Slide 1: First Quarter 2023 Earnings Presentation
Fourth Quarter and Full-Year 2022 Earnings Presentation First Quarter 2023 Earnings Presentation March 2023 1
Slide 2: Disclaimer
Disclaimer For the purposes of this notice, the “presentation” that follows shall mean and include the slides that follow, the oral presentation of the slides by members of management of OPAL Fuels Inc. (the “Company” or “OPAL Fuels”) or any person on their behalf and the question-and-answer session
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Financial Information: The financial and operating forecasts contained in this presentation represent certain estimates of the Company as of the date thereof. The Company’s independent public accountants have not examined, reviewed or compiled the forecasts and, accordingly, do n
Slide 4: OPAL Fuels at a Glance – The Vertically Integrated RNG Company
OPAL Fuels at a Glance – The Vertically Integrated RNG Company 2nd Largest US RNG Station Vertically Integrated Across RNG Value Operator; Access to Chain OPAL Fuels’ RNG Production Existing Projects, Advanced Strong Existing Platform, with Visible Development Pipeline and Industry Embedded Growth T
Slide 5: Leader in the RNG Value Chain
Leader in the RNG Value Chain RNG Fuel Segment Fuel Station Services Renewable Power RNG Production Fuel Station Services Renewable Power Generation of RNG through Market share leading builder Established owner of landfill gas to capture of landfill emissions, and service provider of electric projec
Slide 6: Executing Our Vertically Integrated Plan
Executing Our Vertically Integrated Plan Our Priorities Update 1. Secure New Biogas Rights Advanced Development Pipeline(1) represents 9.3 million MMBtu across 20 projects. We added ~1 million MMBtu to the Pipeline since March. 2. Place New RNG Projects Into Construction Expect to place at least
Slide 7: Transportation Fuel Market Maximizes Value Today
Transportation Fuel Market Maximizes Value Today OPAL Fuels’ commercial strategy targeting transportation fuel markets maximizes the per MMBtu value of RNG and creates optionality for future biofuels incentives such as the 45Z or the pricing power to fleets. Fixed price contracts lack these potentia
Slide 8: Demand for RNG by Class 8 Trucks Poised to Exceed Supply
Demand for RNG by Class 8 Trucks Poised to Exceed Supply RNG Transport Fuel Market Fundamentals Are Strong RNG Covers Less than 1% of the U.S. Heavy Duty Market BN GGE U.S. Heavy Duty Diesel / Gasoline and NG Commercial Fleet Transportation fuel market demand is expected to 70.0 50.0 accelerate as
Slide 9: Non-Transportation Fuel RNG Demand Is Substantial and Expected to Grow
Non-Transportation Fuel RNG Demand Is Substantial and Expected to Grow RNG demand growth is bolstered by policy support from existing programs like the RFS and LCFS as well as increasing pressure on institutions to reduce their carbon footprint (ESG targets). The potential global addressable mar
Slide 10: First Quarter 2023 Results
First Quarter 2023 Results Three Months Ended March 31, 2023 2022 Revenue RNG Fuel $ 12,194 $ 15,049 Fuel Station Services 20,828 24,874 Renewable Power 9,935 9,124 Total Revenue $ 42,957 $ 49,047 Net (loss) Income $ (7,346) $ (4,467) (1) Adjusted EBITDA $ 8,658 $ 4,069 RNG Fuel volume produced (Mil
Slide 11: Inflation Reduction Act's and Renewable Fuel Standard Benefits Are Significant
Inflation Reduction Act’s and Renewable Fuel Standard Benefits Are Significant Key Provisions Potential OPAL Impact • Anticipated benefits starting in 2023 for RNG • Tax credit of 6% to 30% of capex dependent on qualifying factors and Investment projects following commencement of operations. Tax Cre
Slide 12: Liquidity Update
Liquidity Update • Strong Balance Sheet with approximately $72 million in net debt, representing ~0.5x 1Q23 Adjusted EBITDA annualized • Liquidity of approximately $182 million (3/31/2023) o $40 million in cash and cash equivalents including restricted cash o $37 million of short-term investments •
Slide 13: Appendix
~ Appendi mPP IX \ \
Slide 14: 7 RNG facilities and 17 Renewable Power Plants Online Today
7 RNG facilities and 17 Renewable Power Plants Online Today 7 17 ~7.4 Million Operating RNG Assets Operating Renewable Power Assets RNG + Power MMBtu(1) RNG: Imperial RNG: Greentree RNG: Sunoma RNG: Noble Road Location Pennsylvania Pennsylvania Arizona Ohio Type Landfill Landfill Dairy Landfill / (2
Slide 15: RNG Projects In-Construction
RNG Projects In-Construction 6 ~4.7 Million In-Construction Projects Total MMBtu(1) Landfill: Emerald Landfill: Prince William Landfill: Sapphire Location Michigan Virginia North Carolina Gas Rights Prince William County, VA Ownership % 50% 100% 50% COD Mid-2023 Q423 1H24 Dairy: Hilltop Dairy: Vande
Slide 16: Advanced Development Pipeline Approximately 9.3 Million MMBtu Across 20 Projects
Advanced Development Pipeline Approximately 9.3 Million MMBtu Across 20 Projects Advanced Development Pipeline(1) 10.0 9.3 Million MMBtu Added 1 million MMBtu to our Advanced Development Pipeline since March for a total of 9.0 0.1 0.2 20 projects 8.0 We continue to evaluate new opportunities acr
Slide 17: OPAL is One of The Largest RNG Fuel Station Developers in the U.S.
OPAL is One of The Largest RNG Fuel Station Developers in the U.S. One stop shop, OPAL Fuels’ vertical integration provides reliable supply and dispensing for heavy duty fleet customers Leading player to support large scale nationwide Recent Highlights fleet deployment 138 stations in our RNG dispen
Slide 18: Reconciliation of Q1 Adjusted EBITDA to GAAP Net Income
Reconciliation of Q1 Adjusted EBITDA to GAAP Net Income Below is First Quarter 2023 Adjusted EBITDA compared with prior periods. Three Months Ended March 31 2023 2022 Net loss $ (7,346) $ (4,467) Adjustments to reconcile net income to Adjusted EBITDA: Interest and financing expense, net 641 3,051 Ne