OPAL Fuels Inc.

Good morning and welcome to Opal Fuel's third quarter 2024 earnings call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will 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. Please be advised that today's conference is being recorded. As a reminder, this event is being recorded. I would like to turn the call over to Todd Firestone, Vice President of Investment Relations, to begin. Please go ahead.

Thank you, and good morning, everyone. Welcome to the Opal Fuels Third Quarter 2024 Earnings Conference Call. With me today are co-CEOs Adam Kimora, Jonathan Moore, and Scott Coutinho, Opal's Interim Chief Financial Officer. Opal Fuels released financial and operating results for the third quarter of 2024 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 described on Slides 2 and 3 of our presentation. These forward-looking statements reflect our views as of the date of this call, and Opal Fuels does not 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 on-gap measures. A definition of non-GAAP measures and views in the reconciliation of these measures to the nearest GAAP measure is included in an appendix 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 our strategic and operational priorities. Don will then give a commercial and business development update, after which Scott will review financial results. We'll then open the call for questions. And now, I'll turn the call over to Adam Camora, co-CEO of Opal Fuels.

Thank you, Todd, and good morning, everyone, and thank you for participating in Opal Fuels' third quarter 2024 earnings call. This quarter's results were solid and in line with our expectations as we continue to execute against both our near-term financial goals and longer-term growth initiatives. Underpinning our growth is our continued ability to develop new RNG projects, move them through construction into operation, and leveraging the strength of our vertically integrated business model to both realize the highest value for that RNG and drive market share gains across the business. We are pleased that we have recently commissioned and brought into operation both the Sapphire and Polk RNG projects, our 10th and 11th. When combined with the earlier commissioning of Prince William, we have increased our share of nameplate design capacity and operation up to 8.8 million MMBTUs. an increase of 3.6 million MMVTUs this year. Adjusted EBITDA for the quarter was approximately 31 million, as we continue to see improvements across our business segments. Significant drivers to adjusted EBITDA this quarter were the contribution from Prince William, continued strength in environmental credit sales, and strong results in our fuel station services from both higher throughput of RNG through our dispensing network, and continued positive trends in the construction and services part of this segment. We're also well on track of putting at least 2.0 million MMBTUs of OPWL's share of initial design capacity into construction. With the announced projects of Cottonwood, Burlington, and now Kirby, we have placed approximately 1.8 million MMBTUs of initial design capacity into construction this year. We're seeing continued strength in our downstream business and remain encouraged that we will meet our growth objectives for this segment. We have good visibility on full year results and are maintaining our current guidance. Scott will go into further detail regarding our results and outlook a little later in the call. One other financial item in the quarter that I want to highlight, we saw the first monetization of IPC credits in the third quarter for net cash proceeds of 8.6 million. included in our net income, but not in our adjusted EBITDA. We expect continued investment tax credits from projects that have recently entered operation and from projects that are in construction. Finally, I want to add some commentary on the results of the election. Over the past year, we were frequently asked how our business would be impacted under either a Democratic or Republican White House or control of Congress. We continue to feel that what we do doesn't come down to partisan politics. Humans and the agricultural sectors create organic waste that decompose and creates biogas or biogenic methane. It is common sense climate and energy policy to capture those emissions with cost-effective and proven technology and use them productively for either renewable electricity generation or as RNG. RNG is attractive as a renewable fuel because it is available today, utilizes existing pipeline infrastructure, and proven cost-effective technology that can then be used to decarbonize difficult sectors, such as heavy-duty trucking. We see an increasing focus on the need to address the rising electricity demand, and we believe electricity produced from biogas can play an important role as it can serve as baseload renewable power, increasing local grid stability. With that, I'll turn it over to John. John?