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The companies said that renewable natural gas producer Opal Fuels LLC is merging with a special purpose acquisition company to go public with a valuation of nearly $2 billion.
Opal White Plains, New York, 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 the RNG to trucking customers such as United Parcel Service Inc. and Waste Management Inc. With gas stations in 42 states. Opal says the RNG can also be sold to utilities or converted to green hydrogen fuel.
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