10 Best Renewable Energy Penny Stocks to Invest In

8. OPAL Fuels Inc. (NASDAQ:OPAL)

Number of Hedge Fund Holders: 9

Stock Price as of November 22: $3.70

OPAL Fuels Inc. (NASDAQ:OPAL) is a prominent player in the renewable natural gas (RNG) industry, focusing on RNG as a sustainable fuel solution for heavy and medium-duty trucks. The company is the second-largest RNG station operator in the United States and is also involved in developing hydrogen fueling infrastructure.

On November 6, OPAL Fuels Inc. (NASDAQ:OPAL) announced that it has begun construction of a new renewable natural gas (RNG) production facility at the Kirby Canyon Landfill in Santa Clara County, California. The facility will utilize proven technology to capture biogas produced from the decomposition of organic materials at the landfill.

The biogas will then be converted into RNG, a low-carbon, low-cost transportation fuel. The facility is designed to produce approximately 660,000 MMBtus of RNG per year, which is equivalent to around 5.1 million gas gallons equivalent (GGE). This RNG will be distributed through the company’s fueling station network to power heavy-duty trucks that run on natural gas instead of diesel.

The demand for RNG is anticipated to rise as industries and governments commit to reducing carbon footprints. According to a report by Business Research Insights, the global RNG market was valued at $7.35 billion in 2024 and is projected to reach $148.7 billion by 2032, growing at a CAGR of 45.6%. As demand for renewable energy solutions rises, driven by government incentives such as the EPA’s and the Inflation Reduction Act’s (IRA) benefits, OPAL Fuels (NASDAQ:OPAL) is well-positioned to capitalize on these growth opportunities.