Fortistar LLC says two of its portfolio companies, Fortistar Methane Group (FMG), a developer of renewable natural gas (RNG) facilities, and TruStar Energy, a supplier of natural gas refueling solutions for the transportation sector, are merging under Opal Fuels LLC to form a new, fully integrated renewable fuels supply company for North America.
“In the nearly 30 years since founding Fortistar, I have never been more excited about the opportunities ahead,” says Mark Comora, president of Fortistar LLC. “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. Opal will help decarbonize the U.S. transportation industry – which generates the largest share of annual greenhouse gas emissions – by supplying sustainable energy fueled by RNG.”
The merger creates a complete, vertically-integrated business that handles every step from project development and construction to producing, marketing and dispensing renewable fuel and the associated renewable credits. With this merger, the combined company will maintain one of the largest portfolios of internally produced RNG to ensure a stable renewable fuels supply for its customers. The combined business offers a natural platform for growth by converting its landfill gas electric projects to RNG facilities and new greenfield development of both animal waste digesters and new landfill projects, which will supply fueling stations.
During 2020, TruStar completed 42 natural gas fueling station projects across the country, bringing its total completed projects to 380. TruStar has powered Class 8 fleets since 2009 and maintains a workforce of over 120 employees across the country. FMG is in the middle of a $500 million expansion program to complete construction on the fifth of 12 RNG projects that together will provide over 100 million gas gallon equivalents (GGE) annually of RNG. Together, the combined company will have a growing network of over 220 employees nationwide.
