OPAL Fuels Inc. (NASDAQ: OPAL) announced the completion of a $180 million preferred stock facility with an affiliate of majority shareholder Fortistar.

The company issued $120 million at closing, with approximately $100 million used to redeem Series A Preferred Units previously held by Mendocino Capital, LLC. The remaining $60 million will be available for future use.

"This financing sets the stage for the company's next stage of growth," said Jonathan Maurer, Co-Chief Executive Officer of OPAL Fuels. "The new preferred stock facility will enable OPAL Fuels to complete development and construction of new RNG projects and fueling infrastructure to support heavy-duty transportation."

OPAL Fuels operates in the renewable natural gas sector, focusing on capturing and converting biogas into low carbon intensity RNG and renewable electricity for heavy-duty trucking and industrial applications.

The information is based on a company press release.