Fortistar, a privately owned investment firm in White Plains, will merge two if its portfolio companies, Fortistar Methane Group and TruStar Energy, to create Opal Fuels LLC.
Fortistar Methane Group was one of the largest independently owned companies converting landfill gas to energy in the U.S. and one of the fastest-growing developers of renewable natural gas facilities, according to Fortistar. TruStar Energy was a supplier of renewable natural gas fuel for the transportation sector.
Renewable natural gas is natural gas that is not derived from oil wells, but instead from organic waste material sources such as animal waste, food waste and landfills.
Opal Fuels will combine the two companies to create one vertically integrated renewable fuel supply company, serving North America.
While the companies were largely separate, together they will likely become an industry leader, with over 220 employees and 140 fueling stations nationwide.
“Amid wildfires, heat waves, hurricanes and other extreme weather that punctuated a tumultuous 2020, the world is now more determined than ever to address climate change,” said Mark Comora, president and founder of Fortistar.
“Opal will lead the effort to decarbonize America”™s transportation industry, which generates the largest share of annual greenhouse gas emissions, by supplying clean, sustainable energy fueled by renewable natural gas.”
Opal Fuels will handle every aspect of the business, from development, planning and production to dispensing and marketing.
It plans to grow with strategies such as converting its existing landfill gas electric projects to renewable natural gas facilities, and to increase its supply through developing animal waste digesters and new landfill projects.
Adam Comora, former president and CEO of TruStar Energy, and Jonathan Maurer, former managing director for Fortistar, will lead Opal Fuels as co-CEOS.
“The combined company is positioned to be one of the fastest growing renewable fuels firms in the country,” Maurer said. “Our companies”™ collective expertise and experience mean we have the capacity to take on newer, larger and more innovative projects and deals than ever before. We are enthusiastic to play an important role in decarbonizing our country”™s transportation sector.”
“Opal”™s vertical integration creates a powerful platform to maximize the value and deliver with certainty the benefits of RNG for both production partners and end fleet customers alike,” Adam Comora said. “This new venture creates enormous opportunities and scale to capture significant additional market share in this rapidly-developing industry as we continue to raise and deploy capital.”
On May 11, the company announced that Ann Anthony, former CFO for Key Capture Energy, will join the management team as chief financial officer.
Heavy-duty transportation uses over 55 billion gallons of diesel fuel each year, which OPAL recognizes as a massive opportunity to decarbonize,” Anthony said. “I”™m excited to help provide the financial support to help OPAL execute the growth plan. With corporations and public policymakers looking for practical and economic solutions to reduce their carbon footprint. This is an exciting time to join the company focused on the solution.”
