South Jersey Industries (SJI) and OPAL Fuels Inc. have begun building of their second joint renewable pure fuel (RNG) manufacturing facility, positioned on the Burlington County Useful resource Restoration Complicated stable waste landfill in Florence Township, New Jersey.
The challenge is designed to supply 92,000 British thermal items (Btu) yearly, or 6.5 million fuel gallons equal of biomethane, sufficient to displace over 530,000 metric tons of carbon dioxide a 12 months, a joint assertion mentioned.
The challenge will provide heavy-duty vehicles through OPAL’s fueling station community, “decreasing gasoline prices for these fleets”, mentioned the net assertion.
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The Burlington facility marks the second time White Plains, New York-based OPAL and Folsom, New Jersey-based SJI partnered to collectively function an RNG plant, after the Atlantic RNG challenge. Atlantic RNG is being constructed on the Atlantic County Utilities Authority’s stable waste landfill in Egg Harbor Township, New Jersey, and is predicted to begin industrial operation within the third quarter of 2025, OPAL mentioned later in its quarterly report. Atlantic LNG is designed to supply 603,000 Btu a 12 months.
On September 1, 2023, OPAL fuels and power infrastructure firm SJI launched a 50-50 three way partnership to construct and function RNG vegetation.
“Burlington is the newest addition to our rising variety of RNG tasks, a portfolio of property underpinned by a confirmed resolution to convey worth to our landfill companions and struggle local weather change each on the supply of emissions and within the transportation sector”, OPAL co-chief government Jonathan Maurer mentioned.
OPAL now has 16 RNG vegetation in operation or building, with a mixed design capability of 10.8 million Btu per 12 months.
Among the many new tasks, Sapphire RNG started commissioning and startup is predicted within the third quarter. Polk RNG is on observe to start service within the fourth quarter. Cottonwood RNG began building final Could.
“Burlington and our beforehand introduced Cottonwood challenge collectively complete 1.1 million MMBtu of latest annual RNG manufacturing design capability positioned in building towards our 2.0 million MMBtu goal for 2024”, Maurer mentioned in OPAL’s quarterly report.
Within the second quarter of 2024, OPAL produced 900,000 Btu of RNG, up 50 % in comparison with the identical three-month interval final 12 months, in keeping with its quarterly report.
In the meantime, it reported $71 million in income, up 29 % year-on-year. Internet earnings stood at $1.9 million, down from $114.1 million for the corresponding interval in 2023. Adjusted EBITDA landed at $18.9 million, up from the comparable interval a 12 months in the past.
“Market fundamentals proceed to be sturdy for the seize and productive use of biogenic methane emissions”, co-chief government Adam Comora mentioned. “We consider our crew and our vertically built-in enterprise mannequin place us effectively to capitalize on these alternatives”.
OPAL invested $49.7 million throughout its RNG tasks through the first half of 2024, along with $16.5 million spent on joint RNG tasks.
OPAL Fuels ended the second quarter with $104.7 million in present property, together with $19 million in money and money equivalents. In the meantime it logged $81.1 million in present liabilities as of the top of June.
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