OPAL Fuels Inc.OPAL
Cash in trust
$312M
$311,615,892
Trust per share
$2.62
Redemption value
IPO
Mar 2021
$311M raised
Combination deadline
—
Not disclosed
Filings on record
489
Latest Oct 21, 2026
Business combination
- Target
- Not disclosed in an indexed filing
- Announced
- Dec 2, 2021
- Closed
- Jul 28, 2022
Overview
OPAL Fuels Inc. is a special purpose acquisition company incorporated and registered with the SEC under CIK 0001842279. It completed its initial public offering in Mar 2021, raising $311M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker OPAL on Nasdaq. The vehicle is sponsored by ArcLight CTC through ArcLight CTC Holdings II, L.P. The mandate targets energy, energy transition. Business combination closed; the company trades under a new ticker.
“We intend to pursue opportunities created by the accelerating transition toward sustainable use of energy and natural resources.”
Reading the filings
Arithmetic on what OPAL Fuels Inc. has disclosed, written the way a desk would read it. These are observations, not a rating. Nothing here scores the vehicle or implies a view on it.
Trust versus the $10 unit
The trust holds $2.62 per public share, below the $10.00 unit price. A trust that has fallen under the offering price usually means charges against it or a restatement, so read the most recent quarterly report before relying on the figure.
Warrant coverage
Each unit carried one-fifth warrant per unit. Warrants are dilution deferred: they cost the holder nothing until exercised, and they overhang the post-combination share count. Thinner coverage is generally a sign of a stronger book at pricing.
Sponsor record
ArcLight CTC has launched 2 vehicles. Of the 2 that have resolved, 2 closed a combination and 0 liquidated, a 100% completion rate. A sponsor's record is not a forecast, but it does tell you whether the team has taken a deal across the line before.
Underwriting
Barclays led the offering. It has been named on 53 SPAC IPOs, book-running 43 of them, and 62% of its resolved vehicles closed a deal. The syndicate has no control over whether a sponsor finds a target, but the quality of the book at pricing shapes who ends up holding the units.
Filings per month since the first one. A vehicle that has gone quiet with a deadline ahead is a different proposition from one that is still working.
489 filings in all. 11 in the last three months, against a busiest month of 34.
News on OPAL Fuels Inc.
Last 90 days- Neutral
- OPAL Fuels Receives 2026 Energy Vision Leadership AwardNeutral
Yahoo · 5d ago
- Neutral
- Neutral
News sentiment
NeutralAcross 4 recent stories, weighted towards the newest. Scored by our own headline classifier using finance- and SPAC-specific terms. It reads what a story is about, not what the shares are worth.
SEC filing history
Free tier: filings older than 24 hours- 8-K
Regulation FD disclosure
Items 5.02, 7.01, 9.01 · Accession 0001628280-26-066561
- EFFECT
Notice of effectiveness
Accession 9999999995-26-002998
- S-3/A
S-3/A
Accession 0001628280-26-061907
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-060916
- S-3
S-3
Accession 0001628280-26-060724
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-060113
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-060107
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0000914208-26-000303
- 10-Q
Quarterly report
Accession 0001628280-26-054995
- 8-K
Current report
Items 2.02, 9.01 · Accession 0001628280-26-054993
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001628280-26-049952
- 8-K
Submission of matters to a vote of security holders
Items 5.07, 9.01 · Accession 0001628280-26-044625
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-043038
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-040786
- 8-K
Other events
Items 8.01, 9.01 · Accession 0001628280-26-040255
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-037345
- 8-K
Current report
Items 3.03, 9.01 · Accession 0001628280-26-036906
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-036902
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-036901
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-036090
- 8-K
Current report
Item 2.02 · Accession 0001628280-26-033124
- 10-Q
Quarterly report
Accession 0001628280-26-033091
- 8-K
Regulation FD disclosure
Items 7.01, 9.01 · Accession 0001628280-26-028015
- DEFA14A
Additional proxy soliciting material
Accession 0001213900-26-047133
- ARS
FORM ARS
Accession 0001213900-26-047132
- DEF 14A
Definitive proxy statement
Accession 0001628280-26-026900
- SCHEDULE 13G/A
Amended beneficial ownership report (passive)
Accession 0000914208-26-000093
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-023272
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-023265
- 4
Statement of changes in beneficial ownership
Accession 0001628280-26-023260
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OPAL Fuels Inc.: questions answered
What is OPAL Fuels Inc. (OPAL)?
OPAL Fuels Inc. is a special purpose acquisition company incorporated and registered with the SEC under CIK 0001842279. It completed its initial public offering in Mar 2021, raising $311M in gross proceeds and listing on Nasdaq. Class A shares trade under the ticker OPAL on Nasdaq. The vehicle is sponsored by ArcLight CTC through ArcLight CTC Holdings II, L.P. The mandate targets energy, energy transition. Business combination closed; the company trades under a new ticker.
How much does OPAL Fuels Inc. hold in trust?
Approximately $311,615,892, or about $2.62 per public share, as at the most recent filing on record. Trust balances move: shareholders redeem at extension votes and at the combination vote, and sponsors pay contributions in to extend. Treat the figure as a point-in-time disclosure, not a running balance.
When must OPAL Fuels Inc. complete a merger?
No combination deadline appears in the filings we have indexed. The date is stated in the charter and repeated in each quarterly report; where our parser could not establish it with confidence we leave it blank rather than infer one.
What happens if OPAL Fuels Inc. does not find a target in time?
The charter requires the vehicle to redeem 100% of the public shares and return the trust, pro rata, to public shareholders. That is the mechanism working as designed rather than a default. Founder shares and warrants are worthless in that outcome, which is why the sponsor's incentive is to get a deal done or to buy more time. Across the market, deadline lapsed without a deal; trust returned to public shareholders.
Can I redeem shares in OPAL Fuels Inc., and at what price?
Public shareholders may elect to redeem in connection with a combination vote and at each extension vote, at the pro-rata trust value on the relevant record date, most recently disclosed at about $2.62 per share. Redemption is a right attached to the public shares only; warrants and rights carry no claim on the trust. The mechanics and the deadline for electing are set out in the proxy statement for the vote in question.
What tickers does OPAL Fuels Inc. trade under?
Class A shares trade as OPAL on Nasdaq. Units trade first and separate into their component securities roughly 52 days after the IPO; only the Class A shares carry the redemption right against the trust.
Is the trust value the same as the share price for OPAL Fuels Inc.?
No, and the gap between them is the whole trade. Trust per share is a disclosed, contractual figure of $2.62, being what a redeeming holder receives. The market price is whatever the shares change hands at: most recently $1.53, a spread to the redemption value. Quotes on this site are delayed and indicative; confirm on your own venue before trading.
How much dilution do OPAL Fuels Inc.'s founder shares and warrants create?
Each unit also carried one-fifth warrant per unit, which is dilution deferred until exercise. Both are disclosed in the prospectus and both survive into the combined company, which is why a de-SPAC at $10 is not economically the same as an IPO at $10.
Who sponsors OPAL Fuels Inc., and what is their track record?
ArcLight CTC Holdings II, L.P is the sponsor entity, part of the ArcLight CTC franchise. That franchise has launched 2 vehicles in total, of which 2 closed a combination and 0 liquidated, a 100% completion rate on resolved vehicles.
Which banks underwrote the OPAL Fuels Inc. IPO?
Barclays, Citigroup. Barclays and Citigroup were credited as book-running managers on the cover. Syndicate membership and role are read from the prospectus cover and the underwriting section.
Is OPAL Fuels Inc. tradeable, and where?
Yes. OPAL returned a live quote of $1.53 on Nasdaq. Quotes here are delayed and refreshed on a schedule rather than streamed, so treat the figure as indicative and confirm on your own venue. Units and warrants trade under their own symbols and are quoted separately.
Is OPAL Fuels Inc. a good investment?
That is not a question this site answers. OPAL Fuels Inc. is covered here as reference data: what the company filed, when it filed it, and what the numbers in those filings say. The Edge, FOMO and Potential scores on this page are derived measures with a published formula, not ratings of investment merit: they describe the setup, and every component is shown so you can take them apart. We publish no price targets and no recommendations, and nothing here should be read as advice. The figures are a starting point for your own work, and each one carries the accession number of the filing it came from.
Where does this OPAL Fuels Inc. data come from?
Filings OPAL Fuels Inc. submitted to the SEC under CIK 0001842279: the registration statement and final prospectus for the structure, quarterly and annual reports for the trust, current reports and proxy statements for deals, votes and extensions. Trust economics are taken from the registrant's own XBRL tags rather than parsed from prose, which is why they are exact. Every filing in the history above is listed with its accession number, which identifies the document uniquely on EDGAR; Pro accounts open it directly from the row.
Compiled by the SPACListing research desk
Last reconciled Oct 21, 2026
Every figure on this page is read from documents the registrants filed with the U.S. Securities and Exchange Commission, principally the IPO prospectus (Form 424B4), quarterly and annual reports, current reports and proxy statements, the registrant's own XBRL tags for trust economics. Nothing is sourced from press coverage, from the companies themselves, or from a third-party aggregator. Where a filing does not disclose something, the field is left blank rather than estimated.
Read the full methodology · What is in the dataset · Report a correction
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Continue reading
The context around this vehicle: who else the sponsor has launched, which banks priced it, and where it sits in the wider market.
ArcLight CTC: the full record
Every vehicle this sponsor has launched, what closed, what liquidated and what is still live.
Barclays in SPACs
Mandates, bookrun credit, deal volume and the outcome of the vehicles it priced.
Energy SPACs
Every vehicle chasing the same mandate, ranked by cash in trust.
All completed de-spac transactions
Business combination closed; the company trades under a new ticker.
Deadline calendar
Which sponsors are running out of time, and when the extension votes land.
What is a SPAC?
The structure, the economics and where the risks actually sit.
SPAC glossary
Every term in a blank-check filing, defined the way practitioners use it.
How this data is built
Coverage universe, ingestion, normalisation, lifecycle classification and known limits.