0001842279-25-000049 | 10-K | XBRL Viewer

Print Document

Property, Plant, and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 20, 2023	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation		$ 17,176	$ 13,481
Pipeline Project \| Washington Gas Light Company ("WGL")
Property, Plant and Equipment [Line Items]
Asset acquisition, consideration transferred, contingent consideration	$ 25,000
Payments for construction in process		7,750
Capitalized cost for construction in process		37,000
Proceeds from previous acquisition		$ 23,100

Goodwill (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 54,608
Goodwill, ending balance	54,608
RNG Fuel
Goodwill [Roll Forward]
Goodwill, beginning balance	51,155
Goodwill, ending balance	51,155
Fuel Station Services
Goodwill [Roll Forward]
Goodwill, beginning balance	3,453
Goodwill, ending balance	$ 3,453

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Summary of Significant Accounting Policies - Accounts Receivable, Net, Fuel Tax Credit Receivable/Payable, and Asset Retirement Obligation Narrative (Details)	Dec. 31, 2024 USD ($) uSD_per_Gasoline_Gallon	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 0	$ 0
Accrued federal fuel tax credits (in dollars per gasoline gallon) \| uSD_per_Gasoline_Gallon	0.50
Fuel tax credits receivable	$ 5,639,000	5,345,000
Fuel tax credits payable	4,422,000	4,558,000
Estimated value of total asset retirement obligation	$ 7,886,000	$ 6,728,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Revenues:

Total revenues

$ 299,972

$ 256,108

Operating expenses:

Project development and start up costs

19,109

4,866

Selling, general, and administrative

53,124

51,262

Depreciation, amortization, and accretion

17,885

14,565

Impairment of property, plant and equipment

2,016

Income from equity method investments

(13,235)

(5,525)

Total expenses

278,750

249,068

Operating income

21,222

7,040

Interest and financing expense, net

(19,610)

(9,306)

Change in fair value of derivative instruments, net

1,596

7,346

Other income

2,211

124,472

Loss on debt extinguishment

(2,190)

Loss on warrant exchange

(338)

Income before provision for income taxes

5,419

127,024

Income tax benefit

8,906

Net income

14,325

127,024

Net income attributable to redeemable non-controlling interests

2,851

97,426

Net income (loss) attributable to non-redeemable non-controlling interests

443

(349)

Dividends on Redeemable preferred non-controlling interests

^[1]

10,470

11,011

Net income attributable to Class A common stockholders

$ 561

$ 18,936

Weighted average shares outstanding of Class A common stock:

Basic (in shares)

27,617,335

27,148,538

Diluted (in shares)

27,694,650

27,494,016

Per share amounts:

Basic (in dollars per share)

$ 0.02

$ 0.70

Diluted (in dollars per share)

$ 0.02

$ 0.69

RNG Fuel

Revenues:

Total revenues

$ 88,420

$ 66,292

Operating expenses:

Cost of sales and other operating costs

38,552

32,028

RNG Fuel | Related Party

Revenues:

Total revenues

68,416

56,069

Fuel Station Services

Revenues:

Total revenues

166,875

135,012

Operating expenses:

Cost of sales and other operating costs

128,804

115,322

Fuel Station Services | Related Party

Revenues:

Total revenues

38,841

28,468

Renewable Power

Revenues:

Total revenues

44,677

54,804

Operating expenses:

Cost of sales and other operating costs

32,495

36,550

Renewable Power | Related Party

Revenues:

Total revenues

$ 6,912

$ 6,614

[1]

(1) Dividends on redeemable preferred non-controlling interests is allocated between redeemable non-controlling interests and Class A common stockholders based on their weighted average percentage of ownership. Please see Note. 13 Redeemable non-controlling interests, redeemable preferred non-controlling interests and Stockholders' Deficit for additional information.

Reportable Segments and Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Reportable Segments and Geographic Information

The Company is organized into three operating segments based on the characteristics of its renewable power generation, dispensing portfolio, production and sale of renewable gas, and nature of other products and services.

Our reportable segments disclosure is aligned with the information and internal reporting provided to our Chief Operating Decision Makers (“CODM”). Our Co-CEOs, Adam Comora and Jon Maurer, jointly fulfill the role of the CODM. The CODM evaluates performance based on segment net income. For all of the segments, the CODM uses segment net income in the annual budgeting and monthly forecasting process. The CODM considers budget-to-current forecast and prior forecast-to-current forecast variances for segment net income on a monthly basis for evaluating performance of each segment and making decisions about allocating capital and other resources to each segment.

The three operating segments are RNG Fuel, Fuel Station Services and Renewable Power. The Company has determined that each of the three operating segments meets the characteristics of a reportable segment under U.S. GAAP.

•RNG Fuel. The RNG Fuel segment relates to all RNG supply directly related to the generation and sale of brown gas and environmental credits, and consists of:

◦Development and construction – RNG facilities in which long term gas right contracts have been, or are in the process of being ratified and the construction of RNG generation facilities.

◦RNG supply operating facilities – This includes the generation, extraction, and sale of RNG - plus associated RINs and LCFSs from landfills.

For the year ended December 31, 2024 and 2023, the Company has accounted for its interests in Pine Bend, Noble Road, GREP, Paragon and SJI under the equity method of accounting and the results of operations of Beacon, New River, Polk County, Cottonwood, Central Valley, Prince William and Sunoma were consolidated in its consolidated statement of operations. As of May 30, 2023, the Company deconsolidated Emerald and Sapphire. As a result, the Company consolidated Emerald and Sapphire for the period between January 1, 2023 and May 30, 2023 and recorded its ownership interests in Paragon which includes Emerald and Sapphire as equity method investment for the period between May 30, 2023 and December 31, 2024.

As of December 31, 2024, Central Valley, Cottonwood and projects included in SJI Joint Venture (Atlantic and Burlington) are not operational. Prince William commenced operations during the second quarter of 2024, Sapphire commenced operations during the third quarter of 2024, Polk commenced operations during the fourth quarter of 2024.

•Fuel Station Services. Through its Fuel Station Services segment, the Company provides construction and maintenance services to third-party owners of vehicle Fueling Stations and performs fuel dispensing activities including generation and minting of environmental credits. This segment includes:

◦Service and maintenance contracts for RNG/CNG fueling sites and a manufacturing division that builds Compact Fueling Systems and Defueling systems.

◦Third Party CNG Construction of Fueling Stations - design/build and serve as general contractor for typically Guarantee Maximum Price or fixed priced contracts for customers usually lasting less than one year.

◦RNG and CNG fuel dispensing stations for vehicle fleets - This includes both the dispensing and sale of brown gas and the environmental credit generation and monetization. The Company operates Fueling Stations that dispense gas for vehicles. This also includes the development and construction of these facilities.

•Renewable Power Portfolio. The Renewable Power portfolio segment generates renewable power and associated environmental credits through methane-rich landfills which is then sold to public utilities throughout the United States. The Renewable Power portfolio operates primarily in Southern California.

•Corporate. Consists of activities managed and maintained at the Company corporate level primarily including but not limited to:

◦Executive, accounting, finance, sales activities such as: payroll, stock compensation expense, travel and other related costs.

◦Insurance, professional fees (audit, tax, legal etc.).

The following table reflect the financial data used to calculate each reportable segment’s net income (loss) and includes reconciliations to Opal’s consolidated revenue and consolidated net income (loss) for the year ended December 31, 2024 :


(in thousands)	RNG Fuel		Fuel Station Services		Renewable Power		Corporate		Total
Revenue from external customers	$	88,420	$	166,875	$	44,677	$	—	$	299,972
Intersegment revenues	518		18,948		—		—		19,466

Reconciliation of Revenue
Elimination of intersegment revenues	(518)		(18,948)		—		—		(19,466)
Total consolidated revenues	88,420		166,875		44,677		—		299,972

Less: (1)
Cost of sales and other operating costs	37,034		128,804		32,495		45,911		244,244
Less:
Income form equity method investments	(13,235)		—		—		—		(13,235)
Interest and financing expense, net	19,574		168		(132)		—		19,610
Project development and start up costs	19,109		—		—		—		19,109
Other Income	—		—		(349)		(206)		(555)
Depreciation, amortization and accretion	8,252		5,612		4,021		—		17,885
Other segment items (2)	—		(1,222)		1,577		7,140		7,495
Segment Income (Loss)	$	17,686	$	33,513	$	7,065	$	(52,845)	$	5,419

Reconciliation of profit or loss (segment income / (loss))

Income tax benefit									8,906
Consolidated net income									$	14,325

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.

(2) Other segment items for each reportable segment includes:

•Fuel Station Services - gain on RNG dispensing, and gain on asset disposal

•Renewable Power - asset impairment

•Corporate - information technology expense, legal and professional advisor fees, and other overhead expenses

Geographic Information: The Company's assets and revenue generating activities are domiciled in the United States.

The following table reflects certain other financial data for the reportable segments for the year ended December 31, 2024:


(in thousands)	RNG Fuel		Fuel Station Services		Renewable Power		Corporate		Total
Other segment disclosures
Equity method investment	$	223,594	$	—	$	—	$	—	$	223,594
Segment assets	635,927		179,304		30,517		35,329		881,077
Cash paid for purchases of property, plant and equipment	110,740		18,414		—		—		129,154


(in thousands)	RNG Fuel		Fuel Station Services		Renewable Power		Corporate		Total
Revenue from external customers	$	66,292	$	135,012	$	54,804	$	—	$	256,108
Intersegment revenues			14,396		—		—		14,396

Reconciliation of Revenue
Elimination of intersegment revenues	—		(14,396)		—		—		(14,396)
Total consolidated revenues	66,292		135,012		54,804		—		256,108

Less: (1)
Cost of sales and other operating costs	29,694		115,146		36,393		45,250		226,483

Less:(1)
(Income) Loss from EMI	(5,525)		—		—		—		(5,525)
Interest and financing expense, net	9,353		(134)		280		(193)		9,306
Project development and start up costs	4,866		—		—		—		4,866
Other Income	—		—		—		(122,535)		(122,535)
Depreciation, amortization and accretion	5,268		3,730		5,567		—		14,565
Other segment items (2)	433		(1,638)		93		3,036		1,924
Segment Income	$	22,203	$	17,908	$	12,471	$	74,442	$	127,024

Consolidated net income									$	127,024

(2) Other segment items for each reportable segment includes:

•Fuel Station Services - gain on recognition of RINs

•Corporate - gain on mark-to-market for OPAL and Sponsor Earnout Awards, loss on extinguishment of debt, insurance other overhead expenses

Geographic Information: The Company's assets and revenue generating activities are domiciled in the United States.

The following table reflects certain other financial data for the reportable segments:


(in thousands)	RNG Fuel		Fuel Station Services		Renewable Power		Corporate		Other		Total
Other segment disclosures
Equity method investment	$	207,099	$	—	$	—	$	—	$	—	$	207,099
Segment assets	549,275		152,625		37,479		15,230		—		754,609
Cash paid for purchases of property, plant and equipment	96,692		17,182		—		—		—		113,874

The tables below outlines the revenue from our two major customers, along with their respective percentages of revenue by each segment.


	Twelve Months Ended December 31,
	2024				2023
Customer A	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue
RNG Fuel	$	68,416	22.8	%	$	56,069	21.9	%
Fuel Station Services	38,841		12.9	%	28,468		11.1	%
Renewable Power	6,913		2.3	%	6,614		2.6	%
Total	$	114,170	38.0	%	$	91,151	35.6	%


	Twelve Months Ended December 31,
	2024			2023
Customer B	Revenue	Percentage of total revenue		Revenue	Percentage of total revenue
Fuel Station Services	42,028	14.0	%	28,581	11.2	%
Total	42,028	14.0	%	28,581	11.2	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

These consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") and includes the accounts of the Company and all other entities in which the Company has a controlling financial interest: OPAL Renewable Power LLC (formerly Fortistar Methane 3 LLC (“FM3”) and Fortistar Methane 4 LLC), Sunoma Holdings, LLC (“Sunoma”), Central Valley LLC (“Central Valley”), Reynolds RNG LLC (“Reynolds”), Beacon RNG LLC (“Beacon”), New River LLC (“New River”), Prince William RNG LLC (“Prince William”), Cottonwood RNG LLC ("Cottonwood"), Polk County RNG LLC (“Polk County”), OPAL Contracting LLC (formerly Fortistar Contracting LLC), OPAL RNG LLC (formerly Fortistar RNG LLC), and OPAL Fuel station services LLC (“Fuel Station Services”). The Company’s audited consolidated financial statements include the assets and liabilities of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The non-controlling interest attributable to the Company's variable interest entities ("VIE") are presented as a separate component from the Stockholders' deficit in the consolidated balance sheets and as a non-redeemable non-controlling interests in the consolidated statements of changes in redeemable non-controlling interests, redeemable preferred non-controlling interests and Stockholders' (deficit) equity.

The Company reclassified certain Asset retirement obligations from current to non-current in its consolidated balance sheet as of December 31, 2023.

Variable Interest Entities

Our policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate entities that meet the definition of a variable interest entity (“VIE”) for which we are the primary beneficiary. The Company applies the VIE model from ASC 810 Consolidation when the Company has a variable interest in a legal entity not subject to a scope exception and the entity meets any of the five characteristics of a VIE. The primary beneficiary of a VIE is considered to be the party that both possesses the power to direct the activities of the entity that most significantly impact the entity’s economic performance and has the obligation to absorb losses or the rights to receive benefits of the VIE that could be significant to the VIE. To the extent a VIE is not consolidated, the Company evaluates its interest for application of the equity method of accounting. Equity method investments are included in the consolidated balance sheets as “Investments in other entities.” Investments in unconsolidated entities in which the Company has influence over the operating or financial decisions are accounted for under the equity method.

We determine whether we are the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires judgment. Our considerations in determining the VIE's most significant activities and whether we have power to direct those activities

include, but are not limited to, the VIE's purpose and design and the risks passed through to investors, the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE's initial design, and the existence of explicit or implicit financial guarantees. If we are the party with the power over the most significant activities, we meet the "power" criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that all significant decisions require consent of a third-party, we do not meet the "power" criteria of the primary beneficiary.

We assess our variable interests in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the design and characteristics of the VIE, our involvement in the VIE, and our market-making activities related to the variable interests.

Our variable interests in each of our VIEs arise primarily from our ownership of membership interests, construction commitments, our provision of operating and maintenance services, and our provision of environmental credit processing services to VIEs.

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company include the residual value of the useful lives of our property, plant and equipment, the fair value of stock-based compensation, asset retirement obligations, the estimated losses on our trade receivables, percentage completion for revenue recognition, incremental borrowing rate for calculating the right-of-use assets and lease liabilities, the impairment assessment of goodwill, and the fair value of derivative instruments. Actual results could differ from those estimates.

Accounting Pronouncements Adopted and Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Adopted

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280) ("ASU 2023-07"). The update improves the reportable segment disclosure requirements by requiring all entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), report other segment items (segment revenue less the significant expenses disclosed and profit or loss) by reportable segment, title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. Additionally, ASU 2023-07 requires that if the CODM uses more than one measure of a segment's net income or loss in assessing segment performance and deciding how to allocate resources, the entity may report one or more of those additional measures. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and should be applied retrospectively for all periods presented. The Company adopted ASU 2023-07 in the year ended December 31, 2024 and applied the standard retrospectively for all periods presented. Please see Note 11. Reportable Segments, for additional information.

In October 2023, the FASB issued Accounting Standards Update No. 2023-06, Disclosure Improvements - Codification Amendments in response to SEC's Disclosure Update and Simplification Initiative ("ASU 2023-06"). The update requires certain additional disclosures including but not limited to accounting policy on relating to cash flows associated with derivative instruments and their related gains and losses in statement of cash flows, methods used in the diluted earnings per share computation for each dilutive security, disclosures related to assets mortgaged, pledged or otherwise subject to lien and collateralized obligations, disclosure of amounts and terms of unused lines of credit, unfunded commitments, weighted average interest rate on short-term borrowings, preference of preferred stock in an involuntary liquidation if the liquidation preference is other than par or stated value and disclosure of amounts at risk with an individual counterparty if the amount exceeds 10% of stockholder's equity. The Company adopted ASU 2023-06 in the year ended

December 31, 2024. The adoption did not have a material effect on the Company’s financial position, results of operations, cash flows or disclosures.

In March 2023, the FASB issued Accounting Standards Update No. 2023-01, Leases (Topic 842) (the "Update"). The Update requires the entities to classify and account for a leasing arrangement between entities under common control on the same basis as an arrangement with an unrelated party. The Update also requires that leasehold improvements associated with common control leases be amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset and accounts for the underlying asset as a transfer between entities under common control through an adjustment to equity if and when the lessee no longer controls the use of the underlying asset. The amendments in this Update are effective for fiscal years beginning after December 15, 2023 including interim fiscal periods within those fiscal years. The Company adopted ASU 2023-01 in the year ended December 31, 2024. The adoption did not have a material effect on the Company’s financial position, results of operations, cash flows or disclosures.

Accounting Pronouncements Not Yet Adopted

In August 2023, the FASB issued Accounting Standards Update No. 2023-05, Business Combinations- Joint Venture Formations (Subtopic 805-60) ("ASU 2023-05"). The update requires all joint ventures formed after January 1, 2025, upon formation, to apply a new basis of accounting and initially measure its assets and liabilities at fair value. ASU 2023-05 is effective prospectively for joint ventures with a formation date on or after January 1, 2025. The Company is currently evaluating the impact of the adoption of ASU 2023-05 on its consolidated financial statements.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures in order to provide information to assist key stakeholders in better assessing how the Company’s operations and related tax risks and tax planning and operational opportunities affect the Company’s tax rate and prospects for future cash flows. The standard requires disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. This ASU becomes effective for public companies for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact this ASU will have on its consolidated financial statements and related disclosures.

Short term investments

The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity greater than three months but less than one year at the time of purchase to be short term investments. The short term investments of $— and $9,875 as of December 31, 2024 and December 31, 2023, respectively. The amounts in these money market accounts are liquid and available for general use.

Our short term investments are generally invested in commercial paper issued by highly credit worthy counter parties and government backed treasury bills. Investments are generally not FDIC insured and we take counter party risk on these investments.

Earnout Liabilities

In connection with the business combination completed in July 2022 (“Business Combination”) and pursuant to a sponsor letter agreement, ArcLight CTC Holdings II, L.P. agreed to subject 10% of its Class A common stock (received as a result of the conversion of its ArcLight Class B ordinary shares immediately prior to the closing) to vesting and forfeiture conditions relating to VWAP targets for the Company's Class A common stock sustained over a period of 60 months following the closing. As of December 31, 2024 and 2023 number of shares subject to forfeiture was 716,650 (the "Sponsor Earnout Awards"). The awards were recognized at fair value on the closing date and classified as a liability which is remeasured at each balance sheet date and any change in fair value is recognized in the Company's consolidated statement of operations as part of change in fair value of derivative instruments, net.

OPAL Fuels equity holders were eligible to receive an aggregate of 10,000,000 shares of Class B and Class D common stock upon the Company achieving each earn-out event during the earn-out period (the "Opal Earnout Awards"). Earn-out events were not achieved as of December 31, 2024 and the earnout award has been expired.

For the years ended December 31, 2024 and December 31, 2023, the Company recorded total gains from Earnout Awards of $1,596 and $6,890, respectively, in its consolidated statements of operations. As of December 31, 2024 and December 31, 2023, the Company recorded a Sponsor Earnout liability of $304 and $1,900, respectively, on its consolidated balance sheets.

Redeemable non-controlling interests

Redeemable non-controlling interests represent the portion of OPAL Fuels that the Company controls and consolidates but does not own. The Redeemable non-controlling interest represents 144,399,037 Class B Units issued by OPAL Fuels to the prior investors. The Company allocates net income or loss attributable to Redeemable non-controlling interest based on

weighted average ownership interest during the period. The net income or loss attributable to Redeemable non-controlling interests is reflected in the consolidated statement of operations.

At each balance sheet date, the mezzanine equity classified Redeemable non-controlling interests is adjusted down to their maximum redemption value if necessary, with an offset in Stockholders' equity.

Stock-based compensation

The Company issues stock-based compensation utilizing stock options, performance units and restricted stock units. In accordance with ASC 718, Stock Compensation, ("ASC 718"), stock-based compensation is measured at the fair value of the award at the date of grant and recognized over the period of vesting on a straight-line basis using the graded vesting method. The grant-date fair value of stock options is estimated using the Black-Scholes option pricing model. Expense for stock-based compensation awards that include performance conditions are initially calculated and subsequently remeasured based on the outcome deemed probable of occurring, and recognized over the vesting period, with the ultimate amount of expense recognized based on the actual performance outcome. Forfeitures are recognized as they occur. Please see Note 16. Stock-based Compensation, for additional information.

Project development and start up costs

Project development and startup costs

The Company has multiple RNG projects under construction for which the Company incurs certain development costs such as legal, consulting fees for joint venture structuring, royalties to the landfill owner, fines, settlements, site lease expenses and certification costs. Additionally, the Company also incurs certain expenses on new RNG projects that started operating for the first two years such as virtual pipeline costs (trucking costs incurred until a physical pipeline is connected) and ramp up costs. These costs are temporary and non-recurring over the project lifetime. Historically, the Company included these expenses in Cost of sales - RNG Fuel and Selling, general and administrative expenses with no associated revenues. For the years ended December 31, 2024 and 2023, the Company is presenting these expenses in a separate line within operating expenses to provide additional information to the readers of the financial statements regarding the ongoing profitability of our RNG projects in operation.

Net income per share

The basic income per share of Class A common stock is computed by dividing the net income (loss) attributable to Class A common stockholders by the weighted average number of Class A common stock outstanding during the period.

The Class B common stock and D common stock do not participate in the earnings or losses of the Company and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock and Class D common stock under the two-class method has not been presented.

Accounts Receivable, Net

Accounts receivable represent amounts due from the sale of RNG, natural gas, gas transportation, construction contracts, service contracts, environmental attributes, electricity, capacity, and LFG for which the Company has an unconditional right to payment. The accounts receivable are the net estimate realizable value between the invoiced accounts receivable and allowance for credit losses. The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when we identify specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status and made judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considers customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data.

Asset Retirement Obligation

The Company accounts for asset retirement obligations in accordance with FASB ASC 410, Asset Retirement and Environmental Obligations, which requires entities to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and when a reasonable estimate of fair value can be made. The fair value of the estimated asset retirement obligations is recorded as a long-term liability, with a corresponding increase in the carrying amount of the related asset. The discounted asset retirement costs capitalized amount is accreted over the life of the sublease or site lease agreement. Asset retirement obligations are deemed Level 3 fair value measurements as the inputs used to measure the fair value are unobservable. The Company estimates the fair value of asset retirement obligations by calculating the estimated present value of the cost to retire the asset. This estimate requires assumptions and judgments regarding the existence of liabilities, the amount and timing of cash outflows required to settle the liability, inflation factors, credit adjusted discount rates, and consideration of changes in legal, regulatory, environmental, and political environments. In addition, the Company determines the Level 3 fair value measurements based on historical information and current market conditions. An asset retirement obligation is classified as short-term if it is expected to be settled within one year. If the obligation is expected to be settled beyond one year, it is classified as long-term.

Revenue Recognition

The Company’s revenue arrangements generally consist of a single performance obligation to transfer goods or services. Revenue from the sale of RNG, CNG and, electricity is recognized by applying the “right to invoice” practical expedient within the accounting guidance for ASC 606 Revenue from Contracts with Customers ("ASC 606") that allows for the recognition of revenue from performance obligations in the amount of consideration to which there is a right to invoice the customer and when the amount for which there is a right to invoice corresponds directly to the value transferred to the customer. For some public CNG Fueling Stations where there is no contract with the customer, the Company recognizes revenue at the point in time that the customer takes control of the fuel.

The Company also performs maintenance services throughout the country. Maintenance consists of monitoring equipment and replacing parts as necessary to ensure optimum performance. Revenue from service agreements is recognized over time as services are provided. Capacity payments fluctuate based on peak times of the year and revenues from capacity payments are recognized monthly as earned.

The Company has agreements with two natural gas producers ("Producers") to transport Producers' natural gas using the Company's RNG gathering system. The performance obligation is the delivery of Producers' natural gas to an agreed delivery point on an interstate gas pipeline. The quantity of natural gas transported for the Producers is measured at a certain specified meter reader. The price is fixed at contracted rates and the Producers pay approximately 30 days after month-end. As such, transportation sales are recognized over time, using the output method to measure progress.

The Company provides credit monetization services to customers that own renewable gas generation facilities. The Company recognizes revenue from these services as the credits are minted on behalf of the customer. The Company receives non-cash consideration in the form of RINs or LCFSs for providing these services and recognizes the RINs or LCFSs received as environmental credits held for sale within current assets based on their estimated fair value at contract inception. When the Company receives RINs or LCFSs as payment for providing credit monetization services, it records the non-cash consideration in inventory based on the fair value of RINs or LCFSs at contract commencement.

On November 29, 2021, the Company entered into a purchase and sale agreement with NextEra Energy Marketing, LLC (together with its affiliates, "NextEra") for the Environmental Attributes generated by the RNG Fuels business. Under this agreement, the Company is committed to sell a minimum of 90% of the Environmental Attributes generated and will receive net proceeds based on the agreed upon price less a specified discount. A specified volume of Environmental Attributes sold per quarter will incur a fee per Environmental Attribute in addition to the specified discount. The agreement was effective beginning January 1, 2022. For the years ended December 31, 2024 and 2023, the Company earned net revenues after discount and fees of $68,416 and $56,069, respectively, under this contract which was recorded as part of Revenues - RNG Fuel. For the years ended December 31, 2024 and 2023, the Company earned net revenues after discount and fees of $38,841 and $28,468, respectively, which was recorded as part of Revenues - Fuel Station Services.

During 2020, the Company entered into an agreement with a counterparty to sell LCFSs at one of our RNG facilities for a period of 7 years at a fixed contract price which has a certain predetermined floor and ceiling price per LCFS. The counterparty has the right to apply any excess payment made calculated as the difference between the adjusted Oil Price Information Service price and the floor price per the contract, against future sales of LCFSs during the contract term. Therefore, it includes a variable consideration that is constrained and is incorporated into the contract price only to the extent that it is probable that a significant reversal of the cumulative revenue recognized under the contract will not occur in a future period. As of December 31, 2024, the Company recorded $2,185 related to this agreement as part of Other long-term liabilities on the consolidated balance sheet.

During the third and fourth quarters of 2022, two of the wholly-owned subsidiaries from our Renewable Power portfolio entered into a purchase and sale agreement with an Environmental Attribute marketing firm to sell Environmental Attributes associated with renewable biomethane ("ISCC Carbon Credits") and purchase brown gas back at contracted fixed prices per million British thermal units ("MMBtus"). One of these contracts has a term of 3-years from the date of certification of the facility with an auto-renewal option. The other contract was terminated in August 2023. During the third quarter of 2023, three additional Renewable Power facilities entered into purchase and sale agreements with 3 year terms and similar terms and conditions as the previous contracts. For the years ended December 31, 2024 and 2023, the Company earned net revenues of $16,286 and $16,325, respectively under this contract which were recorded as part of Revenues - Renewable Power in the consolidated statement of operations.

Regulatory changes implemented by the European Union Commission took effect on November 21, 2024 that excluded biomethane produced outside of the European Union from being certified as eligible to be sold in accordance with the European Union Renewable Energy Directive. As a result, all of our contracts governing sales of ISCC Carbon Credits were terminated on November 21, 2024. Following such terminations, we expect to continue to earn revenues from sale of electricity generated by these Renewable Power facilities and the associated Environmental Attributes.

Starting in October 2024, the Company initiated the generation of Renewable Thermal Certificates ("RTCs"). RTCs are generated from the conversion of biogas to any thermal application (including power generation, heating or otherwise) and work similarly to renewable energy certificates ("RECs") used in electricity markets. RTCs are verified and certified by the Midwest Renewable Energy Tracking System (M-RETS). The M-RETS Renewable Thermal Tracking System issues one RTC for every dekatherm of RNG injected into the gas system.

Sales of Environmental Attributes such as RINs, RTCs, renewable energy credits ("RECs"), ISCC Carbon Credits and LCFS are generally recorded as revenue when the certificates related to them are delivered to a buyer. However, the Company may recognize revenue from the sale of RECs at the time of the related Renewable Power sales when the contract provides that title to the Environmental Attributes transfers at the time of production, the Company's price to the buyer is fixed, and collection of the sales proceeds is certain.

Management operating fees are earned for the operation, maintenance, and repair of the gas collection system of a landfill site. Revenue is calculated on the volume of per million British thermal units of LFG collected and the megawatt hours ("MWhs") produced at that site. This revenue is recognized when LFG is collected and Renewable Power is delivered.

The Company has various fixed price contracts for the construction of Fueling Stations for customers. Revenues from these contracts, including change orders, are recognized over time, with progress measured by the percentage of costs incurred to date compared to estimated total costs for each contract. This method is used as management considers costs incurred to be the best available measure of progress on these contracts. Costs capitalized to fulfill certain contracts were not material in any of the periods presented.

The Company provides all third-party construction contracts with a warranty, typically for a period of one year after substantial completion of the construction project. Based on the guidance and indicative factors provided by ASC 606, the Company concluded that it offers assurance-type warranties as it does not provide a service to the customer beyond fixing defects that existed at the time of completion. Therefore, these warranties are accounted for under ASC Topic 460, Guarantees ("ASC 460"), and not as a separate performance obligation.

Generally, the company estimates warranty costs based on historical claims experience, and other factors. Actual warranty claims may differ from the estimates, and adjustments to the liability are made as necessary. The Company accrued $171 and $132 of warranty reserves under accrued expense and other current liabilities as of December 31, 2024, and December 31, 2023, respectively.

The Company owns Fueling Stations for use by customers under fuel sale agreements. The Company bills these customers at an agreed upon price for each gallon sold and recognizes revenue based on the amounts invoiced in accordance with the "right to invoice" practical expedient. For some public stations where there is no contract with the customer, the Company recognizes revenue at the point-in-time that the customer takes control of the fuel.

The Company from time-to-time enters into fuel purchase agreements with customers whereby the Company is contracted to design and build a Fueling Station on the customer's property in exchange for the Company providing CNG/RNG to the customer for a determined number of years. In accordance with the standards of ASC 840, Leases, the Company has concluded these agreements meet the criteria for a lease and are classified as operating leases. Typically, these agreements do not require any minimum consumption amounts and, therefore, no minimum payments. For additional information on lease revenues earned, please see Note 8. Leases.

Contract Balances

Contract assets consist primarily of costs and estimated earnings in excess of billings and retainage receivables. Costs and estimated earnings in excess of billings represent unbilled amounts earned and reimbursable under construction contracts and arise when revenues have been recognized but amounts are conditional and have yet to be billed under the terms of the contract. Included in costs and estimated earnings in excess of billings are amounts the Company will collect from customers, changes in contract specifications or design, costs associated with contract change orders in dispute or unapproved as to scope or price, or other customer-related causes of unanticipated contract costs. Amounts become billable according to contract terms, which consider the progress on the contracts as well as achievement of certain milestones and

completion of specified units of work. Except for claims, such amounts will be billed over the remaining life of the contract.

Contract liabilities consist of billings in excess of costs and estimated earnings, other deferred construction revenue and general provisions for losses, if any. Billings in excess of costs and estimated earnings represent cash collected from customers and billings to customers in advance of work performed. Such unearned project-related costs will be incurred over the remaining life of the contract.

Parts Inventory

Parts inventory, also referred to as supplies inventory, consists of shop spare parts inventory and construction site parts inventory. Inventory is stated at the lower of cost or net realizable value. The substantial amount of inventory is identified, tracked and treated as finished goods. An annual review of inventory is performed to identify obsolete items.

Capital Spares

Capital spares consist primarily of large replacement parts and components for the RNG facilities and power plants. These parts, which are vital to the continued operation of the RNG facilities and power plants and require a substantial lead time to acquire, are maintained on hand for emergency replacement. Capital spares are recorded at cost and expensed when placed into service as part of a routine maintenance project or capitalized when part of a plant improvement project.

Property, Plant and Equipment, net

Property, Plant, and Equipment, net

Property, plant, and equipment are recorded at cost, except for the portion related to asset retirement obligations, which are recorded at estimated fair value at the time of inception. Direct costs related to the construction of assets and renewals and betterments that materially improve or extend the life of the assets are capitalized. Additionally, any interest expense incurred on any outstanding construction loans is capitalized to the specific project. Replacements, maintenance, and repairs that do not improve or extend the life of the respective assets are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:


Plant and equipment						5 - 30 years
CNG/RNG fueling stations						10-20 years
Construction in progress						N/A
Buildings						40 years
Land						N/A
Service equipment						5-10 years
Leasehold improvements						shorter of lease term or useful life
Vehicles						7 years
Office furniture and equipment						5-7 years
Computer software						3 years
Land lease - finance lease						Lease term
Vehicles - finance lease						shorter of lease term or useful life
Other						7 years

When plant and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation or amortization is removed, and a gain or loss is recognized in the consolidated statements of operations. The Company capitalizes costs related to the development and construction of new projects when there is a significant likelihood that the project will be constructed for its intended use. This is determined based on the attainment of certain milestones, including, but not limited to, the receipt of permits; final negotiation of major contracts including gas rights agreements, gas transportation and engineering, procurement and construction contracts. Costs incurred prior to this time are expensed. Additionally, the Company capitalizes any interest incurred on its generic borrowings during the construction phase until the project becomes operational.

Leases

Under ASC 842, leases are classified as either finance or operating arrangements, with such classification affecting the pattern and classification of expense recognition in the Company's income statement. Leases consist primarily of operating leases for site leases on landfills/dairy farms, office facilities and finance leases for site leases and vehicles. The Company determines if an arrangement is or contains a lease at inception. The Company accounts for lease and non-lease components as a single lease component and does not recognize right-of-use assets and lease liabilities for leases with a term of 12 months or less.

Operating and finance lease right-of-use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments consist primarily of the fixed payments under the arrangement, less any lease incentives. The Company generally uses an incremental borrowing rate estimated based on the information available at the lease commencement date or on the date of lease modification, if applicable, to determine the present value of lease payments unless the implicit rate is readily determinable. The Company estimates its incremental borrowing rate based on the rate of interest it would have to pay to borrow on a collateralized basis with an equal lease payment amount, over a similar term, and in a similar economic environment. Generally, the lease term is based on non-cancelable lease term when determining the lease assets and liabilities. The lease terms may include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

Operating leases are included in operating lease right-of-use assets, operating lease liabilities, current, and operating lease liabilities, non-current on the Company's consolidated balance sheets. Finance leases are included in property and equipment, net, accrued and other current liabilities, and other non-current liabilities on the Company's consolidated balance sheets.

Operating lease costs are recognized on a straight-line basis over the lease terms. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease terms.

Leases

Lessor contracts

Fuel Provider agreements

Fuel provider agreements ("FPAs") are for the sale of brown gas, service and maintenance of sites. The Company is contracted to design and build a Fueling Station on the customer's property in exchange for the Company providing CNG/RNG to the customer for a determined number of years. The contractual term of these arrangements may include options to extend/renew, terminate the agreement upon the occurrence of certain actions by a government authority or regulatory agency or terminate the agreement and purchase the underlying station for fair market value. We determine if an arrangement contains a lease at inception by assessing whether an identified asset exists and if the customer has the right to control the use of the identified asset. Accordingly, we have determined that the FPAs contain a lease component for the use of the Fueling Station in addition to the non-lease components related to providing CNG/RNG as well as providing all-inclusive maintenance and warranty services. The lease components of the FPAs are considered to be operating leases with variable consideration. The adjustments to payments are based on a variety of factors including changes in an index or rate (such as the market price of natural gas and utilities), the amount of fuel dispensed from the station, annual escalators, volume discounts and discounts for tax and environmental credits retained by the Company. The Company excludes taxes assessed by a government authority that are imposed on and concurrent with the FPA transaction collected by the Company from the customer. As per ASC 842 Leases ("ASC 842"), the revenue is recognized in the period earned.

We estimate the amount we expect to derive from the underlying asset following the end of the lease term based on the remaining economic life of the asset. Our FPAs generally do not include any residual value guarantees. The Company typically expects the underlying asset to have no residual value following the end of the lease term. Agreements which include renewal and termination options are included in the lease terms if we believe the options are "reasonably certain" to be exercised by the lessee or if an option to extend is controlled by the Company.

Included in Fuel Station Service revenues are $8,146 and $3,943 related to the lease portion of the FPAs for the years ended December 31, 2024, and 2023, respectively. The Company allocated the contract consideration between the lease component and non-lease components on a relative standalone selling price basis. The Company utilized a combination of approaches to estimate the standalone selling prices when directly observable selling price was not available. These estimates were developed through the use of information available such as market conditions and prices, jurisdictional-specific facts, and internal estimates when market data is not available. In instances where there are no observable standalone selling prices for a component, significant judgement is required in determining the standalone selling price.

Power Purchase agreements

Power purchase agreements ("PPAs") are for the sale of electricity generated at our Renewable Power facilities. All of our Renewable Power facilities operate under fixed pricing or indexed pricing based on market prices. Two of our Renewable Power facilities transfer the right to control the use of the power plant to the purchaser and are therefore classified as operating leases.

Included in Renewable Power revenues are $970 and $1,016 related to the lease element of the PPAs for the years ended December 31, 2024 and 2023, respectively.

Lessee contracts

Ground/Site leases

The Company through various of its indirectly owned subsidiaries holds site leases on landfills/dairy farms to build RNG generation facilities. Typically, the lease payments over the lease term are immaterial except for three of our RNG facilities - Beacon and two sites at our Central Valley project - MD Digester ("MD") and VS Digester ("VS"). During the year ended December 31, 2024, the Company revised the commercial operation date for its leases for MD and VS which changed the lease term for both the leases. The Company treated this as a lease modification and increased its right-of-use asset and corresponding lease liability by $1,109 on its consolidated balance sheet as of December 31, 2024, using the incremental borrowing rate from 7.28% to 7.53%.

On December 27, 2023, OPAL entered into an Amended and Restated Lease Agreement with a counter party which amended the payment terms to include a minimum volume requirement that requires OPAL to pay lease payments of $1 per GGE of CNG pumped with annual minimum volumes for the lease term.

The Company determined that the site lease is a finance lease because the present value of the sum of the lease payments is substantially greater than the fair value of the parcel of land. Therefore, the Company recorded right-of-use asset and related lease liability on December 27, 2023.

Office lease

The Company entered into a lease for office and warehouse space that became effective upon the termination of the original lease term on January 31, 2018. The term of the lease renewal was 36 months and contained an option to renew for an additional 24 months. In September 2020, the Company exercised this option. In March 2022, the Company entered into an amendment to the lease which extended the lease term till January 2026.

The Company determined that the three site leases and the one office lease are operating leases.

The lease expense for the site leases is included as part of Cost of sales - RNG Fuel in its consolidated statements of operations for the years ended December 31, 2024 and 2023. The lease expense for the office lease is recorded as part Selling, general and administrative expenses in its consolidated statements of operations for the years ended December 31, 2024 and 2023.

Vehicle leases

The Company leases approximately 108 vehicles in our FM3 and OPAL Fuel Station Services subsidiaries. The leases contain repurchase options at the end of the lease term and the sum total of the lease payments represents substantially the fair value of the asset.

Lease Disclosures Under ASC 842

The objective of the disclosure requirements under ASC 842 is to enable users of an entity’s financial statements to assess the amount, timing and uncertainty of cash flows arising from lease arrangements. In addition to the supplemental qualitative leasing disclosures included above, below are quantitative disclosures that are intended to meet the stated objective of ASC 842.

Leases

Lessor contracts

Fuel Provider agreements

Power Purchase agreements

Included in Renewable Power revenues are $970 and $1,016 related to the lease element of the PPAs for the years ended December 31, 2024 and 2023, respectively.

Lessee contracts

Ground/Site leases

Office lease

The Company determined that the three site leases and the one office lease are operating leases.

Vehicle leases

Lease Disclosures Under ASC 842

Deferred financing costs

Fees incurred for obtaining new loans or debt restructuring are deferred and amortized to interest expense over the life of the related debt using effective interest method. Unamortized financing costs are written off when the related debt is extinguished. Deferred financing costs (or debt issuance costs) are reported as a reduction of the carrying value of the long-term debt in the consolidated balance sheets.

Environmental credits held for sale

The Company provides dispensing and credit monetization services to OPAL owned facilities and third-party customers that own renewable gas generation facilities. The Company recognizes revenue from these services as the credits are minted on behalf of the customer. The Company receives non-cash consideration in the form of RINs or LCFSs for providing these services and recognizes the environmental credits received as part of Revenues - Fuel Station Services and environmental credits held for sale within current assets based on their estimated fair value at contract inception. It is recorded at historical fair value at contract inception and reviewed to ensure it is recorded at lower of cost and net realizable value at each balance sheet date. Due to the historically higher LCFS pricing, the fair value at contract inception may be significantly higher than the net realizable value of the environmental credits generated at the period-end balance sheet date. For the years ended December 31, 2024 and 2023, the Company recorded $10,365 and $7,354 as part of Cost of sales - Fuel Station Services in its consolidated statements of operations to adjust environmental credits held for sale to lower of cost and net realizable value.

Major Maintenance

Major maintenance is a component of maintenance expense and encompasses overhauls of internal combustion engines, gas compressors and electrical generators. Major maintenance is expensed as incurred.

Goodwill

Goodwill represents the excess of purchase price of an acquisition over the fair value of net assets acquired in a business combination subject to ASC 805, Business Combinations. Goodwill is not amortized, but the potential impairment of goodwill is assessed at least annually and on an interim basis whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. Accounting rules require that the Company test at least annually, or more frequently when a triggering event occurs that indicates that the fair value of the reporting unit may be below its carrying amount, for possible goodwill impairment in accordance with the provisions of ASC 350 Intangibles – Goodwill and Other. The Company performs its annual test on December 31.

As of December 31, 2024, $51.2 million of the goodwill balance is attributable to the acquisition of Beacon and is included within the RNG segment. Beacon meets the definition of a business under ASC 805 and is considered a reporting unit for goodwill assessment purposes.

The Company completed its annual goodwill impairment test for the Beacon reporting unit as of December 31, 2024. For this test, the Company bypassed the qualitative assessment and proceeded directly to the quantitative impairment test. The quantitative test used a combination of an income valuation methodology, using a discounted cash flow analysis ("DCF"), and a market valuation methodology, using the guideline public company method. With this approach, the fair value measurement is based on significant inputs that are not observable in the market and thus the fair value measurement is

categorized within Level 3 of the fair value hierarchy. Significant assumptions used in the DCF projection included growth in RIN prices, future sales volumes based on production capacities and a terminal value based on a range of terminal earnings before interest, taxes, depreciation, and amortization. The future cash flows were discounted to present value using a weighted average cost of capital of the company and its closest competitors.

The results of the quantitative assessment indicated that the fair value of the Company’s reporting unit exceeded its carrying amount as of the measurement date, resulting in no impairment loss as of December 31, 2024.

Intangible Assets

Intangible Assets and Liabilities

Identifiable intangible assets consist of three Power Purchase Agreements ("PPAs"), one fueling station contract, one transmission/distribution interconnection, and the cost of intellectual property all of which are amortized using the straight-line method over the underlying applicable contract periods or useful lives which range from five to twenty years.

Intangible Liabilities

The PPA intangible liabilities are amortized using the straight-line method over their contract life. Amortization related to these intangible liabilities is included in RNG fuel revenue and Renewable power revenue, respectively, in the consolidated statements of operations.

Impairment of Long-Lived Assets

Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are impaired, the impairment to be recognized is measured by the amount that the carrying amounts of the assets exceed the fair value of the assets. Assets disposed of are reported at the lower of the carrying amount or fair value less selling costs. The Company recorded $2,016 impairment expense for the year ended December 31, 2024. There was no material impairment expense recorded for the year ended December 31, 2023.

Fair value is generally determined by considering (i) internally developed discounted cash flows for the asset group, (ii) information available regarding the current market value for such assets and/or (iii) estimates of the costs to replace an asset. We use our best estimates in making these evaluations and consider various factors, including future pricing and operating costs. However, actual future market prices and project costs could vary from the assumptions used in our estimates and the impact of such variations could be material.

Derivative Instruments

The Company estimates the fair value of its derivative instruments using available market information in accordance with ASC 820 Fair Value Measurement for fair value measurements and disclosures of derivatives. Derivative instruments are measured at their fair value and recorded as either assets or liabilities unless they qualify for an exemption from derivative accounting measurement such as normal purchases and normal sales. All changes in the fair value of recognized derivatives are recognized currently in earnings.

The Company enters into electricity forward sale agreements. Some of these electricity forward sale agreements meet the definition of a derivative but qualify for the normal purchases and normal sales exception from derivative accounting treatment. In accordance with authoritative guidance for derivatives, the Company considers both qualitative and quantitative factors when determining whether a contract qualifies for the normal purchases and normal sales exception.

The Company maintains a risk management strategy that incorporates the use of interest rate swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by interest rate volatility. The Company designated the interest rate swaps as cash flow hedges and applies hedge accounting. The Company records the fair value of the interest rate swap as an asset or liability on its consolidated balance sheet. The effective portion of the swap is recorded in Accumulated other comprehensive income.

Commodity swap contracts

The Company utilizes commodity swap contracts to hedge against the unfavorable price fluctuations in market prices of electricity and natural gas. The Company does not apply hedge accounting to these contracts. As such, unrealized and realized gain (loss) is recognized as a component of Renewable Power revenues in the consolidated statement of operations and Derivative financial asset — current and non-current in the consolidated balance sheets. These are considered to be Level 2 instruments in the fair value hierarchy. By using commodity swaps, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counter party to perform under the terms of the swap contract. When the fair value of the swap contract is positive, the counter party owes the Company creating a credit risk. The Company manages the credit risk by entering into contracts with financially sound counter parties. To mitigate this risk, management monitors counterparty credit exposure on an annual basis, and the necessary credit adjustments have been reflected in the fair value of financial derivative instruments. When the fair value of the swap contract is negative, the Company owes the counterparty creating a market risk that the market price is higher than the contract price resulting in the Company not participating in the opportunity to earn higher revenues.

Vulnerability Due to Certain Concentrations

Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash, cash equivalents, restricted cash, short term investments, derivative instruments and trade accounts receivable. The

Company holds cash, cash equivalents and restricted cash at several major financial institutions, much of which exceeds FDIC insured limits. Historically, the Company has not experienced any losses due to such concentration of credit risk. The Company’s temporary cash investments policy is to limit the dollar amount of investments with any one financial institution and monitor the credit ratings of those institutions. While the Company may be exposed to credit losses due to the nonperformance of the holders of its deposits, the Company does not expect the settlement of these transactions to have a material effect on its results of operations, cash flows or financial condition.

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, and trade receivables. The Company places its cash with high credit quality financial institutions located in the United States of America. The Company performs ongoing credit evaluations of its customers.

Income Taxes

The Company accounts for income taxes in accordance with ASC Topic 740, Accounting for Income Taxes (“ASC 740”), which requires the recognition of tax benefits or expenses on temporary differences between the financial reporting and tax bases of its assets and liabilities by applying the enacted tax rates in effect for the year in which the differences are expected to reverse. Such net tax effects on temporary differences are reflected on the Company’s consolidated balance sheets as deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when the Company believes that it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized.

We recognize interest and penalties related to unrecognized tax benefits on the interest expense line and other expense line, respectively, in the accompanying consolidated statement of operations. Accrued interest and penalties are included on the related liability lines in the consolidated balance sheet. As of December 31, 2024, the Company does not have any amounts recorded in connection to uncertain tax positions.

The Company elects to account for investment tax credits using the flow-through method. Under this method, investment tax credits are recognized as a reduction of income tax expense in the period in which the credit is generated. The Company has elected not to defer the recognition of these credits as a deferred tax asset, which would otherwise be recognized under the deferral method. This accounting treatment is in accordance with the applicable financial reporting standards and reflects management's judgment that the flow-through method more accurately represents the economic benefits of the investment tax credits to the Company. During the third quarter of 2024, tax credits generated from the Emerald RNG facility were transferred to a third-party and net proceeds of $8,906 from the sale were distributed to The Company. As permitted under the flow-through method, the tax benefit associated with the transfer is recorded as a reduction of income taxes.

As a result of the Company’s up-C structure effective with the Business Combination, the Company expects to be a tax-paying entity. However, as the Company has historically been loss-making, any deferred tax assets created as a result of net operating losses and other deferred tax assets for the excess of tax basis in Opal Fuels Inc.'s investment in Opal Fuels LLC would be offset by a full valuation allowance. Prior to the Business Combinations, Legacy Fortistar and its subsidiaries were organized as a limited liability company, with the exception of one partially-owned subsidiary which filed income tax returns as a C-Corporation. The Company accounts for its income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amount of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Judgment is required in determining the provisions for income and other taxes and related accruals, and deferred tax assets and liabilities. In the ordinary course of business, there are transactions and calculations where the ultimate tax outcome is uncertain. Additionally, the Company's various tax returns are subject to audit by various tax authorities. Although the Company believes that its estimates are reasonable, actual results could differ from these

estimates.

Investment Tax Credits

In the third quarter of 2024, the Company sold to a third-party purchaser certain transferable Investment Tax Credits ("ITCs") that had been generated by the Company from its investments in the Renewable Natural Gas segment.

The Company elected to consider expected transfers of the credits in assessing their realizability as part of the valuation allowance analysis and recognize changes in the estimated proceeds as an adjustment to its valuation allowance. The Company accounted for the ITC sale in accordance with ASC 740 by electing the flow-through method to recognize the ITC benefit when it arises.

Investment in other entities

Investment in other entities includes the Company’s interests in certain investees which are accounted for under the equity method of accounting as the Company has determined that the investment provides the Company with the ability to exercise significant influence, but not control, over the investee. The Company’s investments in these nonconsolidated entities are reflected in the Company’s consolidated balance sheet at cost. The amounts initially recognized are subsequently adjusted for the impacts of impairment, capitalized interest and Company’s share of earnings (losses) which are recognized as income (loss) from equity method investments in the consolidated statement of operations after adjustment for the effects of any basis differences. Investments are also increased for contributions made to the investee and decreased by distributions from the investee and classified in the statement of cash flows using the cumulative earnings approach.

The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that a decline in value has occurred that is other than temporary. Evidence considered in this evaluation includes, but would not necessarily be limited to, the financial condition and near-term prospects of the investee, recent operating trends and forecasted performance of the investee, market conditions in the geographic area or industry in which the investee operates and the Company’s strategic plans for holding the investment in relation to the period of time expected for an anticipated recovery of its carrying value. If the investment is determined to have a decline in value deemed to be other than temporary, it is written down to estimated fair value in the same period the impairment was identified.

The Company uses the equity method to account for investments in affiliates that it does not control, but in which it has the ability to exercise significant influence over operating and financial policies. The Company's investments in these nonconsolidated affiliates are reflected in the Company's consolidated balance sheets under the equity method, and the Company's proportionate net (loss) income, if any, is included in the Company's consolidated statements of operations as income (loss) from equity method investments.

We continue to evaluate operational developments and the impact of the anticipated expansion of the operations of our existing equity method investments. Based on our analysis, it was determined that our equity method investments have evolved into a critical, integral part of our RNG segment business operations as they provide critical additional production capacity. Therefore, we have determined that the presentation of income (loss) from equity method investments as part of the operating income is more meaningful and useful information to the readers of our financial statements. As a result, we have classify our portion of income (loss) from equity method investments to Operating income.

The Company has elected to apply the cumulative earnings approach for classifying distributions received from equity method investees. Distributions are classified as cash inflows from operating activities unless they exceed the investor's cumulative equity in earnings, in which case the excess is classified as cash inflows from investing activities.

Fair Value Measurements

Fair value measurements

The fair value of financial instruments, including long-term debt and derivative instruments is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties. The carrying amount of cash and cash equivalents, accounts receivable, net, and accounts payable and accrued expenses approximates fair value due to their short-term maturities.

The Company follows ASC 820, Fair Value Measurement, regarding fair value measurements which establishes a three-tier fair value hierarchy and prioritizes the inputs used in valuation techniques that measure fair value. These tiers include:

Level 1 — defined as observable inputs such as quoted prices for identical instruments in active markets;

Level 2 — defined as quoted prices for similar instruments in active market, quoted prices for identical or similar instruments in markets that are not active, or model-derived valuations for which all significant inputs are observable market data;

Level 3 — defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of an input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

The Company's interest rate swap contracts are valued with pricing models commonly used by the financial services industry using discounted cash flows of forecast future swap settlements based on projected three-month SOFR rates. The Company does not consider these models to involve significant judgment on the part of management and corroborated the fair value measurements with counterparty valuations. The Company's interest rate swaps are classified within Level 2 of the valuation hierarchy based on the observable market rates used to determine its fair value. The Company does not expect to change its valuation techniques and therefore does not anticipate any transfers into or out of different levels of hierarchy. These interest rate swaps are accounted for as derivative financial instrument assets.

The Company values its energy commodity swap contracts based on the applicable geographical market energy forward curve. The forward curves are derived based on the quotes provided by New York Mercantile Exchange, Amerex Energy Services and Tradition Energy. The Company does not consider that the pricing index used involves significant judgement on the part of management. Therefore, the Company classifies these commodity swap contracts within Level 2 of the valuation hierarchy based on the observable market rates used to determine fair value.

The Company accounts for asset retirement obligations by recording the fair value of a liability for an asset retirement obligation in the period in which it is incurred and when a reasonable estimate of fair value can be made. The Company estimates the fair value of asset retirement obligations by calculating the estimated present value of the cost to retire the asset. This estimate requires assumptions and judgments regarding the existence of liabilities, the amount and timing of cash outflows required to settle the liability, inflation factors, credit adjusted discount rates, and consideration of changes in legal, regulatory, environmental, and political environments. In addition, the Company determines the Level 3 fair value measurements based on historical information and current market conditions. These assumptions represent Level 3 inputs, which can regularly change. As such, the fair value measurement of asset retirement obligations is subject to changes in these unobservable inputs as of the measurement date. The Company used a discounted cash flow model in which cash outflows estimated to retire the asset are discounted to their present value using an expected discount rate. A significant increase (decrease) in the discount rate in isolation could result in a significantly lower (higher) fair value measurement.

Derivative Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Liabilities, Fair Value Disclosure [Abstract]
Asset Retirement Obligation	$ 7,886	$ 6,728
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents and restricted cash - current and non-current	29,228	47,242	$ 77,221
Fair Value, Recurring
Liabilities, Fair Value Disclosure [Abstract]
Asset Retirement Obligation	7,886	6,728
Business Combination, Contingent Consideration, Liability	304	1,900
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents and restricted cash - current and non-current	29,228	47,242
Convertible note receivable	760
Short term investments		9,875
Fair Value, Recurring \| Money Market Funds
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents and restricted cash - current and non-current	19,786	31,965
Fair Value, Recurring \| Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest rate swap contracts	686
Fair Value, Recurring \| Commodity Contract
Liabilities, Fair Value Disclosure [Abstract]
Commodity swap contracts	72
Assets, Fair Value Disclosure [Abstract]
Interest rate swap contracts		633
Fair Value, Recurring \| Level 1
Liabilities, Fair Value Disclosure [Abstract]
Asset Retirement Obligation	0	0
Business Combination, Contingent Consideration, Liability	0	0
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents and restricted cash - current and non-current	29,228	47,242
Convertible note receivable	0
Short term investments		9,875
Fair Value, Recurring \| Level 1 \| Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest rate swap contracts	0
Fair Value, Recurring \| Level 1 \| Commodity Contract
Liabilities, Fair Value Disclosure [Abstract]
Commodity swap contracts	0
Assets, Fair Value Disclosure [Abstract]
Interest rate swap contracts		0
Fair Value, Recurring \| Level 2
Liabilities, Fair Value Disclosure [Abstract]
Asset Retirement Obligation	0	0
Business Combination, Contingent Consideration, Liability	0	0
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents and restricted cash - current and non-current	0	0
Convertible note receivable	0
Short term investments		0
Fair Value, Recurring \| Level 2 \| Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest rate swap contracts	686
Fair Value, Recurring \| Level 2 \| Commodity Contract
Liabilities, Fair Value Disclosure [Abstract]
Commodity swap contracts	72
Assets, Fair Value Disclosure [Abstract]
Interest rate swap contracts		633
Fair Value, Recurring \| Level 3
Liabilities, Fair Value Disclosure [Abstract]
Asset Retirement Obligation	7,886	6,728
Business Combination, Contingent Consideration, Liability	304	1,900
Assets, Fair Value Disclosure [Abstract]
Cash and cash equivalents and restricted cash - current and non-current	0	0
Convertible note receivable	760
Short term investments		0
Fair Value, Recurring \| Level 3 \| Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest rate swap contracts	0
Fair Value, Recurring \| Level 3 \| Commodity Contract
Liabilities, Fair Value Disclosure [Abstract]
Commodity swap contracts	$ 0
Assets, Fair Value Disclosure [Abstract]
Interest rate swap contracts		$ 0

Borrowings - Opal Term Loan Narrative (Details) - USD ($)			12 Months Ended
	Mar. 03, 2025	Sep. 01, 2023	Dec. 31, 2024	Dec. 31, 2023	Jul. 19, 2022	Oct. 22, 2021	Aug. 27, 2020
Sunoma Loan
Debt Instrument [Line Items]
Aggregate principal amount							$ 20,000,000
Minimum required debt service coverage ratio							125.00%
Debt outstanding			$ 20,846,000	$ 22,453,000
Permanent Loan
Debt Instrument [Line Items]
Aggregate principal amount					$ 23,000,000
OPAL Term Loan and Revolver \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount						$ 125,000,000
Debt outstanding			286,617,000	$ 186,618,000
Credit Agreement \| Secured Debt \| Subsequent Event
Debt Instrument [Line Items]
Financing fees paid	$ 1,250,000
Secured Debt \| Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Aggregate principal amount		$ 450,000,000
Term of loan (in years)		18 months
Amortization rate		1.00%
Minimum required debt service coverage ratio		120.00%
Minimum debt to cash flow ratio		4.5
Minimum debt to cash flow ratio after delayed draw availability period		4.0
Secured Debt \| Credit Agreement \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Cash sweep		25.00%
Secured Debt \| Credit Agreement \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Cash sweep		100.00%
Secured Debt \| Credit Agreement \| Line of Credit \| Variable Rate, Fixed Margin, Period One
Debt Instrument [Line Items]
Basis spread on permanent loan		3.50%
Secured Debt \| Credit Agreement \| Line of Credit \| Variable Rate, Fixed Margin, Period Two
Debt Instrument [Line Items]
Basis spread on permanent loan		0.25%
Revolving Credit Facility \| OPAL Term Loan and Revolver \| Line of Credit
Debt Instrument [Line Items]
Draws on standby letters of credit			15,000,000
Revolving Credit Facility \| OPAL Term Loan and Revolver \| Letter of Credit
Debt Instrument [Line Items]
Draws on standby letters of credit			14,088,000
Revolving Credit Facility \| Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Revolving credit arrangement borrowing capacity		$ 50,000,000
Draws on standby letters of credit			85,000,000
Proceeds from issuance of debt			$ 29,088,000
Revolving Credit Facility \| Credit Agreement \| Letter of Credit
Debt Instrument [Line Items]
Financing fees paid		$ 9,976,000

Derivative Financial Instruments and Fair Value Measurements - Derivatives Fair Values on Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative financial assets, current portion	$ 238	$ 633
Current portion of unrealized loss on commodity swaps	(9)	0
Non - current portion of unrealized loss on commodity swaps	(63)	0
Commodity Contract \| Not Designated as Hedging Instrument, Economic Hedge
Derivatives, Fair Value [Line Items]
Derivative financial assets, current portion	0	633
Current portion of unrealized loss on commodity swaps	(9)	0
Non - current portion of unrealized loss on commodity swaps	$ (63)	$ 0

Property, Plant, and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Useful Lives of Property, Plant and Equipment, Net

Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:


Plant and equipment						5 - 30 years
CNG/RNG fueling stations						10-20 years
Construction in progress						N/A
Buildings						40 years
Land						N/A
Service equipment						5-10 years
Leasehold improvements						shorter of lease term or useful life
Vehicles						7 years
Office furniture and equipment						5-7 years
Computer software						3 years
Land lease - finance lease						Lease term
Vehicles - finance lease						shorter of lease term or useful life
Other						7 years

Property, plant, and equipment, net, consisted of the following as of December 31, 2024 and December 31, 2023:


	December 31, 2024		December 31, 2023
Plant and equipment	$	317,926	$	205,188
CNG/RNG fueling stations	68,899		51,749
Construction in progress (1)	169,571		175,060
Buildings	2,585		2,585
Land	1,303		1,303
Service equipment	2,992		2,481
Leasehold improvements	815		815
Vehicles	748		489
Office furniture and equipment	307		307
Computer software	277		277
Land lease - finance lease	5,567		6,469
Vehicles - finance leases	3,983		2,580
Other	661		591
	575,634		449,894
Less: accumulated depreciation	(117,376)		(110,401)
Property, plant, and equipment, net	$	458,258	$	339,493

(1) Includes $3,212 of interest capitalized from our general borrowings for the year ended December 31, 2024 and $5,475 for the year ended December 31, 2023.

Related Parties - Narrative (Details) $ / shares in Units, $ in Thousands				1 Months Ended		12 Months Ended
	Oct. 05, 2023 USD ($)	Nov. 29, 2021 USD ($) subsidiary shares	Dec. 31, 2020 USD ($)	Aug. 31, 2021 USD ($) shares	Jun. 30, 2021	Dec. 31, 2024 USD ($) commodity_swap $ / shares	Dec. 31, 2023 USD ($) commodity_swap shares	Dec. 31, 2022 USD ($) shares
Related Party Transaction [Line Items]
Paid-in-kind dividends issued and outstanding units						$ 8,054	$ 8,421
Accrued preferred dividend payable						$ 0	2,013
Stock subscribed (in shares) \| shares		1,000,000
Amount sold							$ 100,000	$ 100,000
Stock issued (in shares) \| shares							1,000,000	1,000,000
Preferred stock dividend rate						8.00%
Preferred stock redemption price (in dollars per share) \| $ / shares						$ 100
Total revenues						$ 299,972	$ 256,108
Income from equity method investments						13,235	5,525
Renewable Power
Related Party Transaction [Line Items]
Total revenues						44,677	54,804
Fuel Station Services
Related Party Transaction [Line Items]
Total revenues						$ 166,875	$ 135,012
Commodity Contract
Related Party Transaction [Line Items]
Number of derivative instruments held \| commodity_swap						1	3
Reynolds
Related Party Transaction [Line Items]
Percentage of ownership interest acquired				100.00%
Cash payments				$ 12,020
Parent Company \| Fortistar \| Administrative Services Agreement
Related Party Transaction [Line Items]
Written notice of termination period (in days)			180 days
Service fees per year			$ 580
Related Party \| Renewable Power
Related Party Transaction [Line Items]
Total revenues						$ 6,912	$ 6,614
Related Party \| Fuel Station Services
Related Party Transaction [Line Items]
Total revenues						38,841	28,468
Related Party \| Hillman
Related Party Transaction [Line Items]
Common units, shares issued (in shares) \| shares		14
Total consideration from related parties		$ 30,000
Related Party \| Reynolds \| GREP
Related Party Transaction [Line Items]
Cash consideration				$ 1,570
Related Party \| Pine Bend, Sunoma And Noble Road \| Environmental Processing Fees
Related Party Transaction [Line Items]
Total revenues						$ 9,677	2,615
Term of related party contract (in years)						10 years
Related Party \| Fortistar \| Interim Services Agreement
Related Party Transaction [Line Items]
Monthly fee, maximum	$ 50
Related Party \| Costar \| Management Services Agreement
Related Party Transaction [Line Items]
Term of related party contract (in years)					36 months
GREP
Related Party Transaction [Line Items]
Percentage of ownership				20.00%		20.00%
Income from equity method investments						$ (255)	(1,212)
GREP \| BioTown Biogas LLC (“Biotown”)
Related Party Transaction [Line Items]
Percentage of ownership				50.00%
RNG fuel \| NextEra
Related Party Transaction [Line Items]
Minimum of environmental attributes to be sold, percentage		90.00%
RNG fuel \| Hillman \| Related Party
Related Party Transaction [Line Items]
Number of noncontrolling interests in renewable natural gas project subsidiaries \| subsidiary		4
Natural Gas, Renewable And Fuel Station Services \| Related Party \| NextEra
Related Party Transaction [Line Items]
Total revenues						68,416	56,069
Series A-1 preferred units \| Related Party \| Hillman
Related Party Transaction [Line Items]
Preferred units, shares issued (in shares) \| shares		300,000
Paid-in-kind dividends issued and outstanding units						2,416	2,590
Accrued preferred dividend payable						0	604
Class B common stock \| Related Party \| Reynolds \| GREP
Related Party Transaction [Line Items]
Equity investment held (in shares) \| shares				1,570
Class B common stock \| Reynolds \| GREP \| Related Party \| GREP
Related Party Transaction [Line Items]
Percentage of ownership				20.00%
Series A preferred units
Related Party Transaction [Line Items]
Accrued preferred dividend payable						$ 0	$ 2,013
Preferred stock dividend rate						8.00%
Preferred stock redemption price (in dollars per share) \| $ / shares						$ 100
Preferred stock, value, outstanding						$ 25,000
Series A preferred units \| Preferred Stock Redeemed First 12 Months
Related Party Transaction [Line Items]
Preferred stock dividend rate						20.00%
Series A preferred units \| Preferred Stock Redeemed Thereafter
Related Party Transaction [Line Items]
Preferred stock dividend rate						30.00%
Series A preferred units \| Preferred Stock Redeemed Second 12 Months
Related Party Transaction [Line Items]
Preferred stock dividend rate						25.00%

Leases - Narrative (Details) $ in Thousands		3 Months Ended	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 27, 2023 uSD_Per_Gasoline_Gallon_Equivalent	Sep. 30, 2023 facility	Dec. 31, 2024 USD ($) facility lease vehicle	Dec. 31, 2023 USD ($)
Operating Leased Assets [Line Items]
Total revenues			$ 299,972	$ 256,108
Operating lease liabilities - current and non-current			$ (636)	(613)
Number of vehicles \| vehicle			108
RNG fuel
Operating Leased Assets [Line Items]
Number of facilities \| facility		3	2
Fuel Station Services
Operating Leased Assets [Line Items]
Total revenues			$ 166,875	135,012
Renewable Power
Operating Leased Assets [Line Items]
Total revenues			44,677	54,804
Fuel Provider Agreements ("FPAs") \| Fuel Station Services
Operating Leased Assets [Line Items]
Total revenues			8,146	3,943
Power purchase agreements \| Renewable Power
Operating Leased Assets [Line Items]
Total revenues			970	$ 1,016
Site leases
Operating Leased Assets [Line Items]
Operating lease liabilities - current and non-current			$ 1,109
Rent per gasoline gallon equivalent (in dollars per gasoline gallon equivalent) \| uSD_Per_Gasoline_Gallon_Equivalent	1
Number of leases \| lease			3
Increase (Decrease) In Operating Lease, Right-of-Use Asset, After Accumulated Amortization			$ 1,109
Site leases \| Minimum
Operating Leased Assets [Line Items]
Lessee, operating lease, incremental borrowing rate			7.28%
Site leases \| Maximum
Operating Leased Assets [Line Items]
Lessee, operating lease, incremental borrowing rate			7.53%
Site leases \| RNG fuel
Operating Leased Assets [Line Items]
Number of facilities \| facility			3
Office lease
Operating Leased Assets [Line Items]
Term of lease			36 months
Additional renewal term (in years)			24 months
Number of leases \| lease			1

Derivative Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Swaps


	December 31, 2024		December 31, 2023		Location of Fair Value Recognized in Balance Sheet
Derivatives designated as cash flow hedges:
Short term portion of the interest rate swaps	$	238	$	—	Derivative financial assets, current portion
Long term portion of the interest rate swaps	448		—		Derivative financial assets, non-current
	$	686	$	—

Effect of Derivative Instruments on Statement of Operations

The effect of interest rate swaps on the consolidated statement of operations were as follows:


	Twelve Months Ended December 31,				Location of (Loss) Gain Recognized in Operations from Derivatives
	2024		2023
Swaption	$	—	$	(46)
Net periodic settlements - interest rate swaps (1)	96		1,146
	$	96	$	1,100	Change in fair value of derivative instruments, net

(1) The prior 2023 year includes $334 reclassification into earnings from our equity method investments and $812 reclassification on the gain on termination of interest rate swaps on May 30, 2023.

The following table summarizes the effect of commodity swaps on the consolidated statements of operations for the years ended December 31, 2024 and 2023:


Derivatives not designated as hedging instruments	Location of (loss) gain recognized	Twelve Months Ended December 31,
		2024		2023
Commodity swaps - realized gain	Revenues - Renewable Power	$	761	$	1,839
Commodity swaps - unrealized gain (loss)	Revenues - Renewable Power	(704)		763
Total realized and unrealized gain	Revenues - Renewable Power	$	57	$	2,602

Derivatives Fair Values on Balance Sheet

The following table summarizes the derivative assets and liabilities related to commodity swaps as of December 31, 2024 and December 31, 2023:


	Fair Value				Location of Fair value recognized in Balance Sheet
	December 31, 2024		December 31, 2023
Derivatives not designated as hedging instruments
Current portion of unrealized gain on commodity swaps	$	—	$	633	Derivative financial asset, current portion
Current portion of unrealized loss on commodity swaps	(9)		—		Derivative financial liability, current portion
Non - current portion of unrealized loss on commodity swaps	(63)		—		Derivative financial liability, non - current portion

Summary of Commodity Swaps And Other Derivatives

The following table summarizes the effect of change in fair value of other derivative liabilities on the consolidated statements of operations for the years ended December 31, 2024 and 2023:


Derivative liability	Twelve Months Ended December 31,				Location of (Loss) Gain Recognized in Operations from Derivatives
	2024		2023
Put option to Meteora	$	—	$	(311)
Sponsor Earnout Awards	1,596		1,890
OPAL Earnout Awards	—		5,000
	$	1,596	$	6,579	Change in fair value of derivative instruments, net

Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company's assets and liabilities that are measured at fair value on a recurring basis include the following as of December 31, 2024 and December 31, 2023, set forth by level, within the fair value hierarchy:


	Fair value as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities:
Asset retirement obligation	$	—	$	—	$	7,886	$	7,886
Earnout liabilities	—		—		304		304
Commodity swap contracts	—		72		—		72
Assets:
Cash and cash equivalents and restricted cash - current and non-current (1)	29,228		—		—		29,228
Interest rate swap contracts	—		686		—		686
Convertible note receivable	—		—		760		760


	Fair value as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities:
Asset retirement obligation	$	—	$	—	$	6,728	$	6,728
Earnout liabilities	—		—		1,900		1,900
Assets:
Cash and cash equivalents and restricted cash - current and non-current (1)	47,242		—		—		47,242
Short term investments	9,875		—		—		9,875
Commodity swap contracts	—		633		—		633

(1) Includes balances in money market accounts of $19,786 and $31,965, respectively as of December 31, 2024 and December 31, 2023.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents, and restricted cash consisted of the following as of December 31, 2024 and December 31, 2023:


	December 31, 2024		December 31, 2023
Current assets:
Cash and cash equivalents	$	24,310	$	38,348
Restricted cash - current (1)	972		4,395
Long-term assets:
Restricted cash - non - current (2)	3,946		4,499
Total cash, cash equivalents, and restricted cash	$	29,228	$	47,242

(1) Restricted cash - current as of December 31, 2024 consists of $972 related to debt reserve on Sunoma Loan. Restricted cash - current as of December 31, 2023 consists of $3,361 related to debt reserve on the Sunoma Loan and $1,034 related to deposit on our interconnections payments. Restricted cash is classified as short term when the restriction is expected to be lifted within 12 months.

(2) Restricted cash - non - current as of December 31, 2024 includes restricted cash held as collateral related to the collateral requirements on our debt facilities and gas security deposit. Restricted cash - non - current as of December 31, 2023 includes restricted cash held as collateral related to the collateral requirements on our debt facilities.

Schedule of Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents, and restricted cash consisted of the following as of December 31, 2024 and December 31, 2023:


	December 31, 2024		December 31, 2023
Current assets:
Cash and cash equivalents	$	24,310	$	38,348
Restricted cash - current (1)	972		4,395
Long-term assets:
Restricted cash - non - current (2)	3,946		4,499
Total cash, cash equivalents, and restricted cash	$	29,228	$	47,242

Project Development and Startup Costs

The following table provides information on the types of expenses classified under this expense category:


	Twelve Months Ended December 31,
	2024		2023
Virtual pipeline costs (1)	$	14,769	$	1,295
Site lease expenses	1,142		1,021
Legal and professional fees	2,114		1,141
Royalties	—		833
Other	1,084		576
Total Project development and startup costs	$	19,109	$	4,866

(1) Relates to virtual pipeline costs on our Prince William facility. These are temporary transportation costs incurred until a permanent pipeline is completed, which we currently anticipate in the second half of 2025.

Changes in the Asset Retirement Obligation

The changes in the asset retirement obligations were as follows as of December 31, 2024:


	December 31, 2024
Balance, December 31, 2023 - Current and non-current	$	6,728
Additions during the year	1,048
Deletion	(325)
Accretion expense	435
Total asset retirement obligation	7,886
Less: current portion	(2,804)
Total asset retirement obligation, net of current portion	$	5,082

Disaggregation of Revenue By Product Line

The following table shows the disaggregation of revenue according to product line:


	Twelve Months Ended December 31,
	2024		2023
Renewable power sales	$	25,879	$	33,648
Third party construction	39,769		49,318
Service	21,807		16,711
Brown gas sales	22,402		19,587
Environmental credits (1)	176,063		126,573
Parts sales	3,769		4,680
Other (2)	1,167		632
Total revenue from contracts with customers	290,856		251,149
Lease revenue (3)	9,116		4,959
Total revenue	$	299,972	$	256,108

(1) Includes revenues of $16,286 and $16,325 for the years ended December 31, 2024 and 2023, from customers domiciled outside of United States.

(2) Includes management fee revenues earned from management of operations of equity method entities.

(3) Lease revenue relates to approximately thirty-five fuel purchasing agreements out of which we have two of our RNG fuel stations with minimum take or pay provisions and revenue from power purchase agreements at two of our Renewable Power facilities where we determined that we transferred the right to control the use of the power plant to the purchaser.

Schedule of Other Income

The following table shows the items consisting of items recorded as Other income:


	Twelve Months Ended December 31,
	2024		2023
Gain on deconsolidation of VIEs (1)	$	—	$	122,873
Gain on transfer of non-financial asset in exchange for services received (2)	1,656		1,599
Other	$	555	$	—
Other income	$	2,211	$	124,472

(1) Represents non-cash gain on deconsolidation of Emerald and Sapphire on May 30, 2023.

(2) Represents the fair value of RINs transferred as consideration for services received.

Receivables, Contract Assets and Contract Liabilities From Contracts With Customers

The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers:


	December 31, 2024		December 31, 2023
Accounts receivable, net	$	32,013	$	27,623
Contract assets:
Cost and estimated earnings in excess of billings	8,547		4,630
Accounts receivable retainage, net	2,528		2,160
Contract assets total	$	11,075	$	6,790
Contract liabilities:
Billings in excess of costs and estimated earnings	9,276		6,314
Contract liabilities total	$	9,276	$	6,314

Useful Lives of Property, Plant and Equipment, Net

Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:


Plant and equipment						5 - 30 years
CNG/RNG fueling stations						10-20 years
Construction in progress						N/A
Buildings						40 years
Land						N/A
Service equipment						5-10 years
Leasehold improvements						shorter of lease term or useful life
Vehicles						7 years
Office furniture and equipment						5-7 years
Computer software						3 years
Land lease - finance lease						Lease term
Vehicles - finance lease						shorter of lease term or useful life
Other						7 years

Property, plant, and equipment, net, consisted of the following as of December 31, 2024 and December 31, 2023:


	December 31, 2024		December 31, 2023
Plant and equipment	$	317,926	$	205,188
CNG/RNG fueling stations	68,899		51,749
Construction in progress (1)	169,571		175,060
Buildings	2,585		2,585
Land	1,303		1,303
Service equipment	2,992		2,481
Leasehold improvements	815		815
Vehicles	748		489
Office furniture and equipment	307		307
Computer software	277		277
Land lease - finance lease	5,567		6,469
Vehicles - finance leases	3,983		2,580
Other	661		591
	575,634		449,894
Less: accumulated depreciation	(117,376)		(110,401)
Property, plant, and equipment, net	$	458,258	$	339,493

(1) Includes $3,212 of interest capitalized from our general borrowings for the year ended December 31, 2024 and $5,475 for the year ended December 31, 2023.

Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets, net, consisted of the following at December 31, 2024 and December 31, 2023:


	December 31, 2024
	Cost		Accumulated Amortization		Intangible Assets, Net		Weighted Average Amortization Period (Years)
Power purchase agreements	$	8,999	$	(7,669)	$	1,330	18.1
Transmission/distribution interconnection	1,600		(1,600)		—		15.1
Intellectual property	43		(43)		—		5.0
Total intangible assets	$	10,642	$	(9,312)	$	1,330


	December 31, 2023
	Cost		Accumulated Amortization		Intangible Assets, Net		Weighted Average Amortization Period (years)
Power purchase agreements	$	8,999	$	(7,926)	$	1,073	18.1
Transmission/distribution interconnection	1,600		(1,076)		524		15.1
Intellectual property	43		(36)		7		5.0
Total intangible assets	$	10,642	$	(9,038)	$	1,604

Amortization expense for the years ended December 31, 2024 and 2023 was $274 and $563, respectively. At December 31, 2024, estimated future amortization expense for intangible assets is as follows:


Fiscal year:
2025	267
2026	231
2027	171
2028	171
2029	171
Thereafter	319
	$	1,330

Summary of Significant Accounting Policies - Useful Lives of Property, Plant and Equipment, Net (Details)	Dec. 31, 2024
Plant and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	5 years
Plant and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	30 years
CNG/RNG fueling stations \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	10 years
CNG/RNG fueling stations \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	20 years
Buildings
Property, Plant and Equipment [Line Items]
Useful lives (in years)	40 years
Service equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	5 years
Service equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	10 years
Vehicles
Property, Plant and Equipment [Line Items]
Useful lives (in years)	7 years
Office furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	5 years
Office furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful lives (in years)	7 years
Computer software
Property, Plant and Equipment [Line Items]
Useful lives (in years)	3 years
Other
Property, Plant and Equipment [Line Items]
Useful lives (in years)	7 years

Reportable Segments and Geographic Information - Revenue by Major Customer by Reporting Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue, Major Customer [Line Items]
Total revenues	$ 299,972	$ 256,108
RNG Fuel
Revenue, Major Customer [Line Items]
Total revenues	88,420	66,292
Fuel Station Services
Revenue, Major Customer [Line Items]
Total revenues	166,875	135,012
Renewable Power
Revenue, Major Customer [Line Items]
Total revenues	44,677	54,804
Customer A
Revenue, Major Customer [Line Items]
Total revenues	$ 114,170	$ 91,151
Customer A \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of total revenue	38.00%	35.60%
Customer A \| RNG Fuel
Revenue, Major Customer [Line Items]
Total revenues	$ 68,416	$ 56,069
Customer A \| RNG Fuel \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of total revenue	22.80%	21.90%
Customer A \| Fuel Station Services
Revenue, Major Customer [Line Items]
Total revenues	$ 38,841	$ 28,468
Customer A \| Fuel Station Services \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of total revenue	12.90%	11.10%
Customer A \| Renewable Power
Revenue, Major Customer [Line Items]
Total revenues	$ 6,913	$ 6,614
Customer A \| Renewable Power \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of total revenue	2.30%	2.60%
Customer B
Revenue, Major Customer [Line Items]
Total revenues	$ 42,028	$ 28,581
Customer B \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of total revenue	14.00%	11.20%
Customer B \| Fuel Station Services
Revenue, Major Customer [Line Items]
Total revenues	$ 42,028	$ 28,581
Customer B \| Fuel Station Services \| Revenue Benchmark \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Percentage of total revenue	14.00%	11.20%

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Investment in partnership	$ 19,828	$ 25,133
163j interest limitation	1,328	608
Federal NOL carryforward	4,388	1,165
State NOL carryforward	1,436	785
Total deferred tax assets	26,980	27,691
Valuation allowance for deferred tax assets	(26,980)	(27,691)
Deferred tax assets, net of valuation allowance	0	0
Deferred tax liabilities:
Total deferred tax liabilities	0	0
Net deferred income tax asset or liability	$ 0	$ 0

Investments in Other Entities (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Summary of Equity Method Investments

The following table shows the movement of Investment in Other Entities:


	Pine Bend			Noble Road			GREP			SJI			Paragon			Total
Percentage of ownership	50		%	50		%	20		%	50		%	50		%

Balance at December 31, 2022	$	22,518		$	25,165		$	4,082		$	—		$	—		$	51,765
Deconsolidation of Emerald and Sapphire	—			—			—			—			34,662			34,662
Deconsolidation of deferred financing costs and capitalized interest	—			—			—			—			1,383			1,383
Net income from equity method investment	4,333			5,642			(1,212)			(547)			364			8,580
Reclassification of adjustments into earnings	—			—			(334)			—			—			(334)
Contribution by the Company	—			—			—			2,114			6,200			8,314
Distributions from return on investment in equity method investment (1)	(5,066)			(6,291)			(521)			—			(364)			(12,242)
Distributions from return of investment in equity method investment (2)	(459)			(1,159)			—			—			(3,221)			(4,839)
Accumulated other comprehensive loss	—			—			—			—			(8)			(8)
Gain on deconsolidation of Emerald and Sapphire (3)	—			—			—			—			122,873			122,873
Amortization of basis difference (4)	(264)			(1,183)			—			—			(1,608)			(3,055)
Balance at December 31, 2023	$	21,062		$	22,174		$	2,015		$	1,567		$	160,281		$	207,099
Net income from equity method investment	3,956			4,892			(255)			(845)			11,323			19,071
Contribution by the Company	—			—			—			15,050			5,906			20,956
Distributions from return on investment in equity method investment (1)	(3,800)			(4,298)			—			—			(6,238)			(14,336)
Distributions from return of investment in equity method investment (2)	(1,525)			(1,077)			—			—			(1,703)			(4,305)
Accumulated other comprehensive income	—			—			—			—			332			332
Amortization of basis difference (4)	(157)			(594)			—			—			(5,084)			(5,835)
Capitalized interest	—			—			—			612			—			612
Balance at December 31, 2024	$	19,536		$	21,097		$	1,760		$	16,384		$	164,817		$	223,594

(1) Recorded as part of cash flows from operating activities for the year ended December 31, 2024 and 2023.

(2) Recorded as part of cash flows from investing activities for the years ended December 31, 2024 and 2023.

(3) Represents gain on the deconsolidation of previously consolidated entities due to the loss of controlling financial interest in May 2023. Recorded as part of Other income in our consolidated statement of operations for the year ended December 31, 2023.

(4) Reflected in Income from equity method investments in the consolidated statements of operations for the year ended December 31, 2024 and 2023.

The following table summarizes the income from equity method investments:


	Twelve Months Ended
	December 31, 2024		December 31, 2023
Revenue (1)	$	111,296	$	50,074
Gross profit	45,803		12,065
Net income	36,100		6,323
Net income from equity method investments (1)	$	13,235	$	5,525

(1) Net income from equity method investments represents our portion of the net income from equity method investments including amortization of any basis differences.

A summary of financial information for our portion of the assets and liabilities in equity method investees in the aggregate is as follows:


	December 31, 2024		December 31, 2023
Current assets	$	10,554	$	12,604
Non-current assets	121,934		91,215
Total assets	132,488		103,819
Current liabilities	15,993		14,358
Non-current liabilities	24,612		19,194
Total liabilities	$	40,605	$	33,552

Related Parties

12 Months Ended

Dec. 31, 2024

Related Parties

Related parties are represented by Fortistar and other affiliates, subsidiaries and entities under common control with Fortistar or NextEra.

Sale of non-controlling interests to Related Parties

On November 29, 2021, as part of an exchange agreement, OPAL Fuels issued 14 newly authorized common units and 300,000 Series A-1 preferred units to Hillman RNG Investments, LLC, a Delaware limited liability company and an affiliate of Fortistar ("Hillman") in return for Hillman’s non-controlling interest in four RNG project subsidiaries for total consideration of $30,000. Upon the consummation of the Business Combination, the Series A-1 preferred units have been converted to Redeemable preferred non-controlling interests. The Company recorded preferred dividend of $2,416 and paid-in-kind preferred dividend of $2,590 for the years ended December 31, 2024 and 2023, respectively. Please see Note 13. Redeemable non-controlling interests, Redeemable preferred non-controlling interests and Stockholders' Deficit, for additional information. As of December 31, 2024 and 2023, there was accrued preferred dividends payable of $— and $604 respectively.

Issuance of Redeemable preferred non-controlling interests

On November 29, 2021, NextEra subscribed for up to 1,000,000 Series A preferred units, which are issuable (in whole or in increments) at the Company’s discretion prior to June 30, 2022. During the year ended December 31, 2022, the Company had drawn $100,000 and issued 1,000,000 Series A preferred units. The Company recorded preferred dividend of $8,054 and paid-in-kind preferred dividend of $8,421 for the years ended December 31, 2024 and 2023 respectively. As of December 31, 2024 and 2023, there was accrued preferred dividends payable of $0 and $2,013, respectively. Please see Note 13. Redeemable non-controlling interests, Redeemable preferred non-controlling interests and Stockholders' Deficit, for additional information.

The Series A preferred units have limited rights to prevent OPAL Fuels LLC from taking certain actions including (i) major issuances of new debt or equity (ii) executing transactions with affiliates which are not at arm-length basis (iii) major disposition of assets and (iv) major acquisition of assets outside of OPAL Fuels LLC’s primary business. The Series A preferred units are entitled to receive dividends at the rate of 8% per annum. Dividends begin accruing for each unit from the date of issuance and are payable each quarter end regardless of whether they are declared. The dividends are mandatory and cumulative. The Company was allowed to elect to issue additional Series A preferred units ( paid-in-kind) in lieu of cash for the first eight dividend payment dates. As of December 31, 2024 and 2023, there was accrued preferred dividend payable of $0 and $2,013, respectively.

At any time after issuance, OPAL Fuels LLC may redeem the Series A preferred units for a price equal to original issue price of $100 per unit plus any accrued and unpaid dividends. Upon written notice from NextEra at any time after November 29, 2025, we would be required to redeem the Series A preferred units. In the event the Company does not redeem the Series A preferred units when requested, Nextera will have the following rights and remedies: (1) NextEra’s affiliate may extend the RNG Marketing Agreement by 12 months; or (2) the dividend rate would increase depending on the length of time the Series A preferred units remain unredeemed to up to 20% per annum, and if more than $25,000 preferred equity is outstanding for more than six months after November 29, 2025, NextEra may appoint a director to our Board of Directors; or (3) NextEra may convert the Series A preferred equity into common equity of the OPAL Fuels LLC at a conversion price at a 20% to 30% discount to their value (the discount is 20% during the first 12 months after November 29, 2025, 25% for the next 12 months thereafter and 30% thereafter).

Purchase and sale agreement for environmental attributes

On November 29, 2021, the Company entered into a purchase and sale agreement with NextEra for the environmental attributes generated by the RNG Fuels business. Under this agreement, the Company plans to sell a minimum of 90% of the environmental attributes generated and will receive net proceeds based on the agreed upon price less a specified discount. A specified volume of environmental attributes sold per quarter will incur a fee per environmental attribute in addition to the specified discount. The agreement was effective beginning January 1, 2022.

For the year ended December 31, 2024, the Company earned net revenues after discount and fees of $68,416 under this contract which was recorded as part of Revenues - RNG Fuel and revenues of $38,841, under this contract which was recorded as part of Revenues - Fuel Station Services.

For the year ended December 31, 2023, the Company earned net revenues after discount and fees of $56,069 under this contract which was recorded as part of Revenues - RNG Fuel and revenues of $28,468, under this contract which was recorded as part of Revenues - Fuel Station Services. Please see Note 2. Summary of Significant Accounting Policies for additional information.

Commodity swap contracts under ISDA and REC sales contracts

The Company entered into an ISDA agreement with NextEra in November 2019. Pursuant to the agreement, the Company entered into commodity swap contracts on a periodic basis. As of December 31, 2024 and 2023, there were one and three commodity swap contracts outstanding respectively. The Company records the realized and unrealized gain (loss) on these commodity swap contracts as part of Revenues - Renewable Power. Please see Note 9. Derivative Instruments and Fair Value Measurements for additional information. Additionally, the Company has contracts to sell RECs and capacity to NextEra on multiple Renewable Power facilities at market price. The Company recorded $6,912 and $6,614 as revenues earned under these contracts during the years ended December 31, 2024 and 2023 respectively.

In October 2024, the Company entered into an ISDA confirmation to sell specified capacity attributes (5 MW/month) to NextEra for one year period from January to December 2025. The confirmation is expected to be settled by physical delivery on a monthly basis and is accounted for under ASC 606.

Purchase of investments from Related Parties

In August 2021, the Company acquired a 100% of the ownership interests in Reynolds, an RNG production facility for $12,020 which was funded with cash on hand. Reynolds held an equity investment of 1,570 Class B units in GREP representing 20% interest for a cash consideration of $1,570 which owns 50% of Biotown, a power generation facility under development to convert to an RNG facility. The Reynolds transaction was an asset acquisition from an affiliate under common control. The Company accounts for its 20% equity investment in GREP under the equity method. The Company recorded $(255) and $(1,212) as its share of net (loss) income for the years ended December 31, 2024 and 2023.

Revenues contracts with equity method investment entities

The Company's wholly owned subsidiary, OPAL Fuel Station Services contracted with Pine Bend, Noble Road, Biotown, Emerald and Sapphire to dispense RNG and to generate and market resulting RINs. The Company receives non-cash consideration in the form of RINs or LCFSs for providing these services and recognizes the RINs and LCFSs received as inventory based on their estimated fair value at contract inception. Additionally, OPAL Fuel Station Services provides the same services to all wholly-owned subsidiaries of the Company. The revenues earned from the wholly-owned entities are fully eliminated in the consolidated financial statements.

The term of these contracts each runs for a term of 10 years. The Company receives non-cash consideration in the form of RINs or LCFSs for providing these services and recognizes the RINs or LCFSs received as inventory based on their estimated fair value at contract inception. For the years ended December 31, 2024 and 2023, the Company earned environmental processing fees of $9,677 and $2,615, net of intersegment elimination, under this agreement which are included in Fuel Station Services revenues in the consolidated statements of operations.

Service agreements with Related Parties

On December 31, 2020, OPAL Fuels signed a management, operations, and maintenance services agreement (“Administrative Services Agreement”) with Fortistar, LLC ("Fortistar"), pursuant to which Fortistar provides management, operations, and maintenance services to the Company. The agreement automatically renews annually on January 1 of each year, unless either party chooses to terminate with a written notice of 180 days. Termination may also occur due to dissolution of the Company or the agreement is terminated by the Company’s secured lenders in certain circumstances. The agreement provides for payment of service fees based on actual time incurred at contractually agreed rates provided for in the Administrative Services Agreement, as well as a fixed annual payment of $580 per year adjusted annually for inflation. Additionally, the agreement provides for the Company to receive credits for any services provided by the Company's employees to Fortistar. For the year ended December 31, 2024 and 2023, there have been no material services provided by the Company's employees to Fortistar.

In June 2021, the Company entered into a management services agreement with Costar Partners LLC (“Costar”), an affiliate of Fortistar. Pursuant to the agreement, Costar provides information technology (“IT”) support services, software use, licensing services, management of third party infrastructure and security services and additional IT services as needed by the Company. The agreement provides for Costar to be compensated based on actual costs incurred and licensing fees per user for certain software applications. The initial term of the agreement was for thirty-six months and renews automatically on an annual basis unless the termination occurs earlier due to dissolution of the Company or it is terminated by the Company’s secured lenders in certain circumstances.

On October 5, 2023, Ms. Ann Anthony gave notice of her intention to resign as Chief Financial Officer ("CFO") of the Company. On October 10, 2023, the board of directors of the Company appointed Mr. Scott Contino as Interim CFO. Mr. Contino has served as Fortistar's CFO for the past eighteen years. In connection with the appointment, the Company entered into an interim services agreement ("Interim Services Agreement") with Fortistar in accordance with the terms and conditions of the existing Administrative Services Agreement. Pursuant to the Interim Services Agreement, the Company will pay Fortistar an agreed hourly rate, such that the monthly fee does not exceed $50, on a cumulative basis. The interim services agreement is expected to be terminated in second quarter of 2025 in connection with Opal's retention of Mr. Kazi as CFO in February 2025.

The following table summarizes the various fees recorded under the agreements described above which are included in "Selling, general, and administrative" expenses:


	Twelve Months Ended December 31,
	2024		2023
Staffing and management services	$	2,082	$	1,834
Rent - fixed compensation	711		668
IT services	3,113		2,954
Total	$	5,906	$	5,456

The following table presents the various balances for related parties included in our consolidated balance sheets as of December 31, 2024 and 2023.


		December 31,
	Location in Balance Sheet	2024		2023
Assets:
Trade AR - NextEra	Accounts receivable, related party	$	14,522	$	18,696
Liabilities:
Payables to equity method investment entities	Accounts payable, related party	6,946		5,692
NextEra	Accounts payable, related party	501		501
Staffing and management services - Fortistar	Accounts payable, related party	219		622
IT services - Costar	Accounts payable, related party	266		209
Total liabilities - related party		$	7,932	$	7,024

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 14,325	$ 127,024
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Income from equity method investments	(13,235)	(5,525)
Gain from disposal of plant and equipment	(311)	0
Distributions from equity method investments	14,336	12,242
Change in fair value of Convertible note receivable	(10)	0
Impairment of property, plant and equipment	2,016	0
Loss on warrant exchange	0	338
Depreciation and amortization	17,450	14,044
Amortization of deferred financing costs	1,094	1,720
Amortization of operating lease right-of-use assets	679	643
Loss on debt extinguishment	0	2,190
Accretion expense related to asset retirement obligation	435	521
Stock-based compensation	6,452	5,904
Provision for bad debts	85	518
Paid-in-kind interest income	(207)	(360)
Change in fair value of commodity swaps	704	0
Change in fair value of Convertible Note Payable	0	1,579
Change in fair value of the earnout liabilities	(1,596)	(6,890)
Unrealized gain on derivative financial instruments	0	(270)
Gain on deconsolidation of VIEs	0	(122,873)
Changes in operating assets and liabilities:
Accounts receivable	(4,475)	2,942
Accounts receivable, related party	4,174	(6,275)
Fuel tax credits receivable	(294)	(1,201)
Capital spares	(912)	(25)
Parts inventory	(103)	(2,880)
Environmental credits held for sale	(6,142)	1,502
Prepaid expense and other current and long-term assets	(5,312)	2,200
Contract assets	(4,285)	2,981
Accounts payable	2,519	6,686
Accounts payable, related party	908	1,228
Fuel tax credits payable	(136)	1,238
Accrued payroll	557	66
Accrued expenses	75	3,273
Operating lease liabilities - current and non-current	(636)	(613)
Asset retirement obligations	0	(49)
Other current and non-current liabilities	1,917	(1,910)
Contract liabilities	2,961	(1,699)
Net cash provided by operating activities	33,033	38,269
Cash flows from investing activities:
Purchase of property, plant, and equipment	(127,239)	(113,826)
Proceeds from disposal of plant and equipment	828	0
Deconsolidation of VIEs, net of cash	0	(11,947)
Proceeds from sale of short term investments	9,875	55,101
Cash paid for investment in other entities	(21,570)	(8,314)
Cash paid for Notes receivable	(750)	0
Distributions received from equity method investment	4,305	4,839
Net cash used in investing activities	(134,551)	(74,147)
Cash flows from financing activities:
Proceeds from OPAL Term Loan	100,000	196,617
Financing costs paid to other third parties	(629)	(10,264)
Repayment of Senior Secured Credit Facility	0	(22,750)
Repayment of Convertible Note Payable	0	(30,107)
Repayment of OPAL Term Loan	0	(106,090)
Repayment of Sunoma Loan	(1,621)	(546)
Repayment of Municipality loan	0	(76)
Repayment of finance lease liabilities	0	(993)
Proceeds from equipment loan	0	303
Proceeds from sale of non-redeemable non-controlling interest	0	12,753
Reimbursement of financing costs by joint venture partner	0	842
Payment of preferred dividends	(13,086)	(16,536)
Cash paid for taxes related to net share settlement of equity awards	(627)	(896)
Cash paid for purchase of shares upon exercise of put option	0	(16,391)
Distribution to non-redeemable non-controlling interest	(703)	(333)
Proceeds from issuance of shares of Class A common stock under the ATM program, net	170	366
Net cash provided by financing activities	83,504	5,899
Net decrease in cash, restricted cash, and cash equivalents	(18,014)	(29,979)
Cash, restricted cash, and cash equivalents, beginning of period	47,242	77,221
Cash, restricted cash, and cash equivalents, end of period	29,228	47,242
Supplemental disclosure of cash flow information
Income taxes paid	20	0
Interest paid, net of $3,212 and $5,475 capitalized, respectively	22,907	6,929
Noncash investing and financing activities:
Fair value of Class A common stock issued for redemption of Public and Private warrants	0	338
Accrual for asset retirement obligation included in Property, plant and equipment	723	0
Right-of-use assets arising from lease modifications	1,109	0
Paid-in-kind dividend on redeemable preferred non-controlling interests	0	2,617
Right-of-use assets for finance leases included in Property, Plant and equipment, net	2,403	9,049
Accrual for purchase of Property, plant and equipment included in Accounts payable and Accrued capital expenses	$ 23,238	$ 15,128

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets with Definite Lives

Intangible assets, net, consisted of the following at December 31, 2024 and December 31, 2023:


	December 31, 2024
	Cost		Accumulated Amortization		Intangible Assets, Net		Weighted Average Amortization Period (Years)
Power purchase agreements	$	8,999	$	(7,669)	$	1,330	18.1
Transmission/distribution interconnection	1,600		(1,600)		—		15.1
Intellectual property	43		(43)		—		5.0
Total intangible assets	$	10,642	$	(9,312)	$	1,330


	December 31, 2023
	Cost		Accumulated Amortization		Intangible Assets, Net		Weighted Average Amortization Period (years)
Power purchase agreements	$	8,999	$	(7,926)	$	1,073	18.1
Transmission/distribution interconnection	1,600		(1,076)		524		15.1
Intellectual property	43		(36)		7		5.0
Total intangible assets	$	10,642	$	(9,038)	$	1,604

Schedule of Estimated Future Amortization Expense For Definite Lived Intangible Assets

At December 31, 2024, estimated future amortization expense for intangible assets is as follows:


Fiscal year:
2025	267
2026	231
2027	171
2028	171
2029	171
Thereafter	319
	$	1,330

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTEREST, REDEEMABLE PREFERRED NON-CONTROLLING INTEREST AND STOCKHOLDERS' (DEFICIT) EQUITY (Parenthetical) - shares

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Class A common stock | Common stock

Stock issued (in shares)

^[1]

36,353

90,103

[1]

During the years ended December 31, 2024 and December 31, 2023, the Company issued 36,353 and 90,103 shares of Class A common stock under the Company's ATM program. Please see Note 2. Summary of Significant Accounting Policies and Note 13. Redeemable non-controlling interests, Redeemable preferred non-controlling interests and Stockholders' Deficit for additional information.

Reportable Segments and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


(in thousands)	RNG Fuel		Fuel Station Services		Renewable Power		Corporate		Total
Revenue from external customers	$	88,420	$	166,875	$	44,677	$	—	$	299,972
Intersegment revenues	518		18,948		—		—		19,466

Reconciliation of Revenue
Elimination of intersegment revenues	(518)		(18,948)		—		—		(19,466)
Total consolidated revenues	88,420		166,875		44,677		—		299,972

Less: (1)
Cost of sales and other operating costs	37,034		128,804		32,495		45,911		244,244
Less:
Income form equity method investments	(13,235)		—		—		—		(13,235)
Interest and financing expense, net	19,574		168		(132)		—		19,610
Project development and start up costs	19,109		—		—		—		19,109
Other Income	—		—		(349)		(206)		(555)
Depreciation, amortization and accretion	8,252		5,612		4,021		—		17,885
Other segment items (2)	—		(1,222)		1,577		7,140		7,495
Segment Income (Loss)	$	17,686	$	33,513	$	7,065	$	(52,845)	$	5,419

Reconciliation of profit or loss (segment income / (loss))

Income tax benefit									8,906
Consolidated net income									$	14,325

(2) Other segment items for each reportable segment includes:

•Fuel Station Services - gain on RNG dispensing, and gain on asset disposal

•Renewable Power - asset impairment

•Corporate - information technology expense, legal and professional advisor fees, and other overhead expenses

The following table reflects certain other financial data for the reportable segments for the year ended December 31, 2024:


(in thousands)	RNG Fuel		Fuel Station Services		Renewable Power		Corporate		Total
Other segment disclosures
Equity method investment	$	223,594	$	—	$	—	$	—	$	223,594
Segment assets	635,927		179,304		30,517		35,329		881,077
Cash paid for purchases of property, plant and equipment	110,740		18,414		—		—		129,154


(in thousands)	RNG Fuel		Fuel Station Services		Renewable Power		Corporate		Total
Revenue from external customers	$	66,292	$	135,012	$	54,804	$	—	$	256,108
Intersegment revenues			14,396		—		—		14,396

Reconciliation of Revenue
Elimination of intersegment revenues	—		(14,396)		—		—		(14,396)
Total consolidated revenues	66,292		135,012		54,804		—		256,108

Less: (1)
Cost of sales and other operating costs	29,694		115,146		36,393		45,250		226,483

Less:(1)
(Income) Loss from EMI	(5,525)		—		—		—		(5,525)
Interest and financing expense, net	9,353		(134)		280		(193)		9,306
Project development and start up costs	4,866		—		—		—		4,866
Other Income	—		—		—		(122,535)		(122,535)
Depreciation, amortization and accretion	5,268		3,730		5,567		—		14,565
Other segment items (2)	433		(1,638)		93		3,036		1,924
Segment Income	$	22,203	$	17,908	$	12,471	$	74,442	$	127,024

Consolidated net income									$	127,024

(2) Other segment items for each reportable segment includes:

•Fuel Station Services - gain on recognition of RINs

•Corporate - gain on mark-to-market for OPAL and Sponsor Earnout Awards, loss on extinguishment of debt, insurance other overhead expenses

The following table reflects certain other financial data for the reportable segments:


(in thousands)	RNG Fuel		Fuel Station Services		Renewable Power		Corporate		Other		Total
Other segment disclosures
Equity method investment	$	207,099	$	—	$	—	$	—	$	—	$	207,099
Segment assets	549,275		152,625		37,479		15,230		—		754,609
Cash paid for purchases of property, plant and equipment	96,692		17,182		—		—		—		113,874

Schedule of Revenue by Major Customers by Reporting Segments

The tables below outlines the revenue from our two major customers, along with their respective percentages of revenue by each segment.


	Twelve Months Ended December 31,
	2024				2023
Customer A	Revenue		Percentage of total revenue		Revenue		Percentage of total revenue
RNG Fuel	$	68,416	22.8	%	$	56,069	21.9	%
Fuel Station Services	38,841		12.9	%	28,468		11.1	%
Renewable Power	6,913		2.3	%	6,614		2.6	%
Total	$	114,170	38.0	%	$	91,151	35.6	%


	Twelve Months Ended December 31,
	2024			2023
Customer B	Revenue	Percentage of total revenue		Revenue	Percentage of total revenue
Fuel Station Services	42,028	14.0	%	28,581	11.2	%
Total	42,028	14.0	%	28,581	11.2	%

Intangible Assets, Net - Schedule of Estimated Future Amortization Expense For Definite Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 267
2026	231
2027	171
2028	171
2029	171
Thereafter	319
Intangible Assets, Net	$ 1,330	$ 1,604

Summary of Significant Accounting Policies - Changes in the Asset Retirement Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation, beginning balance	$ 6,728
Additions during the year	1,048
Deletion	(325)
Accretion expense	435	$ 521
Asset retirement obligation, ending balance	7,886	6,728
Less: current portion	(2,804)	(1,812)
Total asset retirement obligation, net of current portion	$ 5,082	$ 4,916

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business OPAL Fuels Inc. (including its subsidiaries, the “Company”, “OPAL,” “we,” “us” or “our”) is a renewable energy company specializing in the capture and conversion of biogas for the (i) production of RNG for use as a vehicle fuel for heavy and medium-duty trucking fleets, (ii) generation of electricity from renewable sources ("Renewable Power") for sale to utilities, (iii) generation and sale of Environmental Attributes associated with RNG and Renewable Power, and (iv) sales of RNG as pipeline quality natural gas. The term “Environmental Attributes” refers to federal, state and local government incentives in the United States, provided in the form of renewable identification numbers ("RINs"), RECs, LCFS credits, ISCC Carbon Credits, rebates, tax credits and other incentives to end users, distributors, system integrators and manufacturers of renewable energy projects. OPAL 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, we have recently begun implementing design, development, and construction services for hydrogen Fueling Stations, and we are pursuing opportunities to diversify our sources of biogas to other waste streams. The Company is organized into three operating segments based on the characteristics and the nature of products and services. The three operating segments are - RNG Fuel, Fuel Station Services and Renewable Power. All amounts in these footnotes are presented in thousands of dollars except share and per share data.

Redeemable non-controlling interests, Redeemable preferred non-controlling interests and Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Changes in Redeemable Preferred Units

The following table summarizes the changes in the redeemable preferred non-controlling interests which represent Series A and Series A-1 preferred units outstanding at OPAL Fuels level from December 31, 2023 to December 31, 2024:


	Series A-1 preferred units			Series A preferred units			Total
	Units	Amount		Units	Amount
Balance, December 31, 2023	300,000	$	30,604	1,000,000	$	102,013	$	132,617
Preferred dividends attributable to OPAL Fuels	—	2,019		—	6,729		8,748
Preferred dividends attributable to Class A common stockholders	—	397		—	1,325		1,722
Payment of Preferred dividends	—	(3,020)		—	(10,067)		(13,087)
Balance, December 31, 2024	300,000	$	30,000	1,000,000	$	100,000	$	130,000

Related Party Disclosures - Fees Upon Entering Into Management Services Agreement with Related Party and Various Balances for Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Selling, general, and administrative	$ 53,124	$ 51,262
Related Party
Assets
Accounts payable, related party	7,932	7,024
Related Party \| Costar
Related Party Transaction [Line Items]
Selling, general, and administrative	5,906	5,456
Related Party \| Costar \| Staffing and management services
Related Party Transaction [Line Items]
Selling, general, and administrative	2,082	1,834
Related Party \| Costar \| Rent - fixed compensation
Related Party Transaction [Line Items]
Selling, general, and administrative	711	668
Related Party \| Costar \| IT services
Related Party Transaction [Line Items]
Selling, general, and administrative	3,113	2,954
Assets
Accounts payable, related party	266	209
Related Party \| Payables to equity method investment entities
Assets
Accounts payable, related party	6,946	5,692
Related Party \| NextEra
Assets
Accounts payable, related party	501	501
Related Party \| Fortistar \| Staffing and management services
Assets
Accounts payable, related party	$ 219	$ 622

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 6,452	$ 5,903
2022 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	6,128	5,264
Parent Equity Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 324	$ 639

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Borrowings - Schedule of Interest Expense on Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Convertible Note Payable mark-to-market	$ 0	$ 1,579
Commitment fees and other finance fees	2,730	1,491
Amortization of deferred financing cost	1,395	1,720
Interest Income, Interest-Earning Asset	574	105
Interest income	(1,921)	(2,934)
Total interest and financing expense, net	19,610	9,306
Interest capitalized	3,212	5,475
Senior Secured Credit Facility
Debt Instrument [Line Items]
Interest expense	0	311
Convertible Note Payable mark-to-market
Debt Instrument [Line Items]
Convertible Note Payable mark-to-market	0	1,579
Sunoma Loan
Debt Instrument [Line Items]
Interest expense	1,769	1,803
Secured Debt
Debt Instrument [Line Items]
Interest expense	$ 15,063	$ 5,231

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Investments in Other Entities- Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2021	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Note receivable - variable fee component		$ 2,509	$ 2,302
Reynolds
Schedule of Equity Method Investments [Line Items]
Note receivable	$ 10,450
Percentage of revenue based distributions of note receivable	4.25%
Maximum amount of revenue based distributions over term of debt	$ 4,500
Note receivable - variable fee component	$ 1,538
Decrease in interest and financing expense		$ 207	$ 413
Reynolds
Schedule of Equity Method Investments [Line Items]
Percentage of ownership interest acquired	100.00%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents (includes $358 and $166 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	$ 24,310	$ 38,348
Restricted cash - current (includes $972 and $4,395 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	972	4,395
Short term investments	0	9,875
Fuel tax credits receivable	5,639	5,345
Contract assets	11,075	6,790
Parts inventory (includes $29 and $29 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	10,294	10,191
Convertible note receivable	760	0
Environmental credits held for sale	6,314	172
Prepaid expense and other current assets (includes $144 and $107 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	11,051	6,005
Derivative financial assets, current portion	238	633
Total current assets	117,188	128,073
Capital spares	4,380	3,468
Property, plant, and equipment, net (includes $25,428 and $26,626 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	458,258	339,493
Operating right-of use assets	12,731	12,301
Investment in other entities	223,594	207,099
Note receivable - variable fee component	2,509	2,302
Derivative financial assets, non-current portion	448	0
Other long-term assets	2,085	1,162
Intangible assets, net	1,330	1,604
Restricted cash - non-current (includes $2,315 and $1,850 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	3,946	4,499
Goodwill	54,608	54,608
Total assets	881,077	754,609
Current liabilities:
Fuel tax credits payable	4,422	4,558
Accrued payroll (includes $45 and $— at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	9,580	9,023
Accrued capital expenses	23,238	15,128
Accrued environmental credit rebates	5,391	4,057
Accrued expenses and other current liabilities (includes $974 and $647 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	9,529	10,188
Contract liabilities	9,276	6,314
OPAL Term Loan, current portion	10,865	0
Sunoma loan, current portion (includes $1,756 and $1,608 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	1,756	1,608
Derivative financial liability, current portion	9	0
Operating lease liabilities - current portion	780	638
Other current liabilities (includes $— and $92 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	1,595	92
Asset retirement obligation, current portion	2,804	1,812
Total current liabilities	103,596	74,343
Asset retirement obligation, non-current portion	5,082	4,916
OPAL Term Loan, net of debt issuance costs	266,630	176,532
Sunoma loan, net of debt issuance costs (includes $18,373 and $20,010 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	18,373	20,010
Operating lease liabilities - non-current portion	12,155	11,824
Earn out liabilities	304	1,900
Derivative liabilities - non-current portion	63	0
Other long-term liabilities (includes $2,495 and $211 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	9,842	7,599
Total liabilities	416,045	297,124
Commitments and contingencies
Stockholders' (deficit) equity
Additional paid-in capital	0	0
Accumulated deficit	(137,004)	(467,195)
Accumulated other comprehensive (loss) income	152	(15)
Class A common stock in treasury, at cost; 1,635,783 and 1,635,783 shares at December 31, 2024 and December 31, 2023, respectively	(11,614)	(11,614)
Total Stockholders' (deficit) equity attributable to the Company	(148,449)	(478,807)
Non-redeemable non-controlling interests	618	955
Total Stockholders' (deficit) equity	(147,831)	(477,852)
Total liabilities, Redeemable preferred, Redeemable non-controlling interests and Stockholders' (deficit) equity	881,077	754,609
Nonrelated Party
Current assets:
Accounts receivable, net	32,013	27,623
Current liabilities:
Accounts payable	16,419	13,901
Related Party
Current assets:
Accounts receivable, net	14,522	18,696
Current liabilities:
Accounts payable	7,932	7,024
Redeemable preferred non-controlling interests
Current liabilities:
Redeemable non-controlling interests	130,000	132,617
Redeemable non-controlling interests
Current liabilities:
Redeemable non-controlling interests	482,863	802,720
Class A common stock
Stockholders' (deficit) equity
Common stock	3	3
Class B common stock
Stockholders' (deficit) equity
Common stock	7	0
Common Class C
Stockholders' (deficit) equity
Common stock	0	0
Class D common stock
Stockholders' (deficit) equity
Common stock	$ 7	$ 14

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Wasatch Resource Recovery Facility On March 17, 2025, Fortistar, through its subsidiary Wasatch RNG LLC (“Wasatch RNG”), acquired all of the limited liability company interests outstanding in Alpro SD, LLC (“Alpro” and such acquired interest, the “Alpro Interest”). Alpro owns a 50% limited liability company interest in Wasatch Resource Recovery, LLC (the “Project” or “Wasatch” and such ownership interest, the “Wasatch Interest”) and a 50% tenancy -in -common interest in certain real estate and operating assets used by Wasatch (the “Project Interest”). As a result of the acquisition, Wasatch RNG has the option to increase the Wasatch Interest and the Project Interest. The Project captures and converts biogas generated from food waste to produce pipeline quality renewable natural gas (RNG). The Project generates revenue from long-term contracted gas sales, tipping fees, and digestate (fertilizer) sales. The conversion of food waste to RNG presents a potential growth and diversification opportunity for OPAL Fuels. In connection with the acquisition, Fortistar Services 2 LLC and OPAL Fuels LLC entered into an amendment to its existing Administrative Services Agreement, pursuant to which OPAL Fuels will provide certain services to Wasatch RNG in exchange for certain agreed upon fees and expense reimbursements. These services include oversight of the plan to improve the operations and productivity of the Project. Additionally, Wasatch RNG and OPAL Fuels entered into an Option Agreement, pursuant to which Wasatch RNG granted an option to OPAL Fuels to purchase the Alpro Interest. The exercise period of the option commenced upon closing of the acquisition and will terminate on the third anniversary of the closing of the acquisition, or ninety days following a change of control of OPAL Fuels. The exercise price of the option would be determined such that Wasatch RNG would earn an internal rate of return on its invested capital of 10% percent per year if the option is exercised in the first year, 15% per year if exercised in the second year, and 20% per year if exercised in the third year. OPAL Term Loan On March 3, 2025, OPAL Fuels Intermediate HoldCo LLC, as the borrower (the “Borrower”), certain subsidiaries of the Borrower, as guarantors (the “Guarantors”), the lenders and issuers of letters of credit party thereto and Bank of America, N.A. as the administrative agent (the “Administrative Agent”) entered into that certain Amendment No. 1 to Credit and Guarantee Agreement (the “Credit Agreement Amendment”), with respect to that certain Credit and Guarantee Agreement (the “Credit Agreement”) dated September 1, 2023, by and among the Borrower, the Administrative Agent, the financial institutions from time to time parties thereto as lenders and as issuers of letters of credit, and the other agents and persons from time to time party thereto (as amended, restated, amended and restated, supplemented or otherwise modified and in effect from time to time). The Credit Agreement Amendment makes certain changes to the applicability of certain financial covenants and modifies other covenants to clarify the use of loan proceeds. Additionally, the Credit Agreement Amendment permits the organizational restructuring of the Guarantors in a manner designed to facilitate the sale of federal investment tax credits and the ability to raise additional future capital. The Credit Agreement Amendment also eases the conditions precedent to making new Projects eligible for borrowing under the Credit Agreement, extends the availability period for delay draw term loans under the Credit Agreement through March 5, 2026, and extends the commencement of repayment of such term loans until March 31, 2026. In connection with the Credit Agreement Amendment, the Borrower paid the Administrative Agent, for the account of each lender, a one-time nonrefundable fee of $1,250.

Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

The following table summarizes the borrowings under the various debt facilities as of December 31, 2024 and December 31, 2023:


	December 31, 2024		December 31, 2023
OPAL Term Loan and Revolver	286,617		186,618
Less: unamortized debt issuance costs	(9,122)		(10,086)
Less: current portion	(10,865)		—
OPAL Term Loan, net of debt issuance costs	266,630		176,532
Sunoma Loan	20,846		22,453
Less: unamortized debt issuance costs	(717)		(835)
Less: current portion	(1,756)		(1,608)
Sunoma Loan, net of debt issuance costs	18,373		20,010
Non-current borrowings total	$	285,003	$	196,542

As of December 31, 2024, principal maturities of debt are expected as follows, excluding any undrawn debt facilities as of the date of the consolidated balance sheet:


	OPAL Term Loan		Sunoma Loan		Total
Fiscal year:
2025	$	10,865	$	1,756	$	12,621
2026	10,865		1,898		12,763
2027	10,865		2,051		12,916
2028	254,022		2,213		256,235
2029	—		2,395		2,395
Thereafter	—		10,533		10,533
	$	286,617	$	20,846	$	307,463

OPAL Term Loan

On October 22, 2021, OPAL Fuels Intermediate Holding Company LLC (“OPAL Intermediate Holdco”), an indirect wholly-owned subsidiary of the Company, entered into a $125,000 term loan agreement (the "OPAL Term Loan") with a syndicate of lenders.

On September 1, 2023, OPAL Intermediate Holdco restructured its existing credit agreement and entered into a new senior secured credit facility (the "Credit Agreement") with OPAL Intermediate HoldCo as the Borrower, direct and indirect subsidiaries of the Borrower as guarantors (the “Guarantors”), the lenders party thereto, as lenders, Apterra Infrastructure Capital LLC, Barclays Bank PLC, BofA Securities, Inc., Celtic Bank Corporation, Citibank, N.A., JP Morgan Chase Bank, N.A. Investec Inc. and ICBC Standard Bank PLC, as joint lead arrangers, and Bank of America, N.A., as administrative agent. Four of the existing lenders participated in the new credit facility. The Credit Agreement provides for up to $450.0 million of initial and delayed draw term loans (with such delayed draw term loans available for up to 18 months after closing) and $50.0 million of revolving loans. The proceeds from the facility are expected to be used to fund other general corporate purposes of the Borrower and Guarantors. The Company paid transaction fees and expenses in the amount of approximately $9,976. The amounts outstanding under the Credit Agreement are secured by the assets of the indirect subsidiaries of OPAL Intermediate Holdco.

The outstanding loans under the Credit Agreement initially bear interest at an annual rate of Term SOFR plus 3.5%, increasing by 0.25% per annum during the term. Commencing March 31, 2025, the outstanding principal amount of the term loans amortizes at a rate of 1% per quarter and the Borrower is obligated to pay a leverage based cash sweep ranging from 25% to 100% of distributable cash of Borrower and the Guarantors, and subject to certain other mandatory prepayment requirements. The term loans and revolving loans mature on September 1, 2028.

The Credit Agreement requires the Borrower to maintain a consolidated debt service coverage ratio of not less than 1.2 to 1.0, as tested on a trailing four quarters basis as of the last day of each fiscal quarter during the term commencing with the quarter ended December 31, 2023, and to maintain a consolidated debt to cash flow ratio of not greater than 4.5 to 1.0 during the delayed draw availability period, and not greater than 4.0 to 1.0 thereafter.

The Credit Agreement includes certain customary and project-related affirmative and negative covenants, including restrictions on distributions, and events of default, which include payment defaults breaches of covenants, changes of control, materially incorrect or misleading representations or warranties, bankruptcy or other events of insolvency and certain project-related defaults. As of December 31, 2024, the Company is in compliance with the covenants under the OPAL Term Loan. Additionally, the OPAL Term Loan contains restrictions on distributions and additional indebtedness.

On March 3, 2025, OPAL Fuels Intermediate HoldCo LLC, as the borrower (the “Borrower”), certain subsidiaries of the Borrower, as guarantors (the “Guarantors”), the lenders and issuers of letters of credit party thereto and Bank of America, N.A. as the administrative agent (the “Administrative Agent”) entered into that certain Amendment No. 1 to Credit and Guarantee Agreement (the “Credit Agreement Amendment”), with respect to that certain Credit and Guarantee Agreement (the “Credit Agreement”) dated September 1, 2023, by and among the Borrower, the Administrative Agent, the financial institutions from time to time parties thereto as lenders and as issuers of letters of credit, and the other agents and persons from time to time party thereto (as amended, restated, amended and restated, supplemented or otherwise modified and in effect from time to time).

The Credit Agreement Amendment makes certain changes to the applicability of certain financial covenants and modifies other covenants to clarify the use of loan proceeds. Additionally, the Credit Agreement Amendment permits the organizational restructuring of the Guarantors in a manner designed to facilitate the sale of federal investment tax credits and the ability to raise additional future capital.

The Credit Agreement Amendment also eases the conditions precedent to making new Projects eligible for borrowing under the Credit Agreement, extends the availability period for delay draw term loans under the Credit Agreement through March 5, 2026, and extends the commencement of repayment of such term loans until March 31, 2026.

In connection with the Credit Agreement Amendment, the Borrower paid the Administrative Agent, for the account of each lender, a one-time nonrefundable fee of $1,250.

As of December 31, 2024 and December 31, 2023, the outstanding loan balance (current and non-current) excluding deferred financing costs was $286,617 and $186,618, respectively. During the year ended December 31, 2024, the Company drew down $85,000 including $15,000 drawn under revolver loan. The Company utilized $29,088 of availability under the revolver loan. Of this amount, $14,088 was utilized for the issuance of letters of credit to support the operations of the Borrower and the Guarantors, while $15,000 was drawn to support working capital needs.

The Company has the ability, during the delayed draw availability period and subject to the satisfaction of certain credit and project-related conditions precedent, to join other newly acquired subsidiaries with comparable renewable projects in development under the credit facility for comparable funding.

Sunoma Loan

On August 27, 2020, Sunoma, an indirect wholly-owned subsidiary of the Company entered into a debt agreement (the "Sunoma Loan Agreement") with Live Oak Banking Company for an aggregate principal amount of $20,000. Sunoma paid $635 in financing fees. The amounts outstanding under the Sunoma Loan are secured by the assets of Sunoma. On July 19, 2022, Sunoma completed the conversion of the construction loan into a permanent loan and increased the commitment from $20,000 to $23,000. The maturity date is July 19, 2033. The outstanding loans under the Sunoma Loan Agreement bear interest at an annual fixed rates of 7.8%, and 8.2% per annum during the term.

The Sunoma Loan Agreement contains certain financial covenants which require Sunoma to maintain (i) a maximum debt to net worth ratio not to exceed 5:1, (ii) a minimum current ratio not less than 1.0 and (iii) a minimum debt service coverage ratio of trailing four quarters not less than 1.25. As of December 31, 2024, Sunoma is in compliance with the financial covenants under the Sunoma Loan Agreement.

As of December 31, 2024 and December 31, 2023, the outstanding loan balance (current and non-current) excluding deferred financing costs was $20,846 and $22,453, respectively.

The significant assets of Sunoma are parenthesized in the consolidated balance sheets as of December 31, 2024 and December 31, 2023. See Note 12. Variable Interest Entities for additional information.

Convertible Note Payable

On May 1, 2021, the Company acquired the remaining ownership interests in Beacon and signed an unsecured, contingently convertible note (the "Convertible Note Payable") with ARCC Beacon LLC ARCC Beacon LLC, a Delaware limited liability company and affiliate of Ares Management Corporation, for a total aggregate amount for $50,000 at an interest rate of 8.00% per annum.

The Company repaid the outstanding balance in full on September 1, 2023.

Municipality Loan

FM3, an indirect wholly-owned subsidiary of the Company, entered into a loan agreement for the construction of an interconnection that was initially funded by the municipality. The loan was fully repaid in April 2023.

Senior Secured Credit Facility

On September 21, 2015, FM3, an indirect wholly-owned subsidiary of the Company, entered into a senior secured credit facility (the "Senior Secured Credit Facility") as a borrower and a syndicate of lenders, which provides for an aggregate principal amount of $150,000, consisting of (i) a term loan of $125,000 and a (ii) working capital letter of credit facility of up to $19,000 and a (iii) debt service reserve and liquidity facility of up to $6,000.

On March 20, 2023, the Company repaid in full the remaining outstanding loan under this facility.

Interest rates

2024

For the year ended December 31, 2024, the effective interest rate including amortization of debt issuance costs on OPAL Term Loan was 8.8%.

For the year ended December 31, 2024, the interest rate on the Sunoma Loan was 8.7%.

2023

For the year ended December 31, 2023, the weighted average effective interest rate including amortization of debt issuance costs on the Senior Secured Credit Facility was 5.1% including a margin plus SOFR. The debt was repaid in full in March 2023.

For the year ended December 31, 2023, the weighted average effective interest rate including amortization of debt issuance costs on OPAL Term Loan was 7.4%.

For the year ended December 31, 2023, the interest rate on the Sunoma Loan was 9.00%.

For the year ended December 31, 2023, the payment-in-kind interest rate on Convertible Note Payable was 8.00%. The loan was fully repaid in September 2023.

The following table summarizes the Company's total interest and financing expense, net for the year ended December 31, 2024 and 2023:


	Twelve Months Ended December 31,
	2024		2023
Senior Secured Credit Facility	$	—	$	311
Convertible Note Payable mark-to-market	—		1,579
Sunoma Loan	1,769		1,803
OPAL Term Loan (1)	15,063		5,231
Commitment fees and other finance fees	2,730		1,491
Amortization of deferred financing cost	1,395		1,720
Finance leases	574		105
Interest income	(1,921)		(2,934)
Total interest and financing expense, net	$	19,610	$	9,306

(1) Excludes $3,212 and $5,475 of interest capitalized and recorded as part of Property, Plant and Equipment for the years ended December 31, 2024 and 2023, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table summarizes the changes in goodwill, if any, by reporting segment from the beginning of the period to the end of the period:


	RNG Fuel		Fuel Station Services		Total
Balance at December 31, 2024	$	51,155	$	3,453	$	54,608
Balance at December 31, 2023	$	51,155	$	3,453	$	54,608

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Unit

The following table summarizes the calculation of basic and diluted net loss per share:


	Twelve Months Ended December 31,
	2024		2023
Net loss attributable to Class A common stockholders	$	561	$	18,936
Diluted Net loss attributable to Class A common stockholders	561		18,936

Weighted average number of shares of Class A common stock - basic	27,617,335		27,148,538
Effect of dilutive Restricted Stock Units	77,315		345,478
Weighted average number of shares of Class A common stock - diluted	27,694,650		27,494,016
Net loss per share of Class A common stock
Basic	$	0.02	$	0.70
Diluted	$	0.02	$	0.69

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

For the periods in which EPS is presented, the following securities were excluded from the computation of diluted EPS since their impact would have been antidilutive:


	As of December 31,
	2024	2023
Stock options	498,661	175,890
Unvested PSUs	716,650	716,650
Unvested RSUs	1,761,558	949,936
OPAL Fuels Class B units	144,399,037	144,399,037

Stock-based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

2022 Omnibus Equity Incentive Plan

The Company adopted 2022 Omnibus Equity Incentive Plan (the "2022 Plan") in 2022 which was approved by our shareholders on July 21, 2022. The purposes of the 2022 Plan are to (i) provide an additional incentive to selected employees, directors, and independent contractors of the Company or its Affiliates whose contributions are essential to the growth and success of the Company, (ii) strengthen the commitment of such individuals to the Company and its Affiliates,

(iii) motivate those individuals to faithfully and diligently perform their responsibilities and (iv) attract and retain competent and dedicated individuals whose efforts will result in the long-term growth and profitability of the Company. The 2022 Plan allows for granting of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. The Company registered 19,811,726 shares of Class A common stock that can be issued under this Plan.

Stock Options

Stock options generally vest over three years and expire ten years from the date of grant.

The fair value of the stock options issued in 2024 was determined to be $3.40 based on Black Scholes model based on the share price of $4.96, exercise price of $5.02, expiration of 10 years, annual risk free interest rate of 3.96% and volatility of 55%.

The fair value of the stock options issued in 2023 was determined to be $5.26 based on Black Scholes model based on the share price of $6.97, exercise price of $6.97, expiration of 10 years, annual risk free interest rate of 4.04% and volatility of 65%.

Stock option activity during the year ended December 31, 2024, consisted of the following (in thousands, except for share and per share data):


	Stock options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (Years)
Outstanding as of December 31, 2023	175,890	6.97	9.24
Granted	360,298	5.02
Cancelled/Forfeited/Expired	(37,527)	4.73
Outstanding as of December 31, 2024	498,661	5.65	8.92
Vested and exercisable as of December 31, 2024	53,866	6.97	8.24

The weighted-average grant date fair value of stock options granted during the year ended December 31, 2024 was $3.40 per share.

The aggregate intrinsic value of the outstanding stock options is zero as of December 31, 2024 and December 31, 2023.

Performance Units

The performance units were contingent upon Company achieving certain Adjusted EBITDA and production targets. The grant date fair value of these awards was estimated using the closing share price of the Company's stock on the date of the grant and the compensation cost related to these awards is recognized based on the relative satisfaction of the performance condition as of the reporting date. The applicable performance period for performance units granted in 2023 is January 1, 2023 to December 31, 2025, and all such performance units are scheduled to vest on March 31, 2026 subject to achievement of certain performance criteria. The applicable performance period for performance units granted in 2024 is January 1, 2024 to December 31, 2026, and all such performance units are scheduled to vest on March 31, 2027 subject to achievement of certain performance criteria.


	Number of Units	Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2023	239,680	$	6.97
Granted	456,308	4.97
Vested	(873)	4.96
Forfeited	(51,524)	5.67
Unvested as of December 31, 2024	643,591	$	5.66

Restricted stock

The Company’s RSUs are convertible into shares of the Company’s common stock upon vesting on a one-to-one basis, and generally contain time-based vesting conditions. The RSUs generally vest over the service period of one to three years.

A summary of the unvested shares as of December 31, 2024, and changes during the year ended December 31, 2024, is presented below.


	Number of Units	Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2023	949,936	$	6.98
Granted	1,470,202	4.85
Vested	(326,888)	7.00
Withheld for settlement of taxes	(115,843)	6.98
Forfeited	(90,582)	5.49
Unvested as of December 31, 2024	1,886,825	$	5.39

The total fair value of shares vested during the years ended December 31, 2024 and 2023, was $3,095 and $3,210, respectively.

Parent Equity Awards

During the years ended December 31, 2020 and 2019, Fortistar granted certain equity-based awards to certain employees of the Company in the form of residual equity interests (“Profit Interests”) in four wholly-owned subsidiaries of the Company. The Profit Interests do not have voting rights and shall participate in the income distributions when the subsidiaries achieve certain financial targets. These Profits Interests were restructured in December 2020, at which time they became based on a portion of Fortistar's indirect ownership in the Company, rather than in Fortistar's ownership interest in Company subsidiaries. The percentage of Profit Interests issued in the investment entities that were established to grant the incentive units ranged between 34%-37% in the four wholly-owned subsidiaries. These Profit Interests vest ratably over a period of five years from the grant date.

There were no new residual equity interest grants during the year ended December 31, 2024.

As of December 31, 2024 96% of the Profit Interests issued vested.

As of December 31, 2023, 86% of the Profit Interests issued vested. There were no forfeitures during the years ended December 31, 2023 and 2024.

The stock-based compensation expense for the above stock awards under the 2022 Plan as well as Parent Equity Awards is included in the selling, general and administrative expenses:


	Twelve Months Ended December 31,
	2024		2023
2022 Plan	$	6,128	$	5,264
Parent Equity Awards	324		639
	$	6,452	$	5,903

Stock-based compensation expense related to unvested awards yet to be recognized as of December 31, 2024 totaled $10,986 and is expected to be recognized, on a weighted average basis, over 2 years.

Property, Plant, and Equipment, Net - Summary of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Finance lease	$ 9,550	$ 9,048
Gross property, plant, equipment and finance leases	575,634	449,894
Less: accumulated depreciation	(117,376)	(110,401)
Property, plant, and equipment, net	458,258	339,493
Interest capitalized	3,212	5,475
Plant and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	317,926	205,188
CNG/RNG fueling stations
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	68,899	51,749
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	169,571	175,060
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,585	2,585
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,303	1,303
Finance lease	5,567	6,469
Service equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,992	2,481
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	815	815
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	748	489
Finance lease	3,983	2,580
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	307	307
Computer software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	277	277
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 661	$ 591

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Lessor contracts

Fuel Provider agreements

Power Purchase agreements

Included in Renewable Power revenues are $970 and $1,016 related to the lease element of the PPAs for the years ended December 31, 2024 and 2023, respectively.

Lessee contracts

Ground/Site leases

Office lease

The Company determined that the three site leases and the one office lease are operating leases.

Vehicle leases

Lease Disclosures Under ASC 842

Right-of-use assets and Lease liabilities as of December 31, 2024 and December 31, 2023 are as follows:


Description	Location in Balance Sheet	December 31, 2024		December 31, 2023
Assets:
Operating leases (1):
Site leases	Right-of-use assets	$	12,213	$	11,330
Office lease	Right-of-use assets	518		971
		12,731		12,301
Finance leases (1):
Vehicle leases	Property, plant and equipment, net	3,983		2,580
Site lease	Property, plant and equipment, net	5,567		6,468
		9,550		9,048
Total lease right-of-use assets		$	22,281	$	21,349

Liabilities (1):
Sites leases	Operating lease liabilities - current portion	$	231	$	130
Office lease	Operating lease liabilities - current portion	549		508
Vehicle leases - finance	Accrued expenses and other current liabilities	1,427		827
Site leases - finance	Accrued expenses and other current liabilities	1,157		571
		3,364		2,036

Sites leases	Operating lease liabilities - non - current portion	12,103		11,222
Office lease	Operating lease liabilities - non - current portion	52		602
Vehicle leases - finance	Other long-term liabilities	2,665		1,801
Site leases - finance	Other long-term liabilities	4,893		5,587
		19,713		19,212
Total lease liabilities		$	23,077	$	21,248

(1) The Operating and Finance lease right-of-use asset and corresponding lease liabilities represent the present value of lease payments for the remaining term of the lease. The discount rate used ranged from 3.59% to 8.01%.

The table below presents components of the Company's lease expense for the years ended December 31, 2024 and 2023:


Description	Location in Statement of Operations	Twelve Months Ended December 31,
		2024		2023
Operating lease expense for site leases	Project development and start up costs	$	1,126	$	1,087
Operating lease expense for office lease	Selling, general, administrative expenses	484		484
Amortization of right-of-use assets - finance leases	Depreciation, amortization and accretion expense	1,923		667
Interest expense on lease liabilities - finance leases	Interest and financing expense, net	595		105
		$	4,128	$	2,343

The Company does not have material short term lease expense for the years ended December 31, 2024 and 2023.

The Company did not enter into any operating leases greater than 12 months for the year ended December 31, 2024.


Weighted average remaining lease term (years)						December 31, 2024
Operating leases						20.6 years
Finance leases						5.9 years

The table below provides the total amount of lease payments on an undiscounted basis on our lease contracts as of December 31, 2024:


	Site leases			Office leases			Vehicle and Equipment leases			Site lease - Finance			Total

Weighted average discount rate	7.3		%	3.6		%	6.9		%	6.5		%

2025	$	1,044		$	562		$	1,711		$	825		$	4,142
2026	1,051			47			1,556			963			3,617
2027	1,129			—			1,028			963			3,120
2028	1,129			—			337			4,250			5,716
2029	1,129			—			—			—			1,129
Thereafter	18,779			—			—			—			18,779
	24,261			609			4,632			7,001			36,503

Present value of lease liability	12,334			601			4,092			6,050			23,077

Lease liabilities - current portion	231			549			1,427			1,157			3,364
Lease liabilities - non-current portion	12,103			52			2,665			4,893			19,713
Total lease liabilities	$	12,334		$	601		$	4,092		$	6,050		$	23,077

Discount based on incremental borrowing rate	$	11,927		$	8		$	540		$	951		$	13,426

Leases

Lessor contracts

Fuel Provider agreements

Power Purchase agreements

Included in Renewable Power revenues are $970 and $1,016 related to the lease element of the PPAs for the years ended December 31, 2024 and 2023, respectively.

Lessee contracts

Ground/Site leases

Office lease

The Company determined that the three site leases and the one office lease are operating leases.

Vehicle leases

Lease Disclosures Under ASC 842

Right-of-use assets and Lease liabilities as of December 31, 2024 and December 31, 2023 are as follows:


Description	Location in Balance Sheet	December 31, 2024		December 31, 2023
Assets:
Operating leases (1):
Site leases	Right-of-use assets	$	12,213	$	11,330
Office lease	Right-of-use assets	518		971
		12,731		12,301
Finance leases (1):
Vehicle leases	Property, plant and equipment, net	3,983		2,580
Site lease	Property, plant and equipment, net	5,567		6,468
		9,550		9,048
Total lease right-of-use assets		$	22,281	$	21,349

Liabilities (1):
Sites leases	Operating lease liabilities - current portion	$	231	$	130
Office lease	Operating lease liabilities - current portion	549		508
Vehicle leases - finance	Accrued expenses and other current liabilities	1,427		827
Site leases - finance	Accrued expenses and other current liabilities	1,157		571
		3,364		2,036

Sites leases	Operating lease liabilities - non - current portion	12,103		11,222
Office lease	Operating lease liabilities - non - current portion	52		602
Vehicle leases - finance	Other long-term liabilities	2,665		1,801
Site leases - finance	Other long-term liabilities	4,893		5,587
		19,713		19,212
Total lease liabilities		$	23,077	$	21,248

The table below presents components of the Company's lease expense for the years ended December 31, 2024 and 2023:


Description	Location in Statement of Operations	Twelve Months Ended December 31,
		2024		2023
Operating lease expense for site leases	Project development and start up costs	$	1,126	$	1,087
Operating lease expense for office lease	Selling, general, administrative expenses	484		484
Amortization of right-of-use assets - finance leases	Depreciation, amortization and accretion expense	1,923		667
Interest expense on lease liabilities - finance leases	Interest and financing expense, net	595		105
		$	4,128	$	2,343

The Company does not have material short term lease expense for the years ended December 31, 2024 and 2023.

The Company did not enter into any operating leases greater than 12 months for the year ended December 31, 2024.


Weighted average remaining lease term (years)						December 31, 2024
Operating leases						20.6 years
Finance leases						5.9 years

The table below provides the total amount of lease payments on an undiscounted basis on our lease contracts as of December 31, 2024:


	Site leases			Office leases			Vehicle and Equipment leases			Site lease - Finance			Total

Weighted average discount rate	7.3		%	3.6		%	6.9		%	6.5		%

2025	$	1,044		$	562		$	1,711		$	825		$	4,142
2026	1,051			47			1,556			963			3,617
2027	1,129			—			1,028			963			3,120
2028	1,129			—			337			4,250			5,716
2029	1,129			—			—			—			1,129
Thereafter	18,779			—			—			—			18,779
	24,261			609			4,632			7,001			36,503

Present value of lease liability	12,334			601			4,092			6,050			23,077

Lease liabilities - current portion	231			549			1,427			1,157			3,364
Lease liabilities - non-current portion	12,103			52			2,665			4,893			19,713
Total lease liabilities	$	12,334		$	601		$	4,092		$	6,050		$	23,077

Discount based on incremental borrowing rate	$	11,927		$	8		$	540		$	951		$	13,426

Leases

Lessor contracts

Fuel Provider agreements

Power Purchase agreements

Included in Renewable Power revenues are $970 and $1,016 related to the lease element of the PPAs for the years ended December 31, 2024 and 2023, respectively.

Lessee contracts

Ground/Site leases

Office lease

The Company determined that the three site leases and the one office lease are operating leases.

Vehicle leases

Lease Disclosures Under ASC 842

Right-of-use assets and Lease liabilities as of December 31, 2024 and December 31, 2023 are as follows:


Description	Location in Balance Sheet	December 31, 2024		December 31, 2023
Assets:
Operating leases (1):
Site leases	Right-of-use assets	$	12,213	$	11,330
Office lease	Right-of-use assets	518		971
		12,731		12,301
Finance leases (1):
Vehicle leases	Property, plant and equipment, net	3,983		2,580
Site lease	Property, plant and equipment, net	5,567		6,468
		9,550		9,048
Total lease right-of-use assets		$	22,281	$	21,349

Liabilities (1):
Sites leases	Operating lease liabilities - current portion	$	231	$	130
Office lease	Operating lease liabilities - current portion	549		508
Vehicle leases - finance	Accrued expenses and other current liabilities	1,427		827
Site leases - finance	Accrued expenses and other current liabilities	1,157		571
		3,364		2,036

Sites leases	Operating lease liabilities - non - current portion	12,103		11,222
Office lease	Operating lease liabilities - non - current portion	52		602
Vehicle leases - finance	Other long-term liabilities	2,665		1,801
Site leases - finance	Other long-term liabilities	4,893		5,587
		19,713		19,212
Total lease liabilities		$	23,077	$	21,248

The table below presents components of the Company's lease expense for the years ended December 31, 2024 and 2023:


Description	Location in Statement of Operations	Twelve Months Ended December 31,
		2024		2023
Operating lease expense for site leases	Project development and start up costs	$	1,126	$	1,087
Operating lease expense for office lease	Selling, general, administrative expenses	484		484
Amortization of right-of-use assets - finance leases	Depreciation, amortization and accretion expense	1,923		667
Interest expense on lease liabilities - finance leases	Interest and financing expense, net	595		105
		$	4,128	$	2,343

The Company does not have material short term lease expense for the years ended December 31, 2024 and 2023.

The Company did not enter into any operating leases greater than 12 months for the year ended December 31, 2024.


Weighted average remaining lease term (years)						December 31, 2024
Operating leases						20.6 years
Finance leases						5.9 years

The table below provides the total amount of lease payments on an undiscounted basis on our lease contracts as of December 31, 2024:


	Site leases			Office leases			Vehicle and Equipment leases			Site lease - Finance			Total

Weighted average discount rate	7.3		%	3.6		%	6.9		%	6.5		%

2025	$	1,044		$	562		$	1,711		$	825		$	4,142
2026	1,051			47			1,556			963			3,617
2027	1,129			—			1,028			963			3,120
2028	1,129			—			337			4,250			5,716
2029	1,129			—			—			—			1,129
Thereafter	18,779			—			—			—			18,779
	24,261			609			4,632			7,001			36,503

Present value of lease liability	12,334			601			4,092			6,050			23,077

Lease liabilities - current portion	231			549			1,427			1,157			3,364
Lease liabilities - non-current portion	12,103			52			2,665			4,893			19,713
Total lease liabilities	$	12,334		$	601		$	4,092		$	6,050		$	23,077

Discount based on incremental borrowing rate	$	11,927		$	8		$	540		$	951		$	13,426

Stock-based Compensation - Narrative (Details)		3 Months Ended	12 Months Ended
Stock-based Compensation - Narrative (Details)	Jul. 21, 2022 shares	Mar. 31, 2024	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 shares	Dec. 31, 2021 subsidiary	Dec. 31, 2020 subsidiary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock issued (in shares)				1,000,000	1,000,000
Weighted average exercise price (in dollars per share) \| $ / shares			$ 3.40	$ 5.26
Closing share price (in dollars per share) \| $ / shares			4.96	6.97
Exercise price (in dollars per share) \| $ / shares			5.02	$ 6.97
Granted, weighted average fair value per stock option on grant date (in dollars per share) \| $ / shares			$ 3.40
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value \| $			$ 0	$ 0
Fair value \| $			3,095,000	$ 3,210,000
Cost expected to be recognized \| $			$ 10,986,000
Period of recognition (in years)			2 years
2022 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock issued (in shares)	19,811,726
Unvested RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)			1,470,202
Forfeitures (in shares)			90,582
Unvested PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards granted (in shares)			456,308
Forfeitures (in shares)			51,524
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration term (in years)			10 years	10 years
Annual risk free interest rate			3.96%	4.04%
Volatility rate			55.00%	65.00%
Vesting term (in years)		8 years 11 months 1 day		9 years 2 months 26 days
Profit Interests
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of wholly-owned subsidiaries \| subsidiary						4	4
Percentage of issued stock, minimum						34.00%	34.00%
Percentage of issued stock, maximum						37.00%	37.00%
Vesting term (in years)						5 years	5 years
Awards granted (in shares)			0
Vested percentage			96.00%	86.00%
Forfeitures (in shares)			0	0

Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Borrowings

The following table summarizes the borrowings under the various debt facilities as of December 31, 2024 and December 31, 2023:


	December 31, 2024		December 31, 2023
OPAL Term Loan and Revolver	286,617		186,618
Less: unamortized debt issuance costs	(9,122)		(10,086)
Less: current portion	(10,865)		—
OPAL Term Loan, net of debt issuance costs	266,630		176,532
Sunoma Loan	20,846		22,453
Less: unamortized debt issuance costs	(717)		(835)
Less: current portion	(1,756)		(1,608)
Sunoma Loan, net of debt issuance costs	18,373		20,010
Non-current borrowings total	$	285,003	$	196,542

Schedule of Principal Maturities of Debt

As of December 31, 2024, principal maturities of debt are expected as follows, excluding any undrawn debt facilities as of the date of the consolidated balance sheet:


	OPAL Term Loan		Sunoma Loan		Total
Fiscal year:
2025	$	10,865	$	1,756	$	12,621
2026	10,865		1,898		12,763
2027	10,865		2,051		12,916
2028	254,022		2,213		256,235
2029	—		2,395		2,395
Thereafter	—		10,533		10,533
	$	286,617	$	20,846	$	307,463

Schedule of Interest Expense on Borrowings

The following table summarizes the Company's total interest and financing expense, net for the year ended December 31, 2024 and 2023:


	Twelve Months Ended December 31,
	2024		2023
Senior Secured Credit Facility	$	—	$	311
Convertible Note Payable mark-to-market	—		1,579
Sunoma Loan	1,769		1,803
OPAL Term Loan (1)	15,063		5,231
Commitment fees and other finance fees	2,730		1,491
Amortization of deferred financing cost	1,395		1,720
Finance leases	574		105
Interest income	(1,921)		(2,934)
Total interest and financing expense, net	$	19,610	$	9,306

(1) Excludes $3,212 and $5,475 of interest capitalized and recorded as part of Property, Plant and Equipment for the years ended December 31, 2024 and 2023, respectively.

Redeemable non-controlling interests, Redeemable preferred non-controlling interests and Stockholders' Equity - Changes in Redeemable Preferred Units (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) shares
Redeemable Preferred non-controlling interests
Increase (Decrease) In Temporary Equity, Amount [Roll Forward]
Beginning balance	$ 132,617
Preferred dividends attributable to OPAL Fuels	8,748
Preferred dividends attributable to Class A common stockholders	1,722
Payment of preferred dividend	(13,087)
Ending balance	$ 130,000
Series A-1 preferred units
Increase (Decrease) In Temporary Equity, Units [Roll Forward]
Beginning balance (in shares) \| shares	300,000
Ending balance (in shares) \| shares	300,000
Increase (Decrease) In Temporary Equity, Amount [Roll Forward]
Beginning balance	$ 30,604
Preferred dividends attributable to OPAL Fuels	2,019
Preferred dividends attributable to Class A common stockholders	397
Payment of preferred dividend	(3,020)
Ending balance	$ 30,000
Series A preferred units
Increase (Decrease) In Temporary Equity, Units [Roll Forward]
Beginning balance (in shares) \| shares	1,000,000
Ending balance (in shares) \| shares	1,000,000
Increase (Decrease) In Temporary Equity, Amount [Roll Forward]
Beginning balance	$ 102,013
Preferred dividends attributable to OPAL Fuels	6,729
Preferred dividends attributable to Class A common stockholders	1,325
Payment of preferred dividend	(10,067)
Ending balance	$ 100,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The Company reclassified certain Asset retirement obligations from current to non-current in its consolidated balance sheet as of December 31, 2023.

As of December 31, 2024 and 2023, the Company accounted for its ownership interests in Pine Bend RNG LLC ("Pine Bend"), Noble Road RNG LLC ("Noble Road"), Paragon RNG LLC ("Paragon"), Emerald RNG LLC ("Emerald"), Sapphire RNG LLC ("Sapphire"), Land2Gas LLC (the "SJI Joint Venture"), Atlantic RNG LLC ("Atlantic"), Burlington RNG LLC ("Burlington") and GREP BTB Holdings LLC ("GREP") under the equity method.

Use of estimates

Accounting Pronouncements Adopted

December 31, 2024. The adoption did not have a material effect on the Company’s financial position, results of operations, cash flows or disclosures.

Accounting Pronouncements Not Yet Adopted

Emerging Growth Company Status

We are an emerging growth company as defined in the JOBS Act. The JOBS Act provides emerging growth companies with certain exemptions from public company reporting requirements for up to five fiscal years while a company remains an emerging growth company. As part of these exemptions, we need only provide two fiscal years of audited financial statements instead of three, we have reduced disclosure obligations such as for executive compensation, and we are not required to comply with auditor attestation requirements from Section 404(b) of the Sarbanes-Oxley Act regarding our internal control over financial reporting. Additionally, the JOBS Act has allowed us the option to delay adoption of new or revised financial accounting standards until private companies are required to comply with new or revised financial accounting standards.

Cash, Cash Equivalents, and Restricted Cash

Cash and cash equivalents primarily consist of money market accounts, cash on deposit with banks and highly liquid investments with original maturities of three months or less from the date of purchase.

Cash, cash equivalents, and restricted cash consisted of the following as of December 31, 2024 and December 31, 2023:


	December 31, 2024		December 31, 2023
Current assets:
Cash and cash equivalents	$	24,310	$	38,348
Restricted cash - current (1)	972		4,395
Long-term assets:
Restricted cash - non - current (2)	3,946		4,499
Total cash, cash equivalents, and restricted cash	$	29,228	$	47,242

Short term investments

Earnout Liabilities

Redeemable non-controlling interests

weighted average ownership interest during the period. The net income or loss attributable to Redeemable non-controlling interests is reflected in the consolidated statement of operations.

Stock-based compensation

Project development and startup costs

The following table provides information on the types of expenses classified under this expense category:


	Twelve Months Ended December 31,
	2024		2023
Virtual pipeline costs (1)	$	14,769	$	1,295
Site lease expenses	1,142		1,021
Legal and professional fees	2,114		1,141
Royalties	—		833
Other	1,084		576
Total Project development and startup costs	$	19,109	$	4,866

Net income per share

Accounts Receivable, Net

The Company did not have an allowance for credit losses as of December 31, 2024 and December 31, 2023.

Fuel Tax Credit Receivable/Payable

At December 31, 2024, the Company accrued federal fuel tax credits of $0.50 per gasoline gallon equivalent of CNG that the Company sold as vehicle fuel in 2024. At December 31, 2024 and 2023, fuel tax credits receivable were $5,639 and $5,345, respectively. Under the terms of its fuel sales agreements with certain of its customers, the Company is obligated to share portions of these tax credits. At December 31, 2024 and 2023, the amounts of fuel tax credits owed to customers were $4,422 and $4,558, respectively. The Company recorded its portion of tax credits earned as a reduction to cost of sales — RNG fuel in the consolidated statements of operations.

Asset Retirement Obligation

As of December 31, 2024 and 2023, the Company estimated the value of its total asset retirement obligations to be $7,886 and $6,728, respectively.

The changes in the asset retirement obligations were as follows as of December 31, 2024:


	December 31, 2024
Balance, December 31, 2023 - Current and non-current	$	6,728
Additions during the year	1,048
Deletion	(325)
Accretion expense	435
Total asset retirement obligation	7,886
Less: current portion	(2,804)
Total asset retirement obligation, net of current portion	$	5,082

Revenue Recognition

Disaggregation of Revenue

The following table shows the disaggregation of revenue according to product line:


	Twelve Months Ended December 31,
	2024		2023
Renewable power sales	$	25,879	$	33,648
Third party construction	39,769		49,318
Service	21,807		16,711
Brown gas sales	22,402		19,587
Environmental credits (1)	176,063		126,573
Parts sales	3,769		4,680
Other (2)	1,167		632
Total revenue from contracts with customers	290,856		251,149
Lease revenue (3)	9,116		4,959
Total revenue	$	299,972	$	256,108

(1) Includes revenues of $16,286 and $16,325 for the years ended December 31, 2024 and 2023, from customers domiciled outside of United States.

(2) Includes management fee revenues earned from management of operations of equity method entities.

For the years ended December 31, 2024 and 2023, 13% and 19%, respectively of revenue was recognized over time, and the remainder was for products and services transferred at a point in time.

Other income

The following table shows the items consisting of items recorded as Other income:


	Twelve Months Ended December 31,
	2024		2023
Gain on deconsolidation of VIEs (1)	$	—	$	122,873
Gain on transfer of non-financial asset in exchange for services received (2)	1,656		1,599
Other	$	555	$	—
Other income	$	2,211	$	124,472

(1) Represents non-cash gain on deconsolidation of Emerald and Sapphire on May 30, 2023.

(2) Represents the fair value of RINs transferred as consideration for services received.

Contract Balances

completion of specified units of work. Except for claims, such amounts will be billed over the remaining life of the contract.

The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers:


	December 31, 2024		December 31, 2023
Accounts receivable, net	$	32,013	$	27,623
Contract assets:
Cost and estimated earnings in excess of billings	8,547		4,630
Accounts receivable retainage, net	2,528		2,160
Contract assets total	$	11,075	$	6,790
Contract liabilities:
Billings in excess of costs and estimated earnings	9,276		6,314
Contract liabilities total	$	9,276	$	6,314

During the year ended December 31, 2024, the Company recognized revenue of $3,746 that was included in "Contract liabilities" at December 31, 2023. During the twelve months ended December 31, 2023, the Company recognized revenue of $8,013 that was included in "Contract liabilities" at December 31, 2022.

Parts Inventory

Capital Spares

Property, Plant, and Equipment, net


Plant and equipment						5 - 30 years
CNG/RNG fueling stations						10-20 years
Construction in progress						N/A
Buildings						40 years
Land						N/A
Service equipment						5-10 years
Leasehold improvements						shorter of lease term or useful life
Vehicles						7 years
Office furniture and equipment						5-7 years
Computer software						3 years
Land lease - finance lease						Lease term
Vehicles - finance lease						shorter of lease term or useful life
Other						7 years

Leases

Deferred financing costs

Environmental credits held for sale

Accrued environmental credit rebates

Accrued environmental credit rebates represent the Company's liabilities for dispensing services provided by third-party vendors. As of December 31, 2024 and 2023, the balance of Accrued environmental credit rebates was $5,391 and $4,057 respectively.

Fuel Station Services Construction Backlog

The Company's remaining performance obligations ("backlog") represent the unrecognized revenue value of its contract commitments. The Company's backlog may significantly vary each reporting period based on the timing of major new contract commitments. At December 31, 2024, the Company had a backlog of $66,384.

Major Maintenance

Major maintenance is a component of maintenance expense and encompasses overhauls of internal combustion engines, gas compressors and electrical generators. Major maintenance is expensed as incurred. Major maintenance expense was $7,637 and $7,240 for the years ended December 31, 2024 and 2023 respectively, and is included in cost of sales — Renewable Power in the consolidated statements of operations.

Goodwill

Intangible Assets and Liabilities

Impairment of Long-Lived Assets

Derivative Instruments

Vulnerability Due to Certain Concentrations

Income Taxes

Significant Customers, Vendors and Concentration of Credit Risk

For the year ended December 31, 2024, two customers accounted for 52% of revenue. For the year ended December 31, 2023, two customers accounted for 47% of revenue. At December 31, 2024, two customers accounted for 50% of accounts receivable. At December 31, 2023, two customers accounted for 54% of accounts receivable.

As of December 31, 2024, one vendor accounted for 17% of the accounts payable. As of December 31, 2023, one vendor accounted for 32% of the accounts payable.

Investment Tax Credits

The net proceeds from the sale of tax credits, totaling $8,906, were received in cash and recorded as a credit to income tax expense as of December 31, 2024. The cash flows related to the total income tax benefits are presented in the statement of cash flow in the ‘Net income (loss)’ line item in operating activities. Legal and insurance fees associated with the

transaction, totaling $1,440, consisting of $1,182 of buyer's expenses paid by the Company which are recorded as part of Income Tax Benefit and $258 of the Company's costs have been recorded as Project development and startup costs. Transaction costs are deductible for income tax purposes.

Investment in other entities

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE NON-CONTROLLING INTEREST, REDEEMABLE PREFERRED NON-CONTROLLING INTEREST AND STOCKHOLDERS' DEFICIT - USD ($)
$ in Thousands

Total

Class A common stock

Class B common stock

Class D common stock

Redeemable Preferred non-controlling interests

Redeemable non-controlling interests

Common stock

Class A common stock

Common stock

Class B common stock

Common stock

Class D common stock

Additional paid-in capital

Accumulated deficit

Accumulated other comprehensive income (loss)

Non-redeemable non-controlling interests

Class A common stock in treasury

Class A common stock

Beginning balance at Dec. 31, 2022

$ 138,142

$ 1,013,833

Increase (Decrease) In Temporary Equity And Redeemable Noncontrolling Interest [Abstract]

Net income

106,645

Other comprehensive loss

$ 1,086

(1,086)

Stock-based compensation

4,943

Payment of paid-in-kind preferred dividends

(16,536)

Dividends on Redeemable preferred non-controlling interests

11,011

Dividends on Redeemable preferred non-controlling interests

(9,219)

Change in redemption value of Redeemable non-controlling interests

(312,396)

Ending balance at Dec. 31, 2023

132,617

802,720

Beginning balance, common (in shares) at Dec. 31, 2022

29,477,766

144,399,037

Beginning balance, treasury (in shares) at Dec. 31, 2022

Beginning balance at Dec. 31, 2022

(774,156)

$ 3

$ 14

$ 0

$ (800,813)

$ 195

$ 26,445

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

20,379

20,728

(349)

Other comprehensive loss

(210)

Issuance of Class A common stock on warrant exchange (in shares)

49,633

Issuance of Class A common stock on warrant exchange

338

Cancellation of fractional shares on warrant exchange

(26)

Exercise of put option on forward purchase contract - Meteora (in shares)

(1,635,783)

Exercise of put option on forward purchase contract - Meteora

(11,614)

$ (11,614)

Forfeiture of Class A common stock (in shares)

(197,258)

Issuance of Class A common stock for vesting of equity awards (in shares)

^[1]

280,928

Issuance of Class A common stock for vesting of equity awards

^[1]

(896)

Issuance of Class A common stock under the ATM programs (in shares)

^[2]

90,103

Issuance of Class A common stock under the ATM programs

^[2]

366

Stock-based compensation

961

Proceeds from non-redeemable non-controlling interest

12,753

2,899

9,854

Deconsolidation of entities

^[3]

(36,045)

(1,383)

(34,662)

Distributions to non-redeemable non-controlling interests

(333)

Dividends on Redeemable preferred non-controlling interests

(1,792)

Change in redemption value of Redeemable non-controlling interests

312,397

(2,285)

314,682

Ending balance, common (in shares) at Dec. 31, 2023

28,065,363

144,399,037

29,701,146

144,399,037

Ending balance, treasury (in shares) at Dec. 31, 2023

1,635,783

(1,635,783)

Ending balance at Dec. 31, 2023

(477,852)

$ 3

$ 0

$ 14

(467,195)

(15)

955

$ (11,614)

Increase (Decrease) In Temporary Equity And Redeemable Noncontrolling Interest [Abstract]

Net income

11,598

Other comprehensive loss

(850)

850

Stock-based compensation

5,391

Dividends on Redeemable preferred non-controlling interests

10,470

Dividends on Redeemable preferred non-controlling interests

(8,748)

Change in redemption value of Redeemable non-controlling interests

(328,948)

Payment of preferred dividend

(13,087)

Ending balance at Dec. 31, 2024

$ 130,000

$ 482,863

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

2,727

2,284

443

Other comprehensive loss

167

Issuance of Class A common stock for vesting of equity awards (in shares)

^[1]

327,761

Issuance of Class A common stock for vesting of equity awards

^[1]

(627)

Issuance of Class A common stock under the ATM programs (in shares)

^[2]

36,353

Issuance of Class A common stock under the ATM programs

^[2]

170

Stock-based compensation

1,061

Distributions to non-redeemable non-controlling interests

(703)

(780)

Dividends on Redeemable preferred non-controlling interests

(1,722)

Change in redemption value of Redeemable non-controlling interests

328,948

(681)

329,629

Share conversion (in shares)

71,500,000

(71,500,000)

Share conversion

$ 7

$ (7)

Ending balance, common (in shares) at Dec. 31, 2024

28,429,477

71,500,000

72,899,037

30,065,260

71,500,000

72,899,037

Ending balance, treasury (in shares) at Dec. 31, 2024

1,635,783

(1,635,783)

Ending balance at Dec. 31, 2024

$ (147,831)

$ 3

$ 7

$ 0

$ (137,004)

$ 152

$ 618

$ (11,614)

[1]	Represents the equity awards vested net of shares of Class A common stock withheld for taxes. Please see Note 16. Stock-based Compensation for additional information.
[2]	During the years ended December 31, 2024 and December 31, 2023, the Company issued 36,353 and 90,103 shares of Class A common stock under the Company's ATM program. Please see Note 2. Summary of Significant Accounting Policies and Note 13. Redeemable non-controlling interests, Redeemable preferred non-controlling interests and Stockholders' Deficit for additional information.
[3]	As of May 30, 2023, two of our RNG facilities, Emerald and Sapphire were deconsolidated and accounted for under equity method as per ASC 323 Investments—Equity Method and Joint Ventures. Please see Note 3. Investment in Other Entities and Note 12. Variable Interest Entities for additional information.

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 24,310	$ 38,348
Restricted cash - current	972	4,395
Long-term assets:
Restricted cash held as collateral	3,946	4,499
Total cash, cash equivalents, and restricted cash	29,228	47,242	$ 77,221
Deposit on interconnection payments		1,034
Sunoma Loan
Long-term assets:
Debt reserve	$ 972	$ 3,361

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Change in fair value of derivative instruments, net	$ 1,596	$ 7,346
Redeemable preferred stock dividends, noncontrolling interest	$ 8,748	$ 9,219

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Variable Interest Entities

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

As of December 31, 2024 and 2023, the Company held equity interests in seven VIEs — Sunoma, GREP, Emerald, Sapphire, Paragon, SJI Joint Venture (RNG Atlantic and RNG Burlington) and Central Valley. GREP, Emerald, Sapphire, Paragon and SJI were presented as equity method investments and the remaining two VIEs — Sunoma and Central Valley are consolidated by the Company.

The consolidated balance sheets summarizes the major consolidated balance sheet items for consolidated VIEs as of December 31, 2024 and 2023. The information is presented on an aggregate basis based on similar risk and reward characteristics and the nature of our involvement with the VIEs, such as:

•All of the VIEs are RNG facilities and they are reported under the RNG Fuel Supply segment;

•The nature of our interest in these entities is primarily equity based and therefore carry similar risk and reward characteristics;

The amount of assets that can only be used to settle obligations of the VIEs are parenthesized in the consolidated balance sheets. Equity is listed in the table below.


	As of December 31, 2024		As of December 31, 2023
Equity
Stockholders' equity	$	4,959	$	7,893
Non-redeemable non-controlling interests	618		955
Total equity	5,577		8,848

Redeemable non-controlling interests, Redeemable preferred non-controlling interests and Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Mar. 12, 2024 vote_per_share vote shares	Nov. 17, 2023 USD ($)	Jul. 21, 2022 shares	Nov. 29, 2021 project shares	Dec. 31, 2024 USD ($) dividend_payment $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares
Preferred Units [Line Items]
Common Stock, Number Of Votes Per Share \| vote_per_share	5
Stock issued (in shares)						1,000,000	1,000,000
Proceeds from issuance of shares of Class A common stock under the ATM program, net \| $					$ 170	$ 366
Issuance of Class A common stock on warrant exchange (in shares)				300,000
Number of noncontrolling interests in renewable natural gas project subsidiaries \| project				4
Stock subscribed (in shares)				1,000,000
Amount sold \| $						100,000	$ 100,000
Preferred stock dividend rate					8.00%
Preferred stock, number of dividend payments to elect to issue additional Preferred Units \| dividend_payment					8
Preferred stock dividend rate, event of default					12.00%
Preferred stock dividend rate, event of default, increase for each event					2.00%
Preferred stock dividend rate, event of default, maximum after increases					20.00%
Preferred stock liquidation preference (in dollars per share) \| $ / shares					$ 100
Preferred stock redemption price (in dollars per share) \| $ / shares					$ 100
Preferred stock redemption period after which redeemable					4 years
Preferred stock redemption period after fourth anniversary					30 days
Preferred stock dividend rate if failed to redeem					12.00%
Preferred stock dividend rate, increase to after one year if failed to redeem					14.00%
Preferred stock dividend rate, quarterly increase after one year if failed to redeem					2.00%
Preferred stock dividend rate if failed to redeem, maximum					20.00%
Preferred stock conversion price (in dollars per share) \| $ / shares					$ 100
Preferred stock conversion, first year discount					20.00%
Preferred stock conversion, second year discount					25.00%
Preferred stock conversion, thereafter discount					30.00%
Preferred stock conversion, VWAP period					20 days
Accrued preferred dividend payable \| $					$ 0	$ 2,013
Redemption price (in dollars per share) \| $ / shares					$ 3.34
Agent \| Scenario, Plan
Preferred Units [Line Items]
Aggregate offering price, up to \| $		$ 75,000
Fortistar
Preferred Units [Line Items]
Common stock, number of votes per share \| vote	1
Class A common stock
Preferred Units [Line Items]
Common stock, shares issued (in shares)					30,065,260	29,701,146
Common stock, shares outstanding (in shares)					28,429,477	28,065,363
Class A common stock \| Agent
Preferred Units [Line Items]
Percentage of gross proceeds on each sale		3.00%
Stock issued (in shares)					36,353	90,103
Proceeds from issuance of shares of Class A common stock under the ATM program, net \| $					$ 170	$ 366
Class A common stock \| Agent \| Minimum
Preferred Units [Line Items]
Sales price (in dollars per share) \| $ / shares					$ 4.34	$ 5.52
Class A common stock \| Agent \| Maximum
Preferred Units [Line Items]
Sales price (in dollars per share) \| $ / shares					$ 5.68	$ 5.85
Class B common stock
Preferred Units [Line Items]
Common stock, shares issued (in shares)					71,500,000	0
Common stock, shares outstanding (in shares)					71,500,000	0
Class B common stock \| Fortistar
Preferred Units [Line Items]
Common stock, shares outstanding (in shares)	71,500,000
Class B common stock \| Opal Fuels
Preferred Units [Line Items]
Stock issued (in shares)			144,399,037
Class C common stock
Preferred Units [Line Items]
Common stock, shares issued (in shares)					0	0
Common stock, shares outstanding (in shares)					0	0
Class D common stock
Preferred Units [Line Items]
Common stock, shares issued (in shares)					72,899,037	144,399,037
Common stock, shares outstanding (in shares)					72,899,037	144,399,037
Class D common stock \| Fortistar
Preferred Units [Line Items]
Common stock, shares outstanding (in shares)	72,899,037
Share conversion (in shares)	71,500,000
Redeemable non-controlling interests
Preferred Units [Line Items]
Temporary equity, accretion to redemption value \| $					$ 482,863
Series A preferred units
Preferred Units [Line Items]
Preferred stock dividend rate					8.00%
Preferred stock redemption price (in dollars per share) \| $ / shares					$ 100
Accrued preferred dividend payable \| $					$ 0	$ 2,013
Preferred stock, value, outstanding \| $					$ 25,000
Series A preferred units \| Preferred Stock Redeemed First 12 Months
Preferred Units [Line Items]
Preferred stock dividend rate					20.00%
Series A preferred units \| Preferred Stock Redeemed Thereafter
Preferred Units [Line Items]
Preferred stock dividend rate					30.00%
Series A preferred units \| Preferred Stock Redeemed Second 12 Months
Preferred Units [Line Items]
Preferred stock dividend rate					25.00%

Related Parties (Tables)

12 Months Ended

Dec. 31, 2024

Fees Upon Entering Into Management Services Agreement with Related Party and Various Balances for Related Parties

The following table summarizes the various fees recorded under the agreements described above which are included in "Selling, general, and administrative" expenses:


	Twelve Months Ended December 31,
	2024		2023
Staffing and management services	$	2,082	$	1,834
Rent - fixed compensation	711		668
IT services	3,113		2,954
Total	$	5,906	$	5,456

The following table presents the various balances for related parties included in our consolidated balance sheets as of December 31, 2024 and 2023.


		December 31,
	Location in Balance Sheet	2024		2023
Assets:
Trade AR - NextEra	Accounts receivable, related party	$	14,522	$	18,696
Liabilities:
Payables to equity method investment entities	Accounts payable, related party	6,946		5,692
NextEra	Accounts payable, related party	501		501
Staffing and management services - Fortistar	Accounts payable, related party	219		622
IT services - Costar	Accounts payable, related party	266		209
Total liabilities - related party		$	7,932	$	7,024

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax at Federal Statutory Rate	$ 2,978	$ 26,639
Tax on Earnings attributable to noncontrolling interest	(2,865)	(1,063)
Section 6418/ITC Sale	(348)	0
Gain on deconsolidation of entities	0	(25,803)
State Taxes, net	42	0
Stock based compensation	64	0
Proceeds from Sale of ITCs, net of selling taxes	(8,906)	0
Other Adjustments	15	87
Change in Valuation Allowance	114	140
Total income tax benefit - continuing operations	$ (8,906)	$ 0
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax at Federal Statutory Rate	21.00%	21.00%
Tax on Earnings attributable to noncontrolling interest	(20.00%)	(1.00%)
Section 6418/ITC Sale	(2.00%)	0.00%
Gain on deconsolidation of entities	0.00%	(20.00%)
State Taxes, net	0.00%	0.00%
Stock based compensation	0.00%	0.00%
Proceeds from Sale of ITCs, net of selling taxes	(62.00%)	0.00%
Other Adjustments	0.00%	0.00%
Change in Valuation Allowance	1.00%	0.00%
Total income tax benefit - continuing operations	(62.00%)	0.00%

Subsequent Events (Details) - Subsequent Event - USD ($)	Mar. 03, 2025	Mar. 14, 2025
Wasatch Interest
Subsequent Event [Line Items]
Ownership percentage, noncontrolling owner		50.00%
Project Interest
Subsequent Event [Line Items]
Ownership percentage, noncontrolling owner		50.00%
Exercise Year 1
Subsequent Event [Line Items]
Business acquisition, internal rate of return		10.00%
Exercise Year 2
Subsequent Event [Line Items]
Business acquisition, internal rate of return		15.00%
Exercise Year 3
Subsequent Event [Line Items]
Business acquisition, internal rate of return		20.00%
Credit Agreement \| Secured Debt
Subsequent Event [Line Items]
Financing fees paid	$ 1,250,000

Borrowings - Schedule of Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Non-current borrowings	$ 285,003	$ 196,542
Sunoma Loan
Debt Instrument [Line Items]
Long-term debt, gross	20,846	22,453
Less: unamortized debt issuance costs	(717)	(835)
Long-Term Debt, Current Maturities	(1,756)	(1,608)
Non-current borrowings	18,373	20,010
Opal Term Loan and Revolver \| OPAL Term Loan and Revolver
Debt Instrument [Line Items]
Long-term debt, gross	286,617	186,618
Less: unamortized debt issuance costs	(9,122)	(10,086)
Long-Term Debt, Current Maturities	(10,865)	0
Non-current borrowings	$ 266,630	$ 176,532

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2024	Mar. 13, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40272
Entity Registrant Name	OPAL FUELS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1578357
Entity Address, Address Line One	One North Lexington Avenue
Entity Address, Address Line Two	Suite 1450
Entity Address, City or Town	White Plains
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10601
City Area Code	914
Local Phone Number	705-4000
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	OPAL
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 107,075,893
Entity Central Index Key	0001842279
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,429,477
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		71,500,000
Class D common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		72,899,037

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 274	$ 563

Commitments and Contingencies (Details) $ in Thousands		1 Months Ended	12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Sep. 13, 2024 USD ($)	Jul. 31, 2015	Dec. 31, 2024 USD ($) contract standby_letters_of_credit	Dec. 31, 2023 USD ($) standby_letters_of_credit
Line of Credit Facility [Line Items]
Number of standby letters of credit held \| standby_letters_of_credit			14	9
Estimated loss per contract			$ 4,900
Estimated loss from claim			2,000
Apollo Management Holdings, L..P.
Line of Credit Facility [Line Items]
Investment Tax Credit, Purchase Agreement	$ 11,096
Proceeds from investment tax credit	8,906
Purchase obligation	$ 16,644
Purchase obligation, amount decrease, percent	20.00%
Investment tax credit, term	5 years
VEC Partners, Inc. dba CEI Builders (“CEI”) \| MD Digester, LLC
Line of Credit Facility [Line Items]
Estimated loss per contract			$ 14,000
Compressed Natural Gas (CNG)
Line of Credit Facility [Line Items]
Number of purchase option contracts to provide CNG \| contract			2
Compressed Natural Gas (CNG) \| Minimum
Line of Credit Facility [Line Items]
Term of purchase option contract (in years)			7 years
Compressed Natural Gas (CNG) \| Maximum
Line of Credit Facility [Line Items]
Term of purchase option contract (in years)			10 years
Fuel
Line of Credit Facility [Line Items]
Term of purchase option contract (in years)		10 years
Standby Letters of Credit
Line of Credit Facility [Line Items]
Standby letters of credit outstanding balance			$ 15,120	$ 14,783
Draws on standby letters of credit			$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Interest capitalized	$ 3,212	$ 5,475

Borrowings - Convertible Note Payable and Municipality Loan Narrative (Details) - Convertible Notes Payable - USD ($) $ in Thousands	Dec. 31, 2023	May 01, 2021
Debt Instrument [Line Items]
Aggregate principal amount		$ 50
Interest rate on loan	8.00%	8.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies - Earnout Liabilities and redeemable non-controlling interest Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 21, 2022	Jul. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Contingent consideration (in shares)		10,000,000
Gain on earnout awards			$ 1,596	$ 6,890
Earn out liabilities			304	$ 1,900
Class B common stock \| Opal Fuels
Derivative [Line Items]
Stock issued (in shares)	144,399,037
Redeemable non-controlling interests
Derivative [Line Items]
Temporary equity, accretion to redemption value			$ 482,863
Sponsor Letter Agreement
Derivative [Line Items]
Percentage of common stock subject to vesting and forfeiture conditions		10.00%
Common stock subject to vesting and forfeiture conditions, period		60 months
Number of shares subject to forfeiture (in shares)			716,650	716,650

Summary of Significant Accounting Policies - Disaggregation of Revenue By Product Line (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023 facility	Dec. 31, 2024 USD ($) facility agreement fuel_station	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers		$ 290,856	$ 251,149
Lease revenue		9,116	4,959
Total revenues		$ 299,972	256,108
Fuel Purchasing Agreements
Disaggregation of Revenue [Line Items]
Number of agreements \| agreement		35
Renewable power sales
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers		$ 25,879	33,648
Third party construction
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers		39,769	49,318
Service
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers		21,807	16,711
Brown gas sales
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers		22,402	19,587
Environmental credits
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers		176,063	126,573
Environmental credits \| Non-US
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers		16,286	16,325
Parts sales
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers		3,769	4,680
Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers		$ 1,167	$ 632
RNG fuel
Disaggregation of Revenue [Line Items]
Number of fuel stations \| fuel_station		2
Number of facilities \| facility	3	2

Net Income Per Share - Narrative (Details) - shares	12 Months Ended
Net Income Per Share - Narrative (Details) - shares	Dec. 31, 2024	Dec. 31, 2023
Class A common stock in treasury
Class of Warrant or Right [Line Items]
Antidilutive shares (in shares)	1,635,783
Earnout Target
Class of Warrant or Right [Line Items]
Antidilutive shares (in shares)	716,650
Sponsor Earnout Awards
Class of Warrant or Right [Line Items]
Antidilutive shares (in shares)	716,650	763,908
OPAL Earnout Awards
Class of Warrant or Right [Line Items]
Antidilutive shares (in shares)	10,000,000	10,000,000

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	243
Auditor Name	BDO USA, P.C.
Auditor Location	Melville, NY

Leases - Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant, and equipment, net (includes $25,428 and $26,626 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	Property, plant, and equipment, net (includes $25,428 and $26,626 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities (includes $974 and $647 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	Accrued expenses and other current liabilities (includes $974 and $647 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other long-term liabilities (includes $2,495 and $211 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)	Other long-term liabilities (includes $2,495 and $211 at December 31, 2024 and December 31, 2023, respectively, related to consolidated VIEs)
Operating right-of use assets	$ 12,731	$ 12,301
Finance lease	9,550	9,048
Operating right-of use assets	22,281	21,349
Operating lease liabilities - current portion	780	638
Lease liabilities - current portion	3,364	2,036
Operating lease liabilities - non-current portion	12,155	11,824
Lease liabilities - non-current portion	19,713	19,212
Total lease liabilities	23,077	21,248
Amortization of right-of-use assets - finance leases	1,923	667
Interest expense on lease liabilities - finance leases	595	105
Total lease expense	$ 4,128	2,343
Weighted average remaining lease term (years)
Operating leases	20 years 7 months 6 days
Finance leases	5 years 10 months 24 days
Minimum
Lessee, Lease, Description [Line Items]
Discount rate	3.59%
Maximum
Lessee, Lease, Description [Line Items]
Discount rate	8.01%
Site leases
Lessee, Lease, Description [Line Items]
Operating right-of use assets	$ 12,213	11,330
Finance lease	5,567	6,468
Operating lease liabilities - current portion	231	130
Lease liabilities - current portion, finance lease	1,157	571
Operating lease liabilities - non-current portion	12,103	11,222
Lease liabilities - non-current portion, finance lease	4,893	5,587
Lease expense	1,126	1,087
Office lease
Lessee, Lease, Description [Line Items]
Operating right-of use assets	518	971
Operating lease liabilities - current portion	549	508
Operating lease liabilities - non-current portion	52	602
Lease expense	484	484
Vehicles
Lessee, Lease, Description [Line Items]
Finance lease	3,983	2,580
Lease liabilities - current portion, finance lease	1,427	827
Lease liabilities - non-current portion, finance lease	$ 2,665	$ 1,801

Variable Interest Entities - Schedule of Variable Interest Entities on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Total Stockholders' (deficit) equity attributable to the Company	$ (148,449)	$ (478,807)
Non-redeemable non-controlling interests	618	955
Total Stockholders' (deficit) equity	(147,831)	(477,852)	$ (774,156)
Primary Beneficiary
Variable Interest Entity [Line Items]
Total Stockholders' (deficit) equity attributable to the Company	4,959	7,893
Non-redeemable non-controlling interests	618	955
Total Stockholders' (deficit) equity	$ 5,577	$ 8,848

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-24

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-23

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-11

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478009/946-205-45-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 46: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-15

Reference 47: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-16

Reference 48: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Redeemable non-controlling interests, Redeemable preferred non-controlling interests and Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Redeemable non-controlling interests, Redeemable preferred non-controlling interests and Stockholders' Equity

Common stock

As of December 31, 2024, there are (i) 30,065,260 shares of Class A common stock issued and 28,429,477 outstanding, (ii) 71,500,000 shares of New OPAL Class B common stock issued and outstanding (shares of Class B common stock do not have any economic value except voting rights as described below), (iii) no shares of Class C common stock issued and outstanding and (iv) 72,899,037 shares of Class D common stock (shares of Class D common stock do not have any economic value except voting rights as described below).

Share conversion

On March 12, 2024, Fortistar, through its subsidiary OPAL Holdco LLC, converted 71,500,000 shares of Class D common stock of the Company held by it, each of which is entitled to five votes per share on all matters on which stockholders generally are entitled to vote, for an equal number of shares of newly issued Class B common stock of the Company, each of which is entitled to one vote on such matters. This transaction has no effect on the economic interest in the Company held by Fortistar or OPAL Holdco LLC. Fortistar converted such shares in order that the Company’s Class A common stock would become eligible for inclusion in certain stock market indices, on which many broad-based mutual funds and exchange-traded index funds are based. Subsequent to the exchange, Fortistar holds 72,899,037 shares of Class D common stock and 71,500,000 shares of Class B common stock.

ATM Program

On November 17, 2023, OPAL Fuels Inc. (the “Company”) entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc., Cantor Fitzgerald & Co. and Stifel, Nicolaus & Company, Incorporated (each, an “Agent,” and collectively, the “Agents”) pursuant to which the Company may issue and sell shares of its Class A common stock having an aggregate offering price of up to $75 million from time to time through the Agents.

The Company will pay each Agent, upon the sale by such Agent of Class A common stock pursuant to the Sales Agreement, an amount equal to up to 3.0% of the gross proceeds of each such sale of Class A common stock. The Company has also provided the Agents with customary indemnification rights.

The Company issued 36,353 shares of Class A common stock under the ATM Program during the year ended December 31, 2024 at prices ranging between $4.34 and $5.68 and received net proceeds of $170.

The Company issued 90,103 shares of Class A common stock under the ATM Program during the year ended December 31, 2023 at prices ranging between $5.52 and $5.85 and received net proceeds of $366.

Redeemable preferred non-controlling interests

On November 29, 2021, as part of an Exchange Agreement, the Company issued 300,000 Series A-1 preferred units to Hillman in return for Hillman’s non-controlling interest in four RNG project subsidiaries.

On November 29, 2021, NextEra subscribed for up to 1,000,000 Series A preferred units, which were issuable (in whole or in increments) at the Company’s discretion prior to June 30, 2022. During the year ended December 31, 2023, the Company had drawn $100,000 and issued 1,000,000 Series A preferred units.

Upon completion of the Business Combination, the Company assumed Series A-1 preferred units and Series A preferred units which were issued and outstanding by OPAL Fuels. The Company recorded the Series A-1 preferred units and Series A preferred units as Redeemable preferred non-controlling interests. The Company has elected to adjust the carrying value of the preferred units to the redemption value at the end of each reporting period by immediately amortizing the issuance costs in the first reporting period after issuance of the preferred units.

During the third quarter of 2023, the Company repaid all outstanding paid-in-kind preferred dividends at that time.


	Series A-1 preferred units			Series A preferred units			Total
	Units	Amount		Units	Amount
Balance, December 31, 2023	300,000	$	30,604	1,000,000	$	102,013	$	132,617
Preferred dividends attributable to OPAL Fuels	—	2,019		—	6,729		8,748
Preferred dividends attributable to Class A common stockholders	—	397		—	1,325		1,722
Payment of Preferred dividends	—	(3,020)		—	(10,067)		(13,087)
Balance, December 31, 2024	300,000	$	30,000	1,000,000	$	100,000	$	130,000

Terms of Redeemable Preferred Units

The Series A and Series A-1 preferred units (together the “Preferred Units”) have substantially the same terms and features which are listed below:

Voting: The Series A-1 preferred units to Hillman do not have any voting rights. The Series A preferred units issued to NextEra have limited rights to prevent the Company from taking certain actions including (i) major issuances of new debt or equity (ii) executing transactions with affiliates which are not at arm-length basis (iii) major dispositions of assets and (iv) major acquisitions of assets outside of the Company’s primary business.

Dividends: The Preferred Units are entitled to receive dividends at the rate of 8% per annum. Dividends begin accruing for each unit from the date of issuance and are payable each quarter end regardless of whether they are declared. The dividends are mandatory and cumulative. The Company is allowed to elect to issue additional Preferred Units (paid-in-kind) in lieu of cash for the first eight dividend payment dates. The Company elected to pay the dividends to be paid-in-kind for all periods presented. In the occurrence of certain events of default, the annual dividend rate increases to 12%. Additionally, the dividend rate increases by 2% for each unrelated uncured event of default up to a maximum of 20%.

Liquidation preference: In the event of liquidation of the Company, each holder of Series A units and Series A-1 units is entitled to be paid on pro-rata basis the original issue price of $100 per unit plus any accrued and unpaid dividends out of the assets of the Company available for distribution after payment of the Company’s debt and liabilities and liquidation expenses.

Redemption: At any time after issuance, the Company may redeem the Redeemable preferred units for a price equal to original issue price of $100 per unit plus any accrued and unpaid dividends. Holders of the Preferred Units may redeem for an amount equal to original issue price of $100 per unit plus any accrued and unpaid dividends upon (i) occurrence of certain change in control event (ii) at the end of four years from the date of issuance, except that the Preferred Units issued to Hillman can only be redeemed 30 days after the fourth year anniversary of the first issuance of Preferred Units to NextEra. The maturity date is determined to be the date at which the holder’s redemption option becomes exercisable as this is the date in which both the Company and the holder may redeem the preferred units. The maturity date is November 29, 2025.

Conversion: Holders may elect to convert Preferred Units into common units in the limited chance that the Company fails to redeem the Preferred Units under an optional redemption. The annual dividend rate increases to 12% and is further increased to 14% after one year, and thereafter by 2% every 90 days up to a cap of 20%. The Company must also redeem

all NextEra Series A preferred units on which the redemption option has been exercised prior to redeeming any Hillman Series A-1 preferred units. If elected, the holder may convert all or a portion of its Preferred Units into a number of common units equal to: (i) the number of Preferred Units, multiplied by (ii) $100, plus accrued and unpaid cash dividends, divided by (iii) conversion price. The conversion price is equal to the value of the Company’s common units determined as follows, and reduced by a 20% discount if conversion occurs during the first year of delayed redemption, a 25% discount during the 2nd year, and a 30% discount thereafter:

1. Using 20-day volume-weighted average price (“VWAP”) of the Company's common shares.

2. Otherwise the estimated proceeds to be received by the holder of a common unit if the net assets of the Company were sold at fair market value and distributed.

Redeemable non-controlling interests

Upon consummation of the Business Combination, OPAL Fuels and its members caused the existing limited liability company agreement to be amended and restated. In connection therewith, all of the common units of OPAL Fuels LLC issued and outstanding immediately prior to the Business Combination were re-classified into 144,399,037 Class B Units. Each Class B Unit is paired with a single non-economic share of Class D common stock issued by the Company. Each pair of Class B Unit and a single share of Class D common stock is exchangeable to either a single share of Class A common stock or a single share of Class C common stock at the holder's option. Upon an exchange for Class A common stock, the Company has the option to redeem shares for cash at their market value.

Redeemable non-controlling interests have been presented as mezzanine equity in the consolidated statements of change in Redeemable non-controlling interests, Redeemable preferred non-controlling interests and stockholders' deficit. At each balance sheet date, the Redeemable non-controlling interests are adjusted up to their redemption value if necessary, with an offset in stockholders' deficit. As of December 31, 2024, the Company recorded $482,863 to adjust the carrying value to their redemption value based on a five-day VWAP of $3.34 per share.

Property, Plant, and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment, Net

Property, plant, and equipment, net, consisted of the following as of December 31, 2024 and December 31, 2023:


	December 31, 2024		December 31, 2023
Plant and equipment	$	317,926	$	205,188
CNG/RNG fueling stations	68,899		51,749
Construction in progress (1)	169,571		175,060
Buildings	2,585		2,585
Land	1,303		1,303
Service equipment	2,992		2,481
Leasehold improvements	815		815
Vehicles	748		489
Office furniture and equipment	307		307
Computer software	277		277
Land lease - finance lease	5,567		6,469
Vehicles - finance leases	3,983		2,580
Other	661		591
	575,634		449,894
Less: accumulated depreciation	(117,376)		(110,401)
Property, plant, and equipment, net	$	458,258	$	339,493

(1) Includes $3,212 of interest capitalized from our general borrowings for the year ended December 31, 2024 and $5,475 for the year ended December 31, 2023.

On October 20, 2023, our wholly owned subsidiary entered into an Asset Purchase and Sale Agreement (for the purposes of this paragraph, the “Agreement”) with Washington Gas Light Company ("WGL") with respect to a gas pipeline extension and associated interconnection facilities (the “Pipeline Project”) that is contemplated as part of the subsidiary's RNG production facility at the Prince William County landfill located in Manassas, Virginia. The Agreement obligates the subsidiary to develop, plan and permit the Pipeline Project to deliver RNG from the facility to an interconnection point on WGL’s pipeline. Per the terms and conditions of the Agreement, WGL will purchase the Pipeline Project from the subsidiary after its final completion at a purchase price of $25 million. The closing is contingent upon approval of the Agreement by the Virginia State Corporation Commission, as well as the satisfaction of customary closing conditions, and the outside closing date was on or prior to October 20, 2024. During the second quarter of 2024, the agreement was amended to move the closing date to fourth quarter of 2025.

The Company concluded that the arrangement does not constitute a transaction with a customer under ASC 606, and the Pipeline and its related easements represent a single distinct asset that will be derecognized at the point in time when the transferee gains control.

As of December 31, 2024, the Company had $7.75 million capitalized as CIP related to the construction of the asset. In the fourth quarter of 2024, the Company noted an increase in the construction budget and considered the asset for impairment under ASC 360 Property, Plant and Equipment. The Company estimates that its capitalized costs, combined with remaining budgeted construction expenditures, will reach $37.0 million by the asset’s completion date. In contrast, the Company expects to receive a payment of $23.1 million from WGL in exchange for the Pipeline, net of taxes. As a result, the asset does not meet the recoverability test as of December 31, 2024.

To calculate the amount of impairment, the Company further assessed the fair value of the Pipeline using the replacement cost approach. This approach is based on the premise that a prudent investor would pay no more for an asset of similar utility than its replacement or reproduction cost. The cost to replace the asset would include the cost of constructing a similar asset of equivalent utility at prices applicable at the valuation date. To estimate the fair value, the Company used the current cost of producing or constructing a similar new item, reduced for depreciation. The results of the impairment assessment indicated that the fair value of the asset exceeded its carrying amount as of the measurement date, resulting in no impairment loss as of December 31, 2024.

As of December 31, 2024, the Construction in progress consists of capital expenditures on construction of RNG generation facilities including, but not limited to Cottonwood, Central Valley RNG projects and RNG dispensing facilities.

Polk County became operational in the fourth quarter of 2024. Regarding the Central Valley RNG projects, please refer to Note 17. Commitments and Contingencies for additional information.

Depreciation expense on property, plant, and equipment for the years ended December 31, 2024 and December 31, 2023 was $17,176 and $13,481 respectively.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Cash and cash equivalents	$ 24,310	$ 38,348
Restricted cash - current	972	4,395
Parts inventory	10,294	10,191
Prepaid expense and other assets, current	11,051	6,005
Property, plant and equipment, net	458,258	339,493
Restricted cash - non-current	3,946	4,499
Accrued payroll	9,580	9,023
Accrued expenses and other current liabilities	9,529	10,188
Long-term construction loan, current	1,756	1,608
Other liabilities, current	1,595	92
Long-term construction loan, noncurrent	18,373	20,010
Other liabilities, noncurrent	9,842	7,599
Nonrelated Party
Accounts receivable, after allowance for credit loss, current	32,013	27,623
Accounts payable	16,419	13,901
Related Party
Accounts receivable, after allowance for credit loss, current	14,522	18,696
Accounts payable	7,932	7,024
Primary Beneficiary
Cash and cash equivalents	358	166
Restricted cash - current	972	4,395
Parts inventory	29	29
Prepaid expense and other assets, current	144	107
Property, plant and equipment, net	25,428	26,626
Restricted cash - non-current	2,315	1,850
Accrued payroll	45	0
Accrued expenses and other current liabilities	974	647
Long-term construction loan, current	1,756	1,608
Other liabilities, current	0	92
Long-term construction loan, noncurrent	18,373	20,010
Other liabilities, noncurrent	2,495	211
Primary Beneficiary \| Nonrelated Party
Accounts receivable, after allowance for credit loss, current	435	33
Accounts payable	22	744
Primary Beneficiary \| Related Party
Accounts payable	$ 426	$ 1,046
Class A common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	340,000,000	340,000,000
Common stock, shares issued (in shares)	30,065,260	29,701,146
Common stock, shares outstanding (in shares)	28,429,477	28,065,363
Treasury stock (in shares)	1,635,783	1,635,783
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	71,500,000	0
Common stock, shares outstanding (in shares)	71,500,000	0
Common Class C
Common stock, par value (in dollars per share)	$ 0.0001
Common stock, shares authorized (in shares)	160,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0
Class D common stock
Common stock, par value (in dollars per share)	$ 0.0001
Common stock, shares authorized (in shares)	160,000,000
Common stock, shares issued (in shares)	72,899,037	144,399,037
Common stock, shares outstanding (in shares)	72,899,037	144,399,037

Stock-based compensation - Summary of Equity Awards (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Weighted average fair value per restricted unit on grant date
Beginning balance (in dollars per share)	$ 5.26	$ 5.26
Granted, weighted average fair value per stock option on grant date (in dollars per share)		3.40
Ending balance (in dollars per share)		$ 3.40	$ 5.26
Stock options
Number of Units outstanding
Number of units outstanding, beginning balance (in shares)	175,890	175,890
Granted (in shares)		360,298
Forfeitures (in shares)		(37,527)
Number of units outstanding, ending balance (in shares)		498,661	175,890
Stock options vested and exercisable (in shares)		53,866
Exercise price per Stock Option
Exercise price per Stock Option, beginning balance (in dollars per share)	$ 6.97	$ 6.97
Granted, Exercise price per Stock Option (in dollars per share)		5.02
Forfeitures, Exercise price per Stock Option (in dollars per share)		4.73
Exercise price per Stock Option, ending balance (in dollars per share)		5.65	$ 6.97
Stock options vested and exercisable (in dollars per share)		$ 6.97
Vesting term (in years)	8 years 11 months 1 day		9 years 2 months 26 days
Weighted Average Remaining Contractual Term (Years), Vested and exercisable		8 years 2 months 26 days
Performance Stock Units
Number of Units outstanding
Number of units outstanding, beginning balance (in shares)	239,680	239,680
Granted (in shares)		456,308
Vested (in shares)		(873)
Forfeitures (in shares)		(51,524)
Number of units outstanding, ending balance (in shares)		643,591	239,680
Weighted average fair value per restricted unit on grant date
Beginning balance (in dollars per share)	$ 6.97	$ 6.97
Granted (in dollars per share)		4.97
Vested (in dollars per share)		4.96
Forfeitures (in dollars per share)		5.67
Ending balance (in dollars per share)		$ 5.66	$ 6.97
Unvested RSUs
Number of Units outstanding
Number of units outstanding, beginning balance (in shares)	949,936	949,936
Granted (in shares)		1,470,202
Vested (in shares)		(326,888)
Withheld for settlement of taxes (in shares)		(115,843)
Forfeitures (in shares)		(90,582)
Number of units outstanding, ending balance (in shares)		1,886,825	949,936
Weighted average fair value per restricted unit on grant date
Beginning balance (in dollars per share)	$ 6.98	$ 6.98
Granted (in dollars per share)		4.85
Vested (in dollars per share)		7.00
Withheld for settlement of taxes (in dollars per share)		6.98
Forfeitures (in dollars per share)		5.49
Ending balance (in dollars per share)		$ 5.39	$ 6.98

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The amount of assets that can only be used to settle obligations of the VIEs are parenthesized in the consolidated balance sheets. Equity is listed in the table below.


	As of December 31, 2024		As of December 31, 2023
Equity
Stockholders' equity	$	4,959	$	7,893
Non-redeemable non-controlling interests	618		955
Total equity	5,577		8,848

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Net Income Per Share - Schedule of Basic and Diluted Net Loss Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net loss attributable to Class A common stockholders	$ 561	$ 18,936
Diluted Net loss attributable to Class A common stockholders	$ 561	$ 18,936
Weighted average number of shares of Class A common stock - basic (in shares)	27,617,335	27,148,538
Effect of dilutive Restricted Stock Units (in shares)	77,315	345,478
Weighted average number of shares of Class A common stock - diluted (in shares)	27,694,650	27,494,016
Net loss per share of Class A common stock
Basic (in dollars per share)	$ 0.02	$ 0.70
Diluted (in dollars per share)	$ 0.02	$ 0.69

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Derivative Financial Instruments and Fair Value Measurements - Effect of Derivative Instruments on Statement of Operations (Details) - USD ($) $ in Thousands		12 Months Ended
	May 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Net periodic settlements		$ 96	$ 1,146
Change in fair value of derivative instruments, net		96	1,100
Commodity swaps - unrealized gain (loss)		(704)	0
Reclassification of adjustments into earnings		334	334
Change in fair value of derivative instruments, net		1,596	7,346
Not Designated as Hedging Instrument, Economic Hedge
Derivative Instruments, Gain (Loss) [Line Items]
Commodity swaps - realized gain		761	1,839
Commodity swaps - unrealized gain (loss)		(704)	763
Swaption
Derivative Instruments, Gain (Loss) [Line Items]
Swaption		0	(46)
Commodity Contract \| Not Designated as Hedging Instrument, Economic Hedge
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivative instruments, net		$ 57	$ 2,602
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Change in fair value of derivative instruments, net	$ 812

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
effective income tax rate reconciliation, percent		(62.00%)	0.00%
Income tax expense (benefit), net of selling expense	$ 8,906	$ (8,906)	$ 0
Nonrecurring items		1,100
Operating loss carryforwards	30,300	30,300
Deferred tax assets, operating loss carryforwards, state and local	1,436	1,436	785
Deferred tax assets, operating loss carryforwards, subject to expiration	26,100	26,100
Deferred tax assets, operating loss carryforwards, not subject to expiration	$ 4,200	4,200
Valuation allowance, deferred tax asset, increase (decrease)		$ 30,300	$ 16,600

Goodwill (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table summarizes the changes in goodwill, if any, by reporting segment from the beginning of the period to the end of the period:


	RNG Fuel		Fuel Station Services		Total
Balance at December 31, 2024	$	51,155	$	3,453	$	54,608
Balance at December 31, 2023	$	51,155	$	3,453	$	54,608

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Investments in Other Entities - Summary of Net Income (Loss) From Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 299,972	$ 256,108
Net income	14,325	127,024
Income from equity method investments	13,235	5,525
Assets, Current	117,188	128,073
Total assets	881,077	754,609
Liabilities, Current	103,596	74,343
Total liabilities	416,045	297,124
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Schedule of Equity Method Investments [Line Items]
Total revenues	111,296	50,074
Gross profit	45,803	12,065
Net income	36,100	6,323
Assets, Current	10,554	12,604
Assets, Noncurrent	121,934	91,215
Total assets	132,488	103,819
Liabilities, Current	15,993	14,358
Liabilities, Noncurrent	24,612	19,194
Total liabilities	$ 40,605	$ 33,552

Reportable Segments and Geographic Information - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		$ 299,972	$ 256,108
Cost of sales and other operating costs		244,244	226,483
(Income) Loss from EMI			(5,525)
Income from equity method investments		(13,235)	(5,525)
Interest and financing expense, net		19,610	9,306
Project development and start up costs		19,109	4,866
Other Income		(555)	(122,535)
Depreciation, amortization, and accretion		17,885	14,565
Other segment items		7,495	1,924
Income before provision for income taxes		5,419	127,024
Income tax benefit	$ (8,906)	8,906	0
Net income		14,325	127,024
Investment in other entities	223,594	223,594	207,099	$ 51,765
Segment assets	881,077	881,077	754,609
Cash paid for purchases of property, plant and equipment		129,154
Intersegment Eliminations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		(19,466)	(14,396)
Corporate
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		0	0
Cost of sales and other operating costs		45,911	45,250
(Income) Loss from EMI			0
Income from equity method investments		0
Interest and financing expense, net		0	(193)
Project development and start up costs		0	0
Other Income		(206)	(122,535)
Depreciation, amortization, and accretion		0	0
Other segment items		7,140	3,036
Investment in other entities	0	0	0
Segment assets	35,329	35,329	15,230
Cash paid for purchases of property, plant and equipment		0	0
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Investment in other entities			0
Segment assets			0
Cash paid for purchases of property, plant and equipment			0
Corporate And Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		0	0
Income before provision for income taxes		(52,845)	74,442
Renewable Natural Gas Fuel Supply Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		88,420	66,292
Renewable Natural Gas Fuel Supply Segment [Member] \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		88,420	66,292
Cost of sales and other operating costs		37,034	29,694
(Income) Loss from EMI			(5,525)
Income from equity method investments		(13,235)
Interest and financing expense, net		19,574	9,353
Project development and start up costs		19,109	4,866
Other Income		0	0
Depreciation, amortization, and accretion		8,252	5,268
Other segment items		0	433
Income before provision for income taxes		17,686	22,203
Investment in other entities	223,594	223,594	207,099
Segment assets	635,927	635,927	549,275
Cash paid for purchases of property, plant and equipment		110,740	96,692
Renewable Natural Gas Fuel Supply Segment [Member] \| Intersegment Eliminations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		(518)	0
Fuel Station Services Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		166,875	135,012
Fuel Station Services Segment [Member] \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		166,875	135,012
Cost of sales and other operating costs		128,804	115,146
(Income) Loss from EMI			0
Income from equity method investments		0
Interest and financing expense, net		168	(134)
Project development and start up costs		0	0
Other Income		0	0
Depreciation, amortization, and accretion		5,612	3,730
Other segment items		(1,222)	(1,638)
Income before provision for income taxes		33,513	17,908
Investment in other entities	0	0	0
Segment assets	179,304	179,304	152,625
Cash paid for purchases of property, plant and equipment		18,414	17,182
Fuel Station Services Segment [Member] \| Intersegment Eliminations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		(18,948)	(14,396)
Renewable Power
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		44,677	54,804
Renewable Power \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		44,677	54,804
Cost of sales and other operating costs		32,495	36,393
(Income) Loss from EMI			0
Income from equity method investments		0
Interest and financing expense, net		(132)	280
Project development and start up costs		0	0
Other Income		(349)	0
Depreciation, amortization, and accretion		4,021	5,567
Other segment items		1,577	93
Income before provision for income taxes		7,065	12,471
Investment in other entities	0	0	0
Segment assets	$ 30,517	30,517	37,479
Cash paid for purchases of property, plant and equipment		0	0
Renewable Power \| Intersegment Eliminations [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues		$ 0	0
Reportable Segment
Segment Reporting, Revenue Reconciling Item [Line Items]
Investment in other entities			207,099
Segment assets			754,609
Cash paid for purchases of property, plant and equipment			$ 113,874

Derivative Financial Instruments and Fair Value Measurements - Interest Rate Swaps (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative financial assets, current portion	$ 238	$ 633
Non - current portion of unrealized loss on commodity swaps	(63)	0
Interest Rate Swap \| Cash Flow Hedging
Derivative [Line Items]
Derivative financial assets, current portion	238	0
Non - current portion of unrealized loss on commodity swaps	448	0
Derivative assets (liabilities)	$ 686	$ 0

Net Income Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Income Per Share

The following table summarizes the calculation of basic and diluted net loss per share:


	Twelve Months Ended December 31,
	2024		2023
Net loss attributable to Class A common stockholders	$	561	$	18,936
Diluted Net loss attributable to Class A common stockholders	561		18,936

Weighted average number of shares of Class A common stock - basic	27,617,335		27,148,538
Effect of dilutive Restricted Stock Units	77,315		345,478
Weighted average number of shares of Class A common stock - diluted	27,694,650		27,494,016
Net loss per share of Class A common stock
Basic	$	0.02	$	0.70
Diluted	$	0.02	$	0.69

The basic income per share for the year ended December 31, 2024 does not include 1,635,783 shares in treasury and 716,650 shares that are issued and outstanding but are contingent on achieving earnout targets.

For the periods in which EPS is presented, the following securities were excluded from the computation of diluted EPS since their impact would have been antidilutive:


	As of December 31,
	2024	2023
Stock options	498,661	175,890
Unvested PSUs	716,650	716,650
Unvested RSUs	1,761,558	949,936
OPAL Fuels Class B units	144,399,037	144,399,037

Additionally, the diluted income per share of Class A common stock for the years ended December 31, 2024 and 2023 does not include Redeemable preferred non-controlling interests because the substantive contingency for conversion has not been met as of December 31, 2024. It does not include 716,650 Sponsor Earnout Awards and 10,000,000 OPAL Earnout Awards as their target share price and adjusted EBITDA contingencies have not been met as of December 31, 2024. It does not include 763,908 Sponsor Earnout Awards and 10,000,000 OPAL Earnout Awards as their target share price and adjusted EBITDA contingencies have not been met as of December 31, 2023. It also does not include redeemable non-controlling interests (OPAL Fuels Class B units) for the years ended December 31, 2024 and 2023.

Borrowings - Opal Term Loan II and Interest Rates Narrative (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	May 01, 2021	Aug. 27, 2020
Sunoma Loan
Debt Instrument [Line Items]
Interest rate during period	8.70%	9.00%
Interest rate on loan				7.80%
Senior Secured Credit Facility
Debt Instrument [Line Items]
Weighed average effective interest rate		5.10%
Convertible Notes Payable
Debt Instrument [Line Items]
Interest rate on loan		8.00%	8.00%
OPAL Term Loan and Revolver \| Secured Debt
Debt Instrument [Line Items]
Weighed average effective interest rate	8.80%	7.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Investments in Other Entities

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in Other Entities

Investment in Other Entities

The following table shows the movement of Investment in Other Entities:


	Pine Bend			Noble Road			GREP			SJI			Paragon			Total
Percentage of ownership	50		%	50		%	20		%	50		%	50		%

Balance at December 31, 2022	$	22,518		$	25,165		$	4,082		$	—		$	—		$	51,765
Deconsolidation of Emerald and Sapphire	—			—			—			—			34,662			34,662
Deconsolidation of deferred financing costs and capitalized interest	—			—			—			—			1,383			1,383
Net income from equity method investment	4,333			5,642			(1,212)			(547)			364			8,580
Reclassification of adjustments into earnings	—			—			(334)			—			—			(334)
Contribution by the Company	—			—			—			2,114			6,200			8,314
Distributions from return on investment in equity method investment (1)	(5,066)			(6,291)			(521)			—			(364)			(12,242)
Distributions from return of investment in equity method investment (2)	(459)			(1,159)			—			—			(3,221)			(4,839)
Accumulated other comprehensive loss	—			—			—			—			(8)			(8)
Gain on deconsolidation of Emerald and Sapphire (3)	—			—			—			—			122,873			122,873
Amortization of basis difference (4)	(264)			(1,183)			—			—			(1,608)			(3,055)
Balance at December 31, 2023	$	21,062		$	22,174		$	2,015		$	1,567		$	160,281		$	207,099
Net income from equity method investment	3,956			4,892			(255)			(845)			11,323			19,071
Contribution by the Company	—			—			—			15,050			5,906			20,956
Distributions from return on investment in equity method investment (1)	(3,800)			(4,298)			—			—			(6,238)			(14,336)
Distributions from return of investment in equity method investment (2)	(1,525)			(1,077)			—			—			(1,703)			(4,305)
Accumulated other comprehensive income	—			—			—			—			332			332
Amortization of basis difference (4)	(157)			(594)			—			—			(5,084)			(5,835)
Capitalized interest	—			—			—			612			—			612
Balance at December 31, 2024	$	19,536		$	21,097		$	1,760		$	16,384		$	164,817		$	223,594

(1) Recorded as part of cash flows from operating activities for the year ended December 31, 2024 and 2023.

(2) Recorded as part of cash flows from investing activities for the years ended December 31, 2024 and 2023.

(4) Reflected in Income from equity method investments in the consolidated statements of operations for the year ended December 31, 2024 and 2023.

The following table summarizes the income from equity method investments:


	Twelve Months Ended
	December 31, 2024		December 31, 2023
Revenue (1)	$	111,296	$	50,074
Gross profit	45,803		12,065
Net income	36,100		6,323
Net income from equity method investments (1)	$	13,235	$	5,525

(1) Net income from equity method investments represents our portion of the net income from equity method investments including amortization of any basis differences.

A summary of financial information for our portion of the assets and liabilities in equity method investees in the aggregate is as follows:


	December 31, 2024		December 31, 2023
Current assets	$	10,554	$	12,604
Non-current assets	121,934		91,215
Total assets	132,488		103,819
Current liabilities	15,993		14,358
Non-current liabilities	24,612		19,194
Total liabilities	$	40,605	$	33,552

Biotown Note receivable

In August 2021, the Company acquired 100% ownership interest in Reynolds which held a note receivable of $10,450 to Biotown. On July 15, 2022, Biotown repaid the total amount outstanding under the Note receivable.

The Note receivable also entitles Reynolds to receive 4.25% of any revenue-based distributions made up to a maximum of $4,500 over the term of the debt. The Company initially recorded the fair value of the Note receivable — variable fee component of $1,538 as an allocation of the initial investment balance of $10,450. The Company and recorded payment-in-kind interest income of $207 and $413 as a reduction to interest and financing expense, net in the consolidated statement of operations for the years ended December 31, 2024 and 2023, respectively.

The Note receivable - variable fee component of $2,509 and $2,302 is recorded as a long-term asset on its consolidated balance sheets as of December 31, 2024 and 2023, respectively.

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Total revenues	$ 299,972	$ 256,108
RNG Fuel
Total revenues	88,420	66,292
RNG Fuel \| Related Party
Total revenues	68,416	56,069
Fuel Station Services
Total revenues	166,875	135,012
Fuel Station Services \| Related Party
Total revenues	38,841	28,468
Renewable Power
Total revenues	44,677	54,804
Renewable Power \| Related Party
Total revenues	$ 6,912	$ 6,614

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Net Income Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	498,661	175,890
Unvested PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	716,650	716,650
Unvested RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	1,761,558	949,936
Class B common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	144,399,037	144,399,037

Intangible Assets, Net - Schedule of Intangible Assets with Definite Lives (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Cost	$ 10,642	$ 10,642
Accumulated Amortization	(9,312)	(9,038)
Intangible Assets, Net	1,330	1,604
Power purchase agreements
Finite-Lived Intangible Assets [Line Items]
Cost	8,999	8,999
Accumulated Amortization	(7,669)	(7,926)
Intangible Assets, Net	$ 1,330	$ 1,073
Weighted Average Amortization Period (Years)	18 years 1 month 6 days	18 years 1 month 6 days
Transmission/distribution interconnection
Finite-Lived Intangible Assets [Line Items]
Cost	$ 1,600	$ 1,600
Accumulated Amortization	(1,600)	(1,076)
Intangible Assets, Net	$ 0	$ 524
Weighted Average Amortization Period (Years)	15 years 1 month 6 days	15 years 1 month 6 days
Intellectual property
Finite-Lived Intangible Assets [Line Items]
Cost	$ 43	$ 43
Accumulated Amortization	(43)	(36)
Intangible Assets, Net	$ 0	$ 7
Weighted Average Amortization Period (Years)	5 years	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Derivative Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments and Fair Value Measurements

Interest rate swap contract

During the year ended December 31, 2024, the Company entered into an interest rate swap for the notional amount of $30,000 of the OPAL Term Loan at a fixed interest rate of 3.354% with a maturity date of September 1, 2028 to hedge the SOFR-based floating interest rate.

The interest rate swap was designated and qualified as a cash flow hedge. The Company uses interest rate swaps for the management of interest rate risk exposure, as an interest rate swap effectively converts a portion of the Company’s debt from a floating to a fixed rate. Credit risk is the failure of the counter party to perform under the terms of the swap contract. When the fair value of the swap contract is positive, the counter party owes the Company creating a credit risk. The interest rate swap is an agreement between the Company and counterparties in which the Company agrees to pay, in the future, a fixed-rate payment in exchange for the counterparties paying the Company a variable payment. The amount of the net payment obligation is based on the notional amount of the interest rate swap and the prevailing market interest rates. The Company may terminate the interest rate swaps prior to their expiration dates, at which point a realized gain or loss may be recognized, or may be amortized over the original life of the interest rate swap if the hedged debt remains outstanding. The value of the Company’s commitment would increase or decrease based primarily on the extent to which interest rates move against the rate fixed for each swap. By using commodity swaps, the Company exposes itself to credit risk. Credit risk is the failure of the counter party to perform under the terms of the swap contract. When the fair value of the swap contract is positive, the counter party owes the Company creating a credit risk.

The Company records the fair value of the interest rate swap as an asset or liability on its balance sheet. This instrument is classified as Level 2 in the fair value hierarchy. The effective portion of the swap is recorded in accumulated other comprehensive income. A periodic settlement of $96 was recorded under Prepaid expense and other current assets for the year ended December 31, 2024. The Company expects to release $238 from the Other Comprehensive Income in the next twelve months.


	December 31, 2024		December 31, 2023		Location of Fair Value Recognized in Balance Sheet
Derivatives designated as cash flow hedges:
Short term portion of the interest rate swaps	$	238	$	—	Derivative financial assets, current portion
Long term portion of the interest rate swaps	448		—		Derivative financial assets, non-current
	$	686	$	—

The effect of interest rate swaps on the consolidated statement of operations were as follows:


	Twelve Months Ended December 31,				Location of (Loss) Gain Recognized in Operations from Derivatives
	2024		2023
Swaption	$	—	$	(46)
Net periodic settlements - interest rate swaps (1)	96		1,146
	$	96	$	1,100	Change in fair value of derivative instruments, net

(1) The prior 2023 year includes $334 reclassification into earnings from our equity method investments and $812 reclassification on the gain on termination of interest rate swaps on May 30, 2023.

The Company enters into interest rate swap contracts with counterparties that allow for net settlement of derivative assets and derivative liabilities. The Company has made an accounting policy election to offset recognized amounts relating to these interest swaps within the consolidated balance sheets. There were no amounts offset in the Balance Sheet

as of the period-end dates. In addition, there were no collateral balances with counterparties outstanding as of the period-end dates.

Commodity swap contracts

The Company entered into an International Swaps and Derivatives Association ("ISDA") agreement with NextEra, a related party, in November 2019. Pursuant to the agreement, the Company entered into two additional commodity swaps in October 2022 for a period of one to two years with contract prices ranging between $65.50 and $68.50 per MWh. The swaps are expected to be settled by physical delivery on a monthly basis. The Company elected the normal purchase and normal sale exclusion and will not apply fair value accounting under ASC 815, Derivatives and hedging ("ASC 815"). The Company continues to meet the normal purchase normal sale exclusion for all the reporting periods presented.

The Company entered into a new commodity swap with NextEra in November 2022 for a period of two years at a contract price of $81.50 per MWh.

In November 2023, the Company entered into an electricity supply agreement with a utility provider for purchase of electricity to be used at one of our RNG facilities for a period of two years with a monthly notional quantity ranging between 1,875 and 2,145 kilo-watt hour ("kWh") and with fixed contract price $0.0599 per kWh. The forward contract is expected to be settled by physical delivery of electricity on a monthly basis. The Company elected the normal purchase normal sale exclusion and will not apply fair value accounting under ASC 815. The Company continues to meet the normal purchase normal sale exclusion for all the reporting periods presented.

In November 2024, the Company entered into a second confirmation under the ISDA to sell energy and related green attributes (i.e., RECs) to NextEra. Under this confirmation, the Company delivered a total of 5,000 MWh of power to NextEra on an hourly basis within the fourth quarter of 2024 between November and December 31, 2024. Sale of energy is accounted under ASC 815 with the contract settled as of December 31, 2024. The associated RECs will be delivered to NextEra on or before April 15, 2025 and are accounted for under ASC 606.

In December 2024, the Company entered into an power purchase and sale agreement with a NextEra for sale of electricity with a fixed quantity of 30,660 MWH over a one-year term, with a contract price of $43.60 per MWH. The forward contract is expected to be settled by physical delivery of electricity on a monthly basis. The Company elected the normal purchase normal sale exclusion and will not apply fair value accounting under ASC 815.

The Company entered into an ISDA agreement with NextEra, a related party in November 2022. Pursuant to the agreement, in December 2024 the Company entered in 15-month pay variable receive fixed cash settled electricity commodity swap with NextEra. The Company will receive Fixed Price $56.15 per MWh and pay Floating Price. Total notional quantity of the contract is 10,919 MWH. The Company applied fair value accounting under ASC 815 for this transaction.

The Company entered into an ISDA agreement with JPMorgan Chase Bank, National Association, New York Branch (“JPMorgan”) in September 2024. Pursuant to the agreement, in January 2025 the Company entered in two 17-month pay variable receive fixed cash settled natural gas commodity swaps with fixed price of $3.875 per MMBTU and total notional quantity of 850,000 MMBTUs each. The Company will apply fair value accounting under ASC 815 for these transactions.

The following table summarizes the effect of commodity swaps on the consolidated statements of operations for the years ended December 31, 2024 and 2023:


Derivatives not designated as hedging instruments	Location of (loss) gain recognized	Twelve Months Ended December 31,
		2024		2023
Commodity swaps - realized gain	Revenues - Renewable Power	$	761	$	1,839
Commodity swaps - unrealized gain (loss)	Revenues - Renewable Power	(704)		763
Total realized and unrealized gain	Revenues - Renewable Power	$	57	$	2,602

The following table summarizes the derivative assets and liabilities related to commodity swaps as of December 31, 2024 and December 31, 2023:


	Fair Value				Location of Fair value recognized in Balance Sheet
	December 31, 2024		December 31, 2023
Derivatives not designated as hedging instruments
Current portion of unrealized gain on commodity swaps	$	—	$	633	Derivative financial asset, current portion
Current portion of unrealized loss on commodity swaps	(9)		—		Derivative financial liability, current portion
Non - current portion of unrealized loss on commodity swaps	(63)		—		Derivative financial liability, non - current portion

Other derivative liabilities

On July 21, 2022, the Company recorded derivative liabilities for the outstanding put option to Meteora Capital Partners and its affiliates "Meteora", the Sponsor Earnout Awards and the OPAL Earnout Awards. The put option with Meteora expired in January 2023. The change in fair value on Sponsor Earnout and OPAL Earnout Awards is recorded as change in fair value of derivative instruments, net in the consolidated statement of operations for the years ended December 31, 2024 and 2023.

The following table summarizes the effect of change in fair value of other derivative liabilities on the consolidated statements of operations for the years ended December 31, 2024 and 2023:


Derivative liability	Twelve Months Ended December 31,				Location of (Loss) Gain Recognized in Operations from Derivatives
	2024		2023
Put option to Meteora	$	—	$	(311)
Sponsor Earnout Awards	1,596		1,890
OPAL Earnout Awards	—		5,000
	$	1,596	$	6,579	Change in fair value of derivative instruments, net

Fair value measurements

The carrying value of the Company's long-term debt, which are considered Level 2 in the fair value hierarchy, of $297,624 and $196,542 as of December 31, 2024 and December 31, 2023, respectively, approximates its fair value because our interest rate is variable and reflects current market rates.

Level 1 — defined as observable inputs such as quoted prices for identical instruments in active markets;

Level 3 — defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The fair value of the Sponsor Earnout Awards as of December 31, 2024, was determined using a Monte Carlo valuation model with a distribution of potential outcomes on a daily basis over the 2.56 years remaining in the vesting window. Assumptions used in the valuation are as follows:

•Current stock price — The Company's closing stock price of $3.39 as of December 31, 2024;

•Expected volatility —50% based on historical and implied volatilities of selected industry peers deemed to be comparable to our business corresponding to the expected term of the awards;

•Risk-free interest rate — 4.26% based on the U.S. Treasury yield curve in effect at the time of issuance for zero-coupon U.S. Treasury notes with maturities corresponding to the expected 2.56 year term of the earnout period;

•Dividend yield - zero.

The fair value of the OPAL Earnout Awards as of December 31, 2024 and December 31, 2023 was determined to be zero as their expiration date is December 31, 2024 and the Company does not expect to achieve the earn-out target.

Convertible note receivable

In July, 2024, the Company purchased a convertible note pursuant to which the Company has the right to convert the note into shares of common stock of the investee. The note has a term of 12 months from the closing date, unless paid or converted earlier in accordance with the terms of the agreement. The convertible note receivable is classified as available-for-sale. The Company elected to measure the convertible note receivable initially and subsequently at fair value with changes reported in earnings to accurately reflect current market expectations and conditions. The convertible note receivable is accounted for based on “Level 3” inputs, which consist of unobservable inputs and reflect management’s estimates of assumptions that market participants would use in pricing the asset. The Company reported the aggregate fair value as a separate line item in the consolidated balance sheets. Changes in fair value, including interest income, are presented under the Other Income line item in the consolidated statement of operations. As of December 31, 2024, fair value of the convertible note equaled to $760. The Company estimates the fair value of its convertible note receivable using a weighted probability model which considers two potential settlement scenarios over the term of the note, discounted to the reporting date. The valuation of the conversion option is determined using option pricing model, which incorporate key assumptions and estimates, including expected volatility, the anticipated term of the instrument, and applicable risk-free interest rate.

There were no transfers of assets between Level 1, Level 2, or Level 3 of the fair value hierarchy as of December 31, 2024.


	Fair value as of December 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities:
Asset retirement obligation	$	—	$	—	$	7,886	$	7,886
Earnout liabilities	—		—		304		304
Commodity swap contracts	—		72		—		72
Assets:
Cash and cash equivalents and restricted cash - current and non-current (1)	29,228		—		—		29,228
Interest rate swap contracts	—		686		—		686
Convertible note receivable	—		—		760		760


	Fair value as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities:
Asset retirement obligation	$	—	$	—	$	6,728	$	6,728
Earnout liabilities	—		—		1,900		1,900
Assets:
Cash and cash equivalents and restricted cash - current and non-current (1)	47,242		—		—		47,242
Short term investments	9,875		—		—		9,875
Commodity swap contracts	—		633		—		633

(1) Includes balances in money market accounts of $19,786 and $31,965, respectively as of December 31, 2024 and December 31, 2023.

A summary of changes in the fair values of the Company’s Level 3 instruments, attributable to asset retirement obligations, for the year ended December 31, 2024 is included in Note 2, Summary of Significant Accounting Policies.

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

estimates.


	Twelve Months Ended December 31,
	2024		2023
Income tax benefit	$	(8,906)	$	—

The year-to-date effective tax rate for the year ended December 31, 2024 and 2023 was -62% and —%, respectively. During the third quarter of 2024, the Company recognized the tax benefit associated with the sale of investment tax credits to a counterparty. Per ASC 740-10-25-46, the Company uses the flow-through method to account for investment tax credits (ITCs). Under the flow-through method, an entity immediately recognizes the cost savings from the tax credit. The entire investment tax credit is accounted for as a reduction in income tax expense in the year the asset is acquired. Accordingly, a temporary difference does not exist when an entity elects to use the flow-through method. Therefore, the Company recognized a total income tax benefit of $8,906 during the year ended December 31, 2024 and $— for year ended December 31, 2023.


	Twelve Months Ended December 31,
	2024				2023
Tax at Federal Statutory Rate	$	2,978	21	%	$	26,639	21	%
Tax on Earnings attributable to noncontrolling interest	(2,865)		(20)	%	(1,063)		(1)	%
Section 6418/ITC Sale	(348)		(2)	%	—		—	%
Gain on deconsolidation of entities	—		—	%	(25,803)		(20)	%
State Taxes, net	42		—	%	—		—	%
Stock based compensation	64		—	%	—		—	%
Proceeds from Sale of ITCs, net of selling taxes	(8,906)		(62)	%	—		—	%
Other Adjustments	15		—	%	87		—	%
Change in Valuation Allowance	114		1	%	140		—	%
Total income tax benefit - continuing operations	$	(8,906)	(62)	%	$	—	—	%

The components of the deferred tax assets and liabilities are as follows:


	Twelve Months Ended December 31,
	2024		2023
Deferred tax assets:
Investment in partnership	$	19,828	$	25,133
163j interest limitation	1,328		608
Federal NOL carryforward	4,388		1,165
State NOL carryforward	1,436		785
Total deferred tax assets	26,980		27,691

Valuation allowance for deferred tax assets	(26,980)		(27,691)
Deferred tax assets, net of valuation allowance	—		—
Deferred tax liabilities:
Total deferred tax liabilities	—		—
Net deferred income tax asset or liability	$	—	$	—

As of December 31, 2024, Opal Fuels, Inc. is in a net deferred tax asset position. Based on all available positive and negative evidence, including projections of future taxable income, the Company believes it is more likely than not that the deferred tax assets will not be realized. As such, a full valuation allowance was recorded against the net deferred tax asset position for federal and state purposes as of December 31, 2024. For purposes of determining pre-tax income/(loss) for the pre-IPO period, the Company relied on the historical financial statements of Opal Fuels, LLC as this is the best information to represent the historic pre-tax income/(loss) of Opal Fuels Inc. As of December 31, 2024, Opal Fuels, Inc. is in a three-year cumulative income position, excluding non-recurring items, of approximately $1.1 million. However, the primary driver of the cumulative income position as of December 31, 2024, is the income statement impact of the mark-to-market earnout liability. The Company notes that mark-to-market (“MTM”) adjustments are volatile and can fluctuate over time. As a result, management has determined that due to the fluctuation of this MTM adjustment and the near breakeven nature of the three-year cumulative income, the Company does not have sufficient positive evidence to release the valuation allowance. Should future results of operations demonstrate a trend of profitability, additional weight may be placed upon other evidence, such as forecasts of future taxable income. Additionally, future events and new evidence, such as the integration and realization of profit from recently acquired assets, could lead to increased weight being placed upon future forecasts and the conclusion that some or all of the deferred tax assets are more likely than not to be realizable. Therefore, the Company believes that there is a possibility that some or all of the valuation allowance could be released in the foreseeable future.

The Company has deferred tax assets from state net operating loss carryforwards aggregating $30.3 million as of December 31, 2024 representing state tax benefits, net of federal taxes, of approximately $1.4 million. These loss carryforwards are subject to ten, fifteen, twenty-year, or indefinite carryforward periods, with $26.1 million expiring between 2032-2044, and $4.2 million with no expiration. The Company has provided valuation allowances of $30.3 million and $16.6 million as of December 31, 2024 and 2023, respectively, against the state tax loss carryforwards, representing the portion of carryforward losses that the Company believes are not likely to be realized.

For Federal income tax purposes, the 2021 through 2024 tax years remain open for examination. For state tax purposes, the 2021 through 2024 tax years remain open for examination.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Investments in Other Entities - Summary of Equity Method Investments (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Aug. 31, 2021

Increase (Decrease) In Equity Method Investments [Roll Forward]

Beginning balance

$ 207,099

$ 51,765

Deconsolidation of VIEs

^[1]

36,045

Net income from equity method investment

19,071

8,580

Reclassification of adjustments into earnings

(334)

Contribution by the Company

20,956

8,314

Distributions from return on investment in equity method investment

(14,336)

(12,242)

Distributions from return of investment in equity method investment

(4,305)

(4,839)

Accumulated other comprehensive loss

332

(8)

Gain on deconsolidation of Emerald and Sapphire

122,873

Amortization of basis difference

(5,835)

(3,055)

Capitalized interest

612

Ending balance

$ 223,594

207,099

Deferred Financing Costs And Capitalized Interest

Increase (Decrease) In Equity Method Investments [Roll Forward]

Deconsolidation of VIEs

1,383

Emerald And Sapphire

Increase (Decrease) In Equity Method Investments [Roll Forward]

Deconsolidation of VIEs

34,662

Pine Bend

Schedule of Equity Method Investments [Line Items]

Percentage of ownership

50.00%

Increase (Decrease) In Equity Method Investments [Roll Forward]

Beginning balance

$ 21,062

22,518

Net income from equity method investment

3,956

4,333

Reclassification of adjustments into earnings

Contribution by the Company

Distributions from return on investment in equity method investment

(3,800)

(5,066)

Distributions from return of investment in equity method investment

(1,525)

(459)

Accumulated other comprehensive loss

Gain on deconsolidation of Emerald and Sapphire

Amortization of basis difference

(157)

(264)

Capitalized interest

Ending balance

$ 19,536

21,062

Pine Bend | Deferred Financing Costs And Capitalized Interest

Increase (Decrease) In Equity Method Investments [Roll Forward]

Deconsolidation of VIEs

Pine Bend | Emerald And Sapphire

Increase (Decrease) In Equity Method Investments [Roll Forward]

Deconsolidation of VIEs

Noble Road

Schedule of Equity Method Investments [Line Items]

Percentage of ownership

50.00%

Increase (Decrease) In Equity Method Investments [Roll Forward]

Beginning balance

$ 22,174

25,165

Net income from equity method investment

4,892

5,642

Reclassification of adjustments into earnings

Contribution by the Company

Distributions from return on investment in equity method investment

(4,298)

(6,291)

Distributions from return of investment in equity method investment

(1,077)

(1,159)

Accumulated other comprehensive loss

Gain on deconsolidation of Emerald and Sapphire

Amortization of basis difference

(594)

(1,183)

Capitalized interest

Ending balance

$ 21,097

22,174

Noble Road | Deferred Financing Costs And Capitalized Interest

Increase (Decrease) In Equity Method Investments [Roll Forward]

Deconsolidation of VIEs

Noble Road | Emerald And Sapphire

Increase (Decrease) In Equity Method Investments [Roll Forward]

Deconsolidation of VIEs

GREP

Schedule of Equity Method Investments [Line Items]

Percentage of ownership

20.00%

Increase (Decrease) In Equity Method Investments [Roll Forward]

Beginning balance

$ 2,015

4,082

Net income from equity method investment

(255)

(1,212)

Reclassification of adjustments into earnings

(334)

Contribution by the Company

Distributions from return on investment in equity method investment

(521)

Distributions from return of investment in equity method investment

Accumulated other comprehensive loss

Gain on deconsolidation of Emerald and Sapphire

Amortization of basis difference

Capitalized interest

Ending balance

$ 1,760

2,015

GREP | Deferred Financing Costs And Capitalized Interest

Increase (Decrease) In Equity Method Investments [Roll Forward]

Deconsolidation of VIEs

GREP | Emerald And Sapphire

Increase (Decrease) In Equity Method Investments [Roll Forward]

Deconsolidation of VIEs

SJI

Schedule of Equity Method Investments [Line Items]

Percentage of ownership

50.00%

Increase (Decrease) In Equity Method Investments [Roll Forward]

Beginning balance

$ 1,567

Net income from equity method investment

(845)

(547)

Reclassification of adjustments into earnings

Contribution by the Company

15,050

2,114

Distributions from return on investment in equity method investment

Distributions from return of investment in equity method investment

Accumulated other comprehensive loss

Gain on deconsolidation of Emerald and Sapphire

Amortization of basis difference

Capitalized interest

612

Ending balance

$ 16,384

1,567

SJI | Deferred Financing Costs And Capitalized Interest

Increase (Decrease) In Equity Method Investments [Roll Forward]

Deconsolidation of VIEs

SJI | Emerald And Sapphire

Increase (Decrease) In Equity Method Investments [Roll Forward]

Deconsolidation of VIEs

Paragon

Schedule of Equity Method Investments [Line Items]

Percentage of ownership

50.00%

Increase (Decrease) In Equity Method Investments [Roll Forward]

Beginning balance

$ 160,281

Net income from equity method investment

11,323

364

Reclassification of adjustments into earnings

Contribution by the Company

5,906

6,200

Distributions from return on investment in equity method investment

(6,238)

(364)

Distributions from return of investment in equity method investment

(1,703)

(3,221)

Accumulated other comprehensive loss

332

(8)

Gain on deconsolidation of Emerald and Sapphire

122,873

Amortization of basis difference

(5,084)

(1,608)

Capitalized interest

Ending balance

$ 164,817

160,281

Paragon | Deferred Financing Costs And Capitalized Interest

Increase (Decrease) In Equity Method Investments [Roll Forward]

Deconsolidation of VIEs

1,383

Paragon | Emerald And Sapphire

Increase (Decrease) In Equity Method Investments [Roll Forward]

Deconsolidation of VIEs

$ 34,662

[1]

As of May 30, 2023, two of our RNG facilities, Emerald and Sapphire were deconsolidated and accounted for under equity method as per ASC 323 Investments—Equity Method and Joint Ventures. Please see Note 3. Investment in Other Entities and Note 12. Variable Interest Entities for additional information.

Summary of Significant Accounting Policies - Short Term Investments Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Short term investments	$ 0	$ 9,875

Summary of Significant Accounting Policies - Income Taxes, Significant Customers, Vendors and Concentration of Credit Risk and Investment Tax Credits Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Income tax benefit	$ 8,906	$ (8,906)	$ 0
Net proceeds from the sale of tax credits		8,906
Legal and insurance fees		1,440
Sellers expense		1,182
Project development and startup costs		$ 258
Accounts Payable \| Supplier Concentration Risk \| One Vendor
Concentration Risk [Line Items]
Percentage of total revenue		17.00%	32.00%
Two Customers \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenue		52.00%	47.00%
Two Customers \| Accounts Receivable \| Customer Concentration Risk
Concentration Risk [Line Items]
Percentage of total revenue		50.00%	54.00%

Summary of Significant Accounting Policies - Goodwill, Intangible Assets, Significant Customers, Vendors and Concentration of Credit Risk, Impairment on Long-Lived Assets Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) agreement contract interconnection	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 54,608,000	$ 54,608,000
Asset impairment charges	2,016,000	$ 0
Beacon
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 51,200,000
Accounts Payable \| Supplier Concentration Risk \| One Vendor
Finite-Lived Intangible Assets [Line Items]
Percentage of total revenue	17.00%	32.00%
Two Customers \| Revenue Benchmark \| Customer Concentration Risk
Finite-Lived Intangible Assets [Line Items]
Percentage of total revenue	52.00%	47.00%
Two Customers \| Accounts Receivable \| Customer Concentration Risk
Finite-Lived Intangible Assets [Line Items]
Percentage of total revenue	50.00%	54.00%
Power purchase agreements
Finite-Lived Intangible Assets [Line Items]
Number of intangible assets \| agreement	3
Weighted Average Amortization Period (Years)	18 years 1 month 6 days	18 years 1 month 6 days
Customer Contracts
Finite-Lived Intangible Assets [Line Items]
Number of intangible assets \| contract	1
Transmission/distribution interconnection
Finite-Lived Intangible Assets [Line Items]
Number of intangible assets \| interconnection	1
Weighted Average Amortization Period (Years)	15 years 1 month 6 days	15 years 1 month 6 days
Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period (Years)	20 years

Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation Arrangements by Share-Based Payment Award, Restricted Stock Units, Vested and Expected to Vest

Stock option activity during the year ended December 31, 2024, consisted of the following (in thousands, except for share and per share data):


	Stock options	Weighted-Average Exercise Price	Weighted-Average Remaining Contractual Term (Years)
Outstanding as of December 31, 2023	175,890	6.97	9.24
Granted	360,298	5.02
Cancelled/Forfeited/Expired	(37,527)	4.73
Outstanding as of December 31, 2024	498,661	5.65	8.92
Vested and exercisable as of December 31, 2024	53,866	6.97	8.24


	Number of Units	Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2023	239,680	$	6.97
Granted	456,308	4.97
Vested	(873)	4.96
Forfeited	(51,524)	5.67
Unvested as of December 31, 2024	643,591	$	5.66

A summary of the unvested shares as of December 31, 2024, and changes during the year ended December 31, 2024, is presented below.


	Number of Units	Weighted-Average Grant-Date Fair Value
Unvested as of December 31, 2023	949,936	$	6.98
Granted	1,470,202	4.85
Vested	(326,888)	7.00
Withheld for settlement of taxes	(115,843)	6.98
Forfeited	(90,582)	5.49
Unvested as of December 31, 2024	1,886,825	$	5.39

Stock-based Compensation Expense

The stock-based compensation expense for the above stock awards under the 2022 Plan as well as Parent Equity Awards is included in the selling, general and administrative expenses:


	Twelve Months Ended December 31,
	2024		2023
2022 Plan	$	6,128	$	5,264
Parent Equity Awards	324		639
	$	6,452	$	5,903

Borrowings - Sunoma Loan Narrative (Details) - USD ($) $ in Thousands	Aug. 27, 2020	Jul. 19, 2022
Sunoma Loan
Debt Instrument [Line Items]
Aggregate principal amount	$ 20,000
Maximum debt to worth ratio	500.00%
Minimum current ratio	100.00%
Minimum required debt service coverage ratio	125.00%
Interest rate on loan	7.80%
Sunoma Loan \| Sunoma
Debt Instrument [Line Items]
Financing fees paid	$ 635
Permanent Loan
Debt Instrument [Line Items]
Aggregate principal amount		$ 23,000
Interest rate on loan		8.20%

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Right-Of-Use Assets And Lease Liabilities

Right-of-use assets and Lease liabilities as of December 31, 2024 and December 31, 2023 are as follows:


Description	Location in Balance Sheet	December 31, 2024		December 31, 2023
Assets:
Operating leases (1):
Site leases	Right-of-use assets	$	12,213	$	11,330
Office lease	Right-of-use assets	518		971
		12,731		12,301
Finance leases (1):
Vehicle leases	Property, plant and equipment, net	3,983		2,580
Site lease	Property, plant and equipment, net	5,567		6,468
		9,550		9,048
Total lease right-of-use assets		$	22,281	$	21,349

Liabilities (1):
Sites leases	Operating lease liabilities - current portion	$	231	$	130
Office lease	Operating lease liabilities - current portion	549		508
Vehicle leases - finance	Accrued expenses and other current liabilities	1,427		827
Site leases - finance	Accrued expenses and other current liabilities	1,157		571
		3,364		2,036

Sites leases	Operating lease liabilities - non - current portion	12,103		11,222
Office lease	Operating lease liabilities - non - current portion	52		602
Vehicle leases - finance	Other long-term liabilities	2,665		1,801
Site leases - finance	Other long-term liabilities	4,893		5,587
		19,713		19,212
Total lease liabilities		$	23,077	$	21,248

The table below presents components of the Company's lease expense for the years ended December 31, 2024 and 2023:


Description	Location in Statement of Operations	Twelve Months Ended December 31,
		2024		2023
Operating lease expense for site leases	Project development and start up costs	$	1,126	$	1,087
Operating lease expense for office lease	Selling, general, administrative expenses	484		484
Amortization of right-of-use assets - finance leases	Depreciation, amortization and accretion expense	1,923		667
Interest expense on lease liabilities - finance leases	Interest and financing expense, net	595		105
		$	4,128	$	2,343

The Company does not have material short term lease expense for the years ended December 31, 2024 and 2023.

The Company did not enter into any operating leases greater than 12 months for the year ended December 31, 2024.


Weighted average remaining lease term (years)						December 31, 2024
Operating leases						20.6 years
Finance leases						5.9 years

Future Minimum Lease Payments - Finance Leases

The table below provides the total amount of lease payments on an undiscounted basis on our lease contracts as of December 31, 2024:


	Site leases			Office leases			Vehicle and Equipment leases			Site lease - Finance			Total

Weighted average discount rate	7.3		%	3.6		%	6.9		%	6.5		%

2025	$	1,044		$	562		$	1,711		$	825		$	4,142
2026	1,051			47			1,556			963			3,617
2027	1,129			—			1,028			963			3,120
2028	1,129			—			337			4,250			5,716
2029	1,129			—			—			—			1,129
Thereafter	18,779			—			—			—			18,779
	24,261			609			4,632			7,001			36,503

Present value of lease liability	12,334			601			4,092			6,050			23,077

Lease liabilities - current portion	231			549			1,427			1,157			3,364
Lease liabilities - non-current portion	12,103			52			2,665			4,893			19,713
Total lease liabilities	$	12,334		$	601		$	4,092		$	6,050		$	23,077

Discount based on incremental borrowing rate	$	11,927		$	8		$	540		$	951		$	13,426

Future Minimum Lease Payments - Operating Leases

The table below provides the total amount of lease payments on an undiscounted basis on our lease contracts as of December 31, 2024:


	Site leases			Office leases			Vehicle and Equipment leases			Site lease - Finance			Total

Weighted average discount rate	7.3		%	3.6		%	6.9		%	6.5		%

2025	$	1,044		$	562		$	1,711		$	825		$	4,142
2026	1,051			47			1,556			963			3,617
2027	1,129			—			1,028			963			3,120
2028	1,129			—			337			4,250			5,716
2029	1,129			—			—			—			1,129
Thereafter	18,779			—			—			—			18,779
	24,261			609			4,632			7,001			36,503

Present value of lease liability	12,334			601			4,092			6,050			23,077

Lease liabilities - current portion	231			549			1,427			1,157			3,364
Lease liabilities - non-current portion	12,103			52			2,665			4,893			19,713
Total lease liabilities	$	12,334		$	601		$	4,092		$	6,050		$	23,077

Discount based on incremental borrowing rate	$	11,927		$	8		$	540		$	951		$	13,426

Borrowings - Schedule of Principal Maturities of Debt (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
2025	$ 12,621
2026	12,763
2027	12,916
2028	256,235
2029	2,395
Thereafter	10,533
Total	307,463
OPAL Term Loan \| OPAL Term Loan
Debt Instrument [Line Items]
2025	10,865
2026	10,865
2027	10,865
2028	254,022
2029	0
Thereafter	0
Total	286,617
Sunoma Loan
Debt Instrument [Line Items]
2025	1,756
2026	1,898
2027	2,051
2028	2,213
2029	2,395
Thereafter	10,533
Total	$ 20,846

Summary of Significant Accounting Policies - Receivables, Contract Assets and Contract Liabilities From Contracts With Customers (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Contract assets:
Cost and estimated earnings in excess of billings	$ 8,547	$ 4,630
Accounts receivable retainage, net	2,528	2,160
Contract assets	11,075	6,790
Contract liabilities:
Billings in excess of costs and estimated earnings	9,276	6,314
Contract liabilities	9,276	6,314
Nonrelated Party
Disaggregation of Revenue [Line Items]
Accounts receivable, net	$ 32,013	$ 27,623

Leases - Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
2025	$ 4,142
2026	3,617
2027	3,120
2028	5,716
2029, operating lease	1,129
Thereafter	18,779
Future minimum lease payments	36,503
Total lease liabilities	23,077	$ 21,248
Operating lease liabilities - current portion	780	638
Lease liabilities - current portion	3,364	2,036
Operating lease liabilities - non-current portion	12,155	11,824
Lease liabilities - non-current portion	19,713	19,212
Discount based on incremental borrowing rate	$ 13,426
Site leases
Lessee, Lease, Description [Line Items]
Operating lease, weighted average discount rate	7.30%
Finance lease, weighted average discount rate	6.50%
2025, operating lease	$ 1,044
2025, finance lease	825
2026, operating lease	1,051
2026, finance lease	963
2027, operating lease	1,129
2027, finance lease	963
2028, operating lease	1,129
2028, finance lease	4,250
2029, operating lease	1,129
2029, finance lease	0
2029 and beyond, operating lease	18,779
2029 and beyond, finance lease	0
Future minimum lease payments, operating lease	24,261
Future minimum lease payments, finance lease	7,001
Lease liabilities, operating lease	12,334
Lease liabilities, finance lease	6,050
Operating lease liabilities - current portion	231	130
Lease liabilities - current portion, finance lease	1,157	571
Operating lease liabilities - non-current portion	12,103	11,222
Lease liabilities - non-current portion, finance lease	4,893	5,587
Discount based on incremental borrowing rate, operating lease	11,927
Discount based on incremental borrowing rate, finance lease	$ 951
Office lease
Lessee, Lease, Description [Line Items]
Operating lease, weighted average discount rate	3.60%
2025, operating lease	$ 562
2026, operating lease	47
2027, operating lease	0
2028, operating lease	0
2029, operating lease	0
2029 and beyond, operating lease	0
Future minimum lease payments, operating lease	609
Lease liabilities, operating lease	601
Operating lease liabilities - current portion	549	508
Operating lease liabilities - non-current portion	52	602
Discount based on incremental borrowing rate, operating lease	$ 8
Vehicles
Lessee, Lease, Description [Line Items]
Finance lease, weighted average discount rate	6.90%
2025, finance lease	$ 1,711
2026, finance lease	1,556
2027, finance lease	1,028
2028, finance lease	337
2029, finance lease	0
2029 and beyond, finance lease	0
Future minimum lease payments, finance lease	4,632
Lease liabilities, finance lease	4,092
Lease liabilities - current portion, finance lease	1,427	827
Lease liabilities - non-current portion, finance lease	2,665	$ 1,801
Discount based on incremental borrowing rate, finance lease	$ 540

Derivative Financial Instruments and Fair Value Measurements - Narrative (Details) $ in Thousands	1 Months Ended
	Jan. 31, 2025 MMBTU uS_per_MillionsOfBTU	Dec. 31, 2024 USD ($) $ / shares yr MWh uSD_per_Megawatt-Hour	Nov. 30, 2024 MWh	Nov. 30, 2023 kWh uSD_per_Kilowatt_Hour	Nov. 30, 2022 uSD_per_Megawatt-Hour	Oct. 31, 2022 commodity_swap uSD_per_Megawatt-Hour	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Long-term debt, excluding current portion		$ 285,003					$ 196,542
Fair Value, Recurring
Derivative [Line Items]
Convertible notes receivable, fair value disclosure		760
Forward Contracts
Derivative [Line Items]
Derivative, term of contract (in years)				2 years
Derivative, Contract Price, Average \| uSD_per_Kilowatt_Hour				0.0599
Level 2
Derivative [Line Items]
Long-term debt, excluding current portion		297,624					$ 196,542
Level 2 \| Fair Value, Recurring
Derivative [Line Items]
Convertible notes receivable, fair value disclosure		0
Level 3 \| Fair Value, Recurring
Derivative [Line Items]
Convertible notes receivable, fair value disclosure		$ 760
Share price \| Sponsor Earnout Awards
Derivative [Line Items]
Warrants, measurement input \| $ / shares		3.39
Expected volatility \| Sponsor Earnout Awards
Derivative [Line Items]
Warrants, measurement input		0.50
Risk free interest rate \| Sponsor Earnout Awards
Derivative [Line Items]
Warrants, measurement input		0.0426
Expected term \| Sponsor Earnout Awards
Derivative [Line Items]
Warrants, measurement input \| yr		2.56
Dividend yield \| Sponsor Earnout Awards
Derivative [Line Items]
Warrants, measurement input		0
Minimum \| Forward Contracts
Derivative [Line Items]
Notional quantity (Kilowatt hour) \| kWh				1,875
Minimum \| Discount rate \| Level 3
Derivative [Line Items]
Asset retirement obligation, measurement input		0.0575
Maximum \| Forward Contracts
Derivative [Line Items]
Notional quantity (Kilowatt hour) \| kWh				2,145
Maximum \| Discount rate \| Level 3
Derivative [Line Items]
Asset retirement obligation, measurement input		0.085
Interest Rate Swap \| Cash Flow Hedging
Derivative [Line Items]
Notional amount		$ 30
Derivative, Fixed Interest Rate		3.354%
Interest rate fair value hedge asset at fair value		$ 96
Interest rate cash flow hedge gain (loss) to be reclassified during the next 12 months, net		$ 238
Commodity Contract
Derivative [Line Items]
Derivative, term of contract (in years)		15 months
Derivative, Contract Price, Average \| uSD_per_Megawatt-Hour		56.15
Notional quantity (Kilowatt hour) \| MWh		10,919	5,000
Commodity Contract \| Subsequent Event
Derivative [Line Items]
Derivative, term of contract (in years)	17 months
Derivative, Contract Price, Average \| uS_per_MillionsOfBTU	3.875
Notional quantity (Kilowatt hour) \| MMBTU	850,000
Commodity Contract \| NextEra
Derivative [Line Items]
Number of additional commodity swaps \| commodity_swap						2
Derivative, term of contract (in years)					2 years
Derivative, Contract Price, Average \| uSD_per_Megawatt-Hour		43.60			81.50
Notional quantity (Kilowatt hour) \| MWh		30,660
Commodity Contract \| Minimum \| NextEra
Derivative [Line Items]
Derivative, term of contract (in years)						1 year
Derivative, Contract Price, Average \| uSD_per_Megawatt-Hour						65.50
Commodity Contract \| Maximum \| NextEra
Derivative [Line Items]
Derivative, term of contract (in years)						2 years
Derivative, Contract Price, Average \| uSD_per_Megawatt-Hour						68.50

Variable Interest Entities - Narrative (Details) - variable_interest_entity	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of variable interest entities	7	7
Number of variable interest entities consolidated	2	2

Derivative Financial Instruments and Fair Value Measurements - Summary of Commodity Swaps And Other Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Change in fair value of derivative instruments, net	$ 96	$ 1,100
Other Derivatives
Derivative [Line Items]
Change in fair value of derivative instruments, net	1,596	6,579
Put option to Meteora
Derivative [Line Items]
Change in fair value of derivative instruments, net	0	(311)
Sponsor Earnout Awards
Derivative [Line Items]
Change in fair value of derivative instruments, net	1,596	1,890
OPAL Earnout Awards
Derivative [Line Items]
Change in fair value of derivative instruments, net	$ 0	$ 5,000

Summary of Significant Accounting Policies - Project Development and Startup Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Virtual pipeline costs	$ 14,769	$ 1,295
Site lease expenses	1,142	1,021
Legal and professional fees	2,114	1,141
Virtual pipeline costs	0	833
Other	1,084	576
Total Project development and startup costs	$ 19,109	$ 4,866

Summary of Significant Accounting Policies - Revenue Recognition, Contract Balances, Parts Inventory, Fuel Station Construction Backlog and Major Maintenance Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2023 facility	Dec. 31, 2022 subsidiary	Dec. 31, 2024 USD ($) producer facility	Dec. 31, 2023 USD ($)	Dec. 31, 2020	Nov. 29, 2021
Revenue from External Customer [Line Items]
Number of natural gas producers \| producer			2
Total revenues			$ 299,972	$ 256,108
Other liabilities, noncurrent			9,842	7,599
Product warranty accrual, current			171	132
Revenue recognized included in contract liabilities			3,746	8,013
Inventory reserves			20	20
Backlog			66,384
Major maintenance expense			$ 7,637	$ 7,240
Transferred over Time
Revenue from External Customer [Line Items]
Percentage of total revenue			13.00%	19.00%
RNG Fuel
Revenue from External Customer [Line Items]
Total revenues			$ 88,420	$ 66,292
Fuel Station Services
Revenue from External Customer [Line Items]
Total revenues			166,875	135,012
Environmental credits held for sale			10,365	7,354
Renewable Power
Revenue from External Customer [Line Items]
Total revenues			44,677	54,804
Number of wholly-owned subsidiaries \| subsidiary		2
Related Party \| RNG Fuel
Revenue from External Customer [Line Items]
Total revenues			68,416	56,069
Related Party \| Fuel Station Services
Revenue from External Customer [Line Items]
Total revenues			38,841	28,468
Related Party \| Renewable Power
Revenue from External Customer [Line Items]
Total revenues			$ 6,912	6,614
RNG fuel
Revenue from External Customer [Line Items]
Term of agreement (in years)	3 years
Number of facilities \| facility	3		2
RNG fuel \| Low Carbon Fueld Standard ("LCFS")
Revenue from External Customer [Line Items]
Agreement, term of contract					7 years
Other liabilities, noncurrent			$ 2,185
NextEra \| RNG fuel
Revenue from External Customer [Line Items]
Minimum of environmental attributes to be sold, percentage						90.00%
OCI Fuels B.V. ("OCI") \| Environmental Attributes
Revenue from External Customer [Line Items]
Term of agreement (in years)		3 years
OCI Fuels B.V. ("OCI") \| Environmental Attributes \| Renewable Power
Revenue from External Customer [Line Items]
Total revenues			$ 16,286	$ 16,325

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax Expense


	Twelve Months Ended December 31,
	2024		2023
Income tax benefit	$	(8,906)	$	—


	Twelve Months Ended December 31,
	2024				2023
Tax at Federal Statutory Rate	$	2,978	21	%	$	26,639	21	%
Tax on Earnings attributable to noncontrolling interest	(2,865)		(20)	%	(1,063)		(1)	%
Section 6418/ITC Sale	(348)		(2)	%	—		—	%
Gain on deconsolidation of entities	—		—	%	(25,803)		(20)	%
State Taxes, net	42		—	%	—		—	%
Stock based compensation	64		—	%	—		—	%
Proceeds from Sale of ITCs, net of selling taxes	(8,906)		(62)	%	—		—	%
Other Adjustments	15		—	%	87		—	%
Change in Valuation Allowance	114		1	%	140		—	%
Total income tax benefit - continuing operations	$	(8,906)	(62)	%	$	—	—	%

Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities are as follows:


	Twelve Months Ended December 31,
	2024		2023
Deferred tax assets:
Investment in partnership	$	19,828	$	25,133
163j interest limitation	1,328		608
Federal NOL carryforward	4,388		1,165
State NOL carryforward	1,436		785
Total deferred tax assets	26,980		27,691

Valuation allowance for deferred tax assets	(26,980)		(27,691)
Deferred tax assets, net of valuation allowance	—		—
Deferred tax liabilities:
Total deferred tax liabilities	—		—
Net deferred income tax asset or liability	$	—	$	—

Borrowings - Senior Secured Credit Facility Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 21, 2015
Debt Instrument [Line Items]
Repayment of Senior Secured Credit Facility	$ 0	$ 22,750
Senior Secured Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount			$ 150
Senior Secured Credit Facility \| Senior Secured Credit Facility - Debt Reserve And Liquidity Facility
Debt Instrument [Line Items]
Aggregate principal amount			6
Senior Secured Credit Facility \| Secured Debt \| Senior Secured Credit Facility - Term Loan
Debt Instrument [Line Items]
Aggregate principal amount			125
Senior Secured Credit Facility \| Letter of Credit \| Senior Secured Credit Facility - Working Capital Facility
Debt Instrument [Line Items]
Revolving credit arrangement borrowing capacity			$ 19

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit As of December 31, 2024 and December 31, 2023, the Company was required to maintain fourteen and nine standby letters of credit totaling $15,120 and $14,783, respectively, to support obligations of certain Company subsidiaries. These letters of credit were issued in favor of a lender, utilities, a governmental agency, and an independent system operator under PPA electrical interconnection agreements, and in place of a debt service reserve. There have been no draws to date on these letters of credit. Purchase Options The Company has two contracts with customers to provide CNG for periods of seven and ten years, respectively. The customers have an option to terminate the contracts and purchase the Company's CNG Fueling Station at the customers' sites for a fixed amount that declines annually. In July 2015, the Company entered into a ten year fuel sales agreement with a customer that included the construction of a CNG Fueling Station owned and managed by the Company on the customer's premises. At the end of the contract term, the customer has an option to purchase the CNG Fueling Station for a fixed amount. The cost of the CNG Fueling Station was recorded to Property, plant, and equipment and is being depreciated over the contract term. Guaranty On September 13, 2024, OPAL Paragon entered into a tax credit purchasing agreement with Apollo Management Holdings, L.P., ("Buyer"), pursuant to which OPAL Paragon sold $11,096 investment tax credits to the buyer for net proceeds of $8,906. If the tax credits are disallowed or recaptured from the Buyer, OPAL Paragon will be required to return the purchase price and pay any taxes, interests or penalties incurred. In connection with the above transaction, the Company entered into an agreement that guarantees Opal Paragon's obligations up to $16,644. This amount decreases 20% annually for five years. Legal Matters The Company is involved in various claims arising in the normal course of business. Management believes that the outcome of these claims will not have a material adverse effect on the Company's financial position, results of operations or cash flows. Set forth below is information related to the Company’s material pending legal proceedings as of the date of this report, other than ordinary routine litigation incidental to the business. Central Valley Project In September 2021, an indirect subsidiary of the Company, MD Digester, LLC (“MD”), entered into a fixed-price Engineering, Procurement and Construction Contract (an “EPC Contract”) with VEC Partners, Inc. d/b/a CEI Builders (“CEI”) for the design and construction of a turn-key renewable natural gas production facility using dairy cow manure as feedstock in California’s Central Valley. In December 2021, a second indirect subsidiary of the Company, VS Digester, LLC (“VS”) entered into a nearly identical EPC Contract (collectively, the "EPC Contracts") with CEI for the design and construction of a second facility, also in California’s Central Valley. CEI’s performance under both of the EPC Contracts is fully bonded by licensed sureties. CEI has submitted a series of change order requests seeking to increase the EPC Contract Price by approximately $14,000, per project, primarily due to: (1) modifications to CEI’s design drawings which are required to meet its contracted performance guaranties, and (2) a default by one of CEI’s major equipment manufacturers. The Company disputes the vast majority of the change order requests. In January 2024, the Company filed a civil lawsuit captioned, MD Digester, LLC. et. al. vs. VEC Partners, Inc. et. al.; with the California Superior Court, County of San Joaquin; Action No. STK- CV-UCC-2024-0000185 and commenced a related arbitration proceeding in order to obtain a formal determination on the claims; AAA Case No. 01-24-0000-0775. The Superior Court Action has been stayed, pending the conclusion of the arbitration. In the meantime, the AAA has empaneled three experienced arbitrators and has set the hearing date for the matter, currently schedule in May 2026. The EPC Agreement requires that CEI, continue working during the course of the litigation and related arbitration proceedings; however, CEI effectively stopped working. Between May and August 2024, MD issued a series of Notices of Default and Demands to Cure to CEI. CEI failed to cure, and on July 30, 2024, MD terminated CEI for default. MD notified CEI’s performance bond surety, Atlantic Specialty Insurance Company of the termination and demanded that it perform under the bond. Atlantic has denied the claim. On July 11, 2024, VS issued a Notice of Default and Demand to Cure, advising CEI of its defaults and giving it an opportunity to cure. CEI failed to do so, and on August 27, 2024, VS terminated CEI for default. VS has notified CEI’s bond surety, also Atlantic, of the second termination and demanded that it perform under the performance bond. The surety has denied the claim. As a result of CEI’s default and Atlantic’s denial of the claims, MD and VS have amended their claims in the AAA arbitration to include breach of contract claims against CEI and breach of performance bond claims against Atlantic (who was formally joined into the arbitration on November 20, 2024) in the AAA Arbitration with CEI. CEI has since recorded mechanic’s liens against each of the projects for $4,900 (MD) and $2,000 (VS), and recently filed actions with the Stanislaus and San Joaquin County Superior Courts, respectively, to enforce their liens. It is expected that these claims will be stayed and consolidated with the pending arbitration proceeding. In addition to the above-referenced action and arbitration, several of CEI’s subcontractors have recorded mechanic’s liens against the MD and VS projects, which the Company is obligated to defend and indemnify the dairy owners from and against. Several of liens were untimely and have been released. The Company believes its claims against CEI (and the surety where bond claims are denied) have substantial merit, and intends to prosecute the claims vigorously. However, due to the incipient stage of the litigation and related arbitration, the recency of the termination, and the ongoing status of the proceedings and discussions with the bond surety, as well as the uncertainties involved in all litigation and arbitration, the Company is unable at this time to assess the likely outcome of the litigation and related arbitration, the timing of its resolution, or its ultimate impact, if any, on the Central Valley projects or the Company's business, financial condition or results of operations. Former Development Partner/Construction Manager In March 2024, the Company filed an action in the Orange County Superior Court (Case No. 30- 2024-01415510-CU-BC-CXC) against its former development partner and construction manager, Sierra Renewable Organics Management, LLC, as well as its principal (Ethan Werner) and affiliated engineering firm (CH Four Biogas) for Breach of Contract, Indemnity, Declaratory Relief, Intentional Misrepresentation and Negligent Misrepresentation relating to the design and development of the Projects. The case is not yet at issue, so no answer or cross claims have been filed yet, and no discovery has been conducted.

Summary of Significant Accounting Policies - Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Gain on deconsolidation of Emerald and Sapphire	$ 0	$ 122,873
Gain on transfer of non-financial asset in exchange for services received	1,656	1,599
Other	555	0
Other income	$ 2,211	$ 124,472

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Statement of Comprehensive Income [Abstract]

Net income

$ 14,325

$ 127,024

Other comprehensive income (loss):

Effective portion of the cash flow hedge attributable to equity method investments

332

(8)

Reclassification adjustments included in earnings

^[1]

(1,146)

Net unrealized gain (loss) on cash flow hedges

685

(142)

Total other comprehensive income (loss)

1,017

(1,296)

Total comprehensive income

15,342

125,728

Less:

Net income attributable to Redeemable non-controlling interests

^[2]

11,598

106,645

Other comprehensive income (loss) attributable to Redeemable non-controlling interests

850

(1,086)

Comprehensive income (loss) attributable to Non-redeemable non-controlling interests

443

(349)

Dividends on Redeemable preferred non-controlling interests

1,722

1,792

Comprehensive income attributable to Class A common stockholders

$ 729

$ 18,726

[1]	Represents the reclassification of the gain on termination of interest rate swaps of $812 on May 30, 2023. See Note 9. Derivative Financial Instruments and Fair Value Measurements for additional information. Additionally, there is a $334 reclassification into earnings from our equity method investments.
[2]	Includes $8,748 and $9,219 of dividends on redeemable preferred non-controlling interests for the year ended December 31, 2024 and 2023, respectively.

Reportable Segments and Geographic Information - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

Organization and Description of Business (Details)	12 Months Ended
Organization and Description of Business (Details)	Dec. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax benefit	$ 8,906	$ (8,906)	$ 0