPAL/8-k-opal-fuels-inc-reports-material-event-3220215782c5.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "OPAL Fuels invested $70.7 million across RNG projects in construction and OPAL Fuels owned fueling stations in construction as compared to $127" [https://investors.opalfuels.com/news-releases/news-release-details/opal-fuels-reports-fourth-quarter-and-full-year-2025-results] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "OPAL ended the quarter with about $233 million of liquidity after completing $288 million of financing. Capital raised in financing transactions $288 million" [https://www.alphaspread.com/security/nasdaq/opal/investor-relations] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "the $100 million Master Agreement signed in April to monetize 45Z Production Tax Credits" [https://www.linkedin.com/posts/opal-fuels-inc_today-opal-fuels-announced-financial-and-activity-7459680257911042048-CTDr] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "OPAL Fuels Announces Agreement for $11.1 Million Sale of IRA Investment Tax Credits" [https://investors.opalfuels.com/news-releases/news-release-details/opal-fuels-announces-agreement-111-million-sale-ira-investment] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "a total of 28,429,477 shares of Class A common stock, OPAL" [https://investors.opalfuels.com/static-files/58dd678f-73f8-42b2-b6f2-12cd6845f7ec]

Source: https://opalfuels.com/ · captured Aug 26, 2026 · marketing claims are reported as claims, never merged into the filed figures above.

The deal it’s entering

OPAL Fuels is merging with ArcLight Clean Transition Corp. II (ACTD) currently marked Closed (deSPAC).

Headline equity value
PIPE≈ $125M · unsourced
Minimum cash to close$225M

Structure per SEC accession(s) 0001213900-22-005919. How to read these numbers: headline vs effective valuation · what a definitive agreement commits

What exactly is being valued, and at what

Common questions

Is OPAL Fuels going public?

OPAL Fuels has an approved merger with the SPAC ArcLight Clean Transition Corp. II (ACTD). Deal status: Closed (deSPAC).

Does OPAL Fuels have revenue?

The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.

Educational content, not investment advice.

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