On Thursday, OPAL Fuels Inc. (NASDAQ:OPAL) announced the start of commercial operations at its renewable natural gas (RNG) facility at the Polk County municipal landfill in Jones Corner, Florida.

This marks the company’s eleventh operational RNG project and second facility in the state.

Owned and operated by Polk County’s municipal government, the landfill now provides biogas to OPAL’s RNG project, which produces and injects pipeline-quality RNG.

Also Read: Check Point’s Slowing Growth Despite New Products Prompts Analyst Downgrade

With a design capacity of approximately 1.1 million MMBtu (8.5 million gasoline gallon equivalents) of RNG per year, the product RNG will be primarily used to replace diesel transportation fuel, lower fleet operating costs, and reduce greenhouse gas emissions, which will significantly impact public health and the environment, the company said.

OPAL said this reduction is equivalent to achieving zero Scope 1 and Scope 2 emissions from over 900 heavy-duty trucks.

OPAL’s Polk County RNG facility’s commercial operations represent a significant step forward for OPAL Fuels’ mission of providing “Cleaner, Cheaper, Now” fuel solutions.

This initiative is crucial in promoting sustainable energy solutions that benefit the environment and the economy, the company said.

Polk County Board Chair Bill Braswell said, “With the plant OPAL Fuels has constructed, landfill biogas will be turned into renewable natural gas, which can be used for fuel to power waste trucks, and provide energy for homes, and businesses. This is a win-win for taxpayers and the environment.”

OPAL Fuels Co-CEO Adam Comora said, “Including Polk County and our recent announcement with GFL at the Sapphire project, we have approximately 8.8 million MMBtu of annual nameplate design capacity in operation, up 5.0 million MMBtu since becoming a public company in 2022.”

Price Action: OPAL stock closed lower by 2.83% at $3.78 on Wednesday.

Also Read:

• SoFi Impresses With Q3 Beat And Upgraded Guidance, Analysts Boost Price Forecasts On Loan Momentum

UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.

Get the latest stock analysis from Benzinga?

This article EXCLUSIVE: OPAL Fuels Powers Up New Renewable Gas Facility at Polk County Landfill originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.