Renewable natural-gas producer Opal Fuels LLC is merging with a special-purpose acquisition company to go public with a valuation of roughly $2 billion, the companies said.
White Plains, N.Y.,-based Opal produces renewable natural gas, or RNG, by capturing methane from landfills and dairy farms and converting it into an alternative to diesel fuel. It then delivers RNG to trucking customers such as United Parcel Service Inc. and Waste Management Inc. with fuel stations in 42 states. RNG can also be sold to utilities or turned into green hydrogen fuel, Opal says.