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May 11, 2026, at 11 a.m. ET
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Image source: The Motley Fool.May 11, 2026, at 11 a.m. ETNeed a quote from a Motley Fool analyst? Email pr@fool.comContinue reading
Image source: The Motley Fool.
May 11, 2026, at 11 a.m. ET
Call participants
- Co-Chief Executive Officer — Adam J. Comora
- Co-Chief Executive Officer — Jonathan Gilbert Maurer
- Chief Financial Officer — Kazi Kamrul Hasan
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Takeaways
- Adjusted EBITDA — $16.7 million, down from $20.1 million in the prior-year period due to lower D3 RIN prices, which declined $0.30 to $2.41.
- Revenue — $73.3 million, a decrease from $85.4 million in the first quarter of 2025, reflecting both lower RIN prices and reduced construction revenues.
- RNG production — One point two million MMBtu, an increase of nine percent year over year, attributed to enhanced team execution and facility improvements.
- Fuel station services EBITDA — $9.2 million compared to $10.9 million in the prior-year period, with the difference due to a combination of lower construction revenue, lower RIN prices, and timing of maintenance expenses.
- Liquidity — $233 million at quarter-end, composed of approximately $133 million in cash and short-term investments, $60 million in undrawn preferred stock facility commitments, and $39 million of revolver availability.
- Financing transactions — $288 million completed, including a $180 million preferred stock facility and $109 million drawn from the term loan facility.
- Credit monetization — $11.5 million of ITC credits sold and a $100 million multiyear agreement completed to monetize Section 45Z production tax credits.
- Fuel station construction — Sixteen OPAL-owned stations in construction, which are progressing towards completion alongside advancement on the Cottonwood, Burlington, and CMS RNG projects.
- Guidance maintained — Management reiterated full-year 2026 guidance and does not expect initial business development wins in fleet deployments to contribute meaningfully to 2026 financials.
- RIN and credit environment — EPA’s final SET rule for 2026 and 2027 RVO targets led to strong D3 RIN pricing, currently above $2.50 per RIN, with price momentum expected to continue.
- Operational resilience — Despite “extraordinarily cold” winter weather, year-over-year RNG production still increased, supported by improved wellfield technology and staffing.
- Strategic investments — Ongoing capital deployment in personnel, technology, and AI integration were highlighted as key to operational gains and efficiency.
Summary
OPAL Fuels (OPAL +0.44%) emphasized progress on project execution and capital allocation while affirming full-year performance targets, even as first-quarter results reflected pressure from softer RIN prices and seasonally adverse weather. Management noted an extensive pipeline of OPAL-owned stations and major RNG projects progressing towards completion, with downstream tolling activities providing increased revenue stability relative to commodity sensitivity. Executives underscored the importance of regulatory clarity, customer engagement, and the successful 15-liter engine adoption for future RNG and CNG market penetration, while highlighting new multi-year tax credit monetization as a pillar for future earnings visibility.
- Management described the transition to easier quarterly comparables beginning in the second quarter, with the most challenging comps behind the company due to last year’s high LCFS credit sales and low prior RIN prices.
- “We expect increasing growth of OPAL-owned stations to strengthen downstream earnings stability,” the chief financial officer said, directly attributing this to the contracted and volume-based nature of tolling arrangements.
- Improved operational practices, especially in wellfield technology and learnings carried across projects, were repeatedly cited as drivers for superior gas collection, facility uptime, and overall efficiency.
- The company reported it sees “a lot of opportunities on the M&A side,” especially given industry participants having difficulty executing on pipelines, and is prioritizing disciplined capital deployment between existing operations, new build, and potential acquisitions.
- Executives stated customer fleet conversions and initial deployments related to new CNG/RNG engine technology will not meaningfully impact financials before 2027, but they described meaningful dialogue and signed contracts paving the way for long-term conversion trends.
Industry glossary
- RIN: Renewable Identification Number — a tradable environmental credit used to track renewable fuel compliance in the U.S., with D3 signifying cellulosic biofuel, D4 for biodiesel, and D6 for ethanol.
- LCFS: Low Carbon Fuel Standard — a state-level credit program to incentivize lower-carbon transport fuels, primarily in California.
- MMBtu: One million British thermal units, a standard unit of energy measurement for biogas and natural gas.
- ITC: Investment Tax Credit — a federal tax incentive for renewable energy projects.
- Section 45Z: A U.S. federal production tax credit specifically for clean fuels, monetizable through long-term agreements.
- GGE: Gasoline Gallon Equivalent — a unit translating alternative fuels to a volume equivalent to one gallon of gasoline.
- RVO: Renewable Volume Obligation — EPA-mandated levels of renewable fuel blending in transportation fuels.
Full Conference Call Transcript
Todd M. Firestone: Thank you, and good morning, everyone. Welcome to the OPAL Fuels Inc. first quarter 2026 earnings conference call. With me today are Co-CEOs, Adam J. Comora and Jonathan Gilbert Maurer, as well as Kazi Kamrul Hasan, OPAL’s chief financial officer. OPAL Fuels Inc. released financial and operating results for the first quarter 2026 this morning, and those results are available on the Investor Relations section of our website at opalfuels.com. The presentation and access to the webcast for this call are also available on our website. After completion of today’s call, a replay will be available for 90 days.
Before we begin, I would like to remind you that our remarks, including answers to your questions, contain forward-looking statements, which involve risks, uncertainties, and assumptions. Forward-looking statements are not a guarantee of performance, and actual results could differ materially from what is contained in such statements. Several factors that could cause or contribute to such differences are described on slides 2 and 3 of our presentation. These forward-looking statements reflect our views as of the date of this call, and OPAL Fuels Inc. does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date of this call. Additionally, this call will contain discussion of certain non-GAAP measures.
A definition of non-GAAP measures used and a reconciliation of these measures to the nearest GAAP measure is included in the appendix of the release and presentation. Adam will begin today’s call by providing an overview of the quarter’s results and recent highlights. Jonathan will give a commercial business development update, after which Kazi will review financial results. We will then open the call for questions. I will now turn the call over to Adam J. Comora, Co-CEO of OPAL Fuels Inc.
Adam J. Comora: Thank you, and good morning, everyone. Thank you for participating in OPAL Fuels Inc.’s first quarter 2026 earnings call. Despite a challenging operating environment in the seasonally soft first quarter, we remain on track to meet our full-year guidance. Production is improving in line with our expectations, and we are encouraged by the firming of environmental credit pricing. In addition to the performance and growth in our operating platform, we are energized by the engagement we are seeing from our business development activities for new CNG/RNG fleet deployments in heavy-duty trucking. A variety of factors are leading to the logjam finally breaking for new CNG/RNG fleet deployments.
High and volatile diesel pricing, regulatory clarity regarding combustion engines, and the successful tests of the Cummins X15N are moving fleets into decision-making mode for what we believe is a great product. CNG is a winning economic proposition for fleets. It supports their operations with minimal change and disruption, and the fact we deliver low carbon intensity RNG and its ancillary benefits makes it that much more compelling. We spent much of last week at ACT Expo, our industry’s flagship conference, and the excitement around RNG and CNG is real.
In addition to the financial benefits, fleets also recognize the value of the sustainability benefits, whether it be achieving their ESG goals, building their brand equity, or the strategic value to win new business or, more importantly, remaining competitive and not losing business to other fleets that are deploying RNG. Natural gas in North America is abundant and is expected to remain cheaper than oil on an energy-equivalency basis for the foreseeable future. Many heavy-duty industries in the US such as steel, chemicals, and manufacturing have already shifted from oil and coal to gas to capitalize on this lower-cost energy. We believe heavy-duty trucking can be the next on that list.
Diesel became the dominant fuel choice of heavy-duty trucking in the 1970s when the engine technology advanced with better fuel and cost efficiencies versus gasoline. The 9- and 12-liter natural gas engine has been in the market for about ten years and has seen strong adoption in the refuse and transit sectors after proving its cost effectiveness versus diesel. The largest refuse company in the US reports it is closing in on a 100% natural gas deployment for their fleet, and we estimate the broader refuse industry is approximately 30% natural gas deployment and growing. Now that the 15-liter natural gas engine has tested well for heavy-duty transportation, we anticipate accelerating adoption in this large and untapped market.
CNG and RNG currently supply about 1 billion gallons of the 45 billion gallon diesel market, representing only a 2% market share at present. The industry and OPAL Fuels Inc. are ready to scale and begin capitalizing on this opportunity. As equipment suppliers and vendors continue to scale, they will take costs out, reducing the upfront premium on the tractors and expanding the market opportunity beyond the heaviest volume trucks.
As we are energized by what we are seeing and hearing from fleet partners, keep in mind that, as we mentioned on our March call, this business development activity will not be reflected in our 2026 financial results as it takes us about 12 months to build the station after signing, and these initial deployments will likely begin as smaller percentages within very large fleets. Before turning it over to Jonathan, I would like to close by talking once again about the strength of our vertically integrated model and how we see its benefits on both the upstream side of new project development opportunities and on the downstream side when working with fleets.
Our upstream partners like OPAL’s large and growing dispensing network. On the downstream side, our fleet partners not only appreciate our operational execution and low-cost fuel stations, but also our reliable, tangible, and growing RNG supply. OPAL Fuels Inc. is well positioned, with a proven track record both on the upstream and the downstream side of our business, to be a leader in the production of RNG and capitalize on what we believe is an extraordinary growth opportunity for its use as a transportation fuel in heavy-duty trucking. With that, I will turn it over to Jonathan. Jonathan?
Jonathan Gilbert Maurer: Thank you, Adam, and good morning, everyone. We continue to see positive prospects for 2026 and beyond. Despite the extraordinarily cold winter in the first quarter, our upstream facilities performed well, producing more RNG compared with the comparable period in 2025. We generated yearly growth in the biogas resource. In addition, our team continues to make improvements to the performance of these facilities to better utilize that biogas. Together, these improvements give us confidence in our RNG production growth expectations. We continue to advance our in-construction portfolio, and we expect to bring online more than 2 million MMBtu of annual design capacity over the next year or so.
We are also continuing to advance opportunities in our upstream development portfolio and anticipate announcing the allocation of capital in 2026 to new RNG projects as well as to fueling station growth. We are also making meaningful investments across our overall operating platform. These improvements include investments in personnel, technology, and introducing the adoption of artificial intelligence. These investments will support and augment future performance across our existing operating assets and give us confidence in improving results from executing on our business plan. We are seeing a strengthening RIN environment. Since our March call, the EPA released its final SET rule with updated 2026 and 2027 RVO targets, which were generally in line with industry expectations.
The D4, D5, and D6 prices have moved up dramatically, rising to over $2. We are now beginning to see the D3 RIN participate with the broader biofuel market, with current pricing above $2.50 per RIN, and that may continue increasing over the balance of the year. The work we are doing today is positioning OPAL Fuels Inc. for meaningful growth over the coming years. While large-scale deployments will take time to fully translate into financial results, we expect growth in 2027 and beyond to be driven by the increasing recognition by fleet operators of crude oil and diesel’s sustained price volatility and the benefits of CNG and RNG.
I will now turn the call over to Kazi to discuss the quarter’s financial performance. Kazi?
Kazi Kamrul Hasan: Thank you, Jonathan, and good morning, everyone. Before walking through the details, I want to frame our Q1 performance around three themes. First, the platform investments we have been making are beginning to show up in our operational and financial results. Second, our financing transactions have created the runway to allocate capital. And third, our earnings profile is broadening to reduce sensitivity to commodity pricing over time. This morning, we issued our earnings press release, posted an updated investor presentation on our website, and filed our Form 10-Q. Adjusted EBITDA was $16.7 billion in the quarter compared to $20.1 million in 2025. The $3.4 million decline is primarily due to lower RIN prices.
D3 realized prices declined $0.30 to $2.41 in Q1 2026 versus 2025, resulting in approximately $4 million of EBITDA impact. Operationally, the business performed as expected. First quarter revenue was $73.3 million compared to $85.4 million in the prior-year period. RNG production was 1.2 million MMBtu, up 9% year-over-year. The production improvement reflects enhanced execution by our operating team, which we expect to continue driving incremental production and efficiency gains. In our fuel station services segment, first quarter EBITDA was $9.2 million compared to $10.9 million in the prior-year period. The $1.7 million variance reflects a combination of lower construction revenues, lower RIN prices, and timing of maintenance expenses in servicing the stations.
As we continue to grow OPAL-owned stations, we are seeing increasing contributions from the associated tolling activity, which is contracted and volume-based and therefore relatively lower exposure to RIN pricing. In these stations, the variable costs of gas, power, and taxes are passed through to our customers. We expect increasing growth of OPAL-owned stations to strengthen downstream earnings stability. We completed several financing transactions this quarter totaling $288 million, which included a $180 million preferred stock facility. In addition, we drew the remainder of our term loan facility with a net amount of $109 million. We ended the quarter with approximately $233 million of liquidity.
This amount includes approximately $133 million of cash and short-term investments, $60 million of undrawn preferred stock facility commitments, and approximately $39 million of revolver availability. In the quarter, we sold $11.5 million of ITC credits from Atlantic. We also completed a $100 million multiyear agreement to monetize OPAL’s Section 45Z production tax credits. We maintain full-year 2026 guidance. Stepping back, our financial strategy is clear. Grow operating and free cash flow, broaden the earnings base to reduce commodity exposure, and allocate capital to the highest return opportunities in our pipeline. With $233 million of liquidity and internal cash generation, OPAL Fuels Inc. is well positioned to execute on our strategy.
With that, I will now turn the call back over to Jonathan for closing remarks. Jonathan?
Jonathan Gilbert Maurer: In closing, we remain well positioned for continued disciplined execution of our strategic growth objectives and the expansion of OPAL’s vertically integrated platform. We will now open the call for questions. I will now turn the call over to the operator for Q&A. Thank you all for your interest in OPAL Fuels Inc.
Operator: As a reminder, to ask a question, please press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please wait while we assemble the roster. Our first question.
Analyst: Good morning all, and thanks for taking my questions. For my first one, it seems like there is real momentum on fleet conversions. Can you provide color on some of the factors driving this? And then over what period do you see this converting into higher dispensing volumes?
Adam J. Comora: Yes, good morning. This is Adam here, and I appreciate the question. It is a variety of factors that we think are going to start to translate into beginnings of fleet deployments. Clearly, diesel pricing—not only the high price of diesel, but the volatility of diesel—is one of the key catalysts to force fleets into looking at other alternatives. I think the regulatory clarity that combustion engines are going to be something that moves forward for heavy-duty trucking, and the successful testing of the X15N engine.
So all three of those things have lined up for what we believe are going to be some initial deployments in very large fleets, and we think we will start to see some contributions in 2027. They are not going to be extraordinarily large numbers for what the initial set of stations and trucks may be, but we believe it is paving the way for a multiyear, really long-term conversion set for this industry and this sector. We are excited that we have been talking about how the math makes sense and how the logic makes sense, and we think it is finally going to translate into some actions on that side of things here in 2026.
Analyst: Maybe for my follow-up, you highlighted difficult weather conditions in Q1. Can you help frame how much of an impact weather had during the quarter and your thoughts on the progression of the production ramp over the next three quarters to meet your 2026 guide?
Jonathan Gilbert Maurer: Yes, this is Jonathan. I will jump in on this one. Clearly, winter across certainly east of the Rockies was extraordinary, from a cold and from an amount-of-snow standpoint. Despite that, we were able to increase our production compared to the comparable period in the prior year. When we get cold like this, it affects us in three ways. The first is that it causes issues in the collection system at the landfill itself, where water and the gas will freeze within the collection system. The second area that affects us is in our RNG projects directly; we get some freezing there. And then the third is that we have things outside of our control, such as power outages.
All three of those affected us this year, but we were able to be resilient in our operations and rise to some of those challenges. We take actions whenever we see these things to try to add, for example, additional heat tracing or insulation or other things for our projects to add to that resilience, but it will continue to pop up on us when it is an extraordinary winter as it was. Now we are turning into the springtime, and we are seeing the timing when wellfield expansion projects take place so that we start to see annual gas growth occur in Q2 and Q3.
In terms of the gas at the inlet, all of our projects are on open and growing landfills, so they continue to take in amounts of waste that result in our inlet gas amounts increasing, and that causes our resource to grow year over year. So there continues to be, in summary, good resiliency to these seasonal issues, and we expect to see growth quarter over quarter during the year as we put some of these additional amounts into the collection.
Adam J. Comora: The only thing I would also add is that not only on the production side, the extraordinarily cold weather resulted in some higher OpEx as well associated with that cold weather, so it was really almost a double whammy with what we saw in the first quarter. Although we do not give production and earnings guidance by quarter, we do expect accelerating production growth starting in the second quarter and moving through the year.
Operator: Thank you. Our next question comes from Ryan Finch of B. Riley Securities. Your line is open.
Analyst: Good morning, and thanks for taking my questions. Maybe just a follow-up on that last one. Thinking about expected revenue or earnings cadence through the rest of this year, is there anything else to highlight or to look out for in terms of potential lumpiness, or are we expecting growth on a quarterly basis through 2026?
Adam J. Comora: I would say certainly it feels like the comps are getting easier for us as we move through the year, where we were crossing over where the RIN price was in Q2 from last year into this year. We are through the tough quarter from a RIN price perspective and see those comps getting easier, particularly in Q3. I would also say we had in 2025 a higher LCFS credit sale in the first quarter of last year, which also impacted the comp when you are looking year over year, and some of our 45Z benefits were masked in the first quarter of this year versus an RNG sale from the first quarter of last year.
So certainly it feels like the comps are going to get much easier as we move through the year. All of this was baked into our guidance. Then we have a couple of nits on the fuel station services side where construction revenues can be lumpy based on the timing of when that project work is done, and a little bit of timing in terms of when we had some maintenance costs. We really feel like the first quarter was the worst of all worlds, and a lot of those things are going to ease as we move through the year.
Analyst: Appreciate that. And then curious if you could give us an update on timelines for projects in construction or perhaps more high-level commentary on any particular challenges or positives to highlight around project development more broadly?
Jonathan Gilbert Maurer: Sure. We are progressing full-bore on our Cottonwood, Burlington, and CMS projects. We see these projects coming online towards the end of this year and into the first half of next year, so we are seeing that construction timeline advance towards completion. The Cottonwood and Burlington projects are in the field right now, with the construction contractors pouring cement at Cottonwood, and we are getting ready to do so at the Burlington project. CMS remains on track as well. On the development side of our business, we are progressing multiple opportunities. On a disciplined basis, we take into account our risk-adjusted capital as well as our dispensing availability, which Adam mentioned.
We see some logjam breaking there and some potential growth. Certainly, on the downstream side of our business, we have 16 OPAL-owned stations that are in construction and progressing along. That is where our construction business stands today.
Adam J. Comora: To go back to one of the other quarterly questions on cadence, our toughest comp is coming in the fourth quarter. We had a very low SG&A quarter in the fourth quarter of last year, so I would just highlight that our toughest quarter will be in the fourth coming up this year.
Operator: Thank you. Our next question comes from Martin Whittier Malloy of Johnson Rice & Company. Your line is open.
Martin Whittier Malloy: Good morning. My first question, I wanted to ask about some of the new engine introductions that Cummins has, the X15 and the new X15 and X10 in 2027. Could you maybe talk about the potential impact you see on the demand for CNG resulting from those? And then I was just curious if we could get your thoughts as you look out regarding potential return of capital to shareholders through a dividend?
Adam J. Comora: Regarding the natural gas engines, the 15-liter has performed extraordinarily well and really stood up to the duty cycles and the operating requirements of the fleets. We think it has done extraordinarily well. On return of capital, we are still seeing very strong opportunities to deploy capital and reinvest in projects, both on the upstream and the downstream side. We think that is the right place to be investing and growing our business given those risk-adjusted returns. If those opportunities are no longer in front of us, then we will start looking at other ways to enhance shareholder value through a potential dividend policy or something else.
Right now, we are really excited about some new upstream projects that we think we are going to be greenlighting soon, and also the potential for OPAL-owned fuel stations in these fleet deployments.
Operator: Thank you. Our next question comes from Adam Samuel Bubes of Goldman Sachs. Your line is open.
Adam Samuel Bubes: Hi, good morning. I know you talked about 2026 fuel station services being a year where business development activity sets the stage for future growth, but are we thinking about 2026 EBITDA down versus 2025, or should we still expect growth this year? And then, based on dialogue with customers and pipeline of projects, how much visibility do you have on how 2027 could shape up?
Adam J. Comora: We are not expecting fuel station services necessarily to be down in 2026 versus 2025. It was a noisy quarter for fuel station services, particularly on the GGE volumes, which are not necessarily significantly impactful to how the profitability of that unit will be for the entire year. We called out on a previous conference call that we did have one short-term contract—about 1.5 million gallons per quarter—that we cycle through at the end of June. There is a little bit of GGE noise in there. To give you a flavor, we are always opportunistic in our dispensing network and have the ability to flex up or flex down.
We had one large contract with a refuse customer that was looking for RNG supply from OPAL Fuels Inc. and some of our third-party suppliers as they were waiting for their projects to ramp and fill in their own dispensing capacity that we cycle through now in this second quarter. We do expect the business unit to perform well this year. We also said in our guidance that it was not necessarily an outsized year in terms of growth in that segment.
For 2027, it is a little early for us to earmark how quick deployments are going to be and how many stations it means and what it means for gallons that flow through in 2027, but we expect some impact from some of these newer opportunities.
Adam Samuel Bubes: Got it. Putting the pieces together for the reiterated guidance, I think the guidance at the midpoint embeds EBITDA up around $12 million year over year. 45Z is expected to contribute $15 million to $20 million, and I think RNG fuel production is also rising. If fuel station services is up year over year, I am just having trouble bridging the moving pieces. What is the delta there? Is that corporate expense inflation or anything I might be missing?
Kazi Kamrul Hasan: Our corporate expense will be up year over year, and that could be one area, in the mid–single-digit million range. The RIN price variation on a year-on-year basis is also going to be one of the major impacts.
Adam Samuel Bubes: Understood. And then last one from me. It sounds like you alluded to some new upstream projects in the pipeline, and in the past you have talked about a target to place 2 million MMBtu of landfill gas projects into construction annually. How are you thinking about the range of outcomes this year?
Adam J. Comora: We will have some new RNG project growth in 2026. We have been telling folks that we are flexible in our thinking, and we are seeing a large opportunity in our downstream fuel station services segment. We are going to be disciplined in our capital allocation, and we are not going to give a specific target for how many new RNG projects from an MMBtu basis, but you should expect growth on both sides of our business.
Operator: Our next question comes from UBS. Your line is open.
Analyst: Hi, thanks for taking our question. You have increased your cash pile, and last earnings call you mentioned that you see opportunistic M&A opportunities. Can you walk us through how you are thinking about capital allocation, what you are seeing in the M&A market, and how it competes with potential projects? Thank you.
Adam J. Comora: This quarter we saw the first transaction in our sector in quite some time with Ameresco’s transaction with HASI. I am not sure if people have looked through those numbers yet, but it was pretty intriguing to us in terms of valuations and that sort of thing on the upstream part of our business. We think it is an interesting sector with a lot of opportunities on the M&A side, particularly as many RNG developers may be struggling with executing on their pipeline. We are always evaluating and looking at other opportunities and do think our vertical integration puts us in a unique position on the upstream M&A side.
Kazi Kamrul Hasan: Two things I would highlight. We are continuing to invest in our existing operating asset base and operating platform to continue to improve production as well as the financial results. We are very disciplined when it comes to capital allocation. We do have dry powder; some of that amount is not committed. We are going to invest in our existing construction projects, and on top of that, whatever is left, we are going to look at opportunities in both RNG projects as well as the downstream dispensing station platforms. We will look at where we should invest to support portfolio stability over the long term and diversify, avoiding too much exposure in one area versus another.
Yes, we do have cash that we have ways to put in, and we want to make sure that we are being disciplined in capital allocation.
Analyst: Switching to the operational side, given that this year’s guide is largely driven by operational improvements, and as you look to scale RNG production over time, what has been the biggest operational learning from your existing facilities, and how are those learnings being implemented for the development and execution of future projects?
Jonathan Gilbert Maurer: We now have 10 landfill gas RNG projects, and as we have grown quite a bit over the last several years and put more into operation, we take lessons across the fleet in terms of what works at various projects and bring that across to our other comparable projects. In addition, we have upgraded personnel across our organization, both in terms of leading the RNG sector and the fuel station services sector as well as the employees within those groups. Lastly, some of the improvements that we are making are in the wellfield itself, putting in technology that helps to improve gas collection, and both gas quality and gas quantity can be improved through that effort.
That will also serve to improve the availability of projects. In summary, you are seeing better people, better efficiencies and availabilities, and better gas collection.
Adam J. Comora: To finish off Jonathan’s thought, we believe that is going to show up both in terms of our inlet design capacity utilization and our utilization of inlet gas, and it really goes all the way from the wellfield to operational availability and uptime to debottlenecking. It is leveraging where you are benchmarking your best facilities and bringing those best practices across the fleet.
Operator: Thank you. I am showing no further questions at this time. I would like to turn it back to Adam J. Comora for closing remarks.
Adam J. Comora: Thank you all for your interest in OPAL Fuels Inc. and for joining us today. We look forward to speaking with you again soon.
Operator: This concludes today’s conference call. Thank you for participating, and you may now disconnect.
