- Accelerates OPAL Fuels LLC’s (“OPAL Fuels”) mission to expand
the role of low-carbon renewable natural gas across the
transportation sector
- OPAL Fuels Inc. (“New OPAL”) shares to begin trading on the
Nasdaq July 22, 2022, under ticker “OPAL”
OPAL Fuels, a vertically integrated producer and distributor of
renewable natural gas (“RNG”), today announced that it has
completed its previously announced business combination (the
“Business Combination”) with ArcLight Clean Transition Corp. II
(Nasdaq: ACTD) (“ArcLight”).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220721006011/en/
The transaction was unanimously approved by ArcLight’s board of
directors and was approved at a special meeting of ArcLight
shareholders on July 15, 2022.
The combined entity will be renamed OPAL Fuels Inc. and
commencing on July 22, 2022, the Class A ordinary shares of New
OPAL will trade on the Nasdaq under the ticker symbol “OPAL” and
its warrants will trade on the Nasdaq under the ticker symbol
“OPALW”.
Company Background
OPAL Fuels is a renewable energy company specializing in the
capture and conversion of biogas for the production of RNG for use
as a vehicle fuel for heavy and medium-duty trucking fleets, and
the generation of renewable power for sale to utilities. OPAL Fuels
also designs, develops, constructs, operates and services fueling
stations for trucking fleets across the country that use natural
gas to displace diesel as their transportation fuel. The biogas
conversion projects currently use landfill gas and dairy manure as
the source of the biogas. In addition, OPAL Fuels has recently
begun implementing design, development, and construction services
for hydrogen fueling stations.
As of May 1, 2022, OPAL Fuels owns and operates 24 biogas
projects, five of which are RNG projects and 19 of which are
renewable power projects. Additionally, OPAL Fuels currently has
seven RNG projects under construction.
Management Commentary
Adam Comora, Co-CEO of OPAL Fuels, stated, “We are incredibly
proud to complete this transaction and become a public company.
This transformative step enables the next phase of growth at OPAL
Fuels, and we look forward to our continued partnership with the
ArcLight team and delivering value to all of our stakeholders.”
Jonathan Maurer, Co-CEO of OPAL Fuels, commented, “We remain
focused on executing on our project pipeline and further expanding
our portfolio of RNG production facilities and network of RNG
fueling stations, which enables our customers to accelerate their
transition to sustainable, renewable transportation fuels.”
Marco Gatti, CFO of ArcLight said, “ArcLight is proud to have
partnered with OPAL Fuels, a leader in the energy transition
segment delivering on tangible decarbonization solutions for the
transportation sector. We are confident in management’s proven
ability to create value as the RNG industry evolves and matures and
look forward to the company’s continued growth.”
Leadership
OPAL Fuels’ senior management team will continue to lead the now
combined company, including Adam Comora (Co-Chief Executive
Officer), Jonathan Maurer (Co-Chief Executive Officer), Ann Anthony
(Chief Financial Officer), John Coghlin (General Counsel), Scott
Edelbach (Executive Vice President), Anthony Falbo (Chief Operating
Officer) and Dave Unger (Executive Vice President).
New OPAL’s board of directors will be comprised of Mark Comora
(Chairman), Betsy Battle, Scott Dols, Kevin Fogarty, Marco Gatti,
Nadeem Nisar, and Ashok Vemuri.
Advisors
Sheppard Mullin Richter & Hampton LLP is serving as legal
advisor to OPAL Fuels. Kirkland & Ellis LLP is serving as legal
advisor to ArcLight.
About OPAL Fuels LLC
OPAL Fuels LLC is a leading vertically integrated renewable
fuels platform involved in the production and distribution of
renewable natural gas (RNG) for the heavy-duty truck market. RNG is
a proven low-carbon fuel that is rapidly decarbonizing the
transportation industry now while also significantly reducing costs
for fleet owners. OPAL Fuels captures harmful methane emissions at
the source and recycles the trapped energy into a commercially
viable, lower-cost alternative to diesel fuel. OPAL Fuels also
develops, constructs, and services RNG and hydrogen fueling
stations. As a producer and distributor of carbon-reducing fuel for
heavy-duty truck fleets for more than a decade, the company
delivers best-in-class, complete renewable solutions to customers
and production partners. To learn more about OPAL Fuels and how it
is leading the effort to capture North America’s harmful methane
emissions and decarbonize the transportation industry, please visit
www.opalfuels.com and follow the company on LinkedIn and Twitter at
@OPALFuels.
About ArcLight Clean Transition Corp. II
ArcLight, led by Chairman Daniel Revers and President and Chief
Executive Officer Jake Erhard, is a special purpose acquisition
company formed for the purpose of effecting a capital stock
exchange, asset acquisition, share purchase, reorganization, or
similar business combination with one or more businesses focused on
opportunities created by the accelerating transition toward
sustainable use of energy and natural resources.
# # #
Forward-Looking Statements
Certain statements in this communication may be considered
forward-looking statements. Forward-looking statements are
statements that are not historical facts and generally relate to
future events or ArcLight’s or OPAL Fuels’ 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 statement 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
ArcLight and its management, and OPAL Fuels 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, but are not limited to, various
factors beyond management’s control, including general economic
conditions and other risks, uncertainties and factors set forth in
the section entitled “Risk Factors” and “Cautionary Statement
Regarding Forward-Looking Statements” in the Registration Statement
and other filings with the SEC, as well as (1) factors associated
with companies, such as OPAL Fuels, that are engaged in the
production and integration of renewable natural gas (RNG),
including anticipated trends, growth rates, and challenges in those
businesses and in the markets in which they operate; (2)
macroeconomic conditions related to the global COVID-19 pandemic;
(3) the effects of increased competition; (4) contractual
arrangements with, and the cooperation of, landfill and livestock
waste site owners and operators, on which OPAL Fuels operates its
landfill gas and livestock waste projects that generate electricity
and RNG prices for environmental attributes, low carbon fuel
standard credits and other incentives; (5) the ability to identify,
acquire, develop and operate renewable projects and RNG fueling
stations; (6) the outcome of any legal proceedings that may be
instituted in connection with the Business Combination; and (7) the
ability of New OPAL to issue equity or equity-linked securities or
obtain debt financing in connection with the transaction or in the
future. 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. Both ArcLight and OPAL Fuels expressly disclaim
any obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in ArcLight’s or OPAL Fuels’ expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220721006011/en/
OPAL Fuels
Media Jason Stewart Senior Director Public Relations and
Marketing 914-421-5336 jstewart@opalfuels.com
ICR, Inc. OPALFuelsPR@icrinc.com
Investors Todd Firestone Vice President Investor
Relations & Corporate Development Phone: 914-705-4001
investors@opalfuels.com
ArcLight Clean Transition Corp.
II
Marco Gatti Chief Financial Officer 617-531-6300
investor.relations@arclightclean.com
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