OPAL Fuels Inc.

Good morning and welcome to the Opal Fuel's third quarter 2023 earnings call-in webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. As a reminder, today's conference call is being recorded. I would now like to turn the call over to Todd Fiers, own vice president of investor relations. Please go ahead.

Thank you, and good morning, everyone. Welcome to the Opal Fuels third quarter 2023 earnings conference call. With me today are co-CEOs Adam Kimura and Jonathan Moore, Anne Anthony and Scott Contino, who will serve as Opal's interim chief financial officer. Opal Fuels released financial and operating results for the third quarter 2023 yesterday afternoon, and those results are available on the investor relations section of our website at opalfuels.com. 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'd 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 disclosed on slides two and three of our presentations. These forward-looking statements reflect our views as of the date of this call, and OPWL fuels us not to 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 in the reconciliation of these measures to the nearest GAAP measure is included in PBEX of the release and presentation. Adam will begin today's call by providing an overview of the Corps' results, recent highlights, and an update on strategic and operational priorities. John will then give a commercial and business development update, after which Scott will review financial results. We will then open the call for questions. And now I'll turn the call over to Adam Kimura, co-CEO of Opal Fuel.

Thank you, Todd. Good morning, everyone, and thank you for being here for Opal Fuel's third quarter 2023 earnings call. First, I would like to introduce Scott Contino, who will serve as our interim CFO. Scott has been with Fortistar for over 25 years and has worked with the Opal companies for all of that period. Scott was also CFO of Opal up until the spring of 2021, and he has an intimate knowledge of the business and the people. We feel confident in his abilities to stand in while we continue our permanent CFO search. I also want to thank Anne Anthony for her service. and was instrumental in helping take opal public and our capital raising initiatives we wish her well in her future endeavors moving on i'd like to highlight several points from this quarter's results and recent developments first in september we closed on a 500 million credit facility which streamlines and simplifies our balance sheet and provides a clear funding pathway for our in construction projects and execution on the next phase of our growth plan Second, we recently announced a joint venture with South Jersey Industries to construct and operate RNG facilities. We have started construction on the first project, the Atlantic RNG facility in Egg Harbor Township, New Jersey. We expect commercial operations to commence in mid 2025. We hope to expand this JV with additional projects shortly. Third, we brought online one of our largest RNG projects in North America, our Emerald project in Michigan. Opal's 50% share of this 2.6 million MM BTU design capacity facility is under our JV with GSL and is now through its ramp-up period and has received its EPA pathway registration. We anticipate generating RINs and begin selling them in December. Fourth, post the updated set rule in June, RIN prices have continued to strengthen with prices now in the $3.50 per gallon range. We think supply-demand dynamics will continue to support constructive prices through year-end and into 2024. Finally, we are encouraged by the green shoots we are seeing in the downstream fuel station service business based on very positive feedback from numerous major fleets testing the new Cummins 15-liter natural gas engine. We spend a lot of time discussing our RNG production growth and trends on that side of the business, but there is significant potential for our fuel station services business to grow substantially over the next several years based on what we are seeing and hearing. The OEMs are just now starting to take orders for deliveries in the back half of 2024, and it is something we are starting to get excited about here at OPWL as we look to 2025 and beyond. We also want to highlight several new disclosures after corresponding with the SEC. including separating the reporting of RNG pending monetization from adjusted EBITDA and additional disclosures regarding production capacity metrics. These enhanced disclosures should aid investors in their thinking about the near and long-term earnings power of the business. For adjusted EBITDA, we will no longer be matching the value of the RNG and environmental credits we produce in the same period we recognize the cost of that production. Revenue, net income, and adjusted EBITDA will now just reflect the credits that are sold and transferred in a period. RNG pending monetization now presented in a separate table includes the volume of stored gas, which we call RNG pending certification, and the inventory of unsold environmental credits held for sale at the end of the period. This table will also detail the environmental credit trading activity in a period. John will elaborate later on the additional disclosures we are providing regarding production capacity metrics, which will provide clarity on organic growth potential at our operating RNG facilities. With that, I'll turn it over to John.