Gunvor Group (“Gunvor”), one of the largest physical natural gas, LNG and commodities trading houses worldwide, has agreed to make an equity investment in a PIPE supporting a business combination between OPAL Fuels LLC (“OPAL Fuels”), and ArcLight Clean Transition Corp. II (Nasdaq: ACTD) (“ArcLight”). OPAL Fuels LLC is a leading, vertically integrated producer and distributor of renewable natural gas (“RNG”).
Gunvor will make the investment via an entity of Nyera, its vehicle dedicated to supporting the progression of the Energy Transition. The deal comes concurrent with OPAL Fuels entering into a business combination agreement (“the transaction”) with ArcLight that will result in OPAL Fuels becoming a publicly listed company. Upon closing of the transaction, the combined company will be named OPAL Fuels Inc. and remain listed on the Nasdaq Stock Exchange under the new ticker symbol “OPL”.
RNG is a proven low-cost, low-carbon fuel that, when used in transportation, can reduce fuel costs by 40 to 70 percent per gallon when compared to diesel fuel. These significant fuel cost savings to fleet operators are generated while dramatically reducing the total carbon footprint of heavy-duty fleets.
OPAL Fuels develops RNG “Capture & Conversion” projects, which capture fugitive methane emissions from landfill sites and dairy farms and converts them to pipeline quality RNG through purification and treatment, turning once harmful greenhouse gas emissions into a clean, renewable energy source. OPAL Fuels’ “Dispensing & Monetization” operations will supply this clean, renewable fuel source to heavy-duty trucking fleets with the reliability its customers demand via OPAL Fuels’ national network of fueling stations, which spans 42 states and is typically backed by fueling agreements averaging 10 years in duration.
Click here for more information about the OPAL Fuels transaction.