OPAL Fuels Inc. (NASDAQ:OPAL) Q3 2023 Earnings Call Transcript

Jonathan Maurer: I think it’s important. Let me just start, Adam. I think it’s really important, Craig. You point out a really good point. When we talk about projects going into construction, this is not — we don’t say that lightly. As Adam was talking about earlier, it starts with having an executed gas rights agreement. It has — we take that and we do a really complete analysis of the landfill gas that’s available. Every project is different. The quality of the landfill, the landfill gas is going to be different and really define different style of design for a project. We take that and combine that with what our pipeline options are, and we look at really what the best design is going to be for this project. And then, we work with our EPC contractor to get that design.

We consider all of the permits that are going to be required for this. And so, when we put a project into construction, we have a high degree of confidence that the project is going to be built. It’s going to be built well. It’s going to be built substantially on the timeframe that we say, and when the project comes on line, it’s going to work. And I think that’s really important. Adam, if you want to add something to that?

Adam Comora: No, I think you covered it, Jon. Thanks.

Operator: Our next question comes from Brian Zhang [ph] with Scotiabank.

Unidentified Analyst: I just have one. So, I have a question on the RNG Fuel segment revenue. If we look at the 3Q compared to 2Q, the volume is up about 16%. Also, you have sold more RINs than you have generated during the quarter. So, that additional RIN revenue alone can — according to our calculations, about $7 million to $8 million additional revenue. But 3Q segment revenue only increased about $4 million. So, is there anything we should be aware of that could impact other revenue streams such as brown gas sales? Thank you.

Scott Contino: This is Scott. Thanks for your question, Brian. We’ll have to get back to you on that.

Unidentified Analyst: Okay. No problem.

Scott Contino: If you can reach out to one of us, so we’ll get back to you.

Unidentified Analyst: Okay. Thank you.

Operator: And I’m showing no further questions at this time. I turn the call over to Adam for any closing remarks.

Adam Comora: All right. Well, I appreciate everybody’s interest in OPAL Fuels and joining us on the call today. And, we look forward to speaking again soon.

Operator: Ladies and gentlemen, this does conclude today’s presentation. You may now disconnect, and have a wonderful day.