OPAL Fuels Closes $180M Preferred Stock Facility

Funding will enable development of new RNG projects and fueling infrastructure.

Published on Mar. 9, 2026

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OPAL Fuels, a leader in biogas capture and conversion to renewable natural gas (RNG), has closed a new $180 million preferred stock facility with an affiliate of its majority shareholder, Fortistar. The financing will be used to fully redeem previous preferred units and provide additional funding for future RNG project development and construction.

Why it matters

This financing will allow OPAL Fuels to accelerate its efforts to capture harmful methane emissions and produce low-carbon RNG to decarbonize the heavy-duty transportation sector and other hard-to-abate industries. As a public company, this preferred stock facility represents an important source of growth capital to support OPAL's strategic initiatives.

The details

The $180 million preferred stock facility includes an initial $120 million draw, of which $100 million was used to fully redeem previous preferred units owned by Mendocino Capital, LLC. The remaining $60 million will be available for future draws to fund new RNG project development and construction. OPAL Fuels plans to use this financing to advance its pipeline of RNG projects and fueling infrastructure to support the growing demand for low-carbon transportation fuels.

  • The $180 million preferred stock facility was closed on March 9, 2026.

The players

OPAL Fuels

A leader in the capture and conversion of biogas into low-carbon RNG and renewable electricity, as well as the marketing and distribution of RNG to heavy-duty trucking and other industrial sectors.

Fortistar

The majority shareholder of OPAL Fuels, which provided the $180 million preferred stock facility through one of its affiliates.

Mendocino Capital, LLC

The previous owner of the Series A Preferred Units that were fully redeemed as part of this financing.

Jonathan Maurer

Co-Chief Executive Officer of OPAL Fuels.

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What they’re saying

“This financing sets the stage for the company's next stage of growth.”

— Jonathan Maurer, Co-Chief Executive Officer (OPAL Fuels)

“We remain committed to delivering long-term shareholder value. The new preferred stock facility will enable OPAL Fuels to complete development and construction of new RNG projects and fueling infrastructure to support heavy-duty transportation.”

— Jonathan Maurer, Co-Chief Executive Officer (OPAL Fuels)

What’s next

OPAL Fuels plans to use the remaining $60 million in the preferred stock facility for future draws to fund the development and construction of additional RNG projects and fueling infrastructure.

The takeaway

This financing represents a significant milestone for OPAL Fuels as it continues to scale its efforts to capture and convert biogas into low-carbon RNG, supporting the decarbonization of the heavy-duty transportation sector and other hard-to-abate industries.