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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
filed with the Securities and Exchange Commission on August 10, 2022</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
No.&#160;333- &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;    </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Washington,
D.C. 20549</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>



</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORM&#160;S-1</b></span></p><div>

</div><p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>REGISTRATION
STATEMENT</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>UNDER</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>THE
SECURITIES ACT OF 1933</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><p style="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityRegistrantName"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS INC.</b></span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Exact
name of registrant as specified in its charter)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; font-size: 10pt; text-align: center; width: 32%"><ix:nonNumeric contextRef="c0" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Delaware</b></span></ix:nonNumeric></td> <td style="vertical-align: bottom; font-size: 10pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; font-size: 10pt; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4932</b></span></td> <td style="vertical-align: bottom; font-size: 10pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="border-bottom: Black 1.5pt solid; vertical-align: top; font-size: 10pt; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>98-1578357</b></span></td></tr> <tr> <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(State
or other jurisdiction of <br/>
incorporation or organization)&#160;</b></span></p></td> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Primary
Standard Industrial<br/>
Classification Code Number)&#160;</b></span></p></td> <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="vertical-align: top"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(I.R.S.
Employer<br/>
Identification No.)&#160;</b></span></p></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One
North Lexington Avenue</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Suite
1450</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>White
Plains, New York 10601</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(914)&#160;705-4000</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Address,
including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ann
Anthony</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief
Financial Officer</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c/o
OPAL Fuels Inc.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One
North Lexington Avenue</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Suite
1450</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>White
Plains, New York 10601</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(914)&#160;705-4000</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Name,
address, including zip code, and telephone number, including area code, of agent for service)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Copies
of all communications, including communications sent to agent for service, should be sent to:</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%;  border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 100%; padding-bottom: 2.25pt"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>T.&#160;Allen
    McConnell, P.C.</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Edward
    M. Welch, Esq.<br/>
    Sheppard, Mullin,<br/>
    Richter&#160;&amp; Hampton LLP<br/>
    30 Rockefeller Plaza</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>New
    York, New York 10112<br/>
    Tel: (212)&#160;653-8700</b></span></p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>



</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate
date of commencement of proposed sale to the public</b>: From time to time after this Registration Statement becomes effective.</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933 check the following box: &#9746;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&#160;&#9744;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&#160;&#9744;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&#160;&#9744;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a&#160;non-accelerated&#160;filer, smaller reporting
company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221;
&#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule&#160;12b-2&#160;of the Exchange Act.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 4%">&#160;</td> <td style="font-size: 10pt; width: 19%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large&#160;accelerated&#160;filer</span></td> <td style="font-size: 10pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font-size: 10pt; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td> <td style="font-size: 10pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font-size: 10pt; width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</span></td> <td style="font-size: 10pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font-size: 10pt; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</span></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td style="font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt-sec:entityfilercategoryen" name="dei:EntityFilerCategory"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated&#160;filer</span></ix:nonNumeric></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller&#160;reporting&#160;company</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntitySmallBusiness"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> <tr style="vertical-align: bottom"> <td>&#160;</td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</span></td> <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td> <td style="font-size: 10pt"><ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></ix:nonNumeric></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section&#160;7(a)(2)(B) of the Securities Act.&#160;<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section&#160;8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such
date as the SEC, acting pursuant to said Section&#160;8(a), may determine.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="color: Red"><b>The information in
this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="color: Red"><b>SUBJECT TO COMPLETION,
DATED AUGUST 10, 2022</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>PRELIMINARY PROSPECTUS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Up to 175,541,507 SHARES OF CLASS A COMMON STOCK</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This prospectus relates to the offer and sale
from time to time by the selling securityholders named in this prospectus (the &#8220;<b><i>Selling Holders</i></b>&#8221;) of up to 175,541,507
shares of Class A common stock, par value $0.0001 per share (&#8220;<b><i>Class A common stock</i></b>&#8221;), consisting of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(i) 10,838,609
shares of Class A common stock issued under the Business Combination Agreement, dated as of December&#160;2, 2021 (as the same has been
or may be amended, modified, supplemented or waived from time to time, the &#8220;<b><i>BCA</i></b>&#8221; or the &#8220;<b><i>Business
Combination Agreement</i></b>&#8221;), by and among ArcLight Clean Transition Corp. II (&#8220;<b><i>ArcLight</i></b>&#8221;), Opal Fuels
LLC (&#8220;<b><i>Opco</i></b>&#8221;) and Opal Holdco LLC (&#8220;<b><i>OPAL Holdco</i></b>&#8221;) to ARCC Beacon LLC (&#8220;<b><i>Ares</i></b>&#8221;),
ArcLight CTC Holdings II, L.P. (&#8220;<b><i>Sponsor</i></b>&#8221;) and certain former directors of ArcLight;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(ii) 144,399,037
shares of Class A common stock issuable upon the conversion of Class C common stock issuable to Opal Holdco and Hillman RNG Investments,
LLC (the &#8220;<b><i>Opco Common Equityholders</i></b>&#8221;) upon the exchange of Opco Common Units (as defined below) and the cancellation
of an equal number of shares of Class D common stock (as defined below);</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(iii) 9,223,261
shares of Class A common stock underlying the OPAL Private Placement Warrants (defined below); and</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">(iv) 11,080,600
shares of Class A common stock issued to the Selling Holders pursuant to subscription agreements dated as of December 2, 2021 (collectively,
the &#8220;<b><i>PIPE Investors</i></b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We will not receive any proceeds from the sale
of shares of Class A common stock by the Selling Holders pursuant to this prospectus; however, we will bear all costs, expenses and fees
in connection with the registration of the securities. The Selling Holders will bear all commissions and discounts, if any, attributable
to their respective sales of the securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our registration of the securities covered by
this prospectus does not mean that either we or the Selling Holders will issue, offer or sell, as applicable, any of the Class A common
stock. The Selling Holders may offer and sell the securities covered by this prospectus in a number of different ways and at varying
prices. We provide more information about how the Selling Holders may sell the shares in the section entitled &#8220;<i>Plan of Distribution</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">You should read this prospectus and any prospectus
supplement or amendment carefully before you invest in our Class A common stock.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our shares of Class A common
stock are listed on the Nasdaq Capital Market (&#8220;<b><i>Nasdaq</i></b>&#8221;) under the symbol &#8220;OPAL.&#8221; On August 9, 2022,
the closing price of our Class A common stock was $11.50 per share. Our public warrants are listed on Nasdaq under the symbol &#8220;OPALW.&#8221;
On August 9, 2022, the closing price of our public warrants was $1.55 per warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are an &#8220;emerging growth company,&#8221;
as that term is defined under the federal securities laws and, as such, are subject to certain reduced public company reporting requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b>Investing in our securities involves risks
that are described in the &#8220;Risk Factors&#8221; section beginning on page 10 of this prospectus.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of the securities to be issued under this prospectus or determined if
this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The date of this prospectus is August 10,
2022.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: #CCEEFF">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; width: 90%"><a href="#a_001"><span style="font-size: 10pt">TRADEMARKS</span></a></td>
    <td style="vertical-align: bottom; width: 10%; text-align: center">ii</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_002"><span style="font-size: 10pt">SELECTED DEFINITIONS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">ii</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_003"><span style="font-size: 10pt">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">vi</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_004"><span style="font-size: 10pt">SUMMARY</span></a></td>
    <td style="vertical-align: bottom; text-align: center">1</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><span style="font-size: 10pt"><a href="#aaa5">SELECTED HISTORICAL CONSOLIDATED FINANCIAL INFORMATION</a></span></td>
    <td style="vertical-align: bottom; text-align: center">8</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_005"><span style="font-size: 10pt">MARKET PRICE, TICKER SYMBOL, AND DIVIDEND INFORMATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center">9</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_006"><span style="font-size: 10pt">RISK FACTORS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">10</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_007"><span style="font-size: 10pt">USE OF PROCEEDS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">42</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_008"><span style="font-size: 10pt">UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center">43</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_009"><span style="font-size: 10pt">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">57</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_010"><span style="font-size: 10pt">BUSINESS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">72</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_011"><span style="font-size: 10pt">MANAGEMENT</span></a></td>
    <td style="vertical-align: bottom; text-align: center">90</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_012"><span style="font-size: 10pt">EXECUTIVE COMPENSATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center">95</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_013"><span style="font-size: 10pt">DESCRIPTION OF SECURITIES</span></a></td>
    <td style="vertical-align: bottom; text-align: center">98</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_014"><span style="font-size: 10pt">BENEFICIAL OWNERSHIP</span></a></td>
    <td style="vertical-align: bottom; text-align: center">111</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_015"><span style="font-size: 10pt">SELLING HOLDERS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">113</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_016"><span style="font-size: 10pt">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">116</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_017"><span style="font-size: 10pt">UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">121</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_018"><span style="font-size: 10pt">PLAN OF DISTRIBUTION</span></a></td>
    <td style="vertical-align: bottom; text-align: center">127</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_019"><span style="font-size: 10pt">LEGAL MATTERS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">131</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_020"><span style="font-size: 10pt">EXPERTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">131</td></tr>
  <tr>
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_021"><span style="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</span></a></td>
    <td style="vertical-align: bottom; text-align: center">131</td></tr>
  <tr style="background-color: #CCEEFF">
    <td style="padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><a href="#a_022"><span style="font-size: 10pt">INDEX TO FINANCIAL STATEMENTS</span></a></td>
    <td style="vertical-align: bottom; text-align: center">F-1</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">You should rely only
on the information contained in this prospectus. No one has been authorized to provide you with information that is different from that
contained in this prospectus. This prospectus is dated as of the date set forth on the cover hereof. You should not assume that the information
contained in this prospectus is accurate as of any date other than that date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TRADEMARKS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
document contains references to trademarks and service marks belonging to other entities. Solely for convenience, trademarks and trade
names referred to in this prospectus may appear without the&#160;</span><sup>&#174;</sup><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;or&#160;</span><sup>&#8482;</sup><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;symbols,
but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under
applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies&#8217; trade names,
trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SELECTED DEFINITIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When used in this prospectus, unless the context
otherwise requires:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;ArcLight&#8221; refers to ArcLight
Clean Transaction Corp. II, a blank check company incorporated as a Cayman Islands exempt company, and our previous name prior to the
Closing.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Ares&#8221; refers to ARRC
Beacon LLC, a Delaware limited liability company.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;BCA&#8221; or &#8220;Business
Combination Agreement&#8221; refers to the Business Combination Agreement dated as of December&#160;2, 2021 (as the same has been or may
be amended, modified, supplemented or waived from time to time), by and among ArcLight, Opco and OPAL Holdco.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Business Combination&#8221;
refers to the transaction contemplated by the BCA.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;Bylaws&#8221;
</i></span><i>refers to the bylaws of OPAL.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Charter&#8221; refers to certificate
of incorporation of OPAL. </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Class A common stock&#8221;
refers to the shares of Class A common stock, par value $0.0001 per share, of OPAL.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Class B common stock&#8221;
refers to the shares of Class B common stock, par value $0.0001 per share, of OPAL.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Class C common stock&#8221;
refers to the shares of Class C common stock, par value $0.0001 per share, of OPAL.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Class D common stock&#8221;
refers to the shares of Class D common stock, par value $0.0001 per share, of OPAL. </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Class&#160;A Units&#8221; refers
to the Class&#160;A Units&#160;as defined in the Second A&amp;R LLC Agreement.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Class&#160;B Units&#8221; refers
to the Class&#160;B Units&#160;as defined in the Second A&amp;R LLC Agreement.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Closing&#8221; refers to the
closing of the Business Combination.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Closing Date&#8221; refers
to July 21, 2022. </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Common Stock&#8221; refers
to the collective shares of Class A common stock, Class B common stock, Class C common stock and Class D common stock.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Company&#8221;, &#8220;we&#8221;,
&#8220;our&#8221;, &#8220;us&#8221; or similar terms refers to OPAL Fuels Inc. individually or on a consolidated basis, as the context
may require.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Exchange&#160;Act&#8221; refers
to the Securities Exchange&#160;Act&#160;of&#160;1934, as amended.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;FASB&#8221; refers to the Financial
Accounting Standards Board.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Fortistar&#8221; refers to
Fortistar LLC, a Delaware limited liability company.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Fueling Stations&#8221; refers
to facilities where (i)&#160;natural gas is dispensed into fuel tanks of vehicles for use as transportation fuel, and (ii)&#160;transactional
data from the dispensing of the fuel is recorded so that Environmental Attributes can be subsequently reported, matched with the dispensed
fuel to the extent sourced from RNG, and generated under the federal or state RFS or LCFS programs and other current and potential future
programs aimed at providing support for RNG into the transportation market. At the Fueling Stations, the natural gas is pressurized using
compressor systems and, in this state, is referred to as compressed natural gas (&#8220;<b>CNG</b>&#8221;). Because Environmental Attributes
associated with RNG are nominated/assigned to the physical quantity of CNG dispensed at the Fueling Station, when the CNG is dispensed
into to fuel tanks for use as transportation fuel and subsequently reported to the EPA and/or state environmental agency and matched with
the production of RNG, the respective RINs and LCFS credits are generated. Some of these stations are designed, developed, constructed,
operated and maintained by us while others are third party stations where we may only provide maintenance services.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 4; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Hillman&#8221; refers to Hillman
RNG Investments, LLC, a Delaware limited liability company.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#8220;<i>Investment Company Act</i>&#8221;
refers to the Investment Company Act&#160;of&#160;1940, as amended.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span><i>&#8220;Investor
Rights Agreement&#8221; refers to the Investor Rights Agreement, dated July 21, 2022, by and among OPAL Fuels Inc., each of the Sellers
named therein, the Sponsor and the Sponsor Principals as included in Exhibit 10.7 to the Current Report on Form 8-K, filed with the SEC
on July 27, 2021, as the same may be amended, modified, supplemented or waived from time to time in accordance with its terms.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;IPO&#8221; refers to ArcLight&#8217;s
initial public offering of its Class A ordinary shares and ArcLight Public Warrants pursuant to the IPO Registration Statement and completed
on March&#160;25, 2021.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;IPO Registration Statement&#8221;
refers to ArcLight&#8217;s Registration Statement on Form&#160;S-1, filed with the SEC (File No. 333-252730), on March&#160;22, 2021.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Meteora&#8221; refers to Meteora
Capital Partners and its affiliates.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Nasdaq&#8221; refers to the
Nasdaq Capital Market.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;NextEra&#8221; refers to Mendocino
Capital, LLC, a Delaware limited liability company.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;OPAL&#8221; and &#8220;OPAL
Fuels&#8221; refers to OPAL Fuels Inc., a Delaware corporation.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;our Board&#8221; refers to
our board of directors.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;OPAL Holdco&#8221; refers to
OPAL Holdco LLC, a Delaware limited liability.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;OPAL Preferred Stock&#8221;
refers to our shares of preferred stock, par value $0.0001 per share.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;OPAL Private Placement Warrants&#8221;
refers to the 9,223,261 redeemable warrants that were exchanged for the ArcLight Private Placement Warrants in connection with the Closing,
entitling the holder thereof to purchase Class A common stock.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;OPAL Public Warrants&#8221;
refers to the 6,223,261 redeemable warrants exchanged for the ArcLight Public Warrants in connection with the Closing, , entitling the
holder thereof to purchase Class A common stock.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;OPAL Warrants&#8221; refers
collectively to the OPAL Private Placement Warrants together with the OPAL Public Warrants.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Opco&#8221; refers to OPAL
Fuels LLC, a Delaware limited liability company.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Opco Common Equityholders&#8221;
refers to OPAL Holdco and Hillman.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Opco Common Units&#8221; refers
to the Class&#160;B Units resulting from the&#160;re-classification&#160;of the collective Opco common units existing immediately prior
to the Closing.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Series A Preferred Units&#8221;
refers to the 1,000,000 Series A preferred units of Opco held by NextEra.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Series A-1 Preferred Units&#8221;
refers to the 300,000 Series A-1 preferred units of Opco held by Hillman.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>&#8220;</i></span><i>Organizational
Documents</i>&#8221; <i>refers to the Charter and the Bylaws</i>;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Person&#8221; means an individual,
partnership, corporation, limited liability company, joint stock company, unincorporated organization or association, trust, joint venture
or other similar entity, whether or not a legal entity.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;PIPE Investment&#8221; refers
to the PIPE Investors that purchased a total of 11,080,600&#160;shares of Class A common stock in connection with the Closing at a cash
purchase price of $10.00 per share pursuant to the Subscription Agreements.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;PIPE Investors&#8221; refers,
collectively, to the institutional and accredited investors that entered into Subscription Agreements with ArcLight.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Sarbanes-Oxley&#160;Act&#8221;
refers to the&#160;Sarbanes-Oxley&#160;Act&#160;of&#160;2002.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;SEC&#8221; refers to the U.S.&#160;Securities
and Exchange Commission.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->iii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Second A&amp;R LLC Agreement&#8221;
refers to the Second Amended and Restated Limited Liability Company Agreement of Opco.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Securities Act&#8221; refers
to the Securities Act&#160;of&#160;1933, as amended.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Sponsor&#8221; refers to ArcLight
CTC Holdings&#160;II, L.P., a Delaware limited partnership.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Subscription Agreements&#8221;
refer to the subscription agreements (as amended from time to time) that ArcLight entered into in connection with the Business Combination
Agreement, each dated as of December&#160;2, 2021.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span><i>&#8220;Tax
Receivable Agreement&#8221; refers to the Tax Receivable Agreement, dated July 21, 2022, by and among OPAL Fuels Inc, Opal Holdco LLC
and the TRA Parties named therein as included in Exhibit 10.6 to the Current Report on Form 8-K, filed with the SEC on July 29, 2021,
as the same may be amended, modified, supplemented or waived from time to time in accordance with its terms.</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the following is a glossary of key
industry terms used herein:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Advanced Clean Trucks Regulation&#8221;
refers to the rules adopted by the California Air Resources Board on June&#160;25, 2020 requiring the sale of&#160;zero-emission&#160;heavy-duty&#160;trucks.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;ADG&#8221; refers to anaerobic
digester gas.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Biogas Conversion Projects&#8221;
refers to projects derived from the recovery and processing of biogas from landfills and other&#160;non-fossil&#160;fuel sources, such
as livestock and dairy farms, for beneficial use as a replacement to fossil fuels.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;BOD&#8221; refers to biochemical
oxygen demand.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Btu&#8221; refers to British
thermal units.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;CARB&#8221; refers to the California
Air Resources Board.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;CO&#8322;&#8221; refers to
Carbon dioxide.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;CNG&#8221; refers to compressed
natural gas.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;CI&#8221; refers to carbon
intensity.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;D3&#8221; refers to cellulosic
biofuel with a 60% GHG reduction requirement.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;EHS&#8221; refers to environment,
health and safety.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;EISA&#8221; refers to Energy
Independence and Security Act&#160;of&#160;2007.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;EPA&#8221; refers to the U.S.&#160;Environmental
Protection Agency.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;EPACT&#160;2005&#8221; refers
to the Energy Policy Act&#160;of&#160;2005.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Environmental Attributes&#8221;
refer to federal, state and local government incentives in the United States, provided in the form of RINs, RECs, LCFS credits, rebates,
tax credits and other incentives to end users, distributors, system integrators and manufacturers of renewable energy projects, that promote
the use of renewable energy.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;FERC&#8221; refers to the U.S.&#160;Federal
Energy Regulatory Commission.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;GHG&#8221; refers to greenhouse
gases.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;ISOs&#8221; refers to Independent
System Operators.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;LCFS&#8221; refers to Low Carbon
Fuel Standard or similar types of federal and state programs.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;LFG&#8221; refers to landfill
gas.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;MBR Authority&#8221; refers
to (a)&#160;authorization by FERC pursuant to the Federal Power Act to sell electric energy, capacity and/or ancillary services at&#160;market-based&#160;rates,
(b)&#160;acceptance by FERC of a tariff providing for such sales, and (c)&#160;granting by FERC of such regulatory waivers and blanket
authorizations as are customarily granted by FERC to holders of&#160;market-based&#160;rate authority, including blanket authorization
under section 204 of the Federal Power Act to issue securities and assume liabilities.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Obligated Parties&#8221; means
refiners or importers of gasoline or diesel fuel under the RFS program.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;QFs&#8221; refers to qualifying
small power production facilities under the Federal Power Act and the Public Utility Regulatory Policies Act&#160;of&#160;1978, as amended</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;RECs&#8221; refers to Renewable
Energy Credits.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;Renewable Power&#8221; refers
to electricity generated from renewable sources.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;RFS&#8221; refers to the EPA&#8217;s
Renewable Fuel Standard.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;RINs&#8221; refers to Renewable
Identification Numbers.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;RNG&#8221; refers to renewable
natural gas.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;RPS&#8221; refers to Renewable
Portfolio Standards.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;RTOs&#8221; refers to Regional
Transmission Organizations.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;RVOs&#8221; refers to renewable
volume obligations.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#8220;September&#160;2020 Executive
Order&#8221; refers to Executive Order N-79-20&#160;issued by the Governor of the State of California in September&#160;2020.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b>&#160;</p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain statements made in
this prospectus are &#8220;forward-looking&#160;statements.&#8221; Words such as &#8220;estimates,&#8221; &#8220;projected,&#8221; &#8220;expects,&#8221;
&#8220;estimated,&#8221; &#8220;anticipates,&#8221; &#8220;forecasts,&#8221; &#8220;plans,&#8221; &#8220;intends,&#8221; &#8220;believes,&#8221;
&#8220;seeks,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;would,&#8221; &#8220;future,&#8221; &#8220;propose,&#8221; &#8220;target,&#8221;
&#8220;goal,&#8221; &#8220;objective,&#8221; &#8220;outlook&#8221; and variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify forward-looking&#160;statements. These forward-looking&#160;statements
are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions
and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from
those discussed in the forward-looking&#160;statements. Important factors, among others, that may affect actual results or outcomes include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the failure to realize the benefits of the Business Combination,
which may be affected by, among other things, competition, our ability to grow and manage growth profitably, maintain relationships with
customers and suppliers and retain key employees;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our success in retaining or recruiting, our principal officers,
key employees or directors;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">intense competition and competitive pressures from other
companies in the industry in which we operate;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">increased costs of, or delays in obtaining, key components
or labor for the construction and completion of landfill gas and livestock waste projects that generate electricity and renewable natural
gas (&#8220;<b><i>RNG</i></b>&#8221;) and compressed natural gas (&#8220;<b><i>CNG</i></b>&#8221;) and hydrogen dispensing stations;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">factors relating to our business, operations and financial
performance, including market conditions and global and economic factors beyond our control;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">macroeconomic conditions related to the global COVID-19&#160;pandemic;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the reduction or elimination of government economic incentives
to the renewable energy market;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">factors associated with companies, such as us, that are engaged
in the production and integration of RNG, including (i)&#160;anticipated trends, growth rates and challenges in those businesses and
in the markets in which they operate (ii)&#160;contractual arrangements with, and the cooperation of, landfill and livestock biogas conversion
project site owners and operators and operators, on which we operate our landfill gas and livestock waste projects that generate electricity
and (iii)&#160;RNG prices for Environmental Attributes, low carbon fuel standard credits and other incentives;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the ability to identify, acquire, develop and operate renewable
projects and Fueling Stations;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to issue equity or equity-linked&#160;securities
or obtain debt financing;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the demand for renewable energy not being sustained;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">impacts of climate change, changing weather patterns and
conditions and natural disasters;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the effect of legal, tax and regulatory changes; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">other factors detailed under the section entitled &#8220;<i>Risk
Factors.</i>&#8221;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The forward-looking&#160;statements
contained in this prospectus are based on current expectations and beliefs concerning future developments and their potential effects
on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking&#160;statements
involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or implied by these forward-looking&#160;statements. These risks and uncertainties
include, but are not limited to, those factors described under the heading &#8220;<i>Risk Factors</i>&#8221; in this prospectus. Should
one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in
material respects from those projected in these forward-looking&#160;statements. We undertake no obligation to update or revise any forward-looking&#160;statements,
whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><!-- Field: /Page --><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;&#160;</b></p>

<a id="a_004"></a><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SUMMARY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>This summary highlights
selected information contained elsewhere in this prospectus and does not contain all of the information you should consider when making
your investment decision. <span>Before investing in our securities, you should carefully read this entire
prospectus, including our financial statements and the related notes included in this prospectus and the information set forth under the
headings &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.&#8221;
See also the section entitled &#8220;Where You Can Find More Information.&#8221; The definition of some of the terms used in this prospectus
are set forth under the section &#8220;Selected Definitions.&#8221;</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>Business
Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a renewable energy company
specializing in the capture and conversion of biogas for the (i)&#160;production of RNG for use as a vehicle fuel for heavy and medium-duty&#160;trucking
fleets, (ii)&#160;generation of Renewable Power for sale to utilities, (iii)&#160;generation and sale of Environmental Attributes associated
with RNG and Renewable Power, and (iv)&#160;sales of RNG as pipeline quality natural gas. We have been an established biogas-to-energy&#160;producer
in the United&#160;States, having participated in the landfill gas to energy industry for over 20&#160;years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Biogas is comprised of non-fossil&#160;waste
gas, with high concentrations of methane, which is the primary component of RNG and the source for combustion utilized by Renewable Power
plants to generate Renewable Power. Biogas can not only be collected and processed to remove impurities for use as RNG (a form of&#160;high-Btu&#160;fuel)
and injected into existing natural gas pipelines as it is fully interchangeable with fossil natural gas, but partially treated biogas
can be used directly in heating applications (as a form of&#160;medium-Btu&#160;fuel) or in the production of Renewable Power. The biogas
is generated by microbes as they break down organic matter in the absence of oxygen. Our principal sources of biogas are (i)&#160;landfill
gas, which is produced by the decomposition of organic waste at landfills and (ii)&#160;dairy manure, which is processed through anaerobic
digesters to produce the biogas.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We also design, develop, construct,
operate and service Fueling Stations for trucking fleets across the country that use natural gas to displace diesel as their transportation
fuel. We have participated in the alternative vehicle fuels industry for approximately 12&#160;years and have established an expanding
network of Fueling Stations for dispensing RNG. In addition, we have recently begun implementing design, development, and construction
services for hydrogen fueling stations, and we are pursuing opportunities to diversify its sources of biogas to other waste streams.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Capture and Conversion Business</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We typically secure our Biogas
Conversion Projects through a combination of long-term&#160;gas rights, manure supply agreements, and property lease agreements with biogas
site hosts. Our Biogas Conversion Projects provide our landfill and dairy farm partners with a variety of benefits, including (i)&#160;a
means to monetize biogas from their sites, (ii)&#160;regulatory compliance for landfills, (iii)&#160;a source of environmentally beneficial
waste management practices for dairy farms and (iv)&#160;a valuable revenue stream. Once we have negotiated gas rights or manure supply
agreements, we then design, develop, build, own and operate facilities that convert the biogas into RNG or uses the processed biogas to
produce Renewable Power. We sell the RNG produced by the Biogas Conversion Projects through RNG marketing and dispensing agreements and
generate associated Environmental Attributes. These Environmental Attributes are then sold to obligated parties as defined under the RFS
promulgated by the U.S. federal government and Low Carbon Fuel Standard Programs established by several states. We also sell Renewable
Power to public utilities through long-term&#160;power purchase agreements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dispensing and Monetization Business</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a leading provider
of RNG marketing and dispensing in the alternative vehicle fuels market for heavy and medium-duty&#160;trucking fleets throughout the
United&#160;States. In this sector, we focus on dispensing RNG through Fueling Stations that serve fleets that use natural gas instead
of diesel fuel. These Fueling Stations and dispensing services are key for our business because Environmental Attributes are generated
through dispensing RNG at these stations for use as vehicle fuel for transportation, and, once generated, the Environmental Attributes
can then be monetized. During 2021, we dispensed 19.9&#160;million GGEs of RNG to the transportation market, generating corresponding
Environmental Attributes, utilizing our current network of 75 Fueling Stations in 18 states in the United&#160;States, including more
than 20 stations in California.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In November 2021, we signed
a purchase and sale agreement with NextEra providing for the exclusive purchase by NextEra of 90% of our Environmental Attributes (RINs
and LCFS credits). Under the agreement, we will receive the net proceeds paid to NextEra by NextEra customers for the purchase of such
Environmental Attributes (or in certain circumstances an index-based&#160;or pre-negotiated&#160;price) less a specified discount.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><!-- Field: /Page --><div>

</div><div style="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Hydrogen Fuel</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the coming&#160;years,
we believe we will be able to provide hydrogen fuel to vehicle fleets by constructing and servicing hydrogen fueling stations as well
as providing RNG for hydrogen production. As fleet operators deploy more hydrogen powered vehicles, we anticipate constructing and servicing
stations that use hydrogen derived from RNG to deliver low carbon hydrogen fuel to customers. We are currently in the design and engineering
phase of the first several of these hydrogen fueling stations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Projects</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of July 31, 2022, we owned
and operated 25 projects, six of which are RNG projects and 19<sup>&#160; </sup>of which are Renewable Power Projects. As of that date,
our RNG projects in operation had a design capacity of 2.8 million MMBtus per year and our Renewable Power Projects in operation had a
nameplate capacity of 123.7 MW per hour. In addition to these projects in operation, we are actively pursuing expansion of our RNG-generating
capacity and, accordingly, have a portfolio of RNG projects in construction or in development, with ten of our current Renewable Power
Projects being considered candidates for conversion to RNG projects in the foreseeable future. See &#8220;<i>Business&#8212;Our Projects</i>&#8221;
for further detail of our projects.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Strategy</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We aim to (i) maintain and
grow our position as a leading producer and dispenser of RNG in the United States and (ii) maintain and increase our position as a leading
provider of RNG to the heavy and medium-duty&#160;commercial vehicle market in the U.S.&#160;We support these objectives through a multi-pronged&#160;strategy
of:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b><i>Promoting the reduction of methane and GHG emissions
and expanding the use of renewable fuels to displace fossil-based&#160;fuels</i></b>: We share the renewable fuel industry&#8217;s commitment
to providing sustainable renewable energy solutions and offering products with high economic and ecological value. By simultaneously
replacing fossil-based&#160;fuels and reducing overall methane emissions, our projects have a positive environmental impact. We are committed
to the sustainable development, deployment, and utilization of RNG to reduce the country&#8217;s dependence on fossil fuels. We strive
to optimize the economics of capturing biogas from our host landfills and dairy farms for conversion to RNG by balancing the capital
and operating costs with the current and future quality and quantity of biogas.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b><i>Expanding our industry position as a full-service&#160;partner
for development opportunities, including through strategic transactions</i></b>: Throughout our over 20&#160;years of biogas conversion
experience, we have developed the full range of biogas conversion project related capabilities from landfill gas collection system expertise,
to engineering, construction, management and operations, through EHS oversight and Environmental Attributes management. Our full suite
of capabilities allows us to serve as a multi-project&#160;partner, including through strategic transactions.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b><i>Expanding our capabilities to new feedstock sources
and technologies</i></b>: We believe we will be able to enter new markets for our products, such as providing fuel for the production
of renewable energy sources. With our experience and industry expertise, we believe we are well-positioned&#160;to take advantage of
opportunities to meet the clean energy needs of other industries looking to use renewable energy in their operations. We are actively
reviewing opportunities beyond our core LFG and dairy RNG business. Specifically, we intend to diversify our project portfolio beyond
landfill biogas through the expansion into additional methane producing assets.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b><i>Empowering our customers to achieve their sustainability
and carbon reduction objectives</i></b>: We are well positioned to empower our customers to achieve their sustainability and carbon reduction
goals, including significantly reducing GHG emissions from their commercial transportation activities, at a cost to customers that is
competitive to other fuels like diesel. We also assist our customers in their transition to cleaner transportation fuels by helping them
obtain federal, state and local tax credits, grants and incentives, vehicle financing, and facilitating customer selection of vehicle
specifications to meet their needs.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>Recent
Developments</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">On
July 21, 2022, ArcLight completed the Business Combination as contemplated by the Business Combination Agreement. In connection with this,
ArcLight was domesticated and continued as a Delaware corporation (the &#8220;<b><i>Domestication</i></b>&#8221;). Pursuant to the Domestication,
(i) each outstanding Class B ordinary share, par value $0.0001 per share (the &#8220;<b><i>Class B ordinary shares</i></b>&#8221;), of
ArcLight was automatically converted, on a one-for-one basis, into a Class A ordinary share, par value $0.0001 per share (the &#8220;<b><i>Class
A ordinary shares</i></b>&#8221;), of ArcLight; (ii) each issued and outstanding Class A ordinary share (including Class A ordinary shares
resulting from the conversion of Class B ordinary shares into Class A ordinary shares) was automatically converted, on a one-for-one basis,
into a share of our Class A common stock; (iii) each issued and outstanding warrant to purchase Class A ordinary shares of ArcLight automatically
converted into a warrant to acquire one share of our Class A common stock upon substantially the same economic terms; and (iv) each issued
and outstanding unit of ArcLight that had not been previously separated into the underlying Class A ordinary shares of ArcLight and the
underlying warrants of ArcLight upon the request of the holder thereof prior to the Domestication was cancelled and entitled the holder
thereof to one share of our Class A common stock and one-fifth of one OPAL Warrant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">&#160;</p>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; "></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><div style="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.25in; ">On
July 21, 2022, as contemplated by the Business Combination Agreement:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">OPAL Fuels LLC and its members caused the existing limited
liability company agreement to be amended and restated and in connection therewith, all of the common units of OPAL Fuels LLC issued
and outstanding immediately prior to the Closing were re-classified into 144,399,037 Class B Units;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We contributed to OPAL Fuels LLC $123,362,579 (representing
(x) the amount of cash in the trust account established by ArcLight with the proceeds from the IPO as of immediately prior to the Closing,
after giving effect to the exercise of redemption rights by any ArcLight shareholders and the set aside of funds in escrow to support
a forward purchase agreement, plus (y) the aggregate cash proceeds received in respect of the PIPE Investment;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We contributed to OPAL Fuels LLC, and it in turn distributed
to pre-closing members of Opco, 144,399,037 shares of our Class D common stock;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We issued directly to Ares, 3,059,533 shares of our Class
A common stock; and</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">OPAL Fuels LLC issued to us 25,171,390 Class A Units of OPAL
Fuels LLC.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">In addition, pursuant to Subscription Agreements entered into with
certain accredited and institutional investors in connection with the Business Combination, concurrently with the Closing of the Business
Combination, we received $105,806,000 in proceeds from the PIPE Investors, in exchange for which we issued 10,580,600 shares of our Class
A common stock issued to the PIPE Investors. We received the remaining $5 million subscribed for pursuant to the PIPE Investment from
one of the PIPE Investors subsequent to the Closing and issued 500,000 shares of Class A common stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">Holders
of 27,364,124 Class A ordinary shares of ArcLight properly exercised their right to have their ordinary shares redeemed for a full pro
rata portion of the trust account holding the proceeds from the IPO, calculated as of two business days prior to the Closing, which was
approximately $10.00 per share, or $274,186,522 in the aggregate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">Pursuant
to a forward share purchase agreement (the &#8220;<b><i>Forward Purchase Agreement</i></b>&#8221;) entered into between ArcLight and Meteora
Capital Partners and its affiliates (collectively, &#8220;<b><i>Meteora</i></b>&#8221;),&#160;prior to the Closing of the Business Combination,
Meteora purchased 2,000,000 Class A ordinary shares of ArcLight from shareholders which had previously tendered such shares for redemption
but agreed to reverse their redemption and sell such shares to Meteora at the redemption price, resulting in Meteora holding a total of
2,000,000 Class A ordinary shares, which Meteora agreed not to redeem in connection with the Business Combination. Additionally, ArcLight
placed $20,040,000 in escrow at the Closing of the Business Combination to secure its purchase obligations to Meteora under the Forward
Purchase Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">On
July 22, 2022, our Class A common stock and OPAL Public Warrants commenced trading on The Nasdaq Capital Market under the symbols &#8220;OPAL&#8221;
and &#8220;OPALW,&#8221; respectively, subject to ongoing review of our satisfaction of all listing criteria following the Business Combination.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>Corporation
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span>We
are a Delaware corporation. Our principal executive offices are located at </span>One North Lexington Avenue,&#160;Suite 1450, White Plains,&#160;New
York&#160;10601 and our telephone number is (914)&#160;705-4000<span>. Our website is <i>www.opalfuels.com</i>.
Our website and the information contained on, or accessed through, its website are not part of this prospectus, and you should rely only
on the information contained in this prospectus when making a decision as to whether to invest in our securities.</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>Risk
Factor Summary</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span>You
should consider all of the information contained in this prospectus before investing in our securities which involves substantial risk.
Our business is subject to numerous risks and uncertainties, including those highlighted in the section entitled &#8220;</span><i>Risk
Factors</i><span>&#8221; beginning on p</span>age 10 of this prospectus, that represent <span>challenges
that we face in connection with the successful implementation of our strategy and the growth of our business. The occurrence of one or
more of the events or circumstances described in the section entitled &#8220;<i>Risk Factors</i>,&#8221; alone or in combination with
other events or circumstances, may have a material adverse effect on our business, cash flows, financial condition and results of operations.
Important factors and risks that could cause actual results to differ materially from those in the forward-looking statements include,
among others, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b><i>Risks Related to Our Third Party
Relationships and Government Regulation of Our Business</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We are dependent on contractual arrangements with, and the
cooperation of, owners and operators of biogas project sites where our Biogas Conversion Projects are located for the underlying biogas
rights granted to us in connection with our Biogas Conversion Projects and for access to and operations on the biogas project sites where
we utilize those underlying biogas rights;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">For the US transportation fuel market, we are dependent on
the production of vehicles and engines capable of running on natural gas and we have no control over these vehicle and engine manufacturers.
We are also dependent on the willingness of owners of truck fleets to adopt natural gas powered vehicles and to contract with Opco for
the provision of CNG to said fleets;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Failure of third parties to manufacture quality products
or provide reliable services in a timely manner could cause delays in developing, constructing and operating our Biogas Conversion Projects
and Fueling Stations, which could damage our reputation, adversely affect our partner relationships or adversely affect our growth;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Our operations are subject to numerous stringent EHS laws
and regulations that may expose us to significant costs and liabilities. From time to time, we have been issued notices of violations
from government entities that our operations have failed to comply with such laws and regulations, particularly in regards to the operation
of our landfill gas electric generating facilities. Failure to comply with such laws and regulations may result in the assessment of
sanctions, including administrative, civil or criminal penalties, the imposition of investigatory or remedial obligations, and the issuance
of orders limiting or prohibiting some or all of our operations;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Existing, and future changes to, federal, state and local
regulations and policies, including permitting requirements applicable to us, and enactment of new regulations and policies, may present
technical, regulatory and economic barriers to the generation, purchase and use of Renewable Power and RNG, and may adversely affect
the market for the associated Environmental Attributes. A failure on our part to comply with any laws, regulations or rules applicable
to us may adversely affect our business, investments and results of operations;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The financial performance of our business depends upon tax
and other government incentives for the generation of RNG and Renewable Power, any of which could change at any time and such changes
may negatively impact our growth strategy;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We are subject to risks associated with litigation or administrative
proceedings that could materially impact our operations, including proceedings in the future related to projects we subsequently acquire.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b><i>Market Risks Related to Our Business</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The
volatility in the price of oil, gasoline, diesel, natural gas, RNG or Environmental Attributes could adversely affect our business</span>;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
currently use, and may continue in the future to use, forward-sale&#160;and hedging arrangements, to mitigate certain risks, but the
use of such arrangements could have a material adverse effect on our results of operations.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p><div>

</div><div style="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b><i>Additional Risk Factors Relating
to Our Business in General</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
contracts with government entities may be subject to unique risks, including possible termination of or reduction in the governmental
programs under which we operate, instances in which our contract provisions allow the government entity to terminate, amend or change
terms at their convenience, and competitive bidding processes for the award of contracts</span>;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
accordance with applicable FASB standards, management has concluded there are conditions or events, considered in the aggregate, that
raise substantial doubt about the ability of Opco to continue as a going concern without the implementation of various mitigation steps
identified by management of Opco</span>;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Liabilities
and costs associated with hazardous materials and contamination and other environmental conditions may require us to conduct investigations
or remediation at the properties underlying our projects, may adversely impact the value of our projects or the underlying properties,
and may expose us to liabilities to third parties</span>;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
have a history of accounting losses and may incur additional losses in the future</span>;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We
operate a capital-intensive&#160;business and are pursuing a business plan requiring significant access to capital. We may fail to get
access to said capital in a timely manner or obtain capital at unfavorable terms.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Some
relationships with our counterparties and suppliers may experience disruptions in connection with the Business Combination, which may
limit our business</span>; and</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Our
failure to timely and effectively implement controls and procedures required by Section&#160;404(a)&#160;of the Sarbanes-Oxley&#160;Act
could have a material adverse effect on our business.</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>Implications
of Being an Emerging Growth Company and a Smaller Reporting Company</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We qualify as an &#8220;emerging
growth company&#8221; as defined in the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;). For so long as we remain
an emerging growth company, we are permitted, and currently intend, to rely on the following provisions of the JOBS Act that contain exceptions
from disclosure and other requirements that otherwise are applicable to public companies and file periodic reports with the SEC. These
provisions include, but are not limited to:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">being permitted to present only two years of audited financial
statements and selected financial data and only two years of related &#8220;Management&#8217;s Discussion and Analysis of Financial Condition
and Results of Operations&#8221; in our periodic reports and registration statements, including this prospectus, subject to certain exceptions;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">not being required to comply with the auditor attestation
requirements of Section 404 of the Sarbanes-Oxley Act;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">reduced disclosure obligations regarding executive compensation
in our periodic reports, proxy statements, and registration statements, including in this prospectus;</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">not being required to comply with any requirement that may
be adopted by the Public Company Accounting Oversight Board (the &#8220;<b><i>PCAOB</i></b>&#8221;) regarding mandatory audit firm rotation
or a supplement to the auditor&#8217;s report providing additional information about the audit and the financial statements; and</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">exemptions from the requirements of holding a nonbinding
advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will cease to be an &#8220;emerging
growth company&#8221; upon the earliest to occur of: (i)&#160;the last&#160;day of the fiscal year in which we have more than $1.07&#160;billion
in annual revenue; (ii)&#160;the date we qualify as a large accelerated filer, with at least $700.0&#160;million of equity securities
held by non-affiliates; (iii)&#160;the date on which we have, in any three-year&#160;period, issued more than $1.0&#160;billion in non-convertible&#160;debt
securities; and (iv)&#160;December&#160;31, 2026 (the last&#160;day of the fiscal year following the fifth anniversary of ArcLight becoming
a public company).&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>
</div><div style="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have elected to take advantage
of certain of the reduced disclosure obligations in this prospectus and may elect to take advantage of other reduced reporting requirements
in our future filings with the SEC. As a result, the information that we provide to our stockholders may be different than what you might
receive from other public reporting companies in which you hold equity interests.</p>

<p style="font: 10pt Times New Roman,serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have elected to avail ourselves of the provision of the JOBS Act that permits
emerging growth companies to take advantage of an extended transition period to comply with new or revised accounting standards applicable
to public companies. As a result, we will not be subject to new or revised accounting standards at the same time as other public companies
that are not emerging growth companies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are also a &#8220;smaller
reporting company&#8221; as defined in the Exchange Act. We may continue to be a smaller reporting company even after we are no longer
an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies until
the fiscal year following the determination that our voting and non-voting common stock held by non-affiliates is $250 million or more
measured on the last business day of our second fiscal quarter, or our annual revenues are less than $100 million during the most recently
completed fiscal year and our voting and non-voting common stock held by non-affiliates is $700 million or more measured on the last business
day of our second fiscal quarter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For additional information,
see the section titled &#8220;<i>Risk Factors&#8212;Risks Related to the Company&#8212;<span style="font-family: Times New Roman, Times, Serif">We
are an &#8220;emerging growth company,&#8221; and our election to comply with the reduced disclosure requirements as a public company
may make our Common Stock less attractive to investors</span></i>.&#8221;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>
</div><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><div style="padding-right: 5pt; padding-left: 5pt; border: Black 1.5pt solid; width: 98%">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The Offering</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 38%"><span style="font-size: 10pt">Issuer</span></td>
    <td><span style="font-size: 10pt">OPAL Fuels Inc.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 38%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A common stock offered by the<br/>
Selling Holders</span></td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to 175,541,507 shares of Class A common stock, consisting of:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 38%">&#160;</td>
    <td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
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  <tr style="vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; text-align: left">
  <td style="width: 38%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class A common stock issuable upon
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  <td><span style="font-family: Times New Roman, Times, Serif">144,399,037</span></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 38%"><span style="font-size: 10pt">Use of proceeds</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">We will not receive any of the proceeds from the sale of the shares of Class A common stock by the Selling Holders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 38%"><span style="font-size: 10pt">Market for our shares of common<br/>
stock and warrants</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 38%"><span style="font-size: 10pt">Risk factors</span></td>
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  </table>

<p style="margin-top: 0; margin-bottom: 0"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 7pt"><b>&#160;</b></span></p></div><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><div><a id="aaa5"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SELECTED HISTORICAL CONSOLIDATED<br/>
FINANCIAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.75pt">The selected consolidated
historical statements of operations and of cash flows data of Opco for the years ended December 31, 2021, 2020 and 2019 and the historical
consolidated balance sheet data as of December 31, 2021 and 2020 are derived from Opco&#8217;s audited consolidated financial statements
included elsewhere in this prospectus. The selected condensed consolidated historical statements of operations and of cash flows data
of Opco for the six months ended June 30, 2022 and 2021 and the condensed consolidated historical balance sheet data as of June 30, 2022
are derived from Opco&#8217;s unaudited interim condensed consolidated financial statements included elsewhere in this prospectus. In
Opco&#8217;s management&#8217;s opinion, the consolidated historical financial statements include all adjustments necessary to state fairly
Opco&#8217;s financial position, results of operations and cash flows as of and for the periods presented herein.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.75pt"><span style="font-size: 7pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.75pt">Opco&#8217;s historical
results are not necessarily indicative of the results that may be expected in the future and Opco&#8217;s results for the six months
ended June 30, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022 or
any other period. You should read the selected consolidated historical financial data together with the section titled &#8220;Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations&#8221; and Opco&#8217;s audited consolidated and unaudited condensed
consolidated financial statements and related notes included elsewhere in this prospectus.</p><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>








</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right">(6,745</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">$</td><td style="text-align: right">41,908</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">(5,324</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">$</td><td style="text-align: right">(9,438</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">16,808</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">18,856</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2,287</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">4,338</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(54,298</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(28,752</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(117,204</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(22,179</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(29,848</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Net cash provided by financing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">28,278</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Net increase (decrease) in cash, cash equivalents and restricted cash</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">58,225</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">16,334</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">26,666</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,561</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(857</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  </table><div>



</div><p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify">As described in Note 2, <i>Restatement of Financials Statements
</i>to Opco&#8217;s audited consolidated financial statements, we have restated the consolidated financial statements for the years ended
December 31, 2020 and 2019.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"><span style="font-size: 7pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(2)</sup></td><td style="text-align: justify">As described in Note 1, <i>Description of Business</i> to
Opco&#8217;s audited consolidated financial statements, the Company amended its limited liability company agreement on November 29, 2021
to convert its outstanding membership interests into 986 common units. The earnings per unit have been presented retrospectively for
all periods presented.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify">&#160;</p><div>

</div><p style="margin-top: 0; margin-bottom: 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.3pt; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; font-style: italic; text-align: left">(In thousands of dollars)</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,823</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">169,770</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">79,492</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">Total assets</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">512,242</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">380,844</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">169,458</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">241,122</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">229,103</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">100,780</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">305,323</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">285,887</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">138,999</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt">Redeemable preferred units</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">132,645</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">30,210</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Total members&#8217; equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">74,274</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">64,747</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">30,459</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 4pt">Total liabilities, redeemable preferred units and members&#8217; equity</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">512,242</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">380,844</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">169,458</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><sup>&#160;</sup></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><sup>(1)</sup></td><td style="text-align: justify">As described in Note 2, <i>Restatement of Financials Statements
</i>to Opco&#8217;s audited consolidated financial statements, we have restated the consolidated financial statements for the year ended
December 31, 2020.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MARKET PRICE, TICKER SYMBOL, AND DIVIDEND INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">OPAL&#8217;s Class A common
stock and public warrants are listed for trading on Nasdaq under the symbols &#8220;OPAL&#8221; and &#8220;OPALW,&#8221; respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The closing price of the
Class A common stock and the warrants to purchase Class A common stock on August 9, 2022 was $11.50, and $1.55, respectively. Holders
of Class A common stock and warrants should obtain current market quotations for their securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">OPAL has not paid any cash
dividends on shares of its Class A common stock or Class C common stock to date and has no current plans to pay dividends on its Class
A common stock or Class C common stock in the foreseeable future. Holders of OPAL&#8217;s Class B common stock and Class D common stock
do not have any right to receive dividends. The payment of cash dividends in the future will be dependent upon OPAL&#8217;s revenues and
earnings, if any, capital requirements and general financial condition. The payment of any dividends will be within the discretion of
our board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>RISK FACTORS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>In addition to the other
information contained in this prospectus, the following risks have the potential to impact our business and operations, as well as the
market for our securities, including the Class A common stock offered hereby. These risk factors are not exhaustive and all investors
are encouraged to perform their own investigation with respect our business, financial condition and prospects. </i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to Our Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Risks Related to Our Third Party Relationships
and Government Regulation of Our Business</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are dependent on contractual arrangements
with, and the cooperation of, owners and operators of biogas project sites where our Biogas Conversion Projects are located for the underlying
biogas rights granted to us in connection with our Biogas Conversion Projects and for access to and operations on the biogas project sites
where we utilize those underlying biogas rights.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We do not own any of the landfill
or livestock waste sites, which we sometimes refer to in this prospectus as &#8220;biogas project sites,&#8221; from which our Biogas
Conversion Projects collect biogas or on which we operate and manage our Biogas Conversion Projects, and therefore we depend on contractual
relationships with, and the cooperation of, the biogas conversion project site owners and operators for our operations. The invalidity
of, or any default or termination under, any of our gas rights agreements, leases, easements, licenses and rights-of-way&#160;may interfere
with our rights to the underlying biogas and our ability to use and operate all or a portion of certain of our Biogas Conversion Projects
facilities, which may have an adverse impact on our business, financial condition and results of operations. We obtain biogas rights to
utilize the biogas and the biogas project sites on which our projects operate under contractual arrangements, with the associated biogas
rights generally being for fixed terms of 20&#160;years (or more) and certain additional renewal options. The gas rights associated with
our 30 projects in operation or under construction, 3 of which include Renewable Power projects that are in construction to be converted
to RNG, are due to expire at varying points over the next 25&#160;years. See &#8220;<i>Business&#8212;Our Projects.</i>&#8221; In addition,
the biogas rights are typically specific to the right to produce electricity generated from renewable sources (&#8220;<b><i>Renewable
Power</i></b>&#8221;) or RNG; and accordingly, when we pursue conversion of a project from the production of Renewable Power to the production
of RNG, which has been part of our strategy over recent periods, we must secure the associated biogas rights for the production of RNG.&#160;While
we have generally been successful in renewing biogas rights and in securing the additional rights necessary in connection with conversion
from production of Renewable Power to RNG on specific projects, we cannot guarantee that this success will continue in the future on commercial
terms that are attractive to us or at all, and any failure to do so, or any other disruption in the relationship with any of the biogas
conversion project site owners and operators from whose biogas project sites our Biogas Projects obtain biogas or for whom we operate
biogas facilities, may have a material adverse effect on our business operations, financial condition and operational results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, the ownership
interests in the land subject to these licenses, easements, leases and rights-of-way&#160;may be subject to mortgages securing loans or
other liens (such as tax liens) and other easements, lease rights and rights-of-way&#160;of third parties (such as leases of mineral rights).
As a result, certain of our Biogas Conversion Projects&#8217; rights under these licenses, easements, leases or rights-of-way&#160;may
be subject, and subordinate, to the rights of those third parties in certain instances. We may not be able to protect our operating projects
against all risks of loss of our rights to use the land on which our Biogas Conversion Projects are located, and any such loss or curtailment
of our rights to use the land on which our projects are located and any increase in rent due on such lands could adversely affect our
business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The owners and operators of biogas project
sites generally make no warranties to us as to the quality or quantity of gas produced.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The biogas conversion project
site owners and operators generally do not make any representation or warranty to us as to the quality or quantity of biogas produced
at their sites. Accordingly, we may be affected by operational issues encountered by biogas conversion project site owners and operators
in operating their facilities, such as, among other things: (i)&#160;their ability to perform in accordance with their commitments to
third parties (other than us) under agreements and permits; (ii)&#160;transportation of source materials, (iii)&#160;herd health and labor
issues at the dairy farms generating the manure to be processed at our digester facilities; (iv)&#160;gas collection issues at landfill
projects such as broken pipes, ground water accumulation, inadequate landcover and labor issues, and (v)&#160;the particular character
and mix of trash received, at the biogas conversion project site facilities. We cannot guarantee that our production will be free from
operational risks, nor can we guarantee the production of a sufficient quantity and quality of biogas from the owners and operators of
biogas conversion project sites. However, our facilities are engineered and designed to process varying levels of biogas quantities and
varying levels of potential biogas impurities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We from time to time face disputes or disagreements
with owners and operators of biogas project sites which could materially impact our ability to continue to develop and/or operate an existing
Biogas Conversion Project on its current basis, or at all, and could materially delay or eliminate our ability to identify and successfully
secure the rights to construct and operate other future Biogas Conversion Projects.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The success of our business
depends, in part, on maintaining good relationships with biogas conversion project site owners and operators. As a result, our business
may be adversely affected if we are unable to maintain these relationships.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our economic interests in biogas
conversion project sites are not always aligned with the economic interests of the site owners and operators. We may disagree with owners
and operators about a number of concerns, including, without limitation, the operations of the biogas project sites, easement and access
rights, the renewal of gas and manure rights on favorable terms, and temporary shutdowns for routine maintenance or equipment upgrades.
Biogas conversion project site owners and operators may make unilateral decisions beneficial to them to address business concerns. They
may or may not consult with us, including in circumstances where they have a contractual obligation to do so, and unilateral decisions
made by the biogas conversion project site owners and operators regarding the operations or management of their business could impact
our ability to produce RNG or Renewable Power, and generate the associated Environmental Attributes. If we have a favorable relationship
with site owners and operators, we may be able to mitigate certain risks if given the opportunity to provide input into the owners&#8217;
and operators&#8217; decision-making&#160;process.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, the financial
condition of the biogas conversion project sites may be affected in large part by conditions and events that are beyond our control. Significant
deteriorations in the financial condition of any biogas conversion project waste site could cause the biogas conversion project site owners
and operators to unilaterally decide to shut down or reduce their landfill or livestock waste operations. Any such closure or reduction
of operations at a waste site could impact our ability to produce RNG or Renewable Power, and generate the associated Environmental Attributes,
and we may not have an opportunity to propose a solution to protect our infrastructure in any existing Biogas Conversion Project.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we are unable to maintain
good relationships with these site owners and operators, or if they take any actions that disrupt or halt production of RNG or Renewable
Power, our business, growth strategy, financial condition and results of operations could be materially and adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>For the US transportation fuel market, we
are dependent on the production of vehicles and engines capable of running on natural gas and we have no control over these vehicle and
engine manufacturers. We are also dependent on the willingness of owners of truck fleets to adopt natural gas powered vehicles and to
contract with us for the provision of CNG to said fleets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Vehicle and engine manufacturers
control the development, production, quality assurance, cost and sales and marketing of their products, all of which shape the performance,
availability and reputation of such vehicles in the marketplace. We are dependent on these vehicle and engine manufacturers to succeed
in our target RNG fuel dispensing markets, and we have no influence or control over their activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These vehicle and engine manufacturers
may decide not to expand or maintain, or may decide to discontinue or curtail, their product lines for a variety of reasons, including,
without limitation, as a result of the adoption of governmental policies or programs such as the rules adopted by the California Air Resources
Board on June&#160;25, 2020 requiring the sale of zero-emission&#160;heavy-duty&#160;trucks (the &#8220;<b><i>Advanced Clean Trucks Regulation</i></b>&#8221;)
and Executive Order N-79-20&#160;issued by the Governor of the State of California in September&#160;2020 (the &#8220;<b><i>September&#160;2020
Executive Order</i></b>&#8221;). The supply of engines or vehicle product lines by these vehicle and engine manufacturers may also be
disrupted due to delays, restrictions or other business impacts related to the COVID-19&#160;pandemic and supply chain disruptions or
crises. The limited production of engines and vehicles that run on natural gas increases their cost and limits availability, which restricts
large-scale&#160;adoption, and may reduce resale value. These factors may also contribute to operator reluctance to convert their vehicles
to be compatible with natural gas fuel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Failure of third parties to manufacture
quality products or provide reliable services in a timely manner could cause delays in developing, constructing, bringing online and operating
our Biogas Conversion&#160;Projects and Fueling Stations, which could damage our reputation, adversely affect our partner relationships
or adversely affect our growth.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our success depends on our
ability to design, develop, construct, maintain and operate Biogas Conversion Projects and Fueling Stations in a timely manner, which
depends in part on the ability of third parties to provide us with timely and reliable products and services. In developing and operating
our Biogas Conversion Projects and Fueling Stations, we rely on products meeting our design specifications and components manufactured
and supplied by third parties, and on services performed by our subcontractors. We also rely on subcontractors to perform some of the
construction and installation work related to our Biogas Conversion Projects and Fueling Stations, and we sometimes need to engage subcontractors
with whom we have no prior experience in connection with these matters.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If our subcontractors are unable
to provide services that meet or exceed our counterparties&#8217; expectations or satisfy our contractual commitments, our reputation,
business and operating results could be harmed. In addition, if we are unable to avail ourselves of warranties and other contractual protections
with our suppliers and service providers, we may incur liability to our counterparties or additional costs related to the affected products
and services, which could adversely affect our business, financial condition and results of operations. Moreover, any delays, malfunctions,
inefficiencies or interruptions in these products or services could adversely affect our ability to timely bring a project online, the
quality and performance of our Biogas Conversion Projects and Fueling Stations, and may require considerable expense to find replacement
products and to maintain and repair these facilities. These circumstances could cause us to experience interruption in (i)&#160;our production
and distribution of RNG and Renewable Power, (ii)&#160;generation of related Environmental Attributes, (iii)&#160;meeting our obligations
to dispense RNG at Fueling Stations, and (iv)&#160;maintaining current relationships and attracting new relationships, in each case, potentially
harming our brand, reputation and growth prospects.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our operations are subject to numerous stringent
EHS laws and regulations that may expose us to significant costs and liabilities. From time to time, we have been issued notices of violations
from government entities that our operations have failed to comply with such laws and regulations, particularly in regards to the operation
of our landfill gas electric generating facilities. Failure to comply with such laws and regulations may result in the assessment of sanctions,
including administrative, civil or criminal penalties, the imposition of investigatory or remedial obligations, and the issuance of orders
limiting or prohibiting some or all of our operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our operations are subject
to stringent and complex federal, state and local EHS laws and regulations, including those relating to (i)&#160;the release, emission
or discharge of materials into the air, water and ground, (ii)&#160;the generation, storage, handling, use, transportation and disposal
of hazardous materials and wastes, and (iii)&#160;the health and safety of our employees and other persons.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These laws and regulations
impose numerous obligations applicable to our operations, including (i)&#160;the acquisition of permits before construction and operation
of our Biogas Conversion Projects and Fueling Stations; (ii)&#160;the restriction of types, quantities and concentration of materials
that can be released into the environment; (iii)&#160;the limitation or prohibition of our activities on certain lands lying within wilderness,
wetlands and other protected areas; (iv)&#160;the application of specific health and safety criteria addressing worker protection; and
(v)&#160;the imposition of substantial liabilities for pollution resulting from the operation of our Biogas Conversion Projects and Fueling
Stations. In addition, construction and operating permits issued pursuant to environmental laws are necessary to operate our business.
Such permits are obtained through applications that require considerable technical documentation and analysis, and sometimes require long
time periods to obtain or review. Delays in obtaining or renewing such permits, or denial of such permits and renewals, are possible,
and would have a negative effect on our financial performance and prospects for growth. These laws, regulations and permitting requirements
can necessitate expensive pollution control equipment or operational changes to limit actual or potential impacts to the environment.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Numerous government entities
have the power to enforce difficult and costly compliance measures or corrective actions pursuant to these laws and regulations and the
permits issued under them. We may be required to make significant capital and operating expenditures on an ongoing basis, or to perform
remedial or other corrective actions in connection with our Biogas Conversion Projects and Fueling Stations, to comply with the requirements
of these environmental laws and regulations or the terms and conditions of our permits. Failure to comply with these laws and regulations
or the terms or conditions of our permits may result in the assessment of sanctions, including administrative, civil or criminal penalties,
the imposition of investigatory or remedial obligations, and the issuance of orders limiting or prohibiting some or all of our operations.<i>&#160;</i>In
addition, we may experience delays in obtaining or be unable to obtain required environmental regulatory permits, consents, waivers or
approvals, which may delay or interrupt our operations and limit our growth and revenue.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For example, our Arbor Hills
landfill gas facility in Northville, MI has entered into a Consent Decree, which was fully executed and submitted to the United&#160;States
District Court for the Eastern District of Michigan on September&#160;9, 2021, with the US Department of Justice, the EPA, Michigan Attorney
General, Michigan Department of Environment, Great Lakes, and Energy and Michigan Department of Environmental Quality to resolve notices
of violation relating to sulfur oxide emissions exceedances, failure to timely perform source testing and improper use of diesel fuel
as an alternative to landfill gas for start-up&#160;combustion. The Company has agreed to pay total penalties of $750,000 and is required
to install pollution control equipment to reduce emissions from the facility.&#160;See <i>&#8220;Business&#8212;Legal Proceedings&#8212;Arbor
Hills Matter.&#8221;&#160;</i>In addition, on July&#160;30, 2021, Richmond Energy, a Company subsidiary, entered into a Consent Order
with the Virginia Department of Environmental Quality (&#8220;<b><i>VDEQ</i></b>&#8221;) related to an October&#160;31, 2019 notice of
violation for a failed source test conducted by VDEQ, which identified exceedances in total sulfur, volatile organic compounds and sulfur
dioxide emissions from the Old Dominion landfill gas facility in Henrico, VA.&#160;Pursuant to the Consent Order, Richmond Energy paid
a $99,000 penalty and is required to modify the facilities permit to account for these emissions. The facility has been shut down since
April&#160;3, 2020 while the Richmond Energy modifies the facility&#8217;s permit, which will require the installation of a chiller treatment
system at an estimated cost of $1.0&#160;million. The facility is expected to be back online within the next six to twelve&#160;months.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our operations inherently risk
incurring significant environmental costs and liabilities due to the need to manage waste and emissions from our Biogas Conversion Projects
and Fueling Stations. Spills or other releases of regulated substances, including spills and releases that may occur in the future, could
expose us to material losses, expenditures and liabilities under applicable environmental laws, rules and regulations. Under certain of
such laws, rules and regulations, we could be held strictly liable for the removal or remediation of previously released materials or
property contamination, regardless of whether we were responsible for the release or contamination and even if our operations met previous
standards in the industry at the time they were conducted. In connection with certain acquisitions of Biogas Conversion Projects and Fueling
Stations, we could acquire, or be required to provide indemnification against, environmental liabilities that could expose us to material
losses. In addition, claims for damages to persons or property, including natural resources, may result from the EHS impacts of our operations.
Our insurance may not cover all environmental risks and costs or may not provide sufficient coverage if an environmental claim is made
against us.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Environmental laws, rules and
regulations have changed rapidly in recent&#160;years and generally have become more stringent over time, and we expect this trend to
continue. The most material of these changes relate to the control of air emissions from the combustion equipment and turbine engines
we use to generate Renewable Power from landfill biogas. Such equipment, including internal combustion engines, are subject to stringent
federal and state permitting and air emissions requirements. California has taken an aggressive approach to setting standards for engine
emissions, and standards already in place have caused us to not be able to operate some of our electric generating equipment in areas
of that state. If other states were to follow California&#8217;s lead, we could face challenges in maintaining our electric generating
operations and possibly, other operations in such jurisdictions.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Continued governmental and
public emphasis on environmental issues can be expected to result in increased future investments for environmental control compliance
at our facilities. Present and future environmental laws, rules and regulations, and interpretations of such laws, rules and regulations,
applicable to our operations, more vigorous enforcement policies and discovery of currently unknown conditions may require substantial
costs or expenditures that could have a material adverse effect on our business, results of operations and financial condition. In January&#160;2021,
the current US presidential administration signed multiple executive orders related to the climate and environment. These executive orders
(i)&#160;direct federal agencies to review and reverse more than one hundred actions taken by the previous US presidential administration
on or relating to the environment, (ii)&#160;instruct the Director of National Intelligence to prepare a national intelligence estimate
on the security implications of the climate crisis and direct all agencies to develop strategies for integrating climate considerations
into their international work, (iii)&#160;establish the National Climate Task Force, which assembles leaders from across twenty one federal
agencies and departments, (iv)&#160;commit to environmental justice and new, clean infrastructure projects, (v)&#160;commence development
of emissions reduction targets and (vi)&#160;establish the special presidential envoy for climate on the National Security Council. At
this time, we cannot predict the outcome of any of these executive orders on our operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Existing, and future changes to, federal,
state and local regulations and policies, including permitting requirements applicable to us, and enactment of new regulations and policies,
may present technical, regulatory and economic barriers to the generation, purchase and use of Renewable Power and RNG, and may adversely
affect the market for the associated Environmental Attributes. A failure on our part to comply with any laws, regulations or rules, applicable
to us may adversely affect our business, investments and results of operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The markets for Renewable Power,
RNG and the associated Environmental Attributes are influenced by US federal and state governmental regulations and policies concerning
such resources. These regulations and policies are frequently modified, which could result in a significant future reduction in the potential
demand for Renewable Power, RNG and the associated Environmental Attributes. Any new governmental regulations applicable to our Biogas
Conversion Projects or markets for Renewable Power, RNG or the associated Environmental Attributes may result in significant additional
expenses or related development costs and, as a result, could cause a significant reduction in demand by our current and future counterparties.
Failure to comply with such requirements could result in (i)&#160;the disconnection and/or shutdown of the non-complying&#160;facility,
(ii)&#160;our inability to sell Renewable Power or RNG from the non-complying&#160;facility, (iii)&#160;penalties and defaults arising
from contracts that we have that contemplate production from the non-complying&#160;facility, (iv)&#160;the imposition of liens, fines,
refunds and interest, and/or civil or criminal liability, and (vi)&#160;delay or prevent new Biogas Conversion Projects and Fueling Stations
from being developed.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The U.S.&#160;Environmental
Protection Agency (&#8220;<b><i>EPA</i></b>&#8221;) annually sets proposed and actual renewable volume obligations (&#8220;<b><i>RVOs</i></b>&#8221;)
for the Renewable Identification Numbers (&#8220;<b><i>RIN</i></b>&#8221;) market in accordance with the mandates established by the Energy
Independence and Security Act&#160;of&#160;2007 (the &#8220;<b><i>EISA</i></b>&#8221;). The EPA&#8217;s issuance of timely and sufficient
annual RVOs to accommodate the RNG industry&#8217;s growing production levels may be needed to stabilize the RIN market. There can be
no assurance that the EPA will timely set annual RVOs or that the RVOs will continue to increase or be sufficient to satisfy the growing
supply of RNG which may be targeted for the US transportation fuel market. The EPA may set RVOs inaccurately or inconsistently, and the
manner in which the EPA sets RVOs may change under legislative or regulatory revisions. The current authorization for the EPA&#8217;s
issuance of RVOs will expire beginning in 2023, and the EPA may issue RVOs under a modified system that has yet to be developed, which
creates additional uncertainty as to RIN pricing. Uncertainty as to how the Renewable Fuel Standard (&#8220;<b><i>RFS</i></b>&#8221;)
program will continue to be administered and supported by the EPA under the current US presidential administration can create price volatility
in the RIN market. Given this regulatory uncertainty, we cannot assure that (i)&#160;we will be able to monetize RINs at the same price
levels as we have in the past, (ii)&#160;production shortfalls will not impact our ability to monetize RINs at favorable current pricing,
and (iii)&#160;the rising price environment for RINs will continue.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On the state level, the economics
of RNG are enhanced by low-carbon&#160;fuel initiatives, particularly a well-established&#160;Low Carbon Fuel Standard (&#8220;<b><i>LCFS</i></b>&#8221;)
program in California and similar developing programs in Oregon and Washington (with several other states also actively considering similar
initiatives). In California&#8217;s case, in 2009, the California Air Resource Board (&#8220;<b><i>CARB</i></b>&#8221;) adopted LCFS regulations
aimed at reducing the Carbon Intensity (&#8220;<b><i>CI</i></b>&#8221;) of transportation fuel sold and purchased in the state. A CI score
is calculated as grams of CO&#8322; equivalent per megajoule of energy by the fuel. Under the California and California-type&#160;LCFS
programs, the CI&#160;score is dependent upon a full lifecycle analysis that evaluates the greenhouse gases (&#8220;<b><i>GHG</i></b>&#8221;)
emissions associated with producing, transporting, and consuming the fuel. LCFS credits can be generated in three ways: (i)&#160;fuel
pathway crediting that provides low carbon fuels used in California transportation, (ii)&#160;project-based&#160;crediting that reduces
GHG emissions in the petroleum supply chain, and (iii)&#160;zero emission vehicle crediting that supports the buildout of infrastructure.
CARB awards these credits to RNG projects based on such project&#8217;s CI score relative to the targeted CI score for both gasoline and
diesel fuels. The number of monetizable LCFS credits per unit of fuel increases with a lower CI score. We cannot assure that we will be
able to maintain or reduce our CI score to monetize LCFS credits generated from our Biogas Conversion Projects. Moreover, the inability
to sell LCFS credits could adversely affect our business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our ability to generate revenue
from sales of RINs and LCFS credits depends on our strict compliance with such federal and state programs, which are complex and can involve
a significant degree of judgment. If the agencies that administer and enforce these programs disagree with our judgments, otherwise determine
that we are not in compliance, conduct reviews of our activities or make changes to the programs, then our ability to generate or sell
these credits could be temporarily restricted pending completion of reviews or as a penalty, permanently limited or lost entirely, and
we could also be subject to fines or other sanctions. Moreover, the inability to sell RINs and LCFS credits in general, or at unattractive
prices, could adversely affect our business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additionally, our business
is influenced by laws, rules and regulations that require reductions in carbon emissions and/or the use of renewable fuels, such as the
programs under which we generate Environmental Credits. These programs and regulations, which have the effect of encouraging the use of
RNG as a vehicle fuel, could expire or be repealed or amended for a variety of reasons. For example, parties with an interest in gasoline
and diesel, electric or other alternative vehicles or vehicle fuels, including lawmakers, regulators, policymakers, environmental or advocacy
organizations, producers of alternative vehicles or vehicle fuels or other powerful groups, may invest significant time and money in efforts
to delay, repeal or otherwise negatively influence programs and regulations that promote RNG.&#160;Many of these parties have substantial
resources and influence. Further, changes in federal, state or local political, social or economic conditions, including a lack of legislative
focus on these programs and regulations, could result in their modification, delayed adoption or repeal. Any failure to adopt, delay in
implementing, expiration, repeal or modification of these programs and regulations, or the adoption of any programs or regulations that
encourage the use of other alternative fuels or alternative vehicles over RNG, could reduce the market demand for RNG as a vehicle fuel
and harm our operating results, liquidity, and financial condition.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For instance, in certain states,
including California, lawmakers and regulators have implemented various measures designed to increase the use of electric, hydrogen and
other zero-emission&#160;vehicles, including establishing firm goals for the number of these vehicles operating on state roads by specified
dates and enacting various laws and other programs in support of these goals. Although the influence and applicability of these or similar
measures on our business remains uncertain, a focus on &#8220;zero tailpipe emissions&#8221; vehicles over vehicles such as those operating
on RNG that have an overall net carbon negative emissions profile, but some tailpipe emissions, could adversely affect the market for
our fuels.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All of our current electric
generating facilities are qualifying small power production facilities (&#8220;<b><i>QFs</i></b>&#8221;)<sup>&#160;</sup>under the Federal
Power Act and the Public Utility Regulatory Policies Act&#160;of&#160;1978, as amended. We are permitted to make wholesale sales (that
is, sales for resale) of Renewable Electricity, capacity, and ancillary services from our QFs with a net generating capacity that does
not exceed 20 megawatts or that is an &#8220;eligible&#8221; facility as defined by section 3(17)(E)&#160;of the Federal Power Act without
obtaining (a)&#160;authorization by FERC pursuant to the Federal Power Act to sell electric energy, capacity and/or ancillary services
at market-based&#160;rates, (b)&#160;acceptance by FERC of a tariff providing for such sales, and (c)&#160;granting by FERC of such regulatory
waivers and blanket authorizations as are customarily granted by FERC to holders of market-based&#160;rate authority, including blanket
authorization under section 204 of the Federal Power Act to issue securities and assume liabilities (&#8220;<b><i>MBR Authority</i></b>&#8221;)
or any other approval from the U.S.&#160;Federal Energy Regulatory Commission (&#8220;<b><i>FERC</i></b>&#8221;). A QF typically may not
use any fuel other than a FERC-approved&#160;alternative fuel, but for limited use of commercial-grade&#160;fuel for certain specified
start-up, emergency and reliability purposes. We are required to document the QF status of each of our facilities in applications or self-certifications&#160;filed
with FERC, which typically requires disclosure of upstream facility ownership, fuel and size characteristics, power sales, interconnection
matters, and related technical disclosures Congress could amend the FPA and eliminate QF status, in which case we would likely have to
obtain MBR Authority and sell competitively in the market. If this were to happen, in all likelihood our QFs would not be competitive
in the market place.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We currently do not intend
to develop, construct or operate electric generating facilities that would require us to apply for and receive MBR Authority from FERC.&#160;Nevertheless,
were we to do so, eligibility for MBR Authority is predicated on a variety of factors, primarily including the overall market power that
the power seller&#160;&#8212;&#160;together with all of its FERC-defined&#160;&#8220;affiliates&#8221; &#8212;&#160;has in the relevant
market. FERC defines affiliates as entities with a common parent that own, directly or indirectly, 10% or more of the voting securities
in the two entities. Accordingly, our eligibility and the eligibility of our affiliates to obtain and maintain MBR Authority for additional
facilities, were we or such affiliate required to obtain such authority, would require an evaluation of the energy assets owned directly
or indirectly by us and each of our affiliates, satisfying market-power&#160;limitations established by FERC. If&#160;our affiliates invest
heavily in generating or other electric facilities in a particular geographic market, their market presence could make it difficult for
us or our affiliates to obtain and maintain such MBR Authority, or to secure FERC authorization to acquire additional generating facilities,
in that market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our market-based&#160;sales
are subject to certain market behavior rules established by FERC, and if any of our Biogas Conversion Projects that generate Renewable
Power are deemed to have violated such rules, we will be subject to potential disgorgement of profits associated with the violation, penalties,
refunds of unlawfully collected amounts with interest, and, if a facility obtains MBR Authority, suspension or revocation of such MBR
Authority. If such projects that had MBR Authority were later to lose their MBR Authority, they would be required to obtain FERC&#8217;s
acceptance of a cost-of-service&#160;rate schedule and could become subject to the significant accounting, record-keeping, and reporting
requirements that are typically imposed on vertically-integrated&#160;utilities with cost-based&#160;rate schedules. This could have a
material adverse effect on the rates we are able to charge for power from our facilities maintaining MBR Authority, if any, that generate
Renewable Power.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The regulatory environment
for electric generation has undergone significant changes in the last several&#160;years due to federal and state policies affecting wholesale
competition and the creation of incentives for the addition of large amounts of new renewable generation and, in some cases, transmission
assets. These changes are ongoing, and we cannot predict the future design of the wholesale power markets or the ultimate effect that
the changing regulatory environment will have on our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our biogas conversion project site owners
and operators are also subject to extensive federal, state and local regulations and policies, including permitting requirements, on account
of their separate operations. Any failure on their part to comply with any laws, regulations, rules or permits, applicable to them may
also adversely affect our business, investments and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The operations of biogas conversion
project site owners and operators are also subject to stringent and complex governmental regulations and policies at the federal, state
and local level in the United States.&#160;Many complex laws, rules, orders and interpretations govern environmental protection, health,
safety, land use, zoning, transportation and related matters. At times, such governmental regulations and policies may require biogas
conversion project site owners and operators to curtail their operations or close sites temporarily or permanently, which may adversely
impact our business, investments and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain permits are required
to build, operate and expand sites owned by biogas conversion project site owners and operators, and such permits have become more difficult
and expensive to obtain and maintain. Permits may often take&#160;years to obtain as a result of numerous hearing and compliance requirements
with regard to zoning, environmental and other regulations. The permits required to be obtained and maintained by biogas conversion project
site owners and operations are commonly subject to resistance from citizen or other groups and other political pressures, including allegations
by such persons that a site is in violation of any applicable permits, laws or regulations. Failure by project site owners and operators
to obtain or maintain any required permit to operate its site would adversely affect our production of Renewable Power, RNG and generation
of the associated Environmental Attributes, as applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A failure by biogas conversion
project site owners and operators to comply with extensive federal, state and local regulations and policies, including permitting requirements,
may result in the suspension or cessation of waste site operations, which would reduce or halt Renewable Power or RNG production and generation
of the Associated Environmental Attributes. Any such disruption could also damage the reputation of our brand. In the event our production
of Renewable Power or RNG is disrupted, we may fail to meet the contractual obligations to some of our counterparties to deliver Renewable
Power, RNG and the associated Environmental Attributes, in which case we would be subject to financial damage and/or penalty claims from
these counterparties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The financial performance of our business
depends upon tax and other government incentives for the generation of RNG and Renewable Power, any of which could change at any time
and such changes may negatively impact our growth strategy.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our financial performance and
growth strategy depend in part on governmental policies that support renewable generation and enhance the economic viability of owning
Biogas Conversion Projects or Fueling Stations. These projects currently benefit from various federal, state and local governmental incentives
such as investment tax credits, cash grants in lieu of investment tax credits, loan guarantees, Renewable Portfolio Standards (&#8220;<b><i>RPS</i></b>&#8221;)
programs, modified accelerated cost-recovery&#160;system of depreciation and bonus depreciation. RNG specifically generates meaningful
revenue through generation and monetization of Environmental Attributes provided for under several different programs, most commonly,
RFS, LCFS and RPS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Many states have adopted RPS
programs mandating that a specified percentage of electricity sales come from eligible sources of renewable energy. However, the regulations
that govern the RPS programs, including pricing incentives for renewable energy, or reasonableness guidelines for pricing that increase
valuation compared to conventional power (such as a projected value for carbon reduction or consideration of avoided integration costs),
may change. If the RPS requirements are reduced or eliminated, it could lead to fewer future power contracts or lead to lower prices for
the sale of power in future power contracts, which could have a material adverse effect on our future prospects. Such material adverse
effects may result from decreased revenues, reduced economic returns on Biogas Conversion Projects and other potential future investments
or joint ventures, increased financing costs, and/or difficulty obtaining financing.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we are unable to utilize
various federal, state and local governmental incentives to acquire additional Biogas Conversion Projects or Fueling Stations in the future,
or the terms of such incentives are revised in a manner that is less favorable to us, we may suffer a material adverse effect on our business,
financial condition, results of operations and cash flows. In addition, we face similar risks with respect to the RFS program. See&#160;<i>&#8212;</i>&#160;&#8220;<i>Existing,
and future changes to, federal, state and local regulations and policies, including permitting requirements applicable to us, and enactment
of new regulations and policies, may present technical, regulatory and economic barriers to the generation, purchase and use of Renewable
Power and RNG, and may adversely affect the market for the associated Environmental Attributes. A failure on our part to comply with any
laws, regulations or rules, applicable to us may adversely affect our business, investments and results of operations.&#8221;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We rely on interconnection, transmission
and pipeline facilities that we do not own or control and that are subject to constraints within a number of our regions. If these facilities
fail to provide us with adequate capacity or have unplanned disruptions, we may be restricted in our ability to deliver Renewable Power
and RNG to our counterparties and we may either incur additional costs or forego revenues.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We depend on electric interconnection
and transmission facilities and gas pipelines owned and operated by others to deliver the energy and fuel we generate at our Biogas Conversion
Projects to our counterparties. Some of our electric generating Biogas Conversion Projects may need to hold electric transmission rights
in order to sell power to purchasers that do not have their own direct access to our generators. Our access to electric interconnection
and transmission rights is subject to tariffs developed by transmission owners, ISOs and RTOs, which have been filed with and accepted
by FERC or the Public Utility Commission in the jurisdictions in question. These tariffs establish the price for transmission service,
and the terms under which transmission service is rendered. Under FERC&#8217;s open access transmission rules, tariffs developed and implemented
by transmission owners, ISOs and RTOs must establish terms and conditions for obtaining interconnection and transmission services that
are not unduly discriminatory or preferential. However, as a generator and seller of power, we do not have any automatic right, in any
geographic market, to firm, long-term, grid-wide&#160;transmission service without first requesting such service, funding the construction
of any upgrades necessary to provide such service, and paying a transmission service rate. Physical constraints on the transmission system
could limit the ability of our electric generating projects to dispatch their power output and receive revenue from sales of Renewable
Power.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A failure or delay in the operation
or development of these distribution channels or a significant increase in the costs charged by their owners and operators could result
in the loss of revenues or increased operating expenses. Such failures or delays could limit the amount of Renewable Power our operating
facilities deliver or delay the completion of our construction projects, which may also result in adverse consequences under our power
purchase agreements and landfill gas rights agreements. Further, such failures, delays or increased costs could have a material adverse
effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our RNG production projects
are similarly interconnected with gas distribution and interstate pipeline systems that are necessary to deliver RNG.&#160;A failure or
delay in the operation or development of these distribution or pipeline facilities could result in a loss of revenues or breach of contract
because such a failure or delay could limit the amount of RNG that we are able to produce or delay the completion of our construction
projects. In addition, certain of our RNG transportation capacity may be curtailed without compensation due to distribution and pipeline
limitations, reducing our revenues and impairing our ability to capitalize fully on a particular project&#8217;s potential. Such a failure
or curtailment at levels above our expectations could impact our ability to satisfy our contractual obligations and adversely affect our
business. Additionally, we experience work interruptions from time to time due to federally required maintenance shutdowns of distribution
and pipeline facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may acquire or develop RNG
projects that require their own pipeline interconnections to available interstate pipeline and distribution networks. In some cases, these
pipeline and distribution networks to which such projects are connected may cover significant distances. A failure in the construction
or operation of these pipeline and distribution networks that causes the RNG project to be out of service, or subject to reduced service,
could result in lost revenues because it could limit our production of RNG and the associated Environmental Attributes that we are able
to generate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We rely on&#160;third-party&#160;utility
companies to provide our Biogas Conversion&#160;Projects with adequate utility supplies, including sewer, water, gas and electricity,
in order to operate our Biogas Conversion&#160;Project facilities. Any failure on the part of such companies to adequately supply our
facilities with such utilities, including any prolonged period of loss of electricity, may have an adverse effect on our business and
results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are dependent on third-party&#160;utility
companies to provide sufficient utilities including sewer, water, gas and electricity, to sustain our operations and operate our Biogas
Conversion Projects. Any major or sustained disruptions in the supply of utilities, such as water, gas or electricity or any fire, flood
or other natural calamities, may disrupt our operations or damage our production facilities or inventories and could adversely affect
our business, financial condition and results of operations. In addition, we consume a significant amount of electricity in connection
with our Biogas Conversion Projects and any increases in costs or reduced availability of such utilities could have a negative impact
on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are subject to risks associated with
litigation or administrative proceedings that could materially impact our operations, including proceedings in the future related to our
projects we subsequently acquire.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are subject to risks and
costs, including potential negative publicity, associated with lawsuits, in particular with respect to environmental claims and lawsuits
or claims contesting the construction or operation of our Biogas Conversion Projects and Fueling Station projects. The result of and costs
associated with defending any such lawsuit or claim, regardless of the merits and eventual outcome, may be material and could have a material
adverse effect on our operations. In the future, we may be involved in legal proceedings, disputes, administrative proceedings, claims
and other litigation that arise in the ordinary course of our business related to Biogas Conversion Projects or Fueling Stations. For
example, individuals and interest groups may sue to challenge the issuance of a permit for a Biogas Conversion Project or a Fueling Station
project, or seek to enjoin construction or operation of that facility. We may also become subject to claims from individuals who live
in the proximity of our Biogas Conversion Projects and Fueling Stations based on alleged negative health effects related to our operations.
In addition, we have been and may subsequently become subject to legal proceedings or claims contesting the construction or operation
of our Biogas Conversion Projects and Fueling Stations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any such legal proceedings
or disputes could delay our ability to complete construction of a Biogas Conversion Project or Fueling Station in a timely manner or at
all, or materially increase the costs associated with commencing or continuing commercial operations of such projects. Settlement of claims
and unfavorable outcomes or developments relating to such proceedings or disputes, such as judgments for monetary damages, injunctions
or denial or revocation of permits, could have a material adverse effect on our ability to implement our growth strategy and, ultimately,
our business, financial condition and results of operations. See&#160;<i>&#8220;Business&#8212;Legal Proceedings</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We currently own, and in the future may
acquire, certain assets in which we have limited control over management decisions, including through joint ventures, and our interests
in such assets may be subject to transfer or other related restrictions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We own, and in the future may
acquire, certain Biogas Conversion Projects and Fueling Stations through joint ventures. In the future, we may invest in other projects
with a joint venture or strategic partner. Joint ventures inherently involve a lesser degree of control over business operations, which
could result in an increase in the financial, legal, operational or compliance risks associated with a Biogas Conversion Project or Fueling
Station, including, but not limited to, variances in accounting internal control requirements. Our co-venture&#160;partners may not have
the level of experience, technical expertise, human resources management and other attributes necessary to operate these assets optimally.
To the extent we do not have a controlling interest in a Biogas Conversion Project or Fueling Station, our joint venture partners could
take actions that decrease the value of our investment and lower our overall return. In addition, conflicts of interest may arise in the
future with our joint venture partners, where our joint venture partners&#8217; business interests are inconsistent with our and our stockholders&#8217;
interests. Further, disagreements or disputes with our joint venture partners could result in litigation, resulting in increase of expenses
incurred and potentially limit the time and effort our officers and directors are able to devote to remaining aspects of our business,
all of which could have a material adverse effect on our business, financial condition and results of operations. The approval of our
joint venture partners also may be required for us to receive distributions of funds from assets or to sell, pledge, transfer, assign
or otherwise convey our interest in such assets. Alternatively, our joint venture partners may have rights of first refusal, rights of
first offer or other similar rights in the event of a proposed sale or transfer of our interests in such assets. In addition, we may have,
and correspondingly our joint venture partners may have, rights to force the sale of the joint venture upon the occurrence of certain
defaults or breaches by the other partner or other circumstances, and there may be circumstances in which our joint venture partner can
replace our affiliated entities that provide operation and maintenance and asset management services if they default in the performance
of their obligations to the joint venture. These restrictions and other provisions may limit the price or interest level for our interests
in such assets, in the event we want to sell such interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our gas rights agreements, power purchase
agreements,&#160;fuel-supply&#160;agreements, interconnection agreements, RNG dispensing agreements and other agreements, including contracts
with owners and operators of biogas conversion project sites, often contain complex provisions, including those relating to price adjustments,
calculations and other terms based on gas price indices and other metrics, as well as other terms and provisions, the interpretation of
which could result in disputes with counterparties that could materially affect our results of operations and customer or other business
relationships.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain of our gas rights agreements,
power purchase agreements, fuel supply agreements, interconnection agreements, RNG dispensing agreements and other agreements, including
contracts with owners and operators of biogas conversion project sites, require us to make payments or adjust prices to counterparties
based on past or current changes in natural gas price indices, project productivity or other metrics and involve complex calculations.
Moreover, the underlying indices governing payments under such agreements are subject to change, may be discontinued or replaced. The
interpretation of these price adjustments and calculations and the potential discontinuation or replacement of relevant indices or metrics
could result in disputes with the counterparties with respect to such agreements. Any such disputes could adversely affect Biogas Conversion
Project revenues, including revenue from associated Environmental Attributes, profit margins, customer or supplier relationships, or lead
to costly litigation, the outcome of which we would be unable to predict.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Market Risks Related to Our Business</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A reduction in the prices we can obtain
for the Environmental Attributes generated from RNG, which include RINs, LCFS credits, and other incentives, could have a material adverse
effect on our business prospects, financial condition and results of operations</i>.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A significant portion of our
revenues comes from the sale of RINs and LCFS credits, which exist because of legal and governmental regulatory requirements. A change
in law or in governmental policies concerning renewable fuels, landfill or animal waste site biogas or the sale of RINs and LCFS could
be expected to affect the market for, and the pricing of, the RINs and LCFS credits that we can generate through production at our Biogas
Conversion Projects. A reduction in the prices we receive for RINs and LCFS credits, or a reduction in demand for RINs or LCFS credits,
whether through market forces generally, through the actions of market participants generally, or through the consolidation or elimination
of participants competing in the market for the purchase and retirement of RINs or LCFS credits, could have a material adverse effect
on our results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b><i>The volatility in the price of oil, gasoline,
diesel, natural gas, RNG, or Environmental Attribute prices could adversely affect our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Historically, the prices of
Environmental Attributes, RNG, natural gas, crude oil, gasoline and diesel have been volatile and this volatility may continue to increase
in future. Factors that may cause volatility in the prices of Environmental Attributes, RNG, natural gas, crude oil, gasoline and diesel
include, among others, (i)&#160;changes in supply and availability of crude oil, RNG and natural gas; (ii)&#160;governmental regulations;
(iii)&#160;inventory levels; (iv)&#160;consumer demand; (v)&#160;price and availability of alternatives; (vi)&#160;weather conditions;
(vii)&#160;negative publicity about crude oil or natural gas drilling; (viii)&#160;production or transportation techniques and methods;
(ix)&#160;macro-economic&#160;environment and political conditions; (x)&#160;transportation costs; and (xi)&#160;the price of foreign
imports. Specifically, prices for crude oil, which is the commodity used to make gasoline and diesel, have been lower in recent&#160;years,
due in part to over-production&#160;and increased supply without a corresponding increase in demand, and oil prices decreased further
in 2020, hitting an all-time&#160;low due to the COVID-19&#160;pandemic. More recently, that trend has reversed with oil prices rebounding
substantially. Nevertheless, if the prices of crude oil, gasoline and diesel decline again, or if the price of RNG or natural gas increases
without corresponding increases in the prices of crude oil, gasoline and diesel or Environmental Attributes, we may not be able to offer
our counterparties an attractive price advantage for our vehicle fuels. The market adoption of our vehicle fuels could be slowed or limited,
and/or we may be forced to reduce the prices at which we sell our vehicle fuels in order to try and attract new counterparties or prevent
the loss of demand from existing counterparties. In addition, we expect that natural gas and crude oil prices will remain volatile for
the near future because of market uncertainties over supply and demand, including but not limited to the current state of the world economies,
energy infrastructure and other factors. Fluctuations in natural gas prices affect the cost to us of the natural gas commodity. High natural
gas prices adversely affect our operating margins when we cannot pass the increased costs to our counterparties. Conversely, lower natural
gas prices reduce our revenue when the commodity cost is passed to our counterparties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pricing conditions may also
exacerbate the cost differential between vehicles that use our vehicle fuels and gasoline or diesel-powered&#160;vehicles, which may lead
operators to delay or refrain from purchasing or converting to vehicles running on our fuels. Generally, vehicles that use our fuels cost
more initially than gasoline or diesel-powered&#160;vehicles because the components needed for a vehicle to use our vehicle fuels add
to the vehicle&#8217;s base cost. Operators then seek to recover the additional base cost over time through a lower cost to use alternative
vehicle fuels. Operators may, however, perceive an inability to timely recover these additional initial costs if alternative vehicle fuels
are not available at prices sufficiently lower than gasoline and diesel. Such an outcome could decrease our potential customer base and
harm our business prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We face significant upward pricing pressure
in the market with respect to our securing the biogas rights necessary for proposed new Biogas Conversion Projects and our conversion
of existing Renewable Power rights to RNG rights on existing Biogas Conversion Projects that we plan to convert.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We must reach agreement with
the prospective biogas project site owner or developer in order to secure the biogas rights necessary for each proposed Biogas Conversion
Project. Additionally, each project typically requires a site lease, access easements, permits, licenses, rights of way or other similar
agreements. Historically, in exchange for the biogas rights and additional agreements, we have paid the site owner and/or developer a
royalty or other similar payment based on revenue generated by the project or volume of biogas used by the project.&#160;Over recent&#160;years,
as competition for development of biogas conversion project sites has increased and biogas project site owners and developers have become
more sophisticated, it has become increasingly common for the prospective biogas project site owners and developers to ask for or require
larger royalties or similar payments in order to secure the biogas rights. In addition, it is becoming increasingly common for some prospective
biogas project site owners or developers to ask for or require equity participation in the prospective project.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, we face similar
pricing pressures when we attempt to renew our biogas rights on existing Biogas Conversion Projects at the end of their contractual periods
and in situations where we plan to convert existing Renewable Power projects to RNG projects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These pricing pressures could
lead us to decide not to pursue certain prospective Biogas Conversion Projects or not to pursue the renewal or conversion of one or more
existing Renewable Power projects and, accordingly, negatively impact our overall financial condition, results of operations and prospects.
These pricing pressures could also impact the profitability of prospective Biogas Conversion Projects, and, accordingly, negatively impact
our overall&#160;financial condition, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We currently face declining market prices
for LCFS credits specifically within California as well as significant upward pressure on the costs associated with dispensing RNG specifically
within California to generate the LCFS credits.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The market prices for LCFS
credits specifically within California have declined over the past twelve&#160;months, and the market for dispensing RNG with relatively
low CI scores in California has become increasingly competitive because of increasing supply of RNG with these relatively low CI scores.
As such, fleet operators using vehicles fueled by natural gas have been able to demand RNG marketers like us provide them with greater
economic incentives for allowing us to dispense the fuel at the Fueling Stations, typically in the form of a greater share of our marketing
fee or a greater share in the monetary value of the Environmental Attributes we generate when dispensing the fuel. The persistence of
the current California dynamic is dependent upon future market developments, and as such the LCFS credits that we generate and sell may
or may not produce future revenue that is comparable to historical LCFS revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A prolonged environment of low prices or
reduced demand for Renewable Power could have a material adverse effect on our business prospects, financial condition and results of
operations</i>.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Long-term&#160;Renewable Power
and RNG prices may fluctuate substantially due to factors outside of our control. The price of Renewable Power and RNG can vary significantly
for many reasons, including: (i)&#160;increases and decreases in generation capacity in our markets; (ii)&#160;changes in power transmission
or fuel transportation capacity constraints or inefficiencies; (iii)&#160;power supply disruptions; (iv)&#160;weather conditions; (v)&#160;seasonal
fluctuations; (vi)&#160;changes in the demand for power or in patterns of power usage, including the potential development of demand-side&#160;management
tools and practices; (vi)&#160;development of new fuels or new technologies for the production of power; (vii)&#160;federal and state
regulations; and (viii)&#160;actions of the Independent System Operators (&#8220;<b><i>ISOs</i></b>&#8221;) and Regional Transmission
Organizations (&#8220;<b><i>RTOs</i></b>&#8221;) that control and administer regional power markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Increased rates of recycling and legislation
encouraging recycling, increased use of waste incineration, advances in waste disposal technology, decreased demand for meat and livestock
products could decrease the availability or change the composition of waste for biogas conversion project gas.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The volume and composition
of landfill gas (&#8220;<b><i>LFG</i></b>&#8221;) produced at open landfill sites depends in large part on the volume and composition
of waste sent to such landfill sites, which could be affected by a number of factors. For example, increased rates of recycling or increased
use of waste incineration could decrease the volume of waste sent to landfills, while organics diversion strategies such as composting
can reduce the amount of organic waste sent to landfills. There have been numerous federal and state regulations and initiatives over
the recent&#160;years that have led to higher levels of recycling of paper, glass, plastics, metal and other recyclables, and there are
growing discussions at various levels of government about developing new strategies to minimize the negative environmental impacts of
landfills and related emissions, including diversion of biodegradable waste from landfills. Although many recyclable materials other than
paper do not decompose and therefore do not ultimately contribute to the amount of landfill gas produced at a landfill site, recycling
and other similar efforts may have negative effects on the volume and proportion of biodegradable waste sent to landfill sites across
the United States.&#160;As a consequence, the volume and composition of waste sent to landfill sites from which our Biogas Conversion
Projects collect LFG could change, which could adversely affect our business operations, prospects, financial condition and operational
results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, research and development
activities are currently ongoing to provide alternative and more efficient technologies to dispose of waste, to produce by-products&#160;from
waste and to produce energy, and an increasing amount of capital is being invested to find new approaches to waste disposal, waste treatment
and energy generation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is possible that this deployment of capital
may lead to advances which could adversely affect our sources of landfill gas or provide new or alternative methods of waste disposal
or energy generation that become more accepted, or more attractive, than landfills.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We currently use, and may continue in the
future to use,&#160;forward-sale&#160;and hedging arrangements, to mitigate certain risks, but the use of such arrangements could have
a material adverse effect on our results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We currently use, and may continue
in the future to use, forward sales transactions to sell Environmental Attributes and Renewable Power before they are generated. In addition,
we use interest rate swaps to manage interest rate risk. We may use other types of hedging contracts, including foreign currency hedges
if we expand into other countries. If we elect to enter into such hedges, the related asset could recognize financial losses on these
arrangements as a result of volatility in the market values of the underlying asset or if a counterparty fails to perform under a contract.
If actively quoted market prices and pricing information from external sources are not available, the valuation of such contracts would
involve judgment or the use of estimates. As a result, changes in the underlying assumptions or use of alternative valuation methods could
affect the reported fair value of such contracts. If the values of such contracts change in a manner that we do not anticipate, or if
a counterparty fails to perform under such a contract, it could harm our business, financial condition, results of operations and cash
flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Risks Related to Our Business and Industry</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Additional Risk Factors Relating to Our Biogas
Capture Business</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our ability to acquire, convert, develop
and operate Biogas Conversion&#160;Projects, as well as expand production at current Biogas Conversion&#160;Projects, is subject to many
risks.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our business strategy includes
(i)&#160;the conversion of LFG projects from Renewable Power to RNG production where we already controls biogas gas rights, (ii)&#160;growth
through the procurement of landfill gas rights and manure rights to develop new RNG projects, (iii)&#160;the acquisition and expansion
of existing Biogas Conversion Projects, and (iv)&#160;growth through the procurement of rights to other sources of biogas for production
of additional transportation fuels and generation of associated Environmental Attributes. This strategy depends on our ability to successfully
convert existing LFG projects and identify and evaluate acquisition opportunities and complete new Biogas Conversion Projects or acquisitions
on favorable terms. However, we cannot guarantee that we will be able to successfully identify new opportunities, acquire additional biogas
rights and develop new RNG projects or convert existing projects on favorable terms or at all. In addition, we may compete with other
companies for these development and acquisition opportunities, which may increase our costs or cause us to refrain from making acquisitions
at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may also achieve growth
through the expansion of production at certain of our current Biogas Conversion Projects as the related landfills and dairy farms are
expanded or otherwise begin to produce more gas or manure, respectively, but we cannot guarantee that we will be able to reach or renew
the necessary agreements with site owners on economically favorable terms or at all. If we are unable to successfully identify and consummate
future Biogas Conversion Project opportunities or acquisitions of Biogas Conversion Projects, or expand RNG production at our current
Biogas Conversion Projects, it will impede our ability to execute our growth strategy. Further, we may also experience delays and cost
overruns in converting existing facilities from Renewable Power to RNG production. During the conversion of existing projects, there may
be a gap in revenue while the electricity project is offline until the conversion is completed and the new RNG facility commences operations,
which may adversely affect our financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our ability to acquire, convert,
develop and operate Biogas Conversion Projects, as well as expand production at current Biogas Conversion Projects, is subject to several
additional risks, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">regulatory changes that affect the value of RNG and the associated
Environmental Attributes, which could have a significant effect on the financial performance of our Biogas Conversion Projects and the
number of potential Biogas Conversion Projects with attractive economics;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">changes in energy commodity prices, such as natural gas and
wholesale electricity prices, which could have a significant effect on our revenues and expenses;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">changes in pipeline gas quality standards or other regulatory
changes that may limit our ability to transport RNG on pipelines for delivery to third parties or increase the costs of processing RNG
to allow for such deliveries;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">changes in the broader waste collection industry, including
changes affecting the waste collection and biogas potential of the landfill industry, which could limit the LFG resource that we currently
target for our Biogas Conversion Projects;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">substantial construction risks, including the risk of delay,
that may arise due to forces outside of our control, such as those related to engineering and environmental problems, inclement weather,
inflationary pressures on materials and labor, and supply chain and labor disruptions;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">operating risks and the effect of disruptions on our business,
including the effects of global health crises, such as the COVID-19&#160;pandemic, weather conditions, catastrophic events, such as fires,
explosions, earthquakes, droughts and acts of terrorism, and other force majeure events that impact us, our counterparties, suppliers,
distributors and subcontractors;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">accidents involving personal injury or the loss of life;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">entering into markets where we have less experience, such
as our Biogas Conversion Projects for biogas recovery at livestock farms;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the ability to obtain financing for a Biogas Conversion Project
on acceptable terms or at all and the need for substantially more capital than initially budgeted to complete Biogas Conversion Projects
and exposure to liabilities as a result of unforeseen environmental, construction, technological or other complications;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">failures or delays in obtaining desired or necessary land
rights, including ownership, leases, easements, zoning rights and building permits;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a decrease in the availability, increased pricing on, and
a delay in the timeliness of delivery of raw materials and components, necessary for the Biogas Conversion Projects to function or necessary
for the conversion of a Biogas Conversion Projects from Renewable Power to RNG production;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">obtaining and keeping in good standing permits, authorizations
and consents from local city, county, state and US federal government agencies and organizations;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">penalties, including potential termination, under short-term&#160;and
long-term&#160;contracts for failing to produce or deliver a sufficient quantity and acceptable quality of RNG in accordance with our
contractual obligations;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">unknown regulatory changes related to the transportation
of RNG, which may increase the transportation cost for delivering under our contracts then in effect;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the consent and authorization of local utilities or other
energy development off-takers&#160;to ensure successful interconnection to energy grids to enable power and gas sales; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">difficulties in identifying, obtaining and permitting suitable
sites for new Biogas Conversion Projects.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any of these factors could
prevent us from acquiring, developing, converting, operating or expanding our Biogas Conversion Projects, or otherwise adversely affect
our business, growth potential, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Acquiring Biogas Conversion Projects involves
numerous risks, including potential exposure to&#160;pre-existing&#160;liabilities, unanticipated costs in acquiring and implementing
the project, and lack of or limited experience in new geographic markets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The acquisition of existing
Biogas Conversion Projects involves numerous risks, many of which may be indiscoverable through the due diligence process, including exposure
to previously existing liabilities and unanticipated costs associated with the pre-acquisition&#160;period; difficulty in integrating
the acquired projects into our existing business; and, if the projects are in new markets, the risks of entering markets where we have
limited experience, less knowledge of differences in market terms for gas rights agreements and dispensing agreements, and, for international
projects, possible exposure to exchange-rate&#160;risk to the extent we need to finance development and operations of foreign projects
to repatriate earnings generated by such projects. While we perform due diligence on prospective acquisitions, we may not be able to discover
all potential operational deficiencies in such projects. A failure to achieve the financial returns we expect when we acquire Biogas Conversion
Projects could have a material adverse effect on our ability to implement our growth strategy and, ultimately, our business, financial
condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additional risks related to
acquiring existing projects, include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the purchase price we pay could significantly deplete our
cash reserves or result in dilution to our existing stockholders;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the acquired companies or assets may not improve our customer
offerings or market position as planned;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">we may have difficulty integrating the operations and personnel
of the acquired companies;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: justify">&#160;</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td>key personnel and counterparties of the acquired companies
may terminate their relationships with the acquired companies as a result of or following the acquisition;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">we may experience additional financial and accounting challenges
and complexities in certain areas, such as tax planning and financial reporting;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">we may incur additional costs and expenses related to complying
with additional laws, rules or regulations in new jurisdictions;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">we may assume or be held liable for risks and liabilities
(including for environmental-related&#160;costs) as a result of our acquisitions, some of which we may not discover during our due diligence
or adequately adjust for in our acquisition arrangements;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ongoing business and management&#8217;s attention may
be disrupted or diverted by transition or integration issues and the complexity of managing geographically diverse enterprises;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">we may incur one-time&#160;write-offs&#160;or restructuring
charges in connection with an acquisition;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"></p><div>

</div><!-- Field: Page; Sequence: 30; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">we may acquire goodwill and other intangible assets that
are subject to amortization or impairment tests, which could result in future charges to earnings; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">we may not be able to realize the cost savings or other financial
benefits we anticipated.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Biogas Conversion&#160;Projects face
operational challenges, including among other things the breakdown or failure of equipment or processes or performance below expected
levels of output or efficiency due to wear and tear of our equipment, latent defects, design or operator errors, force majeure events,
or&#160;lack of transmission capacity or other problems with third party interconnection and transmission facilities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The ongoing operation of our
Biogas Conversion Projects involves risks that include the breakdown or failure of equipment or processes or performance below expected
levels of output or efficiency due to wear and tear of our equipment, latent defects, design or operator errors or force majeure events,
among other factors. Operation of our Biogas Conversion Projects also involves risks that we will be unable to transport our product to
our counterparties in an efficient manner due to a lack of capacity or other problems with third party interconnection and transmission
facilities. Unplanned outages of equipment, including extensions of scheduled outages due to mechanical failures or other problems, occur
from time to time and are an inherent risk of our business. Unplanned outages typically increase our operation and maintenance expenses
and may reduce our revenue. Biogas conversion project site owners and operators can also impact our production if, in the course of ongoing
operations, they damage the site&#8217;s biogas collection systems. Our inability to operate our facilities efficiently, manage capital
expenditures and costs and generate earnings and cash flow could have a material adverse effect on our business, financial condition,
results of operations and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are generally also required
under many of our agreements to deliver a minimum quantity of Renewable Power, RNG and/or the associated Environmental Attributes to the
counterparty. Unless we can rely on a force majeure or other provisions in the related agreements, falling below such a threshold could
subject us to financial expenses and penalties, as well as possible termination of key agreements and potential violations of certain
permits, which could further impede our ability to satisfy production requirements. Therefore, any unexpected reduction in output at any
of our Biogas Conversion Projects that leads to any of these outcomes could have a material adverse effect on our business, financial
condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>An unexpected reduction in RNG production
by&#160;third-party&#160;producers of RNG with whom we maintain marketing agreements to purchase RNG and/or the associated Environmental
Attributes, or their inability or refusal to deliver such RNG or Environmental Attributes as provided under such agreements, may have
a material adverse effect on our results of operations and could adversely affect or performance under associated dispensing agreements.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The success of our RNG business
depends, in large part, on our ability to (i)&#160;secure, on acceptable terms, an adequate supply of RNG and/or Environmental Attributes
from third-party&#160;producers, (ii)&#160;sell RNG in sufficient volumes and at prices that are attractive to counterparties and produce
acceptable margins for us, and (iii)&#160;generate and monetize Environmental Attributes under applicable federal or state programs at
favorable prices. If we fail to maintain and build new relationships with third party producers of RNG, we may be unable to supply RNG
and the associated Environmental Attributes to meet the demand of our counterparties, which could adversely affect our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our ability to dispense an
adequate amount of RNG is subject to risks affecting RNG production. Biogas Conversion Projects that produce RNG often experience unpredictable
production levels or other difficulties due to a variety of factors, including, among others, (i)&#160;problems with equipment, (ii)&#160;severe
weather, pandemics, or other health crises, including the ongoing COVID-19&#160;pandemic, (iii)&#160;construction delays, (iv)&#160;technical
difficulties, (v)&#160;high operating costs, (vi)&#160;limited availability, or unfavorable composition of collected feedstock gas, and
(vii)&#160;plant shutdowns caused by upgrades, expansion or required maintenance. In addition, increasing demand for RNG will result in
more robust competition for supplies of RNG, including from other vehicle fuel providers, gas utilities (which may have distinct advantages
in accessing RNG supply including potential use of ratepayer funds to fund RNG purchases if approved by a utility&#8217;s regulatory commission)
and other users and providers. If we or any of our third party RNG suppliers experience these or other difficulties in RNG production
processes, or if competition for RNG development projects and supply increases, then our supply of RNG and our ability to resell it as
a vehicle fuel and generate the associated Environmental Attributes could be jeopardized.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Construction, development and operation
of our Biogas Conversion&#160;Projects involves significant risks and hazards.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Biogas Conversion Projects
as well as construction and operation of Fueling Stations involve hazardous activities, including acquiring and transporting fuel, operating
large pieces of rotating equipment and delivering our Renewable Electricity and RNG to interconnection and transmission systems, including
gas pipelines. Hazards such as fire, explosion, structural collapse and machinery failure are inherent risks in our operations. These
and other hazards can cause significant personal injury or loss of life, severe damage to and destruction of property, plant and equipment
and contamination of, or damage to, the environment. The occurrence of any one of these hazards may result in curtailment or termination
of our operations or liability to third parties for damages, environmental cleanup costs, personal injury, property damage and fines and/or
penalties, any of which could be substantial.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 31; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Biogas Conversion Projects
facilities and Fueling Stations or those that we otherwise acquire, construct or operate may be targets of terrorist activities, as well
as events occurring in response to or in connection with them, that could result in full or partial disruption of our facilities&#8217;
ability to generate, transmit, transport or distribute electricity or RNG.&#160;Strategic targets, such as energy-related&#160;facilities,
may be at greater risk of future terrorist activities than other domestic targets. Hostile cyber intrusions, including those targeting
information systems, as well as electronic control systems used at the generating plants and for the related distribution systems, could
severely disrupt our business operations and result in loss of service to our counterparties, as well as create significant expense to
repair security breaches or system damage. In the past we have experienced cyber security breaches, which we believe have not had a significant
impact on the integrity of our systems or the security of data, including personal information maintained by us, but there can be no assurance
that any future breach or disruption will not have a material adverse effect on our business, financial condition or operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Furthermore, some of our facilities
are located in areas prone to extreme weather conditions, most notably extreme cold such as has recently occurred in Texas, Oklahoma,
Michigan and Minnesota. Certain of our other Biogas Conversion Projects and Fueling Stations as well as certain key vendors conduct their
operations in other locations, such as California and Florida, that are susceptible to natural disasters. The frequency of weather-related&#160;natural
disasters may be increasing due to the effects of greenhouse gas emissions or related climate change effects. The occurrence of natural
disasters such as tornados, earthquakes, droughts, floods, wildfires or localized extended outages of critical utilities or transportation
systems, or any critical resource shortages, affecting us could cause a significant interruption in our business or damage or destroy
our facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We rely on warranties from
vendors and obligate contractors to meet certain performance levels, but the proceeds from such warranties or performance guarantees may
not cover lost revenues, increased expenses or liquidated damages payments, should we experience equipment breakdown or non-performance&#160;by
our contractors or vendors. We also maintain an amount of insurance protection that we consider adequate to protect against these and
other risks, but we cannot provide any assurance that our insurance will be sufficient or effective under any or all circumstances and
against any or all hazards or liabilities to which we may be subject. Also, our insurance coverage is subject to deductibles, caps, exclusions
and other limitations. A loss for which we are not fully insured could have a material adverse effect on our business, financial condition,
results of operations and cash flows. Because of rising insurance costs and changes in the insurance markets, we cannot provide any assurance
that our insurance coverage will continue to be available at all or at rates or on terms similar to those presently available. Our insurance
policies are subject to annual review by our insurers and may not be renewed on similar or favorable terms or at all. Any losses not covered
by insurance could have a material adverse effect on our business, financial condition, results of operations and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our failure to dispense a specified quality
or quantity of RNG could have a material adverse effect on our financial condition and results of operations, by subjecting us to, among
other things, possible penalties or terminations under the various contractual arrangements under which we operate, including pursuant
to a purchase and sale agreement related to the sale of our Environmental Attributes.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our RNG business consists of
producing RNG from Biogas Conversion Projects, procuring RNG from third party producers, and dispensing this RNG to counterparties through
Fueling Stations and other potential end markets to generate and monetize the associated Environmental Attributes. If we fail to produce
and dispense a specified quality or quantity of RNG, our business may be adversely impacted.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As an RNG supplier the quality
and quantity of RNG we produce at our Biogas Conversion Projects may be negatively affected by, among other things, lack of feedstock
or the relative mix in the components of the feedstock, mechanical breakdowns, faulty technology, competitive markets or changes to the
laws and regulations that mandate the use of renewable energy sources. In addition, we rely in part on third party suppliers to provide
us with certain amounts of the specified quality and quantity of RNG that we are obligated to deliver under contractual commitments to
our distribution counterparties but that we have not otherwise produced at our Biogas Conversion Projects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we are unable to obtain
an adequate supply of RNG through a combination of Biogas Conversion Project production and supplies from third party RNG producers, we
may be forced to pay a financial penalty under such contracts, including under a purchase and sale agreement under which we market a substantial
majority of our Environmental Attributes through NextEra. Even if we are able to produce and obtain an adequate supply of RNG to satisfy
the quantity requirements of our counterparties, RNG and the associated Environmental Attributes must also meet or exceed quality standards.
If we and our third party suppliers are unable to meet applicable quality standards, through one or more of the factors discussed above
or otherwise, we could be subject to financial penalties under such contracts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the marketing
of the Environmental Attributes generated from our activities, in November 2021, we signed a purchase and sale agreement with NextEra
providing for the exclusive purchase by NextEra of 90% of our Environmental Attributes (RINs and LCFS credits), including those generated
by our owned Biogas Conversion Projects and those granted to us in connection with dispensing of RNG on behalf of third-party&#160;projects.
Under the agreement, we are to receive the net proceeds paid to NextEra by NextEra customers for the purchase of such Environmental Attributes
(or in certain circumstances an index-based&#160;price or pre-negotiated&#160;price) less a specified discount. The agreement provides
for an initial five year term, followed by automatic one-year&#160;renewals unless terminated by either party at least 90 days prior to
the last day of the initial term or then-current&#160;renewal term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the agreement, we have
committed to sell a minimum quarterly volume of Environmental Attributes to NextEra, which if not satisfied on a cumulative basis (giving
credit for certain excess volume sold to NextEra during the contract term) as of the end of the contract term (or upon an early termination
of the agreement) would result in our paying NextEra a shortfall payment calculated by (i) multiplying the amount of the volume shortfall
by a fraction of the then-current&#160;index price of the Environmental Attribute and (ii) adding a specified premium (the &#8220;<b><i>Shortfall
Amount</i></b>&#8221;). Similarly, if the agreement is terminated by NextEra due to an event of default (generally defined as a failure
by us to pay any undisputed amounts under the agreement, a material uncured breach of our representations or warranties or other obligations
under the agreement, or the dissolution, bankruptcy or insolvency of us or certain of our affiliates), NextEra would be entitled to receive,
without any duplication, any then-current&#160;Shortfall Amount plus an accelerated payment calculated based off of the remaining minimum
quarterly volume commitments for the balance of the initial term (or for the next four quarters of the next renewal term, if neither party
had provided notice of non-renewal&#160;as described above prior to the commencement of such renewal term), which accelerated payment
would be similarly calculated by (i) multiplying such remaining minimum quarterly volume commitments by a fraction of the then-current&#160;index
price of the Environmental Attribute and (ii) adding a specified premium. The amount of such potential payments declines over the course
of the contract term as we deliver Environmental Attribute volume under the contract. Were, however, the agreement to be terminated as
of the date of this prospectus and we were not to deliver any further Environmental Attribute volume to NextEra under the agreement, the
maximum potential payment to NextEra under these provisions would be approximately $15.4&#160;million based on current market prices for
such Environmental Attributes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The success of our RNG projects depends
on our ability to timely generate and ultimately receive certification of the Environmental Attributes associated with our RNG production
and sale. A delay or failure in the certification of such Environmental Attributes could have a material adverse effect on the financial
performance of our Biogas Conversion&#160;Projects.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are required to register
our RNG projects with the EPA and relevant state regulatory agencies. Further, we qualify our RINs through a voluntary Quality Assurance
Plan, which typically takes from three to five&#160;months from first injection of RNG into the commercial pipeline system. Although no
similar qualification process currently exists for LCFS credits, we expect such a process to be implemented and would expect to seek qualification
on a state-by-state&#160;basis under such future programs. Delays in obtaining registration, RIN qualification, and any future LCFS credit
qualification of a new project could delay future revenues from the project and could adversely affect our cash flow. Further, we typically
make a large investment in the project prior to receiving the regulatory approval and RIN qualification. By registering each RNG project
with the EPA&#8217;s voluntary Quality Assurance Plan, we are subject to quarterly third-party&#160;audits and semi-annual&#160;on-site&#160;visits
of our projects to validate generated RINs and overall compliance with the RFS program. We are also subject to a separate third party&#8217;s
annual attestation review. The Quality Assurance Plan provides a process for RIN owners to follow, for an affirmative defense to civil
liability, if used or transferred Quality Assurance Plan verified RINs were invalidly generated. A project&#8217;s failure to comply could
result in remedial action by the EPA, including penalties, fines, retirement of RINs, or termination of the project&#8217;s registration,
any of which could adversely affect our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Maintenance, expansion and refurbishment
of our Biogas Conversion&#160;Projects involve the risk of unplanned outages or reduced output, resulting from among other things periodic
upgrading and improvement, unplanned breakdowns in equipment, and forced outages.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Biogas Conversion Project
facilities may require periodic upgrading and improvement. Any unexpected operational or mechanical failure, including failure associated
with breakdowns and forced outages, could reduce our facilities&#8217; generating capacity below expected levels, reducing our revenues
and jeopardizing our ability to earn profits and adversely affect our business, financial condition and results of operations. If we make
major modifications to our facilities, such modifications may result in material additional capital expenditures. We may also choose to
repower, refurbish or upgrade our facilities based on our assessment that such expenditures will provide adequate financial returns. Such
facility modifications require time before commencement of commercial operations, and key assumptions underpinning a decision to make
such an investment may prove incorrect, including assumptions regarding construction costs, timing, available financing and future power
and renewable natural gas prices. This could have a material adverse effect on our business, financial condition, results of operations
and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>In order to secure development, operational,
dispensing and other necessary contract rights for our Biogas Conversion&#160;Projects, we typically face a long and variable development
cycle that requires significant resource commitments and a long lead time before we realize revenues.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The development, design and
construction process for our Biogas Conversion Projects generally lasts from 20 to 48&#160;months, on average. Prior to signing a development
agreement, we typically conduct a preliminary audit of the site host&#8217;s needs and assess whether the site is commercially viable
based on our expected return on investment, investment payback period and other operating metrics, as well as the necessary permits to
develop a Biogas Conversion Project on that site. This extended development process requires the dedication of significant time and resources
from our sales and management personnel, with no certainty of success or recovery of our expenses. A potential site host may go through
the entire sales process and not accept our proposal. Further, upon commencement of operations, it typically takes 4 to 12&#160;months
or longer for the Biogas Conversion Project to ramp up to our expected production level. All of these factors, and in particular, increased
spending that is not offset by increased revenues, can contribute to fluctuations in our quarterly financial performance and increase
the likelihood that our operating results in a particular period will fall below investor expectations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Biogas Conversion&#160;Projects may
not produce expected levels of output, and the amount of Renewable Power or RNG actually produced at each of our respective projects will
vary over time, and, therefore so will generation of associated Environmental Attributes.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Biogas Conversion Projects
rely on organic material, the decomposition of which causes the generation of gas consisting primarily of methane. The Biogas Conversion
Projects use such methane gas to generate Renewable Power or RNG.&#160;The estimation of biogas production volume is an inexact process
and dependent on many site-specific&#160;conditions, including the estimated annual waste volume, composition of waste, regional climate
and the capacity and construction of the site. Production levels are subject to a number of additional risks, including (i)&#160;a failure
or wearing out of our or our landfill operators&#8217;, counterparties&#8217; or utilities&#8217; equipment; (ii)&#160;an inability to
find suitable replacement equipment or parts; (iii)&#160;less than expected supply or quality of the project&#8217;s source of biogas
and faster than expected diminishment of such biogas supply; or (iv)&#160;volume disruption in our fuel supply collection system. As a
result, the volume of Renewable Power or RNG generated from such sites may in the future vary from our initial estimates, and those variations
may be material. In addition, we have in the past incurred, and may in the future incur, material asset impairment charges if any of our
Biogas Conversion Projects incur operational issues that indicate our expected future cash flows from the relevant project are less than
the project&#8217;s carrying value. Any such impairment charge could adversely affect our operating results in the period in which the
charge is recorded.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, in order to maximize
collection of landfill gas, we may need to take various measures, such as drilling additional gas wells in the landfill sites to increase
landfill gas collection, balancing the pressure on the gas field based on the data collected by the landfill site operator from the gas
wells to ensure optimum landfill gas utilization and ensuring that we match availability of engines and related equipment to availability
of landfill gas. There can be no guarantee that we will be able to take all necessary measures to maximize collection. In addition, the
landfill gas available to our LFG projects is dependent in part on the actions of the landfill site owners and operators. We may not be
able to ensure the responsible management of the landfill site by owners and operators, which may result in less than optimal gas generation
or increase the likelihood of &#8220;hot spots&#8221; occurring. Hot spots can temporarily reduce the volume of gas that may be collected
from a landfill site, resulting in a lower gas yield.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Biogas projects utilizing other
types of feedstock, specifically livestock waste and dairy farm projects, typically produce significantly less RNG than landfill facilities.
As a result, the commercial viability of such projects is more dependent on various factors and market forces outside of our control,
such as changes to law or regulations that could affect the value of such projects or the incentives available to them. In addition, there
are other factors currently unknown to us that may affect the commercial viability of other types of feedstock. Moreover, fluctuations
in manure supply, the end use markets and the spread of diseases among herds could have a material impact on the success and completion
of our Biogas Conversion Projects. As such, continued expansion into other types of feedstock could adversely affect our business, financial
condition, and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business plans include expanding from
Renewable Power and RNG production projects into additional&#160;transportation-related&#160;infrastructure, including production and
development of hydrogen vehicle fueling stations. Any such expansions may present unforeseen challenges and result in a competitive disadvantage
relative to our&#160;more-established&#160;competitors in the markets into which we wish to expand.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We currently operate Biogas
Conversion Projects that convert primarily landfill biogas into Renewable Power and RNG.&#160;However, we are actively developing projects
that use anaerobic digesters to capture and convert emissions into low-carbon&#160;RNG, electricity and green hydrogen, and may expand
into additional feedstocks in the future. We are also actively developing hydrogen fueling infrastructure. In addition, we are actively
considering expansion into other lines of business, including carbon sequestration and Renewable Power for our projects, and the production
of green hydrogen. These initiatives could expose us to increased operating costs, unforeseen liabilities or risks, and regulatory and
environmental concerns associated with entering new sectors of the energy industry, including requiring a disproportionate amount of our
management&#8217;s attention and resources, which could have an adverse impact on our business as well as place us at a competitive disadvantage
relative to more established non-LFG&#160;market participants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Sequestering carbon dioxide
is subject to numerous laws and regulations with uncertain permitting timelines and costs. We also intend to explore the production of
renewable hydrogen sourced from a number of our projects&#8217; RNG, and we may enter into long-term&#160;fixed price off-take&#160;contracts
for green hydrogen that we may produce at our projects. We are currently working with a leading developer of on-site&#160;hydrogen generators
to put in place construction design and services agreements in order to develop hydrogen gas-as-a-service&#160;offerings at Fueling Stations.
We do not have an operating history in the green hydrogen market and our forward projections are based on uncertain operations in the
future.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Some LFG projects in which
we might invest in the future may be subject to cost-of-service&#160;rate regulation, which would limit our potential revenue from such
LFG projects. If we invest, directly or indirectly, in an electric transmitting LFG project that allows us to exercise transmission market
power, FERC could require our affiliates with MBR Authority to implement mitigation measures as a condition of maintaining our or our
affiliates&#8217; MBR Authority. FERC regulations limit using a transmission project for proprietary purposes, and we may be required
to offer others (including competitors) open-access&#160;to our transmission asset, should we acquire one. Such acquisitions could have
a material adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our gas and manure rights agreements for
Biogas Conversion Projects are subject to certain conditions. A failure to satisfy such conditions could result in the loss of such rights.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our gas and manure rights agreements
for Biogas Conversion Projects generally require that we achieve commercial operations for a project as of a specified date. If we do
not satisfy such a deadline, the agreement may be terminated at the option of the biogas conversion project site owner without any reimbursement
of any portion of the purchase price paid for the gas or manure rights or any other amounts we have invested in the project. Delays in
construction or delivery of equipment may result in our failing to meet the commercial operations deadline in a gas or manure rights agreement.
The denial or loss of a permit essential to a Biogas Conversion Project could impair our ability to construct or operate a project as
required under the relevant agreement. Delays in the review and permitting process for a project can also impair or delay our ability
to construct or acquire a project and satisfy any commercial operations deadlines, or increase the cost such that the project is no longer
attractive to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Furthermore, certain of our
gas and manure rights agreements for Biogas Conversion Projects require us to purchase a certain amount of LFG and manure, respectively.
Any issues with our production at the corresponding projects, including due to weather, unplanned outages or transmission problems, to
the extent not caused by the landfill or dairy farm, or covered by force majeure provisions in the relevant agreement, could result in
failure to purchase the required amount of LFG or manure and the loss of these gas rights. Our gas and manure rights agreements often
grant us the right to build additional generation capacity in the event of increased supply, but failure to use such increased supply
after a prescribed period of time can result in the loss of these rights. In addition, we typically need approval from landfill owners
in order to implement Renewable Power-to-RNG&#160;conversion projects, and we are also dependent on landfill owners for additional gas
rights as well as land leases and easements for these conversion projects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Additional Risk Factors Relating to Our Dispensing
Business</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our commercial success depends in part on
our ability to identify, acquire, develop and operate public and private Fueling Stations for public and commercial fleet vehicles in
order to dispense RNG for use as vehicle fuel and generate the associated Environmental Attributes.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our specific focus on RNG to
be used as a transportation fuel in the United States&#160;exposes us to risks related to the supply of and demand for RNG and the associated
Environmental Attributes, the cost of capital expenditures, governmental regulation, and economic conditions, among other factors. As
an RNG dispenser we may also be negatively affected by lower RNG production resulting from lack of feedstock, mechanical breakdowns, faulty
technology, competitive markets or changes to the laws and regulations that mandate the use of renewable energy sources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, other factors
related to the development and operation of renewable energy projects could adversely affect our business, including: (i)&#160;changes
in pipeline gas quality standards or other regulatory changes that may limit our ability to transport RNG on pipelines or increase the
costs of processing RNG; (ii)&#160;construction risks, including the risk of delay, that may arise because of inclement weather or labor
disruptions; (iii)&#160;operating risks and the effect of disruptions on our business; (iv)&#160;budget overruns and exposure to liabilities
because of unforeseen environmental, construction, technological or other complications; (v)&#160;failures or delays in obtaining desired
or necessary rights, including leases and feedstock agreements; and (vi)&#160;failures or delays in obtaining and keeping in good standing
permits, authorizations and consents from local city, county, state and US federal government agencies and organizations. Any of these
factors could prevent completion or operation of projects, or otherwise adversely affect our business, financial condition, and results
of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our success is dependent on the willingness
of commercial fleets and other counterparties to adopt, and continue use of RNG, which may not occur in a timely manner, at expected
levels or at all. Our vehicle fleet counterparties may choose to invest in renewable vehicle fuels other than RNG.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our success is highly dependent
on the adoption by commercial fleets and other consumers of natural gas vehicle fuels, which has been slow, volatile and unpredictable
in many sectors. For example, adoption and deployment of natural gas in heavy and medium-duty&#160;trucking has been slower and more
limited than we anticipated. Also, other important fleet markets, including airports and public transit, had slower than expected volume
and customer growth in 2018, 2019 and 2020, which was largely reversed in 2021, but may continue into 2022 and beyond. If the market
for natural gas vehicle fuels does not develop at improved rates or levels, or if a market develops but we are not able to capture a
significant share of the market or the market subsequently declines, our business, growth potential, financial condition, and operating
results would be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additional factors that
may influence the adoption of natural gas vehicle fuels, many of which are beyond our control, include, among others:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Lack of demand
                                            for trucks that use natural gas vehicle fuels due to business disruptions and depressed oil
                                            prices;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Adoption of governmental
                                            policies or programs or increased publicity or popular sentiment in favor of vehicles or
                                            fuels other than natural gas, including long-standing&#160;support for gasoline and diesel-powered&#160;vehicles,
                                            changes to emissions requirements applicable to vehicles powered by gasoline, diesel, natural
                                            gas, or other vehicle fuels and/or growing support for electric and hydrogen-powered&#160;vehicles;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Perceptions about
                                            the benefits of natural gas vehicle fuels relative to gasoline, diesel and other alternative
                                            vehicle fuels, including with respect to factors such as supply, cost savings, environmental
                                            benefits and safety;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The volatility
                                            in the supply, demand, use and prices of crude oil, gasoline, diesel, RNG, natural gas and
                                            other vehicle fuels, such as electricity, hydrogen, renewable diesel, biodiesel and ethanol;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Inertia among
                                            fleets and fleet vehicle operators, who may be unable or unwilling to prioritize converting
                                            a fleet to our vehicle fuels over an operator&#8217;s other general business concerns, particularly
                                            if the operator is not sufficiently incentivized by emissions regulations or other requirements
                                            or lacks demand for the conversion from its counterparties or drivers;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Vehicle cost,
                                            fuel efficiency, availability, quality, safety, convenience (to fuel and service), design,
                                            performance and residual value, as well as operator perception with respect to these factors,
                                            generally and in our key customer markets and relative to comparable vehicles powered by
                                            other fuels;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The development,
                                            production, cost, availability, performance, sales and marketing and reputation of engines
                                            that are well-suited&#160;for the vehicles used in our key customer markets, including heavy
                                            and medium-duty&#160;trucks and other fleets;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Increasing competition
                                            in the market for vehicle fuels generally, and the nature and effect of competitive developments
                                            in such market, including improvements in or perceived advantages of other vehicle fuels
                                            and engines powered by such fuels;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The availability
                                            and effect of environmental, tax or other governmental regulations, programs or incentives
                                            that promote our products or other alternatives as a vehicle fuel, including certain programs
                                            under which we generate Environmental Attributes by selling RNG as a vehicle fuel, as well
                                            as the market prices for such credits; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Emissions and
                                            other environmental regulations and pressures on producing, transporting, and dispensing
                                            our fuels.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June&#160;2020, CARB
adopted the Advanced Clean Trucks regulation, which requires manufacturers to sell a gradually increasing proportion of zero-emission&#160;electric
trucks, vans and pickup trucks from 2024 onwards. By the year 2045, the Advanced Clean Trucks regulation seeks to have every new commercial
vehicle sold in California be zero-emissions. Further, in September&#160;2020, the Governor of the State of California issued the&#160;September&#160;2020
Executive Order&#160;providing that it shall be the goal of California that (i)&#160;100% of in-state&#160;sales of new passenger cars
and trucks will be zero-emission&#160;by 2035, (ii)&#160;100% of medium- and heavy-duty&#160;vehicles in California will be zero-emission&#160;by
2045 for all operations, where feasible, and by 2035 for drayage trucks, and (iii)&#160;the state will transition to 100% zero-emission&#160;off-road&#160;vehicles
and equipment by 2035 where feasible. The September&#160;2020 Executive Order also directed CARB to develop and propose regulations and
strategies aimed at achieving the foregoing goals. Among other things, we believe the intent of the Advanced Clean Trucks regulation
and the September&#160;2020 Executive Order is to limit and ultimately discontinue the production and use of internal combustion engines
because such engines have &#8220;tailpipe&#8221; emissions. If either the Advanced Clean Trucks regulation or any additional regulations
adopted by CARB, including because of the September&#160;2020 Executive Order, is permitted to take effect, it may slow, delay or prevent
the adoption by fleets and other commercial consumers of our vehicle fuels, particularly in California. Moreover, because of the adoption
of the Advanced Clean Trucks regulation and the issuance of the September&#160;2020 Executive Order, other states have taken steps to
enact similar regulations, which actions may accelerate if either regulation is permitted to take effect, thereby slowing, delaying or
preventing the adoption of our vehicle fuels in those states as well.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Acquisition, financing, construction, and
development of Fueling Station projects by us or our partners that own projects may not commence on anticipated timelines or at all.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our strategy is to continue
to expand, including through the acquisition of additional Fueling Station projects and by signing additional supply agreements with
third party project owner partners. From time to time we and our partners enter into nonbinding letters of intent for projects. Until
the negotiations are final, however, and the parties have executed definitive documentation, we or our partners may not be able to consummate
any development or acquisition transactions, or any other similar arrangements, on the terms set forth in the applicable letter of intent
or at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The acquisition, financing,
construction and development of projects involves numerous risks, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">difficulties in
                                            identifying, obtaining, and permitting suitable sites for new projects;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">failure to obtain
                                            all necessary rights to land access and use;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">inaccuracy of
                                            assumptions with respect to the cost and schedule for completing construction;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">inaccuracy of
                                            assumptions with respect to the biogas potential, including quality, volume, and asset life;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the ability to
                                            obtain financing for a project on acceptable terms or at all;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">delays in deliveries
                                            or increases in the price of equipment or other materials;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">permitting and
                                            other regulatory issues, license revocation and changes in legal requirements;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">increases in the
                                            cost of labor, labor disputes and work stoppages or the inability to find an adequate supply
                                            of workers;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">failure to receive
                                            quality and timely performance of third-party&#160;services;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">unforeseen engineering
                                            and environmental problems;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">cost overruns
                                            or supply chain disruptions;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">accidents involving
                                            personal injury or the loss of life</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">weather conditions,
                                            health crises, pandemics, catastrophic events, including fires, explosions, earthquakes,
                                            droughts and acts of terrorism, and other force majeure events; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">interconnection
                                            and access to utilities.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, new projects
have no operating history. A new project may be unable to fund principal and interest payments under its debt service obligations or
may operate at a loss.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our Fueling Station construction activities
for commercial fleets and other counterparties are subject to business and operational risks, including predicting demand in a particular
market or markets, land use, permitting or zoning difficulties, responsibility for actions of&#160;sub-contractors&#160;on jobs in which
we serve as general contractor, potential labor shortages due to the COVID-19 pandemic or otherwise, and cost overruns.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As part of our business
activities, we design and construct Fueling Stations that we either own and operate ourselves or provide these services for our counterparties.
These activities require a significant amount of judgment in determining where to build and open Fueling Stations, including predictions
about fuel demand that may not be accurate for any of the locations we target. As a result, we may build Fueling Stations that we may
not open for fueling operations, and we may open Fueling Stations that fail to generate the volume or profitability levels we anticipate,
either or both of which could occur due to a lack of sufficient customer demand at the specific locations or for other reasons. For any
Fueling Stations that are completed but unopened, we would have substantial investments in assets that do not produce revenue, and for
Fueling Stations that are open and underperforming, we may decide to close them.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We also face many operational
challenges in connection with our Fueling Station design and construction activities. For example, we may not be able to identify suitable
locations for the Fueling Stations we or our counterparties seek to build. Additionally, even if preferred sites can be located, we may
encounter land use or zoning difficulties, problems with utility services, challenges obtaining and retaining required permits and approvals
or local resistance, including due to reduced operations of permitting agencies because of the ongoing COVID-19&#160;pandemic, any of
which could prevent us or our counterparties from building new stations on such sites or limit or restrict the use of new or existing
stations. Any such difficulties, resistance or limitations or any failure to comply with local permit, land use or zoning requirements
could restrict our activities or expose us to fines, reputational damage or other liabilities, which would harm our business and results
of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, we act as the
general contractor and construction manager for new Fueling Station construction and facility modification projects, and we typically
rely on licensed subcontractors to perform the construction work. We may be liable for any damage we or our subcontractors cause or for
injuries suffered by our employees or our subcontractors&#8217; employees during the course of work on our projects. Additionally, shortages
of skilled subcontractor labor and any supply chain disruptions affecting access to and cost of construction materials could significantly
delay a project or otherwise increase our costs. Further, our expected profit from a project is based in part on assumptions about the
cost of the project, and cost overruns, delays or other execution issues may, in the case of projects we complete and sell to counterparties,
result in our failure to achieve our expected margins or cover our costs, and in the case of projects we build and own, result in our
failure to achieve an acceptable rate of return. If any of these events occur, our business, operating results and cash flows could be
negatively affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Additional Risk Factors Relating to Our Business
in General</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Certain of our Biogas Conversion&#160;Projects
and Fueling Stations are newly constructed or are under construction and may not perform as we expect.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have a number of Biogas
Conversion Projects under construction that will begin production over the next&#160;18-24&#160;months. Therefore, our expectations of
the operating performance of these facilities are based on assumptions and estimates made without the benefit of operating history. Our
projections with respect to our new and developing projects, and related estimates and assumptions, are based on limited or future operating
history. These facilities also include digesters under development for which we have no operating history. The ability of these facilities
to meet our performance expectations is subject to the risks inherent in newly constructed energy generation and RNG production facilities
and the construction of such facilities, including delays or problems in construction, degradation of equipment in excess of our expectations,
system failures, and outages. The failure of these facilities to perform as we expect could have a material adverse effect on our business,
financial condition, results of operations and cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our contracts with government entities
may be subject to unique risks, including possible termination of or reduction in the governmental programs under which we operate, instances
in which our contract provisions allow the government entity to terminate, amend or change terms at their convenience, and competitive
bidding processes for the award of contracts.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have, and expect to continue
to seek, long-term&#160;Fueling Station construction, maintenance and fuel sale contracts with various government entities. In addition
to normal business risks, including the other risks discussed in these risk factors, our contracts with government entities are often
subject to unique risks, some of which are beyond our control. For example, long-term&#160;government contracts and related orders are
subject to cancellation if adequate appropriations for subsequent performance periods are not made. Further, the termination of funding
for a government program supporting any of our government contracts could result in the loss of anticipated future revenue attributable
to such contract. Moreover, government entities with which we contract are often able to modify, curtail or terminate contracts with
us at their convenience and without prior notice, and would only be required to pay for work completed and commitments made at or prior
to the time of termination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, government
contracts are frequently awarded only after competitive bidding processes, which are often protracted. In many cases, unsuccessful bidders
for government contracts are provided the opportunity to formally protest the contract awards through various agencies or other administrative
and judicial channels. The protest process may substantially delay a successful bidder&#8217;s contract performance, result in cancellation
of the contract award entirely and distract management. As a result, we may not be awarded contracts for which we bid, and substantial
delays or cancellation of government contracts may follow any successful bids as a result of any protests by other bidders. The occurrence
of any of these risks could have a material adverse effect on our results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our level of indebtedness and preferred
stock redemption obligations could adversely affect our ability to raise additional capital to fund our operations and acquisitions.
It could also expose us to the risk of increased interest rates and limit our ability to react to changes in the economy or our industry.
We may be unable to obtain additional financing to fund our operations or growth.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our pro forma consolidated
indebtedness as of June&#160;30, 2022 would have been approximately $210.5&#160;million, or approximately 41.7% of our total pro forma
capitalization of $504.6&#160;million at such date. See&#160;<i>&#8220;Unaudited Pro Forma Combined Financial Information&#8221;</i>&#160;elsewhere
in this prospectus for a discussion of the related pro forma adjustments and assumptions. Additionally, on November&#160;29, 2021, we
entered into an Exchange Agreement with Hillman pursuant to which Opco issued to Hillman Series A-1 Preferred Units of Opco, which are
redeemable after four years at the option of Hillman for an aggregate redemption price of $30.0 million plus accrued and unpaid dividends
thereon. In addition, we have drawn down the NextEra $100.0&#160;million subscription commitment and issued to NextEra 1,000,000 Series
A Preferred Units of Opco, which are redeemable after four years at the option of NextEra for an aggregate redemption price of $100.0&#160;million
plus accrued and unpaid dividends thereon.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our substantial indebtedness
and preferred units redemption obligations could have important consequences, including, for example:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">being required to accept then-prevailing&#160;market terms
in connection with any required refinancing of such indebtedness or redemption obligations, which may be less favorable than existing
terms;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">failure to refinance, or to comply with the covenants in
the agreements governing, these obligations could result in an event of default under those agreements, which could be difficult to cure
or result in our bankruptcy;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our debt service and dividend obligations require us to dedicate
a substantial portion of our cash flow to pay principal and interest on our debt and dividends on our preferred units, thereby reducing
the funds available to us and our ability to borrow to operate and grow our business;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our limited financial flexibility could reduce our ability
to plan for and react to unexpected opportunities; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our substantial debt service obligations make us vulnerable
to adverse changes in general economic, credit and capital markets, industry and competitive conditions and adverse changes in government
regulation and place us at a disadvantage compared with competitors with less debt or mandatorily redeemable preferred units.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any of these consequences
could have a material adverse effect on our business, financial condition and results of operations. If we do not comply with our obligations
under our debt instruments or with respect to our preferred units, we may be required to refinance all or part of our existing debt and
preferred units, borrow additional amounts or sell securities, which we may not be able to do on favorable terms or at all. In addition,
increases in interest and dividend rates and changes in debt and preferred equity covenants may reduce the amounts that we can borrow
or otherwise finance, reduce our cash flows and increase the equity investment we may be required to make to complete construction of
our Biogas Conversion Projects and Fueling Stations. These increases could cause some of our projects to become economically unattractive.
If we are unable to raise additional capital or generate sufficient operating cash flow to repay our indebtedness and preferred unit
obligations, we could be in default under our lending agreements and preferred unit designations and could be required to delay construction
of new projects, reduce overhead costs, reduce the scope of our projects or abandon or sell some or all of our projects, all of which
could have a material adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our existing credit facilities
contain financial covenants and our credit facilities and preferred stock designations contain other restrictive covenants that limit
our ability to return capital to equity holders or otherwise engage in activities that may be in our long-term&#160;best interests. Our
inability to comply with those covenants could result in an event of default or material breach which, if not cured or waived, may entitle
the related lenders or preferred unit holders to higher interest or dividend payment to demand repayment or enforce their security interests
(in the case of indebtedness) and other remedies, which could have a material adverse effect on our business, financial condition, results
of operations and cash flows. In addition, failure to comply with such covenants may entitle the related lenders to demand repayment
and accelerate all such indebtedness. Further, in certain circumstances following a failure to timely redeem our Preferred Stock, holders
of such Preferred Stock have the right to designate a director to our board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with certain
project development opportunities, we have utilized project-level&#160;financing in the past and may need to do so again in the future;
however, we may not be able to obtain such financing on commercially reasonable terms or at all. The agreements governing such financings
typically contain financial and other restrictive covenants that limit a project subsidiary&#8217;s ability to make distributions to
its parent or otherwise engage in activities that may be in its long-term&#160;best interests. Project-level&#160;financing agreements
generally prohibit distributions from the project entities to us unless certain specific conditions are met, including the satisfaction
of certain financial ratios or a facility achieving commercial operations. Our inability to comply with such covenants may prevent cash
distributions by the particular project or projects to us and could result in an event of default which, if not cured or waived, may
entitle the related lenders to demand repayment or enforce their security interests, which could result in a loss of project assets and/or
otherwise have a material adverse effect on our business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Liabilities and costs associated with hazardous
materials and contamination and other environmental conditions may require us to conduct investigations or remediation at the properties
underlying our projects, may adversely impact the value of our projects or the underlying properties, and may expose us to liabilities
to third parties.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may incur liabilities
for the investigation and cleanup of any environmental contamination at the properties underlying or adjacent to our projects, or at
off-site&#160;locations where we arrange for the disposal of hazardous substances or wastes. Under the Comprehensive Environmental Response,
Compensation and Liability Act&#160;of&#160;1980 and other federal, state and local laws, an owner or operator of a property may become
liable for costs of investigation and remediation, and for damages to natural resources. These laws often impose liability without regard
to whether the owner or operator knew of, or was responsible for, the release of such hazardous substances or whether the conduct giving
rise to the release was legal at the time when it occurred. In addition, liability under certain of these laws is joint and several,
which means that we may be assigned liabilities for hazardous substance conditions that exceed our action contributions to the contamination
conditions. We also may be subject to related claims by private parties alleging property damage and personal injury due to exposure
to hazardous or other materials at or from those properties. We may incur substantial investigation costs, remediation costs or other
damages, thus harming our business, financial condition and results of operations, as a result of the presence or release of hazardous
substances at locations where we operate or as a result of our own operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The presence of environmental
contamination at a project may adversely affect an owner&#8217;s ability to sell such project or borrow funds using the project as collateral.
To the extent that an owner of the real property underlying one of our projects becomes liable with respect to contamination at the real
property, the ability of the owner to make payments to us may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may also face liabilities
in cases of exposure to hazardous materials, and claims for such exposure can be brought by any third party, including workers, employees,
contractors and the general public. Claims can be asserted by such persons relating to personal injury or property damage, and resolving
such claims can be expensive and time consuming, even if there is little or no basis for the claim.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have a history of accounting losses
and may incur additional losses in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Opco and its predecessor
companies have incurred net losses historically, including a net loss of $6.7&#160;million for the six months ended June 30, 2022, net
income attributable to OPAL Fuels LLC of $41.4&#160;million for the year ended December&#160;31, 2021 and net loss of $25.4&#160;million
for the year ended December&#160;31, 2020, respectively. We may incur losses in future periods, and we may never sustain profitability,
either of which would adversely affect our business, prospects and financial condition and may cause the price of Common Stock to fall.
Furthermore, historical losses may not be indicative of future losses due to many factors outside of our control including but not limited
to the unpredictability of the COVID-19&#160;pandemic, and our future losses may be greater than our past losses. In addition, to try
to achieve or sustain profitability, we may choose or be forced to take actions that result in material costs or material asset or goodwill
impairments. We review our assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset
or asset group may not be recoverable, and we perform a goodwill impairment test on an annual basis and between annual tests in certain
circumstances, in each case in accordance with applicable accounting guidance and as described in the financial statements and notes
to the financial statements included in this report. Changes to the use of our assets, divestitures, changes to the structure of our
business, significant negative industry or economic trends, disruptions to our operations, inability to effectively integrate any acquired
businesses, further market capitalization declines, or other similar actions or conditions could result in additional asset impairment
or goodwill impairment charges or other adverse consequences, any of which could have material adverse effects on our financial condition,
our results of operations and the trading price of Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></span></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Loss of our key management could adversely
affect our business performance. Our management team has limited experience in operating a public company such as us.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are dependent on the
efforts of our key management. Although we believe qualified replacements could be found for any departures of key executives, the loss
of their services could adversely affect our performance and the value of our common shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The COVID-19 pandemic and measures intended
to reduce its spread have, and may continue to, adversely affect our business, results of operations and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Beginning in late 2019,
a novel strain of coronavirus (COVID-19) spread throughout the world, including the United States, ultimately being declared a pandemic.
Global health concerns and increased efforts to reduce the spread of the COVID-19&#160;pandemic prompted federal, state and local governments
to restrict normal daily activities, which resulted in lockdowns, travel bans, quarantines, &#8220;shelter-in-place&#8221; orders requiring
individuals to remain in their homes other than to conduct essential services or activities, business limitations and shutdowns (subject
to exceptions for certain essential operations and businesses, including our business). Some of these governmental restrictions have
since been scaled back or lifted, although an increase in the prevalence of COVID-19&#160;cases and the spread of new variants may result
in the re-imposition&#160;of certain restrictions and may lead to other restrictions being implemented in response to efforts to reduce
the spread of COVID-19. Given the dynamic nature of these circumstances and the related adverse impact these restrictions have had, and
may continue to have, on the economy generally, our business and financial results may continue to be adversely affected by the COVID-19&#160;pandemic.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our operations have been
designated &#8220;essential critical infrastructure work&#8221; in the energy sector by the U.S.&#160;Department of Homeland Security,
meaning that we have been able to continue full operations. Despite our essential designation and our continued operations, however,
we are subject to various risk and uncertainties because of the COVID-19&#160;pandemic that could materially adversely affect our business,
results of operations and financial condition, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a further delay in the adoption of natural gas vehicle fuels
by heavy-duty&#160;trucks and/or a delay in increasing the use of our vehicle fuels;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a continued or further decrease in the volume of truck and
fleet operations, including shuttle busses at airports, and lower-than-normal&#160;levels of public transportation generally, which have
resulted in, and may continue to result in, decreased demand for our vehicle fuels;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the impact of business disruptions on the production of vehicles
and engines that use our fuels, which has resulted in, and may continue to result in, plant closures, decreased manufacturing capacity,
and delays in deliveries; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">depressed oil and diesel prices, especially relative to natural
gas prices and for a prolonged period, which may decrease the price-related&#160;incentive for operators to adopt trucks that use our
vehicle fuels.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The duration and extent
of the impact of the COVID-19&#160;pandemic on our business and financial results will depend on future developments, including the duration,
severity and spread of the COVID-19&#160;pandemic, actions taken to contain its spread, any further resurgence of COVID-19, the severity
and transmission rates of new variants of COVID-19, the availability, distribution and efficacy of vaccines and therapeutics for COVID-19&#160;and
how quickly and to what extent normal economic and operating conditions can (and will) resume within the markets in which we operate,
each of which are highly uncertain at this time and are outside of our control. Even after the COVID-19&#160;pandemic subsides, we may
continue to experience adverse effects to our business and financial results because of its global economic impact, including any economic
downturn or recession that has occurred or may occur. The adverse effect of the COVID-19&#160;pandemic on our business, results of operations
and financial condition could be material.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Some relationships with our counterparties
and suppliers may experience disruptions as a result of the Business Combination, which may limit our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Parties with which Opco
did business prior to the Business Combination or with which we may do business in the future, including our counterparties and suppliers,
may experience uncertainty as a result of the Business Combination, including with respect to current or future business relationships
with us. As a result, our business relationships may be subject to disruptions if our counterparties and suppliers or others attempt
to negotiate changes in existing business relationships or consider entering into business relationships with parties other than us.
For example, certain of our counterparties, suppliers and third-party&#160;providers may have had contractual consent rights or termination
rights that were triggered by a change of control or assignment of the rights and obligations of contracts that was transferred in connection
with the Business Combination These disruptions could harm relationships with our existing third parties with whom we have relationships
and preclude us from attracting new third parties, all of which could have a material adverse effect on our business, financial condition
and results of operations, cash flows, and/or share price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have identified material weaknesses
in Opco&#8217;s and ArcLight&#8217;s internal controls over financial reporting. If we are unable to remediate these material weaknesses,
or if we identify additional material weaknesses in the future or otherwise fails to maintain an effective system of internal controls,
we may not be able to accurately or timely report its financial condition or results of operations, which may adversely affect our business
and stock price.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the preparation
and audit of Opco&#8217;s consolidated financial statements for each of the&#160;years ended December&#160;31, 2021, 2020 and 2019, material
weaknesses were identified in Opco&#8217;s internal control over financial reporting. In addition, a material weakness in the internal
controls over financial reporting of ArcLight was identified as of November&#160;24, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A material weakness is a
deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility
that a material misstatement of its annual or interim consolidated financial statements will not be prevented, or detected and corrected,
on a timely basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With respect to Opco, these
material weaknesses identified were as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">There is a lack of an adequate control environment, including
internal communications, to allow for timeliness of reviews for the accounting and disclosures of significant and unusual transactions
and contracts;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">There is a lack of appropriate segregation of duties and
appropriate access controls as certain employees have the ability to prepare and post journal entries while other employees have inappropriate
access to certain financial systems. For various transactions and account reconciliations, the same person was the originator and preparer
of financial information without further review by an independent person with sufficient accounting and/or financial reporting competence
and authority;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Opco did not have timely and effective reviews over standard
account reconciliations and related accounting analysis which resulted in various audit adjustments that we corrected; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Review controls over application of ASC-606&#160;were not
designed and implemented appropriately during the current year.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With respect to ArcLight,
in connection with the preparation of ArcLight&#8217;s financial statements as of December&#160;31, 2021, ArcLight concluded it was appropriate
to restate the presentation of ArcLight Class&#160;A Ordinary Shares subject to possible redemption to reflect its ordinary shares within
temporary equity after determining the ordinary shares&#8217; redemption feature is not solely within its control. As part of such process,
ArcLight identified a material weakness in its internal controls over financial reporting related to the accounting for its complex financial
instruments (including redeemable equity instruments as described above).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These material weaknesses
could result in a misstatement of substantially all of our accounts or disclosures that would result in a material misstatement to our
annual or interim financial statements that would not be prevented or detected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have developed and begun
executing on a plan to remediate these material weaknesses, including the hiring of a Chief Financial Officer and a Chief Accounting
Officer. Our remediation plans may include measures such as: hiring additional accounting and financial reporting personnel with appropriate
technical accounting knowledge and public company experience in financial reporting; designing and implementing formal processes, policies
and procedures supporting our financial close process, including creating standard balance sheet reconciliation templates and journal
entry controls; and designing and implementing controls to formalize roles and review responsibilities to align with our team&#8217;s
skills and experience in designing and implementing formal controls over segregation of duties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While we believe these efforts
are likely to remediate the material weaknesses identified, we may not be able to complete our evaluation, testing or any required remediation
in a timely fashion, or at all. The effectiveness of our internal control over financial reporting is subject to various inherent limitations,
including cost limitations, judgments used in decision making, assumptions about the likelihood of future events, the possibility of
human error and the risk of fraud. If we are unable to remediate the material weaknesses identified, our ability to record, process and
report financial information accurately, and to prepare financial statements within the time periods specified by the forms of the SEC,
could be adversely affected which, in turn, may adversely affect our reputation and business and the market price of our securities,
including the Class A common stock. In addition, any such failures could result in litigation or regulatory actions by the SEC or other
regulatory authorities, loss of investor confidence, delisting of our securities and harm to our reputation and financial condition,
or diversion of financial and management resources from the operation of our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our failure to timely and effectively implement
controls and procedures required by Section&#160;404(a)&#160;of the&#160;Sarbanes-Oxley&#160;Act could have a material adverse effect
on its business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are currently not subject
to Section&#160;404 of the Sarbanes-Oxley&#160;Act. However, we are required to provide management&#8217;s attestation on internal controls
commencing with our annual report for the year ending December&#160;31, 2022 in accordance with applicable SEC guidance. The standards
required for a public company under Section&#160;404(a)&#160;of the Sarbanes-Oxley&#160;Act are significantly more stringent than those
required of Opco historically as a privately-held&#160;company or by ArcLight prior to the closing of the Business Combination. Our management
team may not be able to effectively and timely implement controls and procedures that adequately respond to the increased regulatory
compliance and reporting requirements as a result of the Business Combination. If we are not able to implement the additional requirements
of Section&#160;404(a)&#160;of the Sarbanes-Oxley&#160;Act in a timely manner or with adequate compliance, we may not be able to assess
whether its internal controls over financial reporting are effective, which may subject it to adverse regulatory consequences and could
harm investor confidence and the market price of our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Related to the Company</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A significant portion of our total outstanding
shares are restricted from immediate resale but may be sold into the market in the near future. This could cause the market price of
our Class A common stock to drop significantly, even if OPAL&#8217;s business is doing well.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Sales of a substantial number
of shares of the Class A common stock in the public market could occur at any time. These sales, or the perception in the market that
the holders of a large number of shares intend to sell shares, could reduce the market price of the Class A common stock. For example,
following the Business Combination, the PIPE Investors own approximately 43.2% of the outstanding shares of the Class A common stock.
While the PIPE Investors are subject to certain restrictions regarding the transfer of the Class A common stock, these shares may be sold
under this prospectus. As restrictions on resale end, including through use of this prospectus to sell such shares, the market price of
the Class A common stock could decline if the holders of currently restricted shares sell them or are perceived by the market as intending
to sell them.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Litigation or legal proceedings could expose
us to significant liabilities and have a negative impact on our reputations or business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may become subject to
claims, litigation, disputes and other legal proceedings from time to time. We evaluate these claims, litigation, disputes and other
legal proceedings to assess the likelihood of unfavorable outcomes and to estimate, if possible, the amount of potential losses. Based
on these assessments and estimates, we may establish reserves, as appropriate. These assessments and estimates are based on the information
available to each management team at the time of its respective assessment and involve a significant amount of management judgment. Actual
outcomes or losses may differ materially from our assessments and estimates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the terms of ArcLight&#8217;s
placement agent agreements with BofA Securities, Inc. (&#8220;<b><i>BofA</i></b>&#8221;), Credit Suisse Securities (USA) LLC (&#8220;<b><i>CS</i></b>&#8221;),
Barclays Capital Inc. (&#8220;<b><i>Barclays</i></b>&#8221;) and Citigroup Global Markets Inc. (&#8220;<b><i>Citi</i></b>&#8221; and
together with BofA, CS and Barclays, the &#8220;<b><i>Advisors</i></b>&#8221;) entered into in connection with the PIPE Investment, its
financial advisory agreement with Citi entered into in connection with the Business Combination, and its Underwriting Agreement with
Citi and Barclays entered in connection with ArcLight&#8217;s IPO, ArcLight agreed to indemnify and hold harmless each of the respective
Advisors, their affiliates and each of their respective directors, officers, agents and employees from and against any losses and claims
arising in any manner out of or in connection with the services provided to ArcLight thereunder. Under the terms of Opco&#8217;s financial
advisory agreements with BofA and CS, Opco agreed to indemnify and hold harmless each of BofA and CS, their affiliates and each of their
respective directors, officers, employees and agents from and against any losses and claims arising in any manner out of or in connection
with the services provided to Opco thereunder. Accordingly, if any claims, litigation, disputes or other legal proceedings are brought
by third parties against any of the Advisors in relation to the services it provided to ArcLight or Opco under any of these agreements,
then we may be liable to pay for or reimburse such Advisor or Advisors for the losses and costs it incurs unless the losses and costs
are finally judicially determined to have resulted from the gross negligence, bad faith or willful misconduct of such Advisor or Advisors
or their respective directors, officers, employees and agents. Additionally, each of the agreements described above contains a contribution
provision in the event that such indemnification is unavailable or otherwise prohibited by law, however, the contribution obligations
of each Advisor are limited to the amount of compensation or fees actually paid to such party in respect of the engagement. As a result,
the contribution obligations of Barclays and Citi under the Underwriting Agreement are limited to the initial underwriting commission
paid at the time of ArcLight&#8217;s IPO and the Advisors otherwise have no further contribution liability under the other agreements
(including the Underwriting Agreement) because they waived their rights to any fees or deferred underwriting commissions in connection
with their resignations as described under <i>Summary&#8212;Recent Developments</i>. Therefore, as a result of the Advisors&#8217; resignations,
and in contrast to other transactions where the underwriters and financial advisors did not resign and waive rights to fees or deferred
underwriting commissions, as the case may be, our potential financial liability with respect to an indemnified loss where such indemnification
is otherwise unavailable to the indemnified party may be higher under the respective agreements than it would have been had such underwriters
and financial advisors not resigned and waived their rights to any fees or deferred underwriting commissions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Even when not merited or
whether or not we ultimately prevail, the defense of these lawsuits may divert management&#8217;s attention, and we may incur significant
expenses in defending these lawsuits. The results of litigation and other legal proceedings are inherently uncertain, and adverse judgments
or settlements in some of these legal disputes may result in adverse monetary damages, penalties or injunctive relief against us which
could negatively impact any of our financial positions, cash flows or results of operations. Further, any liability or negligence claim
against us in US courts may, if successful, result in damages being awarded that contain punitive elements and therefore may significantly
exceed the loss or damage suffered by the successful claimant. Any claims or litigation, even if fully indemnified or insured, could
damage our reputation and make it more difficult to compete effectively or to obtain adequate insurance in the future. A settlement or
an unfavorable outcome in a legal dispute could have an adverse effect on our business, financial condition, results of operations, cash
flows and/or prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Furthermore, while we maintain
insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential liabilities and is subject
to various exclusions as well as caps on amounts recoverable. Even if we believe a claim is covered by insurance, insurers may dispute
its entitlement to recovery for a variety of potential reasons, which may affect the timing and, if the insurers prevail, the amount
of our recovery.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our business and operations could be negatively
affected if we become subject to any securities litigation or shareholder activism, which could cause us to incur significant expense,
hinder execution of business and growth strategy and impact its stock price.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the past, following periods
of volatility in the market price of a company&#8217;s securities, securities class action litigation has often been brought against
that company. Shareholder activism, which could take many forms or arise in a variety of situations, has been increasing recently. Volatility
in the stock price of our Class A common stock or other reasons may in the future cause it to become the target of securities litigation
or shareholder activism. Securities litigation and shareholder activism, including potential proxy contests, could result in substantial
costs and divert management&#8217;s and our board&#8217;s attention and resources from our business. Additionally, such securities litigation
and shareholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service
providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees
and other expenses related to any securities litigation and activist shareholder matters. Further, our stock price could be subject to
significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and shareholder
activism.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are subject to changing law and regulations
regarding regulatory matters, corporate governance and public disclosure that will increase both our costs and the risk of noncompliance.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are subject to rules
and regulations by various governing bodies, including, for example, the SEC, which are charged with the protection of investors and
the oversight of companies whose securities are publicly traded, and to new and evolving regulatory measures under applicable law. Our
efforts to comply with new and changing laws and regulations has resulted in increased general and administrative expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Moreover, because these
laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance
becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated
by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations and any subsequent
changes, we may be subject to penalty and our business may be harmed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The OPAL Warrants may have an adverse effect
on the market price of our Class A common stock.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We issued 6,223,261 OPAL
Public Warrants as part of the units offered in the IPO and, simultaneously with the closing of the IPO, we issued in a private placement
an aggregate of 9,223,261 OPAL Private Placement Warrants, each exercisable, following the closing of the Business Combination, for one
Class A common stock at an exercise price of $11.50 per share. The exercise of a significant number of the OPAL Warrants in the future
may have an adverse effect on the market price of our Class A common stock, in that it may increase the number of shares that are available
for sale in the market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are an &#8220;emerging growth company,&#8221;
and our election to comply with the reduced disclosure requirements as a public company may make our Class A common stock less attractive
to investors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For so long as we remain
an &#8220;emerging growth company,&#8221; as defined in the&#160;JOBS Act, we may take advantage of certain exemptions from various requirements
that are applicable to public companies that are not &#8220;emerging growth companies,&#8221; including not being required to comply
with the independent auditor attestation requirements of Section&#160;404 of the Sarbanes-Oxley&#160;Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy statements, being required to provide fewer&#160;years of audited
financial statements, and exemptions from the requirements of holding a non-binding&#160;advisory vote on executive compensation and
stockholder approval of any golden parachute payments not previously approved.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may lose our emerging
growth company status and become subject to the SEC&#8217;s internal control over financial reporting management and auditor attestation
requirements. If we are unable to certify the effectiveness of our internal controls, or if our internal controls have a material weakness,
we could be subject to regulatory scrutiny and a loss of confidence by stockholders, which could harm our business and adversely affect
the market price of the Common Stock. We will cease to be an &#8220;emerging growth company&#8221; upon the earliest to occur of: (i)&#160;the
last&#160;day of the fiscal year in which we have more than $1.07&#160;billion in annual revenue; (ii)&#160;the date we qualify as a
large accelerated filer, with at least $700.0&#160;million of equity securities held by non-affiliates; (iii)&#160;the date on which
we have, in any three-year&#160;period, issued more than $1.0&#160;billion in non-convertible&#160;debt securities; and (iv)&#160;December&#160;31,
2026 (the last&#160;day of the fiscal year following the fifth anniversary of ArcLight becoming a public company).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As an emerging growth company,
we may choose to take advantage of some but not all of these reduced reporting burdens. Accordingly, the information we provide to our
stockholders may be different than the information you receive from other public companies in which you hold stock. In addition, the&#160;JOBS
Act&#160;also provides that an &#8220;emerging growth company&#8221; can take advantage of an extended transition period for complying
with new or revised accounting standards. We have elected to take advantage of this extended transition period under the&#160;JOBS Act.
As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of
other companies who have adopted the new or revised accounting standards. It is possible that some investors will find our Class A common
stock less attractive as a result, which may result in a less active trading market for our Class A common stock and higher volatility
in our stock price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our current majority stockholder has control
over all stockholder decisions of us because it controls a substantial majority of our voting power through &#8220;high vote&#8221; voting
stock. Such majority stockholder, and the persons controlling such majority stockholder, including Fortistar and Mr.&#160;Mark Comora,
our Chairman of the Board of, may have potential conflicts of interest in connection with existing or proposed business relationships
and decisions impacting us and, even in situations where it does not have a conflict of interest, its interests in such matters may be
different than the other stockholders.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The dual-class&#160;structure
of our common stock has the effect of concentrating voting control with Mr.&#160;Mark Comora who, through his control of OPAL Holdco
and Hillman, beneficially owns in the aggregate a substantial majority of the voting power of our capital stock on most issues of corporate
governance. Mr.&#160;Mark Comora beneficially owns 145,279,637&#160;shares of OPAL, comprising 85.7% of our outstanding Common Stock
as of July 21, 2022. All of these shares (with the exception of 800,600 shares of Class A common stock purchased by Fortistar in the
PIPE Investment) are Class D common stock, which have no economic rights but are entitled to five votes per share, giving Mr. Mark Comora
control over 96.7% of our voting power. OPAL Holdco and Hillman are controlled, indirectly, by Mr.&#160;Mark Comora through entities
affiliated with Mr.&#160;Mark Comora, including Fortistar and certain of its other affiliates. Mr.&#160;Mark Comora is the Chairman of
our board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accordingly, Mr.&#160;Mark
Comora is able to control most matters submitted to our stockholders for approval. This concentrated control will limit or preclude your
ability to influence corporate matters for the foreseeable future, including the election of directors, amendments to our organizational
documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transaction requiring
stockholder approval. This may prevent or discourage unsolicited acquisition proposals or offers for our capital stock that you may feel
are in your best interest as one of our stockholders. More specifically, Mr.&#160;Mark Comora has the ability to control our management
and our major strategic investments and decisions as a result of his ability to control the election or, in some cases, the replacement
of our directors.&#160;In the event of the death of Mr.&#160;Mark Comora, control of the shares of Common Stock controlled by Mr.&#160;Mark
Comora will be transferred to the persons or entities that he has designated. In his position as the Chairman of our board, Mr.&#160;Mark
Comora owes a fiduciary duty to our stockholders and must act in good faith in a manner he reasonably believes to be in the best interests
of our stockholders. As a beneficial owner of our Common Stock, even as a controlling stockholder Mr.&#160;Mark Comora is entitled to
vote the shares he controls, in his own interests, which may not always be in the interests of our stockholders generally.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Future transfers by holders
of Class C common stock and Class D common stock, which carry five votes per share, will generally result in those shares converting
to Class A common stock and Class B common stock, respectively, which carry only one vote per share, unless in each case made to a Qualified
Stockholder (as defined in the Second A&amp;R LLC Agreement). The conversion of Class D common stock to Class B common stock and the
conversion of Class C common stock to Class A common stock, as the case may be, means that no third party stockholders can leverage the
high vote to offset the voting power held by the OPAL Holdco and Hillman.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, Fortistar and
certain of its affiliates (other than our subsidiaries), which are controlled by Mr.&#160;Mark Comora (who also controls OPAL Holdco
and Hillman), manage numerous investment vehicles and separately managed accounts. Fortistar and these affiliates may compete with us
for acquisition and other business opportunities, which may present conflicts of interest for these persons. If these entities or persons
decide to pursue any such opportunity, we may be precluded from procuring such opportunities. In addition, investment ideas generated
within Fortistar and these affiliates may be suitable both for us and for current or future investment vehicles managed by Fortistar
and these affiliates and may be directed to such investment vehicles rather than to us.&#160; Neither Fortistar nor members of our management
team who are also members of the management of Fortistar or of any of these affiliates, including Mr.&#160;Mark Comora and Mr.&#160;Nadeem
Nisar (who serves on our board), have any obligation to present us with any potential business opportunity of which they become aware,
unless, (i) such opportunity is expressly offered to such person solely in his or her capacity as a one of our directors or officers
, (ii) such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue,
and (iii) the director or officer is permitted to refer that opportunity to us without violating another legal obligation. Fortistar
and/or members of our management team, such as Mr.&#160;Mark Comora or Mr.&#160;Nisar in their capacities as management of Fortistar
or in their other endeavors, may be required to present potential business opportunities to the related entities described above, current
or future affiliates of Fortistar, or third parties, before they present such opportunities to us. The personal and financial interests
of such persons described above may be in conflict with the interests of ours and influence their motivation in identifying and selecting
our business opportunities, their support or lack thereof for pursuing such business opportunities and our operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The existence of a family relationship
between Mr.&#160;Mark Comora, as our Chairman of our board, and Mr.&#160;Adam Comora, as our Co-Chief&#160;Executive Officer, may result
in a conflict of interest on the part of such persons between what he, in his capacity as Chairman or&#160;Co-Chief&#160;Executive Officer,
respectively, may believe is in our best interests and the interests of our stockholders in connection with a decision to be made by
us through our board, standing committees thereof, and management and what he may believe is best for himself or his family members in
connection with the same decision.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Mr.&#160;Mark Comora and
Mr.&#160;Adam Comora are father and son.&#160;In his position as the Chairman of our board, Mr.&#160;Mark Comora owes a fiduciary duty
to our stockholders and must act in good faith in a manner he reasonably believes to be in the best interests of the stockholders.&#160;And
in his position as our Co-Chief&#160;Executive Officer, Mr.&#160;Adam Comora owes a fiduciary duty to our stockholders and must act in
good faith in a manner he reasonably believes to be in the best interests of the stockholders.&#160;Nevertheless, the existence of this
family relationship may result in a conflict of interest on the part of such persons between what he may believe is in our best interests
and the best interests of our stockholders and what he may believe is best for himself or his family members in connection with a business
opportunity or other matter to be decided by OPAL through its board, standing committees thereof, and management.&#160;Moreover, even
if such family relationship does not create an actual conflict, the perception of a conflict in the press or the financial or business
community generally could create negative publicity or other reaction with respect to the business opportunity or other matters to be
decided by us through our board, standing committees thereof, and management, which could adversely affect the business generated by
us and our relationships with its existing customers and other counterparties, impact the behavior of third party participants or other
persons in the proposed business opportunity or other matter to be decided, otherwise negatively impact our business prospects related
to such matter, or negatively impact the trading market for our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our only material assets are our direct
interests in Opco, and we are accordingly dependent upon distributions from Opco Fuels to pay dividends and taxes and other expenses.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a holding company
and have no material assets other than our ownership of Class&#160;A Units&#160;in Opco. We therefore have no independent means of generating
revenue. We intend to cause our subsidiaries (including Opco) to make distributions in an amount sufficient to cover all applicable taxes
and other expenses payable and dividends, if any, declared by us. The agreements governing our debt facilities impose, and agreements
governing our future debt facilities are expected to impose, certain restrictions on distributions by such subsidiaries to us, and may
limit our ability to pay cash dividends. The terms of any credit agreements or other borrowing arrangements that we may enter into in
the future may impose similar restrictions. To the extent that we needs funds, and any of our direct or indirect subsidiaries is restricted
from making such distributions under these debt agreements or applicable law or regulation, or is otherwise unable to provide such funds,
it could materially adversely affect our liquidity and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are deemed an &#8220;investment company&#8221;
under the Investment Company Act as a result of our ownership of Opco, applicable restrictions could make it impractical for us to continue
our business as contemplated and could have a material adverse effect on its business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A person may be deemed to
be an &#8220;investment company&#8221; for purposes of the Investment Company Act if it owns investment securities having a value exceeding
40% of the value of its total assets (exclusive of U.S.&#160;government securities and cash items), absent an applicable exemption. We
have no material assets other than our interests in Opco. As managing member of Opco, we generally have control over all of the affairs
and decision making of Opco. On the basis of our control over Opco, we believe our direct interest in Opco is not an &#8220;investment
security&#8221; within the meaning of the Investment Company Act. If we were to cease participation in the management of Opco, however,
our interest in Opco could be deemed an &#8220;investment security,&#8221; which could result in our being required to register as an
investment company under the Investment Company Act and becoming subject to the registration and other requirements of the Investment
Company Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Investment Company Act
and the rules thereunder contain detailed parameters for the organization and operations of investment companies. Among other things,
the Investment Company Act and the rules thereunder limit or prohibit transactions with affiliates, impose limitations on the issuance
of debt and equity securities, prohibit the issuance of stock options and impose certain governance requirements. We intend to conduct
our operations so that we will not be deemed to be an investment company under the Investment Company Act. However, if anything were
to happen which would require us to register as an investment company under the Investment Company Act, requirements imposed by the Investment
Company Act, including limitations on its capital structure, ability to transact business with affiliates and ability to compensate key
employees, could make it impractical for us to continue our business as currently conducted, impair the agreements and arrangements between
and among us, Opco, members of their respective management teams and related entities or any combination thereof and materially adversely
affect our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We are a controlled company, and thus not
subject to all of the corporate governance rules of Nasdaq.&#160;You will not have the same protections afforded to stockholders of companies
that are subject to such requirements.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are considered a &#8220;controlled
company&#8221; under the rules of Nasdaq.&#160;Controlled companies are exempt from the Nasdaq corporate governance rules requiring that
listed companies have (i)&#160;a majority of the board of directors consist of &#8220;independent&#8221; directors under the listing
standards of Nasdaq, (ii)&#160;a nominating/corporate governance committee composed entirely of independent directors and a written nominating/corporate
governance committee charter meeting the Nasdaq requirements and (iii)&#160;a compensation committee composed entirely of independent
directors and a written compensation committee charter meeting the requirements of Nasdaq.&#160; We expect to take advantage of some
or all of the exemptions described above for so long as we are a controlled company. If we use some or all of these exemptions, you may
not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements
of Nasdaq.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The&#160;dual-class&#160;structure of our
Common Stock may adversely affect the trading market for the shares of Class A common stock.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We cannot predict whether
our dual class structure, which affords the shares of Class A common stock and Class B common stock one vote per share while affording
the shares of Class C common stock and Class D common stock with five votes per share, combined with our concentrated voting control
by OPAL Holdco due to its ownership of shares of Class D common stock, will result in a lower or more volatile market price of the shares
of Class A common stock or in adverse publicity or other adverse consequences. For example, certain index providers have announced restrictions
on including companies with multiple-class&#160;share structures in certain of their indexes. Under any such announced policies or future
policies, our&#160;dual class&#160;capital structure could make us ineligible for inclusion in certain indices, and as a result, mutual
funds, exchange-traded&#160;funds and other investment vehicles that attempt to passively track those indices will not be investing in
our stock. It is unclear what effect, if any, these policies will have on the valuations of publicly traded companies excluded from such
indices, but it is possible that they may depress valuations as compared to similar companies that are included. As a result, the market
price of shares of Class A common stock could be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>There are no assurance that we will be
able to comply with the continued listing standards of Nasdaq.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our shares of Class A common
stock and the Public Warrants are listed on Nasdaq under the symbols &#8220;OPAL&#8221; and &#8220;OPALW,&#8221; respectively. If Nasdaq
delists our securities from trading on its exchange for failure to meet the listing standards, we and our stockholders could face significant
negative consequences including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">limited availability of market quotations for our securities;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a determination that the Class A common stock is a &#8220;penny
stock&#8221; which will require brokers trading in the Class A common stock to adhere to more stringent rules;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">possible reduction in the level of trading activity in the
secondary trading market for shares of the Class A common stock;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a limited amount of analyst coverage; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a decreased ability to issue additional securities or obtain
additional financing in the future.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Because there are no current plans to pay
cash dividends on shares of Common Stock for the foreseeable future, you may not receive any return on investment unless you sell your
shares of Common Stock for a price greater than that which you paid for it.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We intend to retain future
earnings, if any, for future operations, expansion and debt repayment and there are no current plans to pay any cash dividends for the
foreseeable future. The declaration, amount and payment of any future dividends on shares of Common Stock will be at the sole discretion
of our board, who may take into account general and economic conditions, our financial condition and results of operations, our available
cash and current and anticipated cash needs, capital requirements, contractual, legal, tax, and regulatory restrictions, implications
on the payment of dividends by us to our its stockholders or by our subsidiaries to us and such other factors our board may deem relevant.
In addition, our ability to pay dividends is limited by covenants of any indebtedness we incur. As a result, you may not receive any
return on an investment in the shares of Class A common stock unless you sell your shares of Class A common stock for a price greater
than that which you paid for it.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Anti-takeover&#160;provisions are contained
in the Organizational Documents that could delay or prevent a change of control.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain provisions of the
Organizational Documents may have an anti-takeover&#160;effect and may delay, defer or prevent a merger, acquisition, tender offer, takeover
attempt or other change of control transaction that a stockholder of ours might consider is in its best interest, including those attempts
that might result in a premium over the market price for the shares of our Class A common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These provisions, among
other things:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">authorize our board to issue new series of preferred stock
without stockholder approval and create, subject to applicable law, a series of preferred stock with preferential rights to dividends
or our assets upon liquidation, or with superior voting rights to the existing shares of Common Stock;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">eliminate the ability of stockholders to call special meetings
of stockholders;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">eliminate the ability of stockholders to fill vacancies on
our board;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">establish advance notice requirements for nominations for
election to our board or for proposing matters that can be acted upon by stockholders at annual stockholder meetings;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">permit our board to establish the number of directors;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">provide that our board is expressly authorized to make, alter
or repeal the Bylaws; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">limit the jurisdictions in which certain stockholder litigation
may be brought.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These anti-takeover&#160;provisions,
together with the control of the voting power of by OPAL Holdco, could make it more difficult for a third&#160;-party&#160;to acquire
us, even if the third party&#8217;s offer may be considered beneficial by many of our stockholders. As a result, our stockholders may
be limited in their ability to obtain a premium for their shares. These provisions could also discourage proxy contests and make it more
difficult for you and other stockholders to elect directors of your choosing and to cause us to take other corporate actions you desire.<i>&#160;</i>See<i>&#160;&#8220;Description
of Securities&#8212;Anti-Takeover&#160;Effects of Provisions of Delaware Law and the Organizational Documents</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 48; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>In certain cases, payments under the Tax
Receivable Agreement may be accelerated and/or significantly exceed the actual benefits that we realize in respect of the tax attributes
subject to the Tax Receivable Agreement.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Payments under the Tax Receivable
Agreement will be based on the tax reporting positions that we determine, and the IRS or another tax authority may challenge all or a
part of the existing tax basis, tax basis increases, or other tax attributes subject to the Tax Receivable Agreement, and a court could
sustain such challenge. The parties to the Tax Receivable Agreement will not reimburse us for any payments previously made if such tax
basis is, or other tax benefits are, subsequently disallowed, except that any excess payments made to a party under the Tax Receivable
Agreement will be netted against future payments otherwise to be made under the Tax Receivable Agreement, if any, after the determination
of such excess.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we experience a change
of control (as defined under the Tax Receivable Agreement, which includes certain mergers, any plan of liquidation and other forms of
business combinations or changes of control) or the Tax Receivable Agreement terminates early (at our election or as a result of a breach,
including a breach for our failing to make timely payments under the Tax Receivable Agreement for more than three&#160;months, except
in the case of certain liquidity exceptions), we could be required to make a substantial, immediate lump-sum&#160;payment based on the
present value of hypothetical future payments that could be required under the Tax Receivable Agreement. The calculation of the hypothetical
future payments would be made using certain assumptions and deemed events set forth in the Tax Receivable Agreement, including (i)&#160;the
sufficiency of taxable income to fully utilize the tax benefits, (ii)&#160;any Opco Common Units&#160;(other than those held by us) outstanding
on the termination date are exchanged on the termination date and (iii)&#160;the utilization of certain loss carryovers over a certain
time period. Our ability to generate net taxable income is subject to substantial uncertainty. Accordingly, as a result of the assumptions,
the required lump-sum&#160;payment may be significantly in advance of, and could materially exceed, the realized future tax benefits
to which the payment relates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result of either an
early termination or a change of control, we could be required to make payments under the Tax Receivable Agreement that exceed our actual
cash savings. Consequently, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity
and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or
other changes of control. For example, assuming no material changes in the relevant tax law, we expect that if we experienced a change
of control the estimated TRA lump-sum&#160;payment would range from approximately $316.0&#160;million to approximately $356.0&#160;million
depending on Opco&#8217;s rate of recovery of the tax basis increases associated with the deemed exchange of the Opco Common Units (other
than those held by us). This estimated TRA lump-sum&#160;payment is calculated using a discount rate equal to 3.58%, applied against
an undiscounted liability of approximately $433.0&#160;million. If the TRA Participants were to exchange all of their Opco Common Units,
OPAL would recognize a deferred tax asset of approximately $508.0&#160;million and a related liability for payments under the Tax Receivable
Agreement of approximately $432.0&#160;million, assuming (i) that the TRA Participants redeemed or exchanged all of their Opco Common
Units on the Closing Date; (ii) a price of $10.00 per share; (iii) a constant combined effective income tax rate of 26.47%; (iv) OPAL
will have sufficient taxable income in each year to realize the tax benefits that are subject to the Tax Receivable Agreement; and (v)
no material changes in tax law. These amounts are estimates and have been prepared for informational purposes only. The actual amount
of deferred tax assets and related liabilities that we will recognize will differ based on, among other things, the timing of the exchanges,
the price of the shares of Class A common stock at the time of the exchange, and the tax rates then in effect. There can be no assurance
that we will be able to finance our obligations under the Tax Receivable Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is more likely than not
that the deferred tax assets will not be realized in accordance with ASC Topic 740, &#8216;Income Taxes&#8217; (&#8220;<b><i>ASC&#160;740</i></b>&#8221;).
As such, ArcLight has reduced the full carrying amount of the deferred tax assets with a valuation allowance under both scenarios. Management
will continue to monitor and consider the available evidence from quarter to quarter, and year to year, to determine if more or less
valuation allowance is required at that time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Finally, because we are
a holding company with no operations of its own, its ability to make payments under the Tax Receivable Agreement depends on the ability
of Opco to make distributions to it. To the extent that OPAL is unable to make payments under the Tax Receivable Agreement for any reason,
such payments will be deferred and will accrue interest until paid, which could negatively impact OPAL&#8217;s results of operations
and could also affect its liquidity in periods in which such payments are made.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All of the shares of Class
A common stock offered by the Selling Holders pursuant to this prospectus will be sold by the Selling Holders for their respective accounts.
We will not receive any of the proceeds from these sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Selling Holders will
pay any underwriting discounts and commissions and expenses incurred by the Selling Holders for brokerage, accounting, tax or legal services
or any other expenses incurred by the Selling Holders in disposing of the securities. We will bear the costs, fees and expenses incurred
in effecting the registration of the securities covered by this prospectus, including all registration and filing fees, and fees and
expenses of our counsel and our independent registered public accounting firm.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL
INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">The unaudited pro forma condensed
combined financial information has been prepared in accordance with Article 11 of SEC Regulation S-X as amended by the final rule, Release
No. 33-10786 &#8220;Amendments to Financial Disclosures about Acquired and Disposed Businesses&#8221; to aid you in your analysis of
the financial aspects of the Transactions (as defined below) and is for informational purposes only. The unaudited pro forma condensed
combined financial information presents the pro forma effects of the following transactions, collectively referred to as the &#8220;<b><i>Transactions</i></b>&#8221;
for purposes of this section, and other related events as described in Note 1 to the accompanying Notes to the unaudited pro forma condensed
combined financial information:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">The combination of Opal Fuels
LLC (&#8220;Opco&#8221;) and ArcLight Clean Transition Corp II (&#8220;<b><i>ArcLight</i></b>&#8221;), referred to herein as the &#8220;Business
Combination&#8221;, including the other events contemplated by the Business Combination Agreement;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">The NextEra Subscription Agreement
with Mendocino Capital, LLC, a Delaware limited liability company (&#8220;<b><i>NextEra</i></b>&#8221;), pursuant to which NextEra purchased
1,000,000 Opco Series A Preferred Units (the &#8220;<b><i>NextEra Subscription</i></b>&#8221;) as of June 30, 2022; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">The acquisition of Beacon RNG
LLC (&#8220;<b><i>Beacon</i></b>&#8221;) by Opco in May of 2021 (the &#8220;<b><i>Beacon Transaction</i></b>&#8221;).</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">The unaudited pro forma condensed
combined balance sheet of Opco as of June 30, 2022 combines the historical unaudited condensed consolidated balance sheet of Opco as
of June 30, 2022 and the historical unaudited condensed balance sheet of ArcLight as of June 30, 2022, adjusted to give pro forma effect
to the Business Combination, the PIPE Investment and certain other events related to the Business Combination between Opco and ArcLight,
in each case, as if the Business Combination, PIPE Investment, and other events had been consummated on June 30, 2022. The Beacon Transaction
was consummated on May 1, 2021 and, accordingly, activity relating to Beacon is reflected within the unaudited condensed consolidated
balance sheet of Opco as of June 30, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">The unaudited pro forma condensed
combined statement of operations of Opco for the six months ended June 30, 2022 combines the historical unaudited condensed consolidated
statement of operations of Opco for the six months ended June 30, 2022, and the historical unaudited condensed statement of operations
of ArcLight for the six months ended June 30, 2022, on a pro forma basis as if the Business Combination, the PIPE Investment and other
related events contemplated by the Business Combination Agreement, the NextEra Subscription as described below and in the accompanying
notes to the unaudited pro forma condensed combined financial statements, had been consummated on January 1, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">The unaudited pro forma condensed
combined statement of operations of Opco for the year ended December 31, 2021 combines the historical audited consolidated statement
of operations of Opco for the year ended December 31, 2021, the historical audited consolidated statement of operations of ArcLight for
the period from January 13, 2021 (inception) through December 31, 2021, and the historical audited statement of operations of Beacon
for the four-month period ended April 30, 2021, on a pro forma basis as if the Business Combination, the PIPE Investment and other related
events contemplated by the Business Combination Agreement, the NextEra Subscription as described below and in the accompanying notes
to the unaudited pro forma condensed combined financial statements, had been consummated on January 1, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">The unaudited pro forma condensed
combined balance sheet does not purport to represent, and is not necessarily indicative of, what the actual financial condition of the
Combined Company (as defined in Note 1 below) would have been had the Transactions taken place as of June 30, 2022, nor is it indicative
of the financial condition of the Combined Company as of any future date. The unaudited pro forma condensed combined financial information
is for illustrative purposes only and is not necessarily indicative of what the actual results of operations and financial position would
have been had the Business Combination and the PIPE Transaction taken place on the dates indicated, nor are they indicative of the future
consolidated results of operations or financial position of the Combined Company. The unaudited pro forma condensed combined financial
information is subject to several uncertainties and assumptions as described in the accompanying notes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in">The unaudited pro forma condensed
combined financial information should be read in conjunction with:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">The accompanying Notes to the
unaudited pro forma condensed combined financial statements;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">The historical unaudited condensed financial statements of ArcLight, as of, and for the three and six months ended June 30, 2022, and the historical audited financial statements of ArcLight as of December 31, 2021 and for the period from January 13, 2021 (inception) through December 31, 2021, included elsewhere in this prospectus;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">The historical audited consolidated
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</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">The section titled <i>&#8220;Management&#8217;s
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE
SHEET<br/>
AS OF JUNE 30, 2022<br/>
(in thousands)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></span></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE
SHEET<br/>
AS OF JUNE 30, 2022 &#8212; (Continued)<br/>
(in thousands)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="width: 1%">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,955</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(615</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
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    <td style="padding-bottom: 4pt"><b>&#160;</b></td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 53; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT
OF OPERATIONS<br/>
FOR THE SIX MONTHS ENDED JUNE 30, 2022<br/>
(in thousands, except share and per share amounts)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>



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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td colspan="2">&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,152</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,408</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">440</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(440</span></td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,408</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">328</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">328</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(36</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(36</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">280</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">280</span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,172</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(440</b></span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>)</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td>&#160;</td>
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    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>-</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7,172</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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    <td style="padding-bottom: 3pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(499</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></span></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT
OF OPERATIONS<br/>
FOR THE YEAR ENDED DECEMBER 31, 2021<br/>
(in thousands, except share and per share amounts)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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Pro Forma</td>
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 OPAL</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,434</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">7,580</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,467</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,467</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,930</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">99</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,800</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(124</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">19,818</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td>
    <td>&#160;</td><td style="text-align: center">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td>
    <td>&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td>
    <td>&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(4,213</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">210</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">210</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">-</td>
    <td>&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">27,718 </td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td>
    <td>&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td>
    <td>&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(804</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td>
    <td>&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td>
    <td>&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(804</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: center">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td style="text-align: center">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td>
    <td>&#160;</td><td style="text-align: center">&#160;</td>
    <td>&#160;</td>
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  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 1 &#8212; Description of the Transactions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Business Combination</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Business
Combination Agreement, on July 21, 2022 ArcLight changed its jurisdiction of incorporation by deregistering as a Cayman Islands exempted
company and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware (the &#8220;<b><i>Domestication</i></b>&#8221;).
Following the Domestication, on July 21, 2022, ArcLight changed its name to &#8220;OPAL Fuels Inc.&#8221; (which is referred to herein
as &#8220;<b><i>New OPAL</i></b>&#8221;) and each outstanding ArcLight Class B ordinary share converted into one ArcLight Class A ordinary
share, each outstanding ArcLight Class A ordinary share became one share of Class A common stock of New OPAL, par value $0.0001 per share
(the &#8220;<b><i>New OPAL Class A common stock</i></b>&#8221;), and each outstanding warrant to purchase one ArcLight Class A ordinary
share became a warrant to purchase one share of New OPAL Class A common stock at an exercise price of $11.50 per share.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the consummation
of the Business Combination on July 21, 2022, the Combined Company (&#8220;<b><i>Combined Company</i></b>&#8221; refers to New OPAL and
its subsidiaries, including Opco, following consummation of the Business Combinations) is organized in an &#8220;Up-C&#8221; structure.
New OPAL is the managing member of Opco. Opco directly or indirectly holds substantially all of the consolidated assets and business
of New OPAL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with consummation
of the Business Combination, the events summarized below, among others, occurred:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">At the Closing, Opal HoldCo
LLC (&#8220;<b><i>OPAL Holdco</i></b>&#8221;) and Opco caused Opco&#8217;s existing limited liability company agreement to be amended
and restated to, among other things, admit New OPAL as a member of Opco and to re-classify Opco&#8217;s existing limited liability company
membership interests into Class B Units of Opco, calculated as a function of the pre-transaction equity value for Opco equal to $1,501,870,000,
less all principal and accrued interest outstanding immediately after the Closing pursuant to certain convertible promissory note, dated
as of May 1, 2021 (as amended, including that certain First Amendment to Convertible Note, dated November 29, 2021), held by ARCC Beacon
LLC (&#8220;<b><i>Ares</i></b>&#8221;);</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">At the Closing, ArcLight (i)
contributed to Opco $128,362,579 in cash, representing the sum of cash in the Trust Account as of immediately prior to the Closing (after
giving effect to the ACT Share Redemptions from the Trust Account and the set aside of funds in escrow to support a forward purchase
agreement (described further below)) plus the aggregate proceeds of the PIPE Investment received as of the Closing and (ii) issued to
Opco 144,399,037 shares of Class D common stock of New OPAL, par value $0.0001 per share (&#8220;New OPAL Class D common stock&#8221;)
(which it in turn distributed to OPAL Holdco and Hillman), and (iii) issued 3,059,533 shares of New OPAL Class A common stock to Ares,
collectively, in exchange for a number of Class A Units of Opco equal to the 25,171,390 shares of New OPAL Class A common stock issued
and outstanding.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with entering
into the Business Combination Agreement, ArcLight entered into the Subscription Agreements with the PIPE Investors, pursuant to which,
among other things, in connection with the consummation of the Business Combination, the PIPE Investors party thereto purchased an aggregate
of 11,080,600 shares of New OPAL Class A common stock at a cash purchase price of $10.00 per share, resulting in aggregate proceeds of
$110.8 million from the PIPE Investment ($105.8 million of which was received as of the Closing and $5.0 million of which was received
subsequent to the Closing).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other related events that
have taken place in connection with the Business Combination are summarized below:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Immediately prior to the execution
of the Business Combination Agreement, Opco entered into the Hillman Exchange Agreement with Hillman RNG Investments LLC (&#8220;<b><i>Hillman</i></b>&#8221;),
pursuant to which Hillman has exchanged all of its equity interests in Opco&#8217;s subsidiaries for 300,000 Opco Series A-1 Preferred
Units and 14 Pre-Closing Company Common Units. This transaction was consummated in November 2021, and has been reflected in the historical
audited consolidated balance sheet as of December 31, 2021;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Immediately prior to the execution of the Business
    Combination Agreement, the Company entered into the NextEra Subscription Agreement with Mendocino Capital, LLC, a Delaware limited
    liability company (&#8220;<b><i>NextEra</i></b>&#8221;), pursuant to which NextEra agreed to subscribe for up to an aggregate amount
    of 1,000,000 Company Series A Preferred Units. The Company had drawn $100.0 million as of June 30, 2022, issuing 1,000,000 Series
    A Preferred Units as of such date;</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font-size: 10pt; text-align: justify">&#160;</td>
    <td style="font-size: 10pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Immediately prior to the execution of the Business
    Combination Agreement, Opco entered into that certain First Amendment to Convertible Note, dated November 29, 2021 (the &#8220;<b><i>Ares
    First Amendment</i></b>&#8221;), with Ares, pursuant to which Ares irrevocably agreed to exercise its right to convert fifty percent
    (50%) of the principal and accrued interest outstanding pursuant to the Ares Note into pre-Closing Opco common units; On July 21,
    2022, Ares elected to receive New OPAL Class A common stock in lieu of pre-Closing Opco common units.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></span></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the Sponsor Letter
    Agreement entered into on December 2, 2021 among ArcLight, ArcLight CTC Holdings II, L.P. (&#8220;<b><i>Sponsor</i></b>&#8221;),
    Opco and certain other persons concurrently with the execution of the Business Combination Agreement (the &#8220;<b><i>Sponsor Letter
    Agreement</i></b>&#8221;), the Sponsor agreed to subject 10% of its New OPAL Class A common stock (received as a result of the conversion
    of its ArcLight Class B ordinary shares immediately prior to the Closing) to vesting and forfeiture conditions relating to VWAP targets
    for New OPAL Class A common stock sustained over a period of 60 months following the Closing (&#8220;<b><i>Sponsor Earnout Awards</i></b>&#8221;).
    For more information, see the section titled <i>&#8220;Certain Relationships and Related Party Transactions&#8212;Sponsor Letter
    Agreement.&#8221;</i></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Effective immediately after the Closing, and upon
    the date on which New OPAL&#8217;s annual EBITDA for the calendar year 2023 exceeds $238.0 million (the &#8220;<b><i>First Earnout
    Triggering Event</i></b>&#8221;), (i) New OPAL will issue to Opco Common Equity holders (the &#8220;<b><i>Earnout Participants</i></b>&#8221;)
    an aggregate of 5,000,000 shares of New OPAL Class B common stock and New OPAL Class D common stock and corresponding OPAL Common
    Units (collectively, the &#8220;<b><i>First Earnout Tranche</i></b>&#8221;) in accordance with the allocations set forth in the Business
    Combination Agreement. Additionally, upon the date on which New OPAL&#8217;s annual EBITDA for the calendar year 2024 exceeds $446.0
    million (the &#8220;<b><i>Second Earnout Triggering Event</i></b>&#8221;), (i) New OPAL will issue to the Earnout Participants an
    aggregate of 5,000,000 additional shares of New OPAL Class B common stock and New OPAL Class D common stock and corresponding OPAL
    Common Units (collectively, the &#8220;<b><i>Second Earnout Tranche</i></b>&#8221;) in accordance with the allocations set forth
    in the Business Combination Agreement (&#8220;<b><i>OPAL Earnout Awards</i></b>&#8221;). </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Pursuant to a forward share purchase agreement (the
    &#8220;Forward Purchase Agreement&#8221;) entered into between ArcLight and Meteora Capital Partners and its affiliates (collectively,
    &#8220;<b><i>Meteora</i></b>&#8221;), prior to the closing of the Business Combination Meteora purchased 2,000,000 Class A ordinary
    shares of ArcLight from shareholders which had previously tendered such shares for redemption but agreed to reverse their redemption
    and sell such shares to Meteora at the redemption price, resulting in Meteora holding a total of 2,000,000 Class A ordinary shares,
    which Meteora agreed not to redeem in connection with the Business Combination. Additionally, ArcLight placed $20,040,000 in escrow
    at the closing of the Business Combination to secure its obligation to repurchase these 2,000,000 shares at Meteora&#8217;s option
    for a price of $10.02 per share on the date that is six months after Closing of the Business Combination.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: top">
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    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Pursuant to a July 21, 2022 agreement between Encompass
    Capital Advisors LLC (&#8220;<b><i>Encompass</i></b>&#8221;) and the Sponsor, prior to the closing of the Business Combination, certain
    fund entities and managed accounts for which Encompass exercises investment discretion purchased 1,320,849 Class A ordinary shares
    of ArcLight, in the aggregate, from shareholders that had previously tendered such shares for redemption but agreed to reverse their
    redemption and sell such shares to Encompass, resulting in Encompass&#8217; beneficial ownership of a total of 1,320,849 Class A
    ordinary shares, which Encompass agreed not to redeem in connection with the Business Combination. Additionally, the Sponsor agreed
    to transfer to Encompass for no consideration, 1,985,236 of the Sponsor&#8217;s private placement warrants, which warrants are subject
    to a 9.9% beneficial ownership limitation on exercise.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
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    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Additionally, in connection with the Closing, Opco
    and Sponsor entered into a letter agreement (the &#8220;<b><i>Sponsor Side Letter</i></b>&#8221;) whereby Sponsor agreed to transfer,
    pledge or forfeit up to 150,000 shares of New OPAL Class A common stock held by Sponsor for the benefit of a third party non-affiliate
    of the Company where no consideration is received by Sponsor in respect thereof, upon and in accordance with the written direction
    of Opco. Pursuant to such letter agreement, Sponsor further agreed that if the Company were to receive less than $6,800,000 in cash
    upon the release of the escrow fund established pursuant to the Forward Purchase Agreement (such shortfall amount being referred
    to as the &#8220;<b><i>Shortfall Amount</i></b>&#8221;), Sponsor shall transfer, pledge or forfeit up to an additional 102,000 of
    the Sponsor Earnout Awards (shares of New OPAL Class A common stock subject to vesting conditions noted above), with such maximum
    number of shares pro-rated on a directly proportionate basis based on the size of the Shortfall Amount relative to $6,800,000.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the completion of the
Business Combination, New OPAL entered into the Tax Receivable Agreement with OPAL Holdco and Hillman (such persons, and any other persons
that from time to time become a party to such agreement, collectively, the &#8220;<b><i>TRA Participants</i></b>&#8221;), pursuant to
which New OPAL generally will be required to pay to the TRA Participants, in the aggregate, 85% of the amount of cash savings, if any,
in U.S. federal, state and local income tax or franchise tax that New OPAL actually realizes as a result of (i) increases to the tax
basis of Opco&#8217;s assets resulting from future redemptions or exchanges of OPAL Units (together with voting shares of New OPAL Common
Stock) for shares of New OPAL Class A common stock or New OPAL Class C common stock, as applicable, or cash, (ii) tax benefits related
to imputed interest, and (iii) tax attributes resulting from payments made under the Tax Receivable Agreement. The payment obligations
under the Tax Receivable Agreement are New OPAL&#8217;s obligations and not obligations of Opco. For more information about the Tax Receivable
Agreement, see the section titled <i>&#8220;Certain Relationships and Related Party Transactions&#8212;Sponsor Letter Agreement.&#8221;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May 2022, ArcLight&#8217;s
and Opco&#8217;s Advisors resigned and withdrew from their engagements in connection with the Business Combination. Please see &#8220;<i>Summary
&#8212; Recent Developments</i>&#8221; for a description of the potential impacts of such resignation on the Business Combination and
Note 6 to this unaudited pro forma condensed combined financial information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Beacon Transaction</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 30, 2021, Opco and
Ares signed the Exchange Agreement (the &#8220;<b><i>Exchange Agreement</i></b>&#8221;) which outlines terms that were substantially
agreed to on April 30, 2021. Pursuant to the Exchange Agreement, Opco issued an unsecured convertible promissory note (the &#8220;<b><i>Convertible
Note</i></b>&#8221;) in return for Ares&#8217; assignment of its 58% Class B units in Beacon JV to Opco (the &#8220;<b><i>Assignment
Agreement</i></b>&#8221;). The transfer date of the aforementioned consideration was set to May 1, 2021. As agreed to on April 30, 2021,
Opco obtained unilateral control over Beacon JV on May 1, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 2 &#8212; Basis of Presentation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma condensed
combined financial statements were prepared in accordance with Article 11 of SEC Regulation S-X as amended by the final rule, Release
No. 33-10786 &#8220;Amendments to Financial Disclosures about Acquired and Disposed Businesses.&#8221; Release No. 33-10786 replaces
the existing pro forma adjustment criteria with simplified requirements to depict the accounting for the transaction (&#8220;<b><i>Transaction
Accounting Adjustments</i></b>&#8221;) and present the reasonably estimable synergies and other transaction effects that have occurred
or are reasonably expected to occur (&#8220;<b><i>Management&#8217;s Adjustments</i></b>&#8221;). Only Transaction Accounting Adjustments
are presented in the unaudited pro forma condensed combined financial information and the notes thereto. The adjustments presented in
the unaudited pro forma condensed combined financial statements have been identified and presented to provide relevant information necessary
for an understanding of the Combined Company following consummation of the Transactions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma condensed
combined financial information is subject to several uncertainties and assumptions as described herein. The combined financial information
presents the pro forma effects of the Business Combination and other events as described in Note 1.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management has made significant
estimates and assumptions in its determination of the Transaction Accounting Adjustments. As the unaudited pro forma condensed combined
financial information has been prepared based on these preliminary estimates, the final amounts recorded may differ materially from the
information presented.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Transaction Accounting
Adjustments reflecting the consummation of the Transactions are based on certain currently available information and certain assumptions
and methodologies that ArcLight believes are reasonable under the circumstances. The Transaction Accounting Adjustments, which are described
in the accompanying notes, may be revised as additional information becomes available and is evaluated. Therefore, it is likely that
the actual adjustments will differ from the Transaction Accounting Adjustments, and it is possible the difference may be material. New
OPAL believes that its assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the
Transactions based on information available to management at this time and that the Transaction Accounting Adjustments give appropriate
effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma condensed
combined financial information does not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings
that may be associated with the Transactions. ArcLight has not had any historical relationship with Opco prior to the Business Combination.
Accordingly, no Transaction Accounting Adjustments were required to eliminate activities between the companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class of<br/> New OPAL<br/> Common<br/>
 Stock (2)</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Pro forma<br/> Combined<br/> (Shares)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">%<br/> Ownership</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">ArcLight Public Shareholders</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center">Class A</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">3,752,181</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Sponsor Shareholders (1)</td><td>&#160;</td>
    <td style="text-align: center">Class A</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,779,076</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.6</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">PIPE Investors</td><td>&#160;</td>
    <td style="text-align: center">Class A</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,080,600</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.5</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Ares</td><td>&#160;</td>
    <td style="text-align: center">Class A</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,059,533</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.8</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Opco Common Equityholders</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">144,399,037</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">84.9</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Hillman</td><td>&#160;</td>
    <td style="text-align: center">Class D</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,021,587</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.2</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">OPAL HoldCo</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">Class D</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">142,377,450</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">83.7</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Pro forma common stock at Closing</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">170,070,427</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">100.0</td><td style="padding-bottom: 4pt; text-align: left">%</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Includes 763,907 of New OPAL
Class A common stock held directly by the Sponsor that are legally issued and outstanding, and subject to forfeiture pursuant to the
Sponsor Letter Agreement dated December 2, 2021, and an additional 150,000 of New OPAL Class A common stock held directly by the Sponsor
that are subject to forfeiture pursuant to the Sponsor Side Letter.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Please refer to the section
titled &#8220;<i>Description of Securities.</i></span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 58; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 3 &#8212; Accounting for the Transactions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Business Combination</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Business Combination
is a common control transaction accounted for similar to a reverse recapitalization, with no goodwill or other intangible assets recorded,
in accordance with GAAP. OPAL HoldCo held a controlling financial interest in Opco prior to the closing date. At transaction close, OPAL
HoldCo obtained a controlling financial interest in New OPAL and indirectly retained control over Opco through New OPAL. OPAL HoldCo
did not relinquish control over Opco during the transaction, instead it affected a transfer of a controlled subsidiary (i.e., Opco) to
a newly-controlled subsidiary (i.e., New OPAL) in exchange for issuing Class A common units of Opco for the net assets of New OPAL. As
there was no change in control, Opco has been determined to be the accounting acquirer. Under this method of accounting, ArcLight is
treated as the &#8220;acquired&#8221; company for financial reporting purposes. Accordingly, for accounting purposes, the transaction
is treated as the equivalent of Opco issuing stock for the net assets of ArcLight, accompanied by a recapitalization. The net assets
of ArcLight are stated at historical cost, with no goodwill or other intangible assets recorded.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Earnout</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Sponsor Earnout Awards</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sponsor Earnout Awards will
be classified as a liability as their settlement terms contain certain variables that preclude them from being considered indexed to
New OPAL&#8217;s common stock under the &#8220;fixed-for-fixed&#8221; requirement in ASC 815-40. The estimated fair value of the Sponsor
Earnout Awards liability is approximately $5.9 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of Sponsor
Earnout Awards was determined using a Monte Carlo valuation model with a distribution of potential outcomes on a daily basis over the
5-year post-close period, and incorporating the most reliable information available as of the June 30, 2022 valuation date. Assumptions
used in the valuation are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Current stock price &#8212;
The ArcLight closing stock price of $9.95 as of June 30, 2022;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected volatility &#8212;
The volatility rate was determined based on historical and implied volatilities of selected industry peers deemed to be comparable to
our business corresponding to the expected term of the awards;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Risk-free interest rate &#8212;
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of issuance for zero-coupon U.S. Treasury
notes with maturities corresponding to the expected five-year term of the earnout period;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected term &#8212; The expected
term is the 5 years following the closing; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected dividend yield &#8212;
The expected dividend yield is zero, as we do not anticipate distributing dividends on the common stock in the expected term.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of Sponsor
Earnout Awards has been recorded in the unaudited pro forma condensed combined balance sheet. See Note 6(k). Topic 815 provides guidance
that changes in the fair value of the Sponsor Earnout Awards liability in future periods will be recognized in the statement of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>OPAL Earnout Awards</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">OPAL Earnout Awards will
be classified as a liability under Topic 480 because they are considered indexed to an obligation to repurchase shares by delivering
cash or other assets as a result of certain settlement provisions. OPAL Earnout Awards are a possible exception to this accounting treatment
as Ares elected to receive New Opal Class A common stock in lieu of pre-Closing Opco common units. The accounting conclusion regarding
the classification of the OPAL Earnout Awards is still under evaluation, and for purposes of the unaudited condensed combined pro forma
information these awards are presented as liability classified on a preliminary basis. The estimated fair value of the OPAL Earnout Awards
liability is approximately $46.0 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

</div><!-- Field: Page; Sequence: 59; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of OPAL Earnout
Awards was determined using a Monte Carlo valuation model with a distribution of potential outcomes for stock price and EBITDA over the
2-year period commencing on January 1, 2023 and ending on December 31, 2024, and incorporating the most reliable information available
as of the June 30, 2022 valuation date. Assumptions used in the valuation are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Current stock price &#8212;
The ArcLight closing stock price of $9.95 as of June 30, 2022;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Weighted average cost of capital
(&#8220;<b><i>WACC</i></b>&#8221;) &#8212; The WACC reflected a derived cost of capital informed by research on cost of capital of a
selection of comparable public companies;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected volatility &#8212;
The volatility rate was determined by using an average of historical volatilities of selected industry peers deemed to be comparable
to our business corresponding to the expected term of the awards;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Risk-free interest rate &#8212;
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of issuance for zero-coupon U.S. Treasury
notes with maturities corresponding to the expected five-year term of the earnout period;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected term &#8212; The expected
term is the 2 years earnout period;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected dividend yield &#8212;
The expected dividend yield is zero, as we do not anticipate distributing dividends on the common stock in the expected term; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">EBITDA forecast internally
derived by Opco for the earnout period.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of the OPAL
Earnout Awards has been recorded in the unaudited pro forma condensed combined balance sheet. See Note 6(k). Topic 480 provides guidance
that changes in the fair value of the OPAL Earnout Awards liability in future periods will be recognized in the statement of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Forward Purchase Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The put option written to
Meteora on 2,000,000 Class A common stock under the Forward Purchase Agreement is presented as a liability based on the company&#8217;s
preliminary accounting analysis under ASC 480. The estimated fair value of the Forward Purchase Agreement liability is approximately
$5.0 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of the Forward
Purchase Agreement liability was determined using a Monte Carlo valuation model with a distribution of potential outcomes on a daily
basis over the 6-month post-close period, and incorporating the most reliable information available as of the June 30, 2022 valuation
date Assumptions used in the valuation are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Current stock price &#8212;
The ArcLight closing stock price of $9.95 as of June 30, 2022;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected volatility &#8212;
The volatility rate was determined based on historical and implied volatilities of selected industry peers deemed to be comparable to
our business corresponding to the expected term of the option;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Risk-free interest rate &#8212;
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of issuance for zero-coupon U.S. Treasury
notes with maturities corresponding to the expected five-year term of the earnout period;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected term &#8212; The expected
term is the 6 months following the closing; and</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Expected dividend yield &#8212;
The expected dividend yield is zero, as we do not anticipate distributing dividends on the common stock in the expected term.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of the Forward
Purchase Agreement liability has been recorded in the unaudited pro forma condensed combined balance sheet. See Note 6(l). Topic 480
provides guidance that changes in the fair value of the Forward Purchase Agreement liability in future periods will be recognized in
the statement of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Beacon Transaction</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The acquisition of Beacon
has been treated as a business combination and has been accounted for using the acquisition method. OPAL has recorded the fair value
of assets and liabilities acquired from Beacon at the acquisition date.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 4 &#8212; Reclassifications Made to ArcLight Financial Statement
Presentation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain reclassification
adjustments have been made to conform ArcLight&#8217;s financial statement presentation to that of Opco&#8217;s.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following reclassification
adjustments were made to the unaudited pro forma condensed combined balance sheet as of June 30, 2022:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of $219 thousand from ArcLight&#8217;s Cash to Cash and cash equivalents.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of $546 thousand from ArcLight&#8217;s Prepaid expenses to Prepaid expenses and other current assets.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of $30 thousand from ArcLight&#8217;s Accrued expenses and $6,192 thousand from ArcLight&#8217;s Deferred legal fees to Accrued expenses
and other current liabilities.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following reclassification
adjustments were made to the unaudited pro forma condensed combined statement of operations for the three months ended June 30, 2022:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(d)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of $3,125 thousand from ArcLight&#8217;s General and administrative expenses to Selling, general and administrative.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(e)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of $440 thousand from ArcLight&#8217;s Net gain on investments held in Trust Account to Interest and financing expense, net.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following reclassification
adjustments were made to the unaudited pro forma condensed combined statement of operations for the period from January 13, 2021 (inception)
to December 31, 2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(f)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of $4,945 thousand from ArcLight&#8217;s General and administrative expenses to Selling, general and administrative.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(g)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of $463 thousand from ArcLight&#8217;s Financing costs &#8212; warrant liabilities and $13 thousand from ArcLight&#8217;s Net gain on
investments held in Trust Account to Interest and financing expense, net.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 5 &#8212; Reclassifications Made to Beacon Financial Statement
Presentation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following reclassification
adjustments were made to the pro forma condensed combined statement of operations for the four months ended April 30, 2021 to conform
Beacon financial statement presentation to that of Opco&#8217;s:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of $1,137 thousand from Renewable gas sales, $12,101 thousand from RIN sales, and $74 thousand from Transportation sales to RNG Fuel.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of $5,937 thousand from Operations and $460 thousand from Repairs and Maintenance to Costs of sales &#8212; RNG fuel.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of $317 thousand from General and administrative and $139 thousand from Insurance to Selling, general and administrative.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(d)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of $1,049 thousand from Depreciation and $11 thousand from Asset retirement obligation accretion to Depreciation, amortization, and accretion.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(e)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the elimination of
an intercompany transaction between Opco and Beacon for the amount of $1,134 thousand from Environmental credit processing service and
$1,134 thousand from Other.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 6 &#8212; Adjustments to Unaudited Pro
Forma Condensed Combined Balance Sheet</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma condensed
combined balance sheet as of June 30, 2022 has been prepared to illustrate the effect of the Transactions and has been prepared for informational
purposes only. The unaudited pro forma condensed combined balance sheet as of June 30, 2022 includes Transaction Accounting Adjustments
that are directly attributable to the Business Combination, and other related events described in Note 1 above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The pro forma transaction
accounting adjustments are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of cash held in ArcLight&#8217;s Trust Account to cash and cash equivalents as of June 30, 2022 to reflect the cash available to effectuate
the Transactions or to fund redemption of existing Public Shareholders. Note that on the Closing date, the actual balance of cash in
the Trust Account including accumulated interest earned during the period prior to redemption is approximately $311.6 million.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the proceeds of approximately
$110.8 million from the issuance and sale of 11,080,600 shares of New OPAL common stock at $10.00 per share pursuant to the Amended Subscription
Agreements entered into with the PIPE Investors in connection with the PIPE Investment and subsequent PIPE Extension.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(c)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Reflects the reclassification
of the carrying value of Opco&#8217;s Series A and Series A-1 Preferred Units to Redeemable preferred noncontrolling interest.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
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    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Reflects the conversion of fifty percent (50%) of
    the principal and accrued interest outstanding pursuant to the Ares Note into New OPAL Class A common stock.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: justify">&#160;</td>
    <td style="font-size: 10pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Reflects recording of estimated additional transaction
    costs to be incurred of $1,616 thousand in additional paid in capital. The amount represents the estimated incremental advisory,
    legal, accounting and auditing fees and other professional fees as of June 30, 2022, that are deemed to be direct and incremental
    costs of the Business Combination and related transactions. The transaction costs excluded $24.9 million in aggregate fees due to
    ArcLight&#8217;s and Opco&#8217;s financial advisors for the transaction, including deferred underwriting commissions from ArcLight&#8217;s
    initial public offering. The advisors withdrew from the transaction and waived their fees in whole.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The $1,400 thousand and $6,243 thousand
decreases to accrued expenses and other current liabilities represent the adjustment to account for payments of accrued transaction cost
liabilities in both Opco and ArcLight&#8217;s historical balance sheets, respectively, with an offsetting decrease to cash. The $6,443
deferred transaction costs incurred by Opco are adjusted against additional paid-in capital. Additionally, a $4,200 thousand adjustment
was made to accrue for estimated fees related to directors&#8217; and officers&#8217; insurance tail policy (which is required as part
of the business combination agreement), with offsetting decreases to retained earnings (accumulated deficit) and redeemable noncontrolling
interests based on ownership percentage interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 48px">&#160;</td>
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    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Reflects the reclassification, prior to ArcLight Class
    A ordinary shareholders exercise their redemption rights, of Class A ordinary shares of $311,516 thousand to permanent equity. The
    Transaction Accounting Adjustment also includes conversion of outstanding ArcLight Class A and Class B ordinary shares into New OPAL
    Class A common stock concurrent with the consummation of the Business Combination.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
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    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Reflects the recapitalization of prior ArcLight shares
    with 38,895,381 shares of New OPAL Class A common stock and the elimination of the accumulated deficit of ArcLight. As a result of
    the recapitalization, ArcLight&#8217;s historical accumulated deficit balance of $21,651 thousand on June 30, 2022 was derecognized
    and reclassified into additional paid in capital. The shares of New OPAL&#8217;s Class D common stock issued in exchange for Opco&#8217;s
    capital were recorded at par value in the amount of $15 thousand.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
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    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Following the completion of the Transactions, New
    OPAL, as the registrant, does not own 100% of the economic interests in Opco due to the existing equityholders of Opco owning an
    approximately 85.4% economic interest in Opco. This percentage excludes the 913,907 forfeitable ArcLight Sponsor shares which are
    recognized as a liability at fair value as detailed above. The calculation of redeemable noncontrolling interest is based on the
    net assets of Opco and the ownership percentage held by existing equityholders of Opco in Opco following the completion of the Transactions.
    Shares pursuant to the earnout arrangements have been excluded from the calculation of the redeemable noncontrolling interest until
    such time they become vested. Accordingly, redeemable noncontrolling interest increased to $136,553 thousand with a corresponding
    decrease to additional paid-in capital. In addition, as a result of the recapitalization, the carrying value of Opco&#8217;s historical
    members&#8217; equity of $47,681 thousand and retained earnings of $8,955 thousand were reclassified into redeemable noncontrolling
    interest.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">(i)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Reflects the redemption of 27,364,124 Class A ordinary
    shares for approximately $274.2 million allocated to ArcLight common stock and additional paid in capital, using a par value of $0.0001
    per share at a redemption price of approximately $10.02 per share.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">(j)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">In connection with the Business Combination, New OPAL
    entered into the tax receivable agreement (the &#8220;<b><i>Tax Receivable Agreement</i></b>&#8221;) with OPAL Holdco and Hillman
    such persons, together with such other persons from time to time that become party thereto, collectively, the &#8220;<b><i>TRA Participants</i></b>&#8221;).
    Pursuant to the Tax Receivable Agreement, New OPAL will be required to pay the TRA Participants 85% of the amount of savings, if
    any, in U.S. federal, state and local income tax that New OPAL actually realizes (computed using certain simplifying assumptions)
    as a result of the increases in tax basis and certain other tax benefits related to any exchanges of OPAL Common Units (together
    with voting shares of New OPAL) for shares of New OPAL Class A common stock or Class C common stock.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 62; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Due to the uncertainty as to the amount
and timing of future exchanges of OPAL Common Units by the TRA Participants and as to the price of New OPAL Class A common stock at the
time of any such exchanges, the unaudited pro forma condensed combined financial information assumes that no existing equityholders of
Opco have exchanged OPAL Common Units in a transaction that would create an obligation under the Tax Receivable Agreement. Therefore,
no increases in tax basis in New OPAL&#8217;s assets or other tax benefits that may be realized under the Tax Receivable Agreement have
been reflected in the unaudited condensed combined pro forma financial information. Future exchanges will result in incremental tax attributes
and potential cash tax savings for New OPAL. Depending on New OPAL&#8217;s assessment on realizability of such tax attributes, the arising
Tax Receivable Agreement liability will be recorded at the exchange date against equity, or at a later point through income. If the TRA
Participants were to exchange all of their OPAL Common Units, New OPAL would recognize a deferred tax asset of approximately $508.0 million
and a related liability for payments under the Tax Receivable Agreement of approximately $432.0 million, assuming (i) that the TRA Participants
redeemed or exchanged all of their OPAL Common Units on the closing date; (ii) a price of $10.00 per share; (iii) a constant combined
effective income tax rate of 26.47%; (iv) New OPAL will have sufficient taxable income in each year to realize the tax benefits that are
subject to the Tax Receivable Agreement; and (v) no material changes in tax law. These amounts are estimates and have been prepared for
informational purposes only. The actual amount of deferred tax assets and related liabilities that we will recognize will differ based
on, among other things, the timing of the exchanges, the price of the shares of Class A common stock at the time of the exchange, and
the tax rates then in effect.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">It is more likely than not that the
deferred tax assets will not be realized in accordance with ASC Topic 740, &#8216;Income Taxes&#8217; (&#8220;<b><i>ASC 740</i></b>&#8221;).
As such, ArcLight has reduced the full carrying amount of the deferred tax assets with a valuation allowance under both scenarios. Management
will continue to monitor and consider the available evidence from quarter to quarter, and year to year, to determine if more or less
valuation allowance is required at that time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">(k)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Reflects the fair value of $5,900 and $46,000 thousand
    of the Sponsor Earnout Awards and the OPAL Earnout Awards, respectively. Refer to Note 3 for more information.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">(l)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Reflects the $5,000 thousand fair value of the Forward
    Purchase Agreement liability and associated fees of $625 thousand. The accounting treatment of these costs is still under evaluation,
    and for purposes of the unaudited condensed combined pro forma information these costs are presented as an adjustment to the equity
    issuance proceeds from the business combination.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">(m)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Reflects the $2,084 thousand fair value of private
    placement warrants transferred by Sponsor to Encompass. The accounting treatment of these costs is still under evaluation, and for
    purposes of the unaudited condensed combined pro forma information these costs are presented as an offsetting contribution and adjustment
    to issuance proceeds from the business combination.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 7 &#8212; Adjustments to Unaudited Pro
Forma Condensed Combined Statements of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The pro forma adjustments
included in the unaudited pro forma condensed combined statement of operations for the three months ended June 30, 2022 are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">(a)</span></td>
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    tax assets will not be realized in accordance with ASC 740, no income tax benefit is recognized.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">(b)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Represents the adjustment for the Net income (loss)
    attributable to redeemable preferred noncontrolling interest and redeemable noncontrolling interest. The Net income (loss) attributable
    to redeemable noncontrolling interest is based on a 85.4% percentage interest in Opco. The adjustment to the net income (loss) redeemable
    preferred noncontrolling interest represents the accrued dividends that would be settled in cash in connection with item 6(d) above.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">(c)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Represents the elimination of interest earned on marketable
    securities held in ArcLight&#8217;s Trust Account.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The pro forma adjustments
included in the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2021 are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt"><span style="font-size: 10pt">(d)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Reflects adjustments to eliminate the income (loss)
    from the equity method investments in connection with Beacon prior to the acquisition, and to reflect the reduced depreciation expense
    pertaining to the acquired property, plant and equipment that was measured at the acquisition date fair value.</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
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    tax assets will not be realized in accordance with ASC 740, no income tax benefit is recognized.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">(f)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Represents the adjustment for the Net income (loss)
    attributable to redeemable preferred noncontrolling interest and redeemable noncontrolling interest. The Net income (loss) attributable
    to redeemable noncontrolling interest is based on a 85.4% common ownership interest in Opco. The adjustment to the net income (loss)
    redeemable preferred noncontrolling interest represents the accrued dividends that would be settled in cash in connection with item
    6(d) above.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
    <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span style="font-size: 10pt">(g)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Represents the elimination of interest earned on marketable
    securities held in ArcLight&#8217;s Trust Account.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 0.5in">&#160;</td>
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    costs attributable to a directors&#8217; and officers&#8217; insurance tail policy which will be contingently incurred upon closing
    of the transaction.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 63; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></span></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 8 &#8212; Net Income (Loss) per Share</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Represents the net income
(loss) per share calculated using the historical weighted average shares outstanding and the issuance of additional shares in connection
with the Business Combination, the PIPE Investment, and other related events, assuming such additional shares were outstanding since
January 1, 2021. As the Business Combination and PIPE Investment are being reflected as if they had occurred as of January 1, 2021, the
calculation of weighted average shares outstanding for basic and diluted net income (loss) per share assumes the shares issued in connection
with the Business Combination and PIPE Investment have been outstanding for the entire periods presented.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">New OPAL has 6,223,261 public
warrants and 9,223,261 private placement warrants. The warrants are exercisable at their $11.50 strike price which exceeds the current
market price for New OPAL Class A common stock. The warrants are considered anti-dilutive and were excluded from the diluted earnings
per share for the period presented below. In addition, the shares pursuant to the earnout arrangements as discussed in Note 1 were excluded
from the diluted earnings per share calculation since such shares are contingently issuable or forfeitable, and the contingencies have
not been resolved. Diluted earnings per share also does not reflect the conversion of Opco&#8217;s Class B units into New OPAL Class
A common stock as the result would be anti-dilutive. As a result, the basic and diluted net income (loss) per share is the same for the
periods presented.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; padding-left: 0.125in">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">For the<br/> Six Months<br/> Ended</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">For the<br/> Year Ended</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-style: italic">(in thousands, except shares and per share data)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, <br/>
2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/>
2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; font-style: italic">Numerator</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; width: 76%; text-align: left">Pro forma net income (loss) attributable to stockholders - basic and diluted</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,339</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(11,456</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; font-style: italic">Denominator</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Weighted average shares outstanding of New OPAL Class A common stock &#8211; basic</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,757,483</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,757,483</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Weighted average shares outstanding of New OPAL Class A common stock &#8211; diluted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,761,483</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,761,483</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Pro forma net income (loss) per share (Basic) attributable to New OPAL Class A common stockholders (1)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.22</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(0.46</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Pro forma net income (loss) per share (Diluted) attributable to New OPAL Class A common stockholders (1)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">0.22</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(0.46</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold">Weighted average shares outstanding &#8212; basic</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">ArcLight Public Shareholders</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,752,181</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,752,181</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Sponsor Shareholders (2)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,865,169</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,865,169</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">PIPE Investors</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,080,600</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,080,600</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in">Ares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,059,533</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,059,533</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-weight: bold">Weighted average shares outstanding &#8212; diluted</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">ArcLight Public Shareholders (3)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,756,181</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,756,181</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">Sponsor Shareholders (2)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,865,169</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,865,169</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-indent: -0.125in; text-align: left">PIPE Investors</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,080,600</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,080,600</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-indent: -0.125in">Ares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,059,533</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,059,533</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">New OPAL&#8217;s Class B and
Class D common stock outstanding do not participate in earnings or losses and therefore are not participating securities. As such, a
separate presentation of basic and diluted earnings per share of Class B and Class D common stock under the two-class method has not
been presented.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Excludes 763,907 of New OPAL
Class A common stock held directly by the Sponsor that are subject to forfeiture pursuant to the Sponsor Letter Agreement and an additional
150,000 of New OPAL Class A common stock held directly by the Sponsor that are subject to forfeiture pursuant to the Sponsor Side Letter</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Includes 4,000 dilutive shares
of New OPAL Class A Common Stock pursuant to the Forward Purchase Agreement under the reverse treasury stock method.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>In this Management&#8217;s
Discussion and Analysis of Financial Condition and Results of Operations section, references to &#8220;OPAL&#8221;, &#8220;we&#8221;,
&#8220;us&#8221;, &#8220;our&#8221;, and the &#8220;Company&#8221; refer to Opco and its consolidated subsidiaries. The following discussion
and analysis should be read in conjunction with Opco&#8217;s unaudited condensed consolidated financial statements as of June&#160;30, 2022
and for the six months ended June&#160;30, 2022 and 2021, its audited consolidated financial statements as of and for the years ended
December 31, 2021 and 2020, the related notes, and other information included elsewhere in this prospectus. This discussion and analysis
should also be read in conjunction with Unaudited Pro Forma Condensed Combined Financial Information. In addition to historical information,
this discussion and analysis includes certain forward-looking statements which reflect our current expectations. Our actual results may
materially differ from these forward-looking statements.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a renewable energy
company specializing in the capture and conversion of biogas for the (i) production of RNG for use as a vehicle fuel for heavy and medium-duty
trucking fleets, (ii) generation of Renewable Power for sale to utilities, (iii) generation and sale of Environmental Attributes associated
with RNG and Renewable Power, and (iv) sales of RNG as pipeline quality natural gas. We also design, develop, construct, operate and
service Fueling Stations for trucking fleets across the country that use natural gas to displace diesel as their transportation fuel.
The Biogas Conversion Projects currently use landfill gas and dairy manure as the source of the biogas. In addition, we have has recently
begun implementing design, development, and construction services for hydrogen fueling stations, and we are pursuing opportunities to
diversify its sources of biogas to other waste streams.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We separately design, develop,
construct, operate and service fueling stations for vehicle fleets across the country that dispense RNG and/or CNG to displace diesel
as a fleet transportation fuel. During the six months ended June 30, 2022, we dispensed 13.1 million gasoline gallon equivalents (&#8220;<b><i>GGEs</i></b>&#8221;)
of RNG to the transportation market, generating corresponding Environmental Attributes, utilizing its network of 241 Fueling Stations
in 40 states in the United States, including more than 32 stations in California as of July 31, 2022. This is a substantial increase
from 75 total stations as of December 2021, due to 129 new fueling stations from one fuel dispensing contract. We have has served as
the general contractor or supervised qualified third-party contractors to complete over 387 Fueling Station projects and currently service
more than 14,000 trucks on a daily basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Opco was formed in December
2020 as a wholly owned subsidiary of OPAL <span style="font-family: Times New Roman, Times, Serif">Holdco</span> under the laws of the
State of Delaware. On December 31, 2020, Fortistar and certain of its affiliated entities (for purposes of this discussion, our &#8220;<b><i>Ultimate
Parent</i></b>&#8221;) contributed their respective ownership interests in the following legal entities to Opco in a common-control reorganization:
TruStar Energy LLC, Fortistar RNG LLC, Fortistar Methane 3 Holdings LLC, Fortistar Methane 3 LLC, Fortistar Contracting LLC, Fortistar
Services LLC, Gas Recovery Systems, LLC, Minnesota Methane LLC and Fortistar Methane 4 LLC. Opco accounted for its receipt of these interests
as a transfer under common control, and accordingly retained the historical basis of accounting by its Ultimate Parent as if the entities
had always been held by Opco.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Recent Developments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Business combination
</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On July 21, 2022, we completed
the proposed business combination as per the terms of the Business Combination Agreement. In addition, pursuant to subscription agreements
entered into with certain investors (the &#8220;<b><i>PIPE Investors</i></b>&#8221;) in connection with the Business Combination (the
&#8220;<b><i>PIPE Investment</i></b>&#8221;), concurrently with the closing of the Business Combination (the &#8220;<b><i>Closing</i></b>&#8221;),
we received $105.8 million in proceeds from the PIPE Investors, in exchange for which we issued 10,580,600 shares of Class A common stock
to the PIPE Investors. We received the remaining $5 million subscribed for pursuant to the PIPE Investment from one of the PIPE Investors
subsequent to the Closing and issued 500,000 shares of Class A common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> After giving effect
to the Business Combination, the redemption of public shares as described below, the consummation of the PIPE Investment, and the separation
of the former ArcLight units, there are currently (i) 25,671,390 shares of our Class A common stock issued and outstanding, (ii) 144,399,037
shares of our Class D common stock issued and outstanding, (iii) no shares of Class B common stock, par value $0.0001 per share (&#8220;<b><i>Class
B common stock</i></b>&#8221;) issued and outstanding (shares of Class B common stock do not have any economic value but entitle the
holder thereof to one vote per share) and (iv) no shares of our Class C common stock, par value $0.0001 per share, (&#8220;<b><i>Class
C common stock</i></b>&#8221;) issued and outstanding (shares of Class C common stock entitle the holder thereof to five votes per share).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Class A common stock
and warrants commenced trading on Nasdaq under the symbols &#8220;OPAL&#8221; and &#8220;OPALW,&#8221; respectively, on July 22, 2022,
subject to ongoing review of our satisfaction of all listing criteria following the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An aggregate of $274.2 million
was paid from the trust account to holders that properly exercised their right to have their public shares redeemed, and the remaining
balance immediately prior to the Closing of $37.6 million remained in the trust account. The remaining amount in the trust account, together
with the proceeds from the PIPE Investment, were contributed by us to Opco after the set aside of funds in escrow to support a forward
purchase agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November 29, 2021, we
entered into a purchase and sale agreement with NextEra for the Environmental Attributes generated by the RNG Fuels business. Under this
agreement, we plan to sell a minimum of 90% of the Environmental Attributes generated and will receive net proceeds based on the agreed
upon price less a specified discount. A specified volume of Environmental Attributes sold per quarter will incur a small fee per environmental
attribute in addition to the specified discount. The agreement became effective in the first quarter of 2022. During the six months ended
June&#160;30, 2022, we earned net revenues after discount of $29.7 million under this contract which was recorded as part of our &#8220;RNG
fuels&#8221; revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On December 10, 2021, we
entered into a new 50/50 joint venture and formed Emerald RNG LLC (&#8220;<b><i>Emerald</i></b>&#8221;) to convert an existing electric
facility into an RNG facility. As of June&#160;30, 2022, we contributed $16.9 million as our share of capital investment towards the
project.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Financing</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 29, 2021, Mendocino Capital LLC (&#8220;<b><i>NextEra</i></b>&#8221;)
subscribed for up to 1,000,000 Series A preferred units, which are issuable (in whole or in increments) at our discretion prior to June
30, 2022. As of June&#160;30, 2022, we issued 1,000,000 units for total proceeds of $100.0 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Key Factors and Trends Influencing our Results
of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The principal factors affecting
our results of operations and financial condition are the markets for RNG, Renewable Power, and associated Environmental Attributes,
and access to suitable biogas production resources. Additional factors and trends affecting our business are discussed in &#8220;<i>Risk
Factors</i>&#8221; elsewhere in this prospectus.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Market Demand for
RNG</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Demand for our converted
biogas and associated Environmental Attributes, including RINs and LCFS credits, is heavily influenced by United States federal and state
energy regulations together with commercial interest in renewable energy products. Markets for RINs and LCFS credits arise from regulatory
mandates that require refiners and blenders to incorporate renewable content into transportation fuels. The EPA annually sets proposed
RVOs for D3 RINs in accordance with the mandates established by the EISA. The EPA&#8217;s issuance of timely and sufficient annual RVOs to
accommodate the RNG industry&#8217;s growing production levels is necessary to stabilize the RIN market. The current authorization for the
EPA&#8217;s issuance of RVOs will expire beginning in 2023, and the EPA may issue RVOs under a modified system that has yet to be developed,
which creates additional uncertainty as to RIN pricing. On the state level, the economics of RNG are enhanced by low-carbon fuel initiatives,
particularly well-established programs in California and Oregon (with several other states also actively considering LCFS initiatives
similar to those in California and Oregon). Federal and state regulatory developments could result in significant future changes to market
demand for the RINs and LCFS credits we produce. This would have a corresponding impact to our revenue, net income, and cash flow.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Commercial transportation,
including heavy-duty trucking, generates approximately 30% emissions of overall CO&#8322; and other climate-harming GHGs in the United
States, and transitioning this sector to low and negative carbon fuels is a critical step towards reducing overall global GHG emissions.
The adoption rate of RNG-powered vehicles by commercial transportation fleets will significantly impact demand for our products.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are also exposed to the
commodity prices of natural gas and diesel, which serve as alternative fuel for RNG and therefore impact the demand for RNG.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 66; Value: 1 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Renewable Power Markets</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We also generate revenues
from sales of RECs and Renewable Power generated by our biogas-to-Renewable Power projects. RECs exist because of legal and governmental
regulatory requirements, and a change in law or in governmental policies concerning Renewable Power, LFG, or the sale of RECs could be
expected to affect the market for, and the pricing of, the RECs that we can generate through production at our Biogas Conversion Projects.
We periodically evaluate opportunities to convert existing biogas-to-Renewable Power projects to RNG production. This strategy has been
an increasingly attractive avenue for growth when RNG from landfills became eligible for D3 RINs. We have been negotiating with several
of our Renewable Power off-takers to enter arrangements that would free up the LFG resource to produce RNG. Changes in the price we receive
for RECs and Renewable Power, together with the revenue opportunities and conversion costs associated with converting our LFG sites to
RNG production, could have a significant impact on our future profitability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Key Components of Our Results of Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We generate revenues from
the sale of RNG fuel, Renewable Power, and associated Environmental Attributes, and from the construction, fuel supply, and servicing
of Fueling Stations for commercial transportation vehicles. These revenue sources are presented in our statement of operations under
the following captions:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>RNG Fuel. </b>Revenues are derived from the production
and sale of RNG and Environmental Attributes to public utilities and other credit-worthy third parties, including direct sales of RNG
to commercial fueling stations. We generally sell brown gas in the spot market, RIN and LCFS credits under a medium-term contract, and
CNG under 10-year contracts. Contract pricing is generally based on market price at the time of delivery, and our contracts generally
do not have minimum volume commitments. Revenues presented under this caption include the results of our reportable segments &#8220;RNG
Fuel Supply&#8221; and &#8220;RNG Fuel Dispensing.&#8221;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>Renewable Power. </b>Revenues are derived from the production
and sale of both Renewable Power and RECs to public utilities and other credit-worthy counterparties under Power Purchase Agreements
(&#8220;<b><i>PPA</i></b>&#8221;)s and other arrangements throughout the United States. The majority of our Renewable Power and REC production
is sold together on a bundled basis under long-term contracts with fixed per-unit pricing, and without minimum volume commitments. Additionally,
we receive revenue from public utilities to maintain capacity so that peak electricity demand may be met on an as-needed basis and from
operating and maintenance agreements with landfill owners to maintain the site&#8217;s gas collection system. In an effort to reduce volatility
in our revenues earned from sale of Renewable Power, we enter into certain commodity swap arrangements from time to time. In these arrangements,
we deliver megawatt hour (&#8220;<b><i>MWh</i></b>&#8221;) capacity and receive a variable price based on market conditions. We convert
this variable fee to a fixed fee by paying or receiving funds from the counterparty to the commodity swap arrangement based on the difference
between the contract fixed price and the market price. Revenues presented under this caption include the results of our reportable segments
&#8220;Renewable Power 3 Portfolio&#8221; and &#8220;Renewable Power 4 Portfolio.&#8221;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>Fuel Station Services. </b>Revenues are derived from our
services to design and construct RNG vehicle fueling stations for fleet operators, and to provide ongoing maintenance services to station
owners. Our design and construction arrangements are generally performed within one year and have a guaranteed maximum fixed price. Our
maintenance services are generally performed under medium to long-term contracts with volume-based pricing. Revenues presented under
this caption include the results of our reportable segments &#8220;Fuel Construction Services&#8221; and &#8220;Fuel Station Services.&#8221;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our costs of sales associated with each revenue
category are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>RNG Fuel. </b>Includes royalty payments to biogas site
owners for the gas we capture; service provider costs; salaries and other indirect expenses related to the production process; utilities;
transportation, storage, and insurance; and depreciation of production facilities.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>Renewable Power. </b>Includes land usage costs; service
provider costs; salaries and other indirect expenses related to the production process; utilities; and depreciation of production facilities.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>Fuel Station Services.</b> Include equipment supplier
costs; service provider costs; and salaries and other indirect expenses.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Selling, general, and administrative
expense consists of costs involving corporate overhead functions, including cost of services provided to us by an affiliate, and marketing
costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Depreciation and amortization
primarily relate to depreciation associated with property, plant, and equipment and amortization of acquired intangibles arising from
PPAs and interconnection contracts. We are in the process of expanding our RNG and Renewable Power production capacity and expect depreciation
costs to increase as new projects are placed into service.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">See our period-over-period
comparisons below for more information about our performance for the six months ended June&#160;30, 2022 and 2021, as well as the fiscal
years ended December&#160;31, 2021 and 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Comparison of the
Six Months Ended June&#160;30, 2022, and 2021, and the Fiscal Years Ended December&#160;31, 2021 and 2020</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table presents
the period-over-period change for each line item in the Company&#8217;s statement of operations for the six months ended June&#160;30, 2022
and 2021 and the fiscal years ended December&#160;31, 2021 and 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Six Months Ended<br/> June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">%</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fiscal Year Ended<br/> December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">$</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; font-style: italic; border-bottom: Black 1.5pt solid">(in thousands)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Change</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Change</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Change</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Revenues:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; text-align: left; text-indent: -9pt; padding-left: 9pt">RNG fuel</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">50,815</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">19,174</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">31,641</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 6%; text-align: right">165</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">70,360</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">11,545</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">58,815</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(5</td><td style="text-align: left">)%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">68</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">29,380</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20,474</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,906</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,059</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,499</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">62</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,653</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,338</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,315</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(17,689</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Revenues</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>RNG Fuel</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from RNG Fuel increased
by $31.6 million, or 165%, for the six months ended June&#160;30, 2022 compared to the six months ended June&#160;30, 2021. This change
was attributable primarily to a $22.0 million increase from acquiring the remaining 56% interest in Beacon. Beacon was accounted for
as an equity method investment for the period between January 1 to April 30, 2021. There was an increase of $6.8 million from sale of
environmental credits coupled with an increase of $1.4 million in fuel dispensing from increase in volumes due to five new sites. Additionally,
there was an revenue increase of $1.0 million due to two new RNG facilities coming online - Sunoma and New River.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 68; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from RNG Fuel increased
by $58.8 million, or 509%, for the year ended December&#160;31, 2021 compared to the year ended December&#160;31, 2020. This change was
primarily attributable to the introduction of Beacon revenues upon consolidation in 2021 and the termination of an off-market RNG sales
agreement effective in late 2020 resulting in an increase of revenues of $47.3 million. Additionally, revenues increased from the sale
of environmental credits of $8.1 million primarily due to increased volumes, and an increase in fuel dispensing sales of $2.9 million
as a result of an increase in third party dispensing and OPAL-owned fueling stations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Renewable Power</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from Renewable Power
decreased by $2.3 million, or 11%, for the six months ended June&#160;30, 2022 compared to the six months ended June&#160;30, 2021. This
change was attributable primarily due to a decrease of $1.9 million from gas production downtime related to the conversion of a facility
from Renewable Power to RNG. Additionally, there was a decrease of $1.0 million due to unplanned maintenance at two facilities offset
by a $1.0 million decrease in unrealized loss on commodity swaps.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from Renewable Power
decreased by $5.9 million, or 12%, for the year ended December 31, 2021 compared to the year ended December 31, 2020. This change was
attributable primarily to a decrease of $3.1 million from the reduction in production volumes as a result of closure of two facilities
that were impaired in December 2020. Additionally, there was a reduction of $1.3 million due to the change in fair value of commodity
swap contracts, a $0.7 million decrease due to the expiration of an existing contract, and a $0.6 million decrease from lower volume
of REC sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Fuel Station Service</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from Fuel Station
Service increased by $15.1 million, or 88%, for the six months ended June&#160;30, 2022 compared to the six months ended June&#160;30,
2021. This change was primarily attributable to an increase of $12.8 million in construction revenue from additional projects and an
increase of $2.6 million from additional service volumes from the addition of 16 new fueling service sites.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Revenue from Fuel Station
Service decreased by $4.5 million, or 8%, for the year ended December 31, 2021 compared to the year ended December 31, 2020. This was
primarily attributable to a decrease of revenue by $7.2 million from third party construction projects which were delayed into 2022,
partially offset by an increase in revenues from fuel station services of $2.6 million as we built new fuel stations during the year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cost of sales</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>RNG Fuel</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cost of sales from RNG Fuel
increased by $19.8 million, or 179%, for the six months ended June&#160;30, 2022 compared to the six months ended June&#160;30, 2021.
This change was attributable primarily to the introduction of Beacon&#8217;s cost of sales upon consolidation in the second quarter of
2021 resulting in an increase of $9.8 million. There was an increase of $2.2 million from new RNG facilities coming online at Sunoma
and New River. The Company incurred $0.8 million of development costs for its Emerald and Central Valley facilities that are currently
under construction. Additionally, there was an increase of $4.8 million in costs in downstream dispensing and an increase of $1.7 million
in costs for additional brown gas sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cost of sales from RNG Fuel
increased by $33.7 million, or 457%, for the year ended December 31, 2021 compared to the year ended December 31, 2020. This change was
attributable primarily to the introduction of Beacon&#8217;s cost of sales upon consolidation in 2021 resulting in an increase of $22.4
million, a $1.9 million increase in development costs for building new RNG facilities and a $8.8 million increase relating to increased
dispensing fees from an increased volume of environmental credits generated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Renewable Power</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cost of sales from Renewable
Power decreased by $1.9 million, or 11%, for the six months ended June&#160;30, 2022 compared to the six months ended June&#160;30, 2021.
The decrease was primarily attributable to a $0.7 million decrease in major maintenance at two of our facilities due to timing and a
$0.9 million decrease in LFG expense at one of our facilities due to lower Renewable Power generation due to gas issues.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cost of sales from Renewable
Power decreased by $6.6 million, or 17%, for the year ended December 31, 2021 compared to the year ended December 31, 2020. This change
is attributable primarily to closure of two facilities that were previously impaired in December 2020, a $0.4 million decrease as a result
of lower royalty fees, and a $2.5 million decrease relating to timing of major maintenance on existing facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Fuel Station Service</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cost of sales from Fuel
Station Service increased by $14.4 million, or 101%, for the six months ended June&#160;30, 2022 compared to the six months ended June&#160;30,
2021. This change was primarily attributable to an increase of $13.3 million from construction of additional projects and an increase
of $1.0 million increase in service from higher volumes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cost of sales from Fuel
Station Service decreased by $2.2 million, or 5%, for the year ended December 31, 2021 compared to the year ended December 31, 2020.
This change was attributable primarily to a decrease in costs of $5.2 million for third party construction projects due to delays into
2022, offset by increase in the cost of the construction project by $2.8 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Selling, general, and administrative</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Selling, general, and administrative
expenses increased by a total of $7.6 million, or 68%, for the six months ended June&#160;30, 2022 compared to the six months ended June&#160;30,
2021. This change was attributable primarily to higher employee headcount and related compensation and benefit expenses of $3.8 million
to support our organic growth, an increase of $2.1 million in professional fees and audit fees relating to our efforts to become a publicly
traded company, an increase of $1.7 million in IT-related expenses as we invested to improve our technology platforms and $0.7 million
in insurance and marketing expenses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Selling, general, and administrative
expenses increased by a total of $8.9 million, or 43%, for the year ended December 31, 2021 compared to the year ended December 31, 2020.
This change was attributable primarily to higher employee headcount and related compensation and benefit expenses of $5.8 million to
support our organic growth year-over-year, and a $4.6 million increase in professional fees related to audit, tax, legal and consulting
fees. These costs are related to setting up the administrative, compliance, and governance structure required for operating a public
company which do not qualify for capitalization. The noted increases were partially offset by a gain of $1.5 million recorded as a reduction
of Selling, general and administrative expenses relating to a legal settlement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Depreciation, amortization,
and accretion</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Depreciation, amortization,
and accretion increased by a total of $2.5 million, or 62%, for the six months ended June&#160;30, 2022 compared to the six months ended
June&#160;30, 2021. This change was attributable primarily to the introduction of Beacon&#8217;s property, plant and equipment balances
upon consolidation in the second quarter of 2021, increasing our depreciation expense by $0.8 million. Additionally, there was an increase
of $0.8 million due to two new RNG facilities coming online at Sunoma and New River, $0.6 million of accelerated depreciation relating
to shutdown of one of our Renewable Power generation facilities and $0.2 million increase upon construction of new fueling stations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Depreciation, amortization,
and accretion increased by a total of $2.3 million, or 28%, for the year ended December 31, 2021 compared to the year ended December
31, 2020. This change was attributable primarily to the introduction of Beacon&#8217;s property, plant and equipment balances upon consolidation
in 2021 increasing our depreciation expense by $2.1 million, a $0.4 million increase from new downstream dispensing sites becoming operational,
a $0.1 million increase from one additional RNG facility becoming operational during the fourth quarter of 2021, partially offset by
a $0.3 million decrease due to lower depreciation on assets in our Renewable Power business because of the impairment recognized in December
2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Gain on termination of PPA</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Gain on termination of PPA
decreased by $1.3 million or 100% for the year ended December 31, 2021 compared to the year ended December 31, 2020. This change was attributable
primarily to the closure of a facility by a mutual agreement with a customer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Loss on sale/disposal
of assets</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There was no loss or gain
on the sale/disposal of assets for the six months ended June 30, 2022 and 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">Loss on disposal assets decreased
by $0.2 million or 100% for the year ended December 31, 2021 compared to the year ended December 31, 2020 due to certain losses being
incurred for write-offs of property, plant and equipment in the prior year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Interest and financing
expense, net</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Interest and financing expenses,
net, increased by $3.1 million, or 94%, for the six months ended June&#160;30, 2022 compared to the six months ended June&#160;30, 2021.
This change was primarily due to increase in outstanding debt from OPAL term loan resulting in an increase in an interest expense of $1.7
million (includes $0.4 million of amortization of deferred financing costs), $1.2 million of paid-in-kind interest on Convertible note
payable relating to acquisition of Beacon, $0.9 million increase from the Sunoma loan as the interest expense was expensed for the six
months ended June&#160;30, 2022 whereas the interest was capitalized in the same period prior year as because the construction was completed
during the first quarter of 2022. These were offset by savings of $0.3 million on TruStar revolving credit facility as it was paid down
in October 2021 and a $0.9 million increase in interest income from Note receivable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Interest and financing expenses,
net increased by $0.8 million, or 12%, for the year ended December 31, 2021 compared to the year ended December 31, 2020. The increase
is primarily attributable to the increase in the interest on the convertible note payable of $3.3 million, $0.6 million increase in interest
on the OPAL term loan, partially offset by a decrease of $0.9 million in interest on the senior secured facility, a $1.7 million decrease
in interest on the TruStar revolver facility which was repaid in October 2021, and a $0.5 million increase in income received from patronage
dividends in the current year compared to prior year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Realized and unrealized
gain on interest rate swaps</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Realized and unrealized gain
on interest rate swaps increased by $0.3 million, or 1829%, for the six months ended June&#160;30, 2022 compared to the six months ended
June&#160;30, 2021. This change was attributable primarily to fair value adjustments in connection with our interest rate swaps.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Realized and unrealized gain
(loss) on interest rate swaps increased by $2.3 million, or 105%, for the year ended December 31, 2021 compared to the year ended December
31, 2020. This change was attributable primarily to fair value adjustments in connection with our interest rate swaps.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Net (Loss) Income from
equity method investment</i></b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Net (loss) income attributable
to equity in method investments decreased by $2.4 million, or 102%, for the six months ended June&#160;30, 2022, compared to the six months
ended June&#160;30, 2021. This change was attributable primarily to a decrease of $2.4 million from Beacon being accounted for under the
equity method for the period between January 1, 2021 and April 30, 2021 and as a consolidated subsidiary thereafter. For the six months
ended June 30, 2022, there was net loss from equity method investments in the Pine Bend, Noble Road and GREP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Net income (loss) attributable
to equity method investments increased by $2.7 million, or 577%, for the year ended December 31, 2021 compared to the year ended December
31, 2020. This change was attributable primarily to the increase in net income of Beacon of $2.4 million offset by our share of net loss
from our investment in GREP for the period between August 2021 and December 2021 of $0.1 million as compared to net loss of $0.5million
for Beacon for the year ended December 31, 2020. Upon the step acquisition of the 56% of controlling interest in Beacon in May 2021, the
results of Beacon were consolidated in the financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Gain on acquisition of equity
method investment</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There was no gain on equity
method investment for the six months ended June&#160;30, 2022. The gain on acquisition of equity method investment was $19.8 million for
the six months ended June 30, 2021 primarily due to our step acquisition of the remaining interest in Beacon in May 2021.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The gain on acquisition of
equity method investment increased by $19.8 million, or 100%, for the year ended December&#160;31, 2021 compared to the year ended December&#160;31,
2020. This change was attributable primarily to our step acquisition of the remaining interest in Beacon in May 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Gain on deconsolidation of entities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">As of December 31, 2021,
we re-assessed our equity interests in Pine Bend and Noble Road under ASC 810, <i>Consolidation,</i> and determined the entities no longer
meet any of the characteristics of a variable interest entity primarily because the two projects are fully funded and there is sufficient
equity at risk as of December 31, 2021. We determined that we should account for our interests in both entities under the equity method
of accounting pursuant to ASC 323, <i>Investments Equity Method and Joint Ventures</i>, prospectively, as we have the ability to exercise
significant influence, but not control, over both entities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Prior to December 31, 2021,
we consolidated these entities in accordance with the variable interest entity model guidance under ASC 810, <i>Consolidation</i>. Upon
deconsolidation, we remeasured the fair value of the retained investment and recognized a gain of $3.1 million on Pine Bend and $11.9
million on Noble Road in its consolidated statement of operations for the year ended December 31, 2021 and a corresponding increase in
our basis in &#8220;Investment in other entities&#8221; on our consolidated balance sheet as of December 31, 2021. The fair value of the
retained investment was measured based on discounted cash flows model in which the future net cash flows from the two RNG facilities were
discounted to their present value using a discount factor of 20%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Paid-in-kind preferred dividends</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">On November 29, 2021, we
entered into an exchange agreement with Hillman whereby Hillman exchanged its ownership interests in the four RNG projects of $30.0 million
into 300,000 <span style="font-family: Times New Roman, Times, Serif">Series A-1 Preferred Units</span> at a par value of $100 per unit
and 1.4% of the common units of Opco. On the same day, we entered into a subscription agreement with NextEra for up to 1,000,000 Series
A Preferred Units, which were issued to NextEra during first and second quarters of 2022 for total proceeds of $100.0 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Both Series A Preferred Units
and Series A-1 Preferred Units carry an interest of 8% dividend payable quarterly either in cash or paid-in-kind for the first eight quarters
at the option of the Company. The Company recorded the paid-in-kind dividends of 1.2 million on Series A-1 Preferred Units and 1.2 million
on Series A Preferred Units for the six months ended June&#160;30, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There was $0.2 million and
$- paid-in-kind preferred dividend for the years ended December 31, 2021 and 2020, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity and Capital Resources</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Liquidity</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">As of June&#160;30, 2022,
our liquidity consisted of cash and cash equivalents including restricted cash of $100.3 million. The completion of the Business Combination
in July resulted in an additional cash infusion of $123.4 million. The Company received the remaining $5 million subscribed for pursuant
to the PIPE Investment from one of the PIPE Investors subsequent to the Closing and issued 500,000 shares of Class A common stock. Additionally,
we entered into a senior secured credit facility which provides an approximately two year delayed term loan facility (the &#8220;<b><i>DDTL
Facility</i></b>&#8221;) of up to a maximum aggregate principal amount of $100.0 million and Debt Service Reserve facility (the &#8220;<b><i>DSR
Facility</i></b>&#8221;) of up to a maximum aggregate principal amount of $5.0 million. The proceeds of the DDTL Facility are to be used
to fund a portion of the construction of the RNG projects owned, either in full or through a joint venture with a third party, by the
subsidiary guarantors and the proceeds of DSR Facility are to be used solely to satisfy the balance to be maintained in the debt service
reserve account. Please see Note 16, <i>Subsequent Events, </i>to our condensed consolidated financial statements beginning on page F-22
for additional information. Additionally, we expect to have an additional $35.0 million available under the OPAL term loan in the second
half of 2022 upon the commencement of operations of three additional RNG facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 72; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We expect that our available
cash following the consummation of the Business Combination and PIPE Investment, together with our other assets, expected cash flows from
operations, and available lines of credit under various debt facilities will be sufficient to meet our existing commitments for a period
of at least twelve months following the date of this prospectus. Any reduction in demand for our products or our ability to manage our
production facilities may result in lower cash flows from operations which may impact our ability to make investments and may require
changes to our growth plan. See &#8220;<i>Risk Factors</i>&#8221; and &#8220;<i>Cautionary Statement Regarding Forward-Looking Statements</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">To fund future growth, we
may seek additional capital through equity or debt financings. The amount and timing of our future funding requirements will depend on
many factors, including the pace and results of our project development efforts. We may be unable to obtain any such additional financing
on acceptable terms or at all. Our ability to access capital when needed is not assured and, if capital is not available when, and in
the amounts, needed, we could be required to delay, scale back or abandon some or all of our development programs and other operations,
which could materially harm our business, prospects, financial condition, and operating results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">As of June&#160;30, 2022,
we had total indebtedness excluding deferred financing costs of $244.1 million in principal amount which primarily consists of $80.1 million
under the Senior secured credit facility, $60.8 million under the Convertible note payable, $83.6 million under the OPAL term loan, $174,000
under the Municipality loan and $19.4 million under the Sunoma loan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">As part of our operations
we have arrangements for office space for our corporate headquarters under the Administrative Services Agreement as well as operating
leases for office space, warehouse space, and our vehicle fleet.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We intend to make payments
under our various debt instruments when due and pursue opportunities for earlier repayment and/or refinancing if and when these opportunities
arise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">See Note 7, <i>Borrowings,
</i>to our condensed consolidated financial statements beginning on page F-58.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cash Flows</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The following table presents the Company&#8217;s cash
flows for the six months ended June&#160;30, 2022 and 2021, and the years ended December 31, 2021 and 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Six
Months Ended <br/>
June&#160;30,</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Fiscal
Year Ended<br/>
 December&#160;31,</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">(in thousands)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 52%; text-align: left">Net cash (used in) provided&#160;&#160;from operating activities</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(9,438</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">16,808</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">18,856</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,287</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(54,298</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(28,752</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(117,204</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(22,179</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Net increase in cash, restricted cash, and cash equivalents</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right">16,334</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">26,666</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Net Cash Provided by Operating Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net cash used in operating
activities for the six months ended June&#160;30, 2022 was $9.4 million, a decrease of $26.2&#160;million compared to net cash provided
of $16.8 million for the six months ended June&#160;30, 2021. The decrease in cash provided by operating activities was primarily attributable
to an increase in net operating losses year over year and negative working capital changes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Net cash provided by operating
activities for the year ended December 31, 2021 was $18.9 million compared to the $2.3 million for the year ended December 31, 2020. The
increase in cash provided by operating activities was primarily attributable to an increase in top line revenue growth as well as profitability
due to the step acquisition of Beacon, and the sale and pricing increase of environmental credits year over year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Net Cash Used in Investing Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Net cash used in investing
activities for the six months ended June&#160;30, 2022 was $54.3 million , an increase of $25.5 million compared to the $28.8 million
used in investing activities for the six months ended June&#160;30, 2021. This was primarily driven by more payments made for the construction
of various RNG generation and dispensing facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Net cash used in investing
activities for the year ended December 31, 2021 was $117.2 million, compared to the $22.2 million used in investing activities for the
year ended December 31, 2020. This was primarily driven by the purchase of property, plant, and equipment for $89.6 million relating to
construction of various RNG generation and dispensing facilities, cash paid for 20% equity interest of another RNG facility of $1.6 million,
cash acquired from business acquisition of $2.0 million, deconsolidation of VIEs net of cash of $21.2 million, and disbursements for note
receivable of $10.5 million<span style="font-family: Times New Roman, Times, Serif">.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 73; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></span></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Net Cash Provided by Financing Activities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Net cash provided from financing
activities for the six months ended June&#160;30, 2022 was $122.0 million, an increase of $93.7&#160;million compared to the $28.3 million
provided from financing activities for the six months ended June&#160;30, 2021. This was primarily driven by issuance of preferred units
for total proceeds of $100.0 million, proceeds from the OPAL term loan of $15.0 million, proceeds from the Sunoma loan of $1.0 million,
capital contribution from a joint venture of $16.9 million offset by debt repayments of $1.2 million and $6.4 million on the Senior Secured
Facility and the OPAL term loan, respectively, and $3.2 million paid as financing costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Net cash provided from financing
activities for the year ended December 31, 2021 was $125.0 million, compared to the $21.4 million for the year ended December 31, 2020.
This was primarily driven by partial divesting of ownership interests in our RNG generating construction projects to NextEra for $21.6
million, issuance of non-controlling interest to Hillman of $16.6 million, contributions from non-controlling interests from NextEra of
$7.8 million, contributions from Hillman of $13.4 million, contributions from members of $7.5 million, proceeds from the Opal term loan
$75.0 million, and proceeds from the construction loan under the Sunoma loan of $15.7 million which was offset by repayment of the term
loan under the Senior secured credit facility of $4.9 million, purchase of non-controlling interests of $5.0 million, financing costs
paid to lenders of $3.6 million and distributions to members of $3.7 million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Capital Expenditures</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We require cash to fund our
capital expenditures, operating expenses and working capital and other requirements, including costs associated with fuel sales; outlays
for the design and construction of new Fueling Stations and RNG production facilities; debt repayments and repurchases; maintenance of
our electrification production facilities supporting our operations, including maintenance and improvements of our infrastructure; supporting
our sales and marketing activities, including support of legislative and regulatory initiatives; any investments in other entities; any
mergers or acquisitions, including acquisitions to expand our RNG production capacity; pursuing market expansion as opportunities arise,
including geographically and to new customer markets; and to fund other activities or pursuits and for other general corporate purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">As of June&#160;30, 2022,
we have budgeted for $368.0 million in capital expenditures for the next 12 months, of which $269.0 million is committed under existing
contracts. These expenditures do not include any expected contributions from our joint venture and non-controlling interest partners and
primarily relate to our development of new RNG facilities and the purchase of equipment used in our Fueling Station services and Renewable
Power operations<b>.</b> We plan to fund these expenditures primarily through cash on hand, cash generated from operations, and cash from
the Business Combination and PIPE Investment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Contractual Obligations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The following table presents
cash requirements arising from our contractual obligations as of June&#160;30, 2022. For the avoidance of doubt, this excludes cash requirements
associated with new financing arrangements executed after June&#160;30, 2022:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">(in thousands)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left"><span style="font-size: 10pt">Senior secured facility &#8211; working capital facility<sup>(1)</sup></span></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">110,225</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">The debt is due to be fully repaid in December 2022.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">The debt payments represent the quarterly amortization payments
due to be paid per the terms of the Municipality 	loan.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></span></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: justify">Represents the fair value of the convertible note payable
as of June 30, 2022 which includes $5.4 million of payment-	in-kind interest. In connection with our step acquisition of Beacon in
May 2021, we issued Ares a convertible note 	recorded at a fair value of $55.4 million. The original principal balance of the note
was $50.0 million with interest 	accrued at 8.0% per annum and is convertible into our equity pursuant to qualified events. On July
21, 2022, 50% 	of the Convertible note payable was converted to equity upon consummation of the Business Combination.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(4)</td><td style="text-align: justify">The debt payments represent the quarterly amortization payments
due to be paid per the terms of the OPAL 	term 	loan.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(5)</td><td style="text-align: justify">Lease commitments represent payments due on our office and
vehicle leases.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Off-Balance Sheet Arrangements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">As of June&#160;30, 2022,
we do not have any off-balance sheet arrangements, as defined in Item 303 of Regulation S-K, that are reasonably likely to have a current
or future material effect on our financial condition, results of operations, liquidity, capital expenditures, or capital resources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Critical Accounting Policies and Use of Estimates</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b>The preparation of financial
statements in conformity with generally accepted accounting principles in the United States (&#8220;<i>GAAP</i>&#8221;) requires management
to make estimates and assumptions that affect the reported amounts and disclosures in our financial statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The significant estimates
and assumptions of the Company are residual value of the useful lives of our property, plant and equipment, the fair value of stock-based
compensation, the estimated losses on our trade receivables, the fair value of Convertible note payable (as defined below), Asset retirement
obligations, the impairment assessment of goodwill and the fair value of derivatives. Actual results could differ from those estimates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The critical accounting
policies discussed below are a subset of Note 2, <i>Summary of Significant Accounting Policies</i>, to our condensed consolidated financial
statements beginning on page F-11. The policies outlined in this section involve a significant level of estimation uncertainty and are
reasonably likely to have a material impact on our financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Revenue Recognition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Renewable Power</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We sell Renewable Power produced
from LFG fueled power plants to utility companies through our PPAs. Revenue is recognized based on contract specified rates per MWh when
delivered to the customer, as this considered to be completion of the performance obligation. Certain PPAs contain a lease element which
we account for as operating lease revenue on a straight-line basis over the lease term. The Company utilizes commodity swap contracts
to hedge against the unfavorable price fluctuations in market prices of electricity. The Company does not apply hedge accounting to these
contracts. As such, unrealized and realized gain (loss) is recognized as component of Renewable Power revenues in the condensed consolidated
statement of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Gas &#8212; Fuel Purchase
Agreements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We own Fueling Stations for
use by customers under fuel sale agreements. We bill these customers at an agreed upon price for each gallon sold and recognizes revenue
based on the amounts invoiced in according with the &#8220;right to invoice&#8221; practical expedient. These contracts may contain an
embedded lease of the equipment which we account for as operating lease revenue. For some public stations where there is no contract with
the customer, we recognize revenue at the point in time that the customer takes control of the fuel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Interstate Gas Pipeline
Delivery</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We have agreements with two
natural gas producers whereby we are contracted to transport the producers&#8217; gas to an agreed delivery point on an interstate gas pipeline
via our RNG gathering system. Revenue is recognized over time using the output method which is based on quantity of natural gas transported.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Environmental Attributes</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We generate RECs, RINs, and
LCFS credits. These Environmental Attributes are sold to third parties that utilize these credits in order to comply with federal and
state requirements. Revenue is recognized at the point in time when the credits are transferred to and accepted by the third party buyer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Operation and Maintenance</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We have operating and maintenance
(&#8220;<b><i>O&amp;M</i></b>&#8221;) agreements in which we are contracted to operate, maintain, and repair landfill site gas collection
systems. Revenue is based on the volume of per million British thermal units (&#8220;<b><i>MMBtu</i></b>&#8221;) of landfill gas collected
and the MWhs produced at that site. This revenue is recognized as Renewable Power revenue when landfill gas is collected and Renewable
Power is delivered. In addition, we have O&amp;M agreements in which we are contracted to maintain and repair Fueling Stations. Revenue
is based on the volumes of GGEs of gas dispensed at the site. This revenue is recognized as Fuel Station Services revenue when the site
dispenses volumes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Construction Type Contracts
&#8212; Third Party</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We have various fixed price
contracts for the construction of fueling stations for customers. Revenue from these contracts, including change orders, are recognized
over time, with progress measured by the percentage of cost incurred to date to estimated total cost for each contract.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Impairment of Goodwill
and Long-Lived Assets</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="text-decoration:underline">Impairment of Goodwill</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">When a business is acquired,
goodwill is recognized to reflect any future economic benefits that are not separately recognized, such as synergies. For purposes of
impairment testing, GAAP requires goodwill to be allocated to reporting unit(s) at the acquisition date and to be tested for impairment
at least annually, and in between annual tests whenever events or changes in circumstances indicate that the respective reporting unit&#8217;s
fair value is less than its carrying value. Significant judgment is required when identifying the reporting units for goodwill allocation,
during our assessment of relevant events and circumstances for qualitative impairment indicators, and when estimating the undiscounted
cash flows of reporting unit(s) for quantitative impairment assessments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our goodwill impairment assessment
is performed during the fourth quarter of each year or at the time facts or circumstances indicate that a reporting unit&#8217;s goodwill may
be impaired. In conformity with GAAP, we generally first perform a qualitative assessment over whether it is more likely than not that
a reporting unit&#8217;s fair value is less than its carrying value to determine if a quantitative assessment is required. If, after performing
the qualitative assessment, we conclude it is more likely than not that the fair value of the reporting unit is less than its carrying
value, then a quantitative test is required. Our qualitative assessment includes evaluation of relevant events and circumstances, such
as, macroeconomic conditions, industry and market considerations, cost factors, overall performance, and other relevant events.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">As part of our quantitative
assessment, we estimate a reporting unit&#8217;s fair value based on the income approach. With this approach, the fair value measurement is
based on significant inputs that are not observable in the market and thus the fair value measurement is categorized within Level 3 of
the fair value hierarchy. Our assumptions include future cash flow projections, a discount rate range based on the weighted average cost
of capital, and a terminal value based on a range of terminal earnings before interest, taxes, depreciation, and amortization.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="text-decoration:underline">Impairment of Long-Lived Assets</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our long-lived assets held
and used with finite useful lives including plant equipment, buildings, patents, and PPAs are reviewed for impairment whenever events
or changes in circumstances indicate that the asset group may not be recoverable. In determining the asset group, we assess the interdependency
of revenues between assets, shared cost structures, the interchangeability of assets used in operations, and how assets are managed and
utilized by the business. Events that may trigger a recoverability assessment include a significant adverse change in the extent or manner
in which the long-lived asset group is being used or in its physical condition, and the expectation that, more likely than not, the long-lived
asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. Recoverability
of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset group to future net undiscounted
cash flows expected to be generated by the asset group. Our cash flow estimates reflect conditions and assumptions that existed as of
the measurement date which is the same as the triggering event date. The assets are considered recoverable and an impairment loss is not
recognized when the undiscounted net cash flows exceed the net carrying value of the asset group. If the assets are not recoverable, then
an impairment loss is recognized to the extent that the carrying value of the asset group exceeds its fair value. We base the fair value
of our assets or asset groups off of the estimated discounted future cash flows using market participant assumptions. Assets disposed
of are reported at the lower of the carrying amount or fair value less selling costs. Significant judgment is required when determining
asset group composition, during our assessment of relevant events and circumstances, when determining an appropriate discount rate, and
when estimating the undiscounted and discounted future cash flows of the asset group.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Based on our assessment for
the six months ended June&#160;30, 2022, there is no impairment recorded on our Plant, Property and Equipment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Fair Value Measurements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The objective of a fair value
measurement is to estimate the exit price, which is the price that would be received to sell an asset or paid to transfer a liability
that the Company holds, in an orderly market transaction at the measurement date. We follow GAAP guidance which establishes a three-tier
hierarchy for inputs used in fair value measurements, as well as prioritizes valuation techniques that maximize the use of observable
inputs and minimizes the use of unobservable inputs. In summary, level 1 inputs are considered the most observable inputs and are more
specifically the unadjusted quoted price for identical assets or liabilities in an active market the Company has access to. Level 2 inputs
are considered less observable inputs such as quoted prices for similar assets or liabilities in an active market the Company has access
to. Lastly, level 3 inputs are unobservable inputs in which little to no market activity exists for the asset or liability at the measurement
date. As such, level 3 estimates are subject to a more significant level of estimation uncertainty. Furthermore, when multiple inputs
are used and are categorized in different levels of the input hierarchy, then the fair value measurement in its entirety is categorized
in the same level as its lowest level input that is significant to the fair value measurement. Our assessment of the significance of an
input to a fair value measurement requires judgment and may affect the fair value measurement&#8217;s placement in the fair value hierarchy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Refer to Note 9, <i>Derivative
Financial Instruments and Fair Value Measurements,</i> to our condensed consolidated financial statements, for details on our assets and
liabilities regularly recorded at fair value and the respective placements in the fair value hierarchy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Impact of COVID-19</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">In response to the COVID-19
pandemic, we instituted a safety committee that oversees our compliance with federal, state, and local government mandates, and ensures
that the Company adheres to Centers for Disease Control (&#8220;<b><i>CDC</i></b>&#8221;) guidelines to maintain safe working conditions
for our employees. Some of the protocols we implemented include limiting in-person work to essential personnel and performing temperature
checks. Since March 2020, where practicable, our employees have worked remotely and minimized travel and other non-essential contact.
Additionally, we are providing our employees with COVID-19 testing at no cost and personal protective equipment for their safety and well-being.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">As of the date of this prospectus,
the COVID-19 pandemic has had a relatively minimal economic impact on our results of operations. In May 2020, we received a $1.8 million
PPP loan. At the time we applied for the loan there was considerable uncertainty as to the impact of the pandemic to our operations and
the U.S. economy in general. However, as our operations have been designated &#8220;essential critical infrastructure work&#8221; in the
energy sector by the U.S. Department of Homeland Security, we have been able to fully continue our operations. We have not experienced
either a decline in our customer base or employee layoffs. In November 2020, the full amount of the PPP loan was forgiven. Aside from
the PPP loan, any other impacts to our financial condition have been minimal.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The duration and future economic
severity of the COVID-19 remains uncertain, and our results of operations and financial condition could potentially face material adverse
effect(s) in the future due to COVID-19. For additional information regarding the possible impact of the COVID-19 pandemic on our business,
see the section titled &#8220;<i>Risk Factors</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Emerging Growth Company Status</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We are an emerging growth
company as defined in the JOBS Act. The JOBS Act provides emerging growth companies with certain exemptions from public company reporting
requirements for up to five fiscal years while a company remains an emerging growth company. As part of these exemptions, we need only
provide two fiscal years of audited financial statements instead of three, we have reduced disclosure obligations such as for executive
compensation, and we are not required to comply with auditor attestation requirements from Section 404(b) of the Sarbanes-Oxley Act regarding
our internal control over financial reporting. Additionally, the JOBS Act has allowed us the option to delay adoption of new or revised
financial accounting standards until private companies are required to comply with new or revised financial accounting standards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Quantitative and Qualitative Disclosures About
Market Risk</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We are exposed to market
risks related to Environmental Attribute pricing, commodity pricing, changes in interest rates and credit risk with our contract counterparties.
We currently have no foreign exchange risk and do not hold any derivatives or other financial instruments purely for trading or speculative
purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We employ various strategies
to economically hedge these market risks, including derivative transactions relating to commodity pricing and interest rates. Any realized
or unrealized gains or losses from our derivative transactions are reported within corporate revenue and other income/expense in our consolidated
financial statements. For information about our gains or losses with respect to our derivative transactions and the fair value of such
financial instruments, see Note 9, <i>Derivative Financial Instruments and Fair Value Measurements,</i> to our condensed consolidated
financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Commodity Price Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The energy markets have been
historically very volatile and we expect that the Renewable Power prices to fluctuate in a wide range. In an effort to reduce volatility
in our revenues earned from sale of Renewable Power, we entered into certain commodity swap arrangements - the International Swaps and
Derivatives Association Agreement (&#8220;<b><i>ISDA</i></b>&#8221;) entered into in 2019, and an amendment that converted a PPA into
a commodity swap contract entered into 2018. In these arrangements, we deliver MWh capacity and receive a variable price based on market
conditions. We convert this variable fee to a fixed fee by paying or receiving funds from the counterparty to the commodity swap arrangement
based on the difference between the contract fixed price and the market price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The following table summarizes
the commodity swaps in place as of June&#160;30, 2022 and December&#160;31, 2021. There were no new commodity swap contracts entered in
the six months ended June&#160;30, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Trade Date</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Period From</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Period To</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Notional Quantity per Year (&#8220;MWh&#8221;)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Average Contract Price <br/>
(per MWh)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 38%">December 14, 2018</td><td style="width: 1%">&#160;</td>
    <td style="width: 18%; text-align: center; padding-left: 2.65pt">January 1, 2019</td><td style="width: 1%">&#160;</td>
    <td style="width: 18%; text-align: center; padding-left: 2.65pt">September 30, 2022</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">34,554</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">66.12</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>October 28, 2021</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 2.65pt">November 1, 2021</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 2.65pt">December 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,660</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">48.75</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>December 27, 2021</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 2.65pt">January 1, 2022</td><td>&#160;</td>
    <td style="text-align: center; padding-left: 2.65pt">December 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,280</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">50.75</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We have prepared a sensitivity
analysis to estimate our exposure to market risk with respect to changes in pricing of MWh, Based on our analysis, which may differ from
actual results, a hypothetical 10% increase or decrease in the pricing of MWh in this market would not have a material adverse impact
on our financial condition, or results of operations for June&#160;30, 2022 and December 31, 2021. For more information about our commodity
swap agreements, see Note 9, <i>Derivative Financial Instruments and Fair Value Measurements,</i> to our condensed consolidated financial
statements beginning on page F-63.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Environmental Attribute
Pricing Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Market prices for Environmental
Attributes associated with our RNG and Renewable Power vary based on regulatory mandates and commercial interest in green energy products.
We generally sell Environmental Attributes under a mix of short-term and sales arrangements in which pricing is tied to the market rate
for these attributes at the time of delivery. To manage this market risk, we negotiate long-term biogas feedstock arrangements in which
payments are based on the market price of Environmental Attributes and/or natural gas and electricity commodity prices. Reductions in
the market prices of Environmental Attributes may have a material adverse effect on our revenues, but also generally reduce our expenses
for biogas feedstock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We have prepared a sensitivity
analysis to estimate our exposure to market risk with respect to RIN prices. Our analysis, which may differ from actual results, was
based on a 2022 estimated D3 RIN Index price of approximately $2.73 and our actual 2021 RINs sold. The estimated annual impact of a
hypothetical 10% decrease in the average realized price per RIN would have a negative effect on our operating profit of approximately
$7.3 million for the six months ended June 30, 2022 and $4.7 million for December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Interest Rate Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">To maintain our liquidity
we utilize an existing term loan facility, an existing working capital facility, and an existing line of credit, which bear a variable
interest rate based on the LIBOR Margin or Base Rate Margin (in each case, as those terms are defined in the relevant credit agreement).
We use an interest rate swap to set the variable interest rates under the term loan facility at a fixed interest rate to manage our interest
rate risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">As of June&#160;30, 2022,
we had $80.1 million aggregate outstanding under the Senior secured facility. Our weighted average interest rate on variable debt was
approximately 4.25%. We have prepared a sensitivity analysis to estimate our exposure to market risk with respect to changes in interest
rates. Based on our analysis, which may differ from actual results, a hypothetical increase in our effective borrowing rate of 10% would
not have a material effect on our annual interest expenses and consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">As of December 31, 2021,
we had $81.4 million aggregate outstanding under the Senior secured facility. Our weighted average interest rate on variable debt was
approximately 4.8%. We have prepared a sensitivity analysis to estimate our exposure to market risk with respect to changes in interest
rates. Based on our analysis, which may differ from actual results, a hypothetical increase in our effective borrowing rate of 10% would
not have a material effect on our annual interest expenses and consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Counterparty Credit
Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We have certain financial
and derivative instruments that subject us to credit risk. These consist of our interest rate swaps and Environmental Attribute forward
sales. We are exposed to credit losses in the event of non-performance by the counterparties to our financial and derivative instruments.
Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. We seek to
mitigate counterparty risk by having a diversified portfolio of counterparties and the evaluation and monitoring of the creditworthiness
of counterparties. Although we may be exposed to losses in the event of nonperformance by counterparties, we do not expect such losses,
if any, to be significant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BUSINESS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We are a renewable energy
company specializing in the capture and conversion of biogas for the (i)&#160;production of RNG for use as a vehicle fuel for heavy and
medium-duty&#160;trucking fleets, (ii)&#160;generation of Renewable Power for sale to utilities, (iii)&#160;generation and sale of Environmental
Attributes associated with RNG and Renewable Power, and (iv)&#160;sales of RNG as pipeline quality natural gas. OPAL also designs, develops,
constructs, operates and services Fueling Stations for trucking fleets across the country that use natural gas to displace diesel as their
transportation fuel.&#160;The Biogas Conversion Projects currently use landfill gas and dairy manure as the source of the biogas. In addition,
we have recently begun implementing design, development, and construction services for hydrogen fueling stations, and we are pursuing
opportunities to diversify our sources of biogas to other waste streams.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview of Capture and Conversion Business</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We design, develop, construct,
own, maintain, and operate Biogas Conversion Projects using proven technologies to produce RNG for sale as a vehicle fuel for transportation
use and to generate Renewable Power. We are an established biogas-to-energy&#160;producer in the United&#160;States, having participated
in the landfill gas to energy industry for over 20&#160;years. We have established our operating portfolio through self-development, partnerships,
and acquisitions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Biogas is comprised of non-fossil&#160;waste
gas, with high concentrations of methane, which is the primary component of RNG and the source for combustion utilized by Renewable Power
plants to generate Renewable Power. The biogas is generated by microbes as they break down organic matter in the absence of oxygen. Our
principal sources of biogas are (i)&#160; LFG, which is produced by the decomposition of organic waste at landfills and (ii)&#160;dairy
manure, which is processed through anaerobic digesters to produce the biogas.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We typically secure our Biogas
Conversion Projects through a combination of long-term&#160;gas rights, manure supply agreements and property lease agreements with biogas
site hosts. Our Biogas Conversion Projects provide our landfill and dairy farm partners with a variety of benefits, including (i)&#160;a
means to monetize biogas from their sites, (ii)&#160;regulatory compliance for landfills, (iii)&#160;a source of environmentally beneficial
waste management practices for dairy farms and (iv)&#160;a valuable revenue stream. Once we have negotiated gas rights or manure supply
agreements, we then design, develop, build, own and operate facilities that convert the biogas into RNG or use the processed biogas to
produce Renewable Power. We sell the RNG produced by the Biogas Conversion Projects through RNG marketing and dispensing agreements, primarily
as vehicle fuel for heavy and medium-duty&#160;transportation fleets, and generate associated Environmental Attributes when the RNG is
dispensed at Fueling Stations. These Environmental Attributes are then monetized via sale to obligated parties as defined under the RFS
promulgated by the US federal government and Low Carbon Fuel Standard Programs established by several states, including California. We
also sell Renewable Power to public utilities through long-term&#160;power purchase agreements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We believe there are other
sources of biogas in the United&#160;States, and internationally, that could be utilized for potential future Biogas Conversion Project
opportunities. We expect to continue our growth by taking advantage of these opportunities while also continuing to capitalize on additional
vertical integration opportunities. Our evaluation and execution of project opportunities will benefit from our ability to leverage our
industry experience, relationships with customers and vendors, knowledge about transmission and distribution utility interconnections,
and capabilities to design, develop, construct, operate, maintain and service Biogas Conversion Projects and Fueling Stations. We exercise
financial discipline in pursuing these projects by targeting project returns that are in line with the relative risk of the specific projects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our current Biogas Conversion
Projects generate RNG from landfill sites and dairy farms. We view the acquisition of new landfill gas, dairy farm, and other biogas waste
projects as significant opportunities for us to expand our RNG business, complementing the ongoing conversion of certain of our existing
Renewable Power plants to RNG production facilities. We believe our business is scalable, which is expected to continue to support growth
through development and acquisitions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We differentiate ourself
from our competitors based on our vertically integrated business model and long history of working with leading vendors, technologies
and utilities. Our competitive advantage is further strengthened by our expertise in designing, developing, constructing and operating
Biogas Conversion Projects and Fueling Stations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Overview of Dispensing
and Monetization Business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We are also a leading provider
of RNG marketing and dispensing in the alternative vehicle fuels market for heavy and medium-duty&#160;trucking fleets throughout the
United&#160;States. In this sector, we focus on dispensing RNG (procured from our own Biogas Conversion Projects or from third parties)
through Fueling Stations that serve fleets that use natural gas instead of diesel fuel. We have participated in the alternative vehicle
fuels industry for approximately twelve&#160;years and have established an expanding network of Fueling Stations for dispensing RNG.&#160;These
Fueling Stations and dispensing services are key for our business because Environmental Attributes are generated through dispensing RNG
at these stations for use as vehicle fuel for transportation, and, once generated, the Environmental Attributes can then be monetized.
During 2021, we dispensed 19.9&#160;million GGEs of RNG to the transportation market, generating corresponding Environmental Attributes,
utilizing its current network of 75 Fueling Stations in 18 states in the United&#160;States, including more than 20 stations in California.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">In connection with the marketing
of the Environmental Attributes generated from our activities, in November 2021, we signed a purchase and sale agreement with NextEra
providing for the exclusive purchase by NextEra of 90% of our Environmental Attributes (RINs and LCFS credits), including those generated
by our owned Biogas Conversion Projects and those granted to us in connection with dispensing of RNG on behalf of third-party&#160;projects.
Under the agreement, we are to receive the net proceeds paid to NextEra by NextEra customers for the purchase of such Environmental Attributes
(or in certain circumstances an index-based&#160;price or pre-negotiated&#160;price) less a specified discount. The agreement provides
for an initial five year term, followed by automatic one-year&#160;renewals unless terminated by either party at least 90 days prior to
the last day of the initial term or then-current&#160;renewal term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Under the agreement, we have
committed to sell a minimum quarterly volume of Environmental Attributes to NextEra, which if not satisfied on a cumulative basis (giving
credit for certain excess volume sold to NextEra during the contract term) as of the end of the contract term (or upon an early termination
of the agreement) would result in our paying NextEra a shortfall payment calculated by (i) multiplying the amount of the volume shortfall
by a fraction of the then-current&#160;index price of the Environmental Attribute and (ii) adding a specified premium (the &#8220;<b><i>Shortfall
Amount</i></b>&#8221;). Similarly, if the agreement is terminated by NextEra due to an event of default (generally defined as a failure
by us to pay any undisputed amounts under the agreement, a material uncured breach of our representations or warranties or other obligations
under the agreement, or the dissolution, bankruptcy or insolvency of us or certain of our affiliates), NextEra would be entitled to receive,
without any duplication, any then-current&#160;Shortfall Amount plus an accelerated payment calculated based off of the remaining minimum
quarterly volume commitments for the balance of the initial term (or for the next four quarters of the next renewal term, if neither party
had provided notice of non-renewal&#160;as described above prior to the commencement of such renewal term), which accelerated payment
would be similarly calculated by (i) multiplying such remaining minimum quarterly volume commitments by a fraction of the then-current&#160;index
price of the Environmental Attribute and (ii) adding a specified premium. The amount of such potential payments declines over the course
of the contract term as we deliver Environmental Attribute volume under the contract. Were, however, the agreement to be terminated as
of the date of this prospectus and we were not to deliver any further Environmental Attribute volume to NextEra under the agreement, the
maximum potential payment to NextEra under these provisions would be approximately $15.4&#160;million based on current market prices for
such Environmental Attributes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the coming&#160;years,
we believe we will also be able to provide hydrogen fuel to vehicle fleets, by constructing and servicing hydrogen fueling as well as
providing RNG for hydrogen production. As fleet operators deploy more hydrogen powered vehicles, we anticipate constructing and servicing
stations that use hydrogen derived from RNG to deliver low carbon hydrogen fuel to customers. We are currently in the design and engineering
phase of the first several of these hydrogen fueling stations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>How We Generate Revenue</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Overview</i>.</b>&#160;&#160;&#160;&#160;Our
revenues are driven principally from the sale of Environmental Attributes that are generated from dispensing RNG as transportation fuel
for heavy and medium-duty&#160;trucking fleets at Fueling Stations. In addition, we generate revenue from the sale of (i)&#160;Renewable
Power, (ii)&#160;design, development, construction and service of Fueling Stations, and (iii)&#160;from sales of RNG produced by OPAL
as pipeline quality natural gas.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Environmental Attributes</i>.</b>&#160;&#160;&#160;&#160;Currently,
our Environmental Attributes revenue stream is primarily comprised of RINs, LCFS credits, and RECs. If RNG is dispensed into vehicles
as transportation fuel, RINs will be generated under the RFS program. In certain states, there are LCFS programs, which allow a credit
to be generated based on a fuel&#8217;s carbon intensity score. If RNG is used to produce hydrogen which is consumed in the transportation
market in a state where an LCFS program is available, a LCFS credit may be generated as well. Lastly, LFG-to-Renewable&#160;Power projects
can create Environmental Attributes, in the form of a REC, in certain states and can be bundled with electricity off-take&#160;or monetized
separately. See &#8220;<i>&#8212;Biogas RNG Market Opportunity.</i>&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Power Purchase Agreements</i>.</b>&#160;&#160;&#160;&#160;Our
Renewable Power projects generally have associated long-term&#160;Power Purchase Agreements (&#8220;<b><i>PPAs</i></b>&#8221;) with creditworthy
utility off-takers&#160;or municipalities. Nearly all of our Renewable Power off-takers&#160;have investment grade credit ratings with
either S&amp;P or Moody&#8217;s. As discussed above, we also generate Renewable Energy Credits (&#8220;<b><i>RECs</i></b>&#8221;) from
Renewable Power projects through the conversion of biogas to Renewable Power.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Fueling Station Construction
and Services</i>.</b>&#160;&#160;&#160;&#160;We have significant experience in the engineering, design, construction and operation of
Fueling Stations that dispense RNG.&#160;Since 2009, TruStar Energy, one of our subsidiaries, together with its predecessors, has served
as the general contractor or supervised qualified third-party&#160;contractors and completed over 350 Fueling Station projects. We use
a combination of custom designed and off-the-shelf&#160;equipment to build these stations. We also perform in-house&#160;manufacturing
and modularized portable CNG compressor packages for smaller dispensing stations, utilizing its patented technology that allows faster
and easier station installations. These portable packages can include defueling panels that allow smaller fleet owners to avoid expensive
maintenance shop upgrades. In addition, we also generate revenues by providing O&amp;M services for customer stations; and by helping
its customers obtain federal, state and local tax credits, grants and incentives.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Biogas Conversion Projects </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Typically, a&#160;Biogas
Conversion Project includes two phases: (i)&#160;biogas collection and (ii)&#160;processing and purifying biogas.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">At landfills, biogas collection
systems can be configured as vertical wells and horizontal collectors. The most common method is drilling vertical wells into the waste
mass and connecting the wellheads to lateral piping that transports the gas to a collection header using a blower or vacuum induction
system. Collection system operators &#8220;tune&#8221; or adjust the wellfield to maximize the volume and quality of biogas collected
while maintaining environmental compliance. The existing compliance structure for landfills in the United States&#160;benefits us since
the EPA requires larger landfills to have collection systems in place to collect and destroy biogas emissions. We turn this compliance
cost into a revenue stream for the landfill and is able to leverage existing collection infrastructure in biogas plant design.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">A basic biogas processing
plant includes: (i)&#160;a moisture removal system, (ii)&#160;blowers to provide a vacuum to &#8220;pull&#8221; the gas and pressure to
convey the gas and (iii)&#160;a flare for destroying unutilized gas. System operators monitor parameters to maximize system efficiency.
Using biogas in a Renewable Power facility usually requires some treatment of the landfill gas to remove excess moisture, particulates,
and other impurities. The type and extent of treatment depends on site-specific&#160;biogas characteristics and the type of Renewable
Power facility. This partially cleaned biogas can be burned on-site&#160;to generate Renewable Power and which can be immediately used
or deployed into the grid. To further upgrade the gas to pipeline quality RNG, the partially treated biogas then goes through separation
of the CO<sub>2</sub>&#160;from the methane molecules. Further treatment of the biogas is often required to remove residual nitrogen and/or
oxygen to meet pipeline specifications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">For dairy waste-to-RNG&#160;projects,
manure is collected and then scraped or flushed into a reception pit or lagoon, and may be fed into a digester. The biogas equipment then
anaerobically digests the manure and produces biogas. There are three different types of anaerobic digesters: (i)&#160;covered lagoons
(existing lagoons that use large cover to capture methane); (ii)&#160;complete mix (large tanks that heat and mix manure), and (iii)&#160;plug-flow&#160;(long
rectangular tanks; unmixed). The biogas is then upgraded to meet pipeline quality specifications.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">If a biogas capture and conversion
project is not within close proximity to a pipeline, the RNG is transported by road using tube trailers to a gas injection point.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Biogas RNG Market Opportunity </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Biogas can be collected and
processed to remove impurities for use as RNG (a form of&#160;high-Btu&#160;fuel) and injected into existing natural gas pipelines as
it is fully interchangeable with fossil natural gas. Partially treated biogas can be used directly in heating applications (as a form
of&#160;medium-Btu&#160;fuel) or in the production of Renewable Power. OPAL&#8217;s current primary sources of biogas are landfills and
dairy farms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Landfill- and livestock-sourced&#160;biogas
serve as the base to produce RNG, while also reducing GHG emissions. While landfill projects for RNG and Renewable Power have been developed
over the past few decades, undeveloped landfills remain a significant source of biogas. Moreover, as technology continues to develop and
economic incentives grow, we believe additional sources of biogas will become available for RNG production.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Overview of Landfill
Gas Sources</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">LFG, or landfill gas, is
created through the naturally occurring anaerobic decomposition of organic matter. Large landfills have been required by the EPA to capture
municipal solid waste landfill emissions for decades due to various regulatory requirements aimed at reducing GHG emissions. The amount
of LFG produced from a landfill generally increases as more waste is added to the site. Once a permitted landfill site is completely filled,
the landfill will place a cap over the waste. Gas production then follows a generally predictable and modest decline over the next 30
or more&#160;years. As a result, LFG has a predictable long-term&#160;production profile which, when coupled with the expectation of continued
landfill waste growth in the United States&#160;for the next 30&#160;years, creates predictable long-term&#160;LFG feedstock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">To capitalize on this feedstock
opportunity, and to help landfill owners meet growing regulatory requirements for curbing GHG emissions, we enter into long-term&#160;gas
rights and site lease agreements with landfill owners. The agreement terms are typically at least 20&#160;years. In most cases, the agreements
contain renewal provisions. With respect to all of our existing or proposed LFG-to-RNG&#160;Biogas Conversion Projects currently in operation
or under construction (a total of 12 projects), all but one relates to landfills that are currently open and accepting more waste, which
we believe provides a high degree of visibility into the long-term&#160;volumes of RNG capable of being generated as each of these projects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Using proven gas purification
technology, biogas can be processed onsite to remove impurities, and used at around 50% methane to generate Renewable Power. Biogas can
be further processed and upgraded to remove CO<sub>2</sub>&#160;as well as remaining contaminants to increase the methane content and
reach pipeline quality specifications, creating RNG.&#160;The resulting RNG can be used for all purposes suitable for traditional fossil
fuel-based&#160;natural gas such as vehicle fuel (e.g., for consumer, industrial and transportation uses, or further converted to renewable
hydrogen). RNG can be transported using existing natural gas pipeline infrastructure or through tube trailers. This is an important factor
that enables OPAL to design, develop and operate RNG projects to generate value from production of RNG and the associated Environmental
Attributes (i.e., RINs and LCFS credits) throughout the United&#160;States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Overview of Livestock
Sources</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Livestock are the top agricultural
source of GHG worldwide, according to the EPA.&#160;Livestock waste, particularly from dairies, produces biomethane which can be converted
to RNG through the use of an ADG.&#160;After being converted to RNG, it can be sold as RNG for consumer, industrial and transportation
uses, or further converted to renewable hydrogen. When RNG is produced from livestock waste and used as a vehicle fuel, it effectively
reduces emissions from the transportation fleets and also from the livestock facilities that otherwise do not have to collect such methane
and is often considered carbon negative. Additionally,&#160;revenues generated from dispensing RNG produced from livestock farms can be
significantly higher than dispensing revenue from RNG produced from landfills due to state-level&#160;low-carbon&#160;fuel incentives
for these projects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We view dairy farms as a
significant opportunity for us to expand our RNG business.&#160;Processing biogas from dairy farms requires similar expertise and capabilities
as processing biogas from landfills.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The presence of our digester
benefits dairy farmers in a number of ways, creating a mutually beneficial relationship.&#160;We assist in managing the waste for the
dairy farmer, which they would otherwise have to manage.&#160;Additionally, processing this waste in a digester is significantly more
environmentally friendly by reducing GHG emissions.&#160;Finally, a byproduct of the production process can be returned to farmers for
use as bedding, alleviating the need to purchase other materials for bedding for the cows and/or adding a revenue stream for the dairy
farmer when sold to third parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Highly Fragmented Market</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The LFG market is heavily
fragmented, which we believe represents an opportunity for companies like us to find project opportunities. According to the EPA, the
top ten players account for approximately 54% of installed LFG capacity as of September&#160;2021, and over 90% of developers own five
or fewer projects. This market dynamic creates the opportunity for consolidation by well capitalized, experienced market participants
such as OPAL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">While LFG has accounted for
most of the growth in Biogas Conversion Projects to date, we believe additional economically viable LFG project opportunities exist. According
to the EPA LMOP project database, as of September&#160;2021, there were 548 LFG projects in operation in the United&#160;States, including
383 operating LFG-to-electricity&#160;projects that may be converted to produce RNG, 14 construction projects, and 53 planned RNG and
Renewable Power projects, as well as 483 additional candidate landfills. Based on EPA data, these 483 candidate landfills have the potential
to collect a combined 346.0&#160;million standard cubic feet of LFG per&#160;day. Based on our industry experience, technical knowledge
and analysis, we believe many of these sites are potentially economically viable for RNG project acquisitions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Biogas from livestock farm
waste also represents a significant opportunity for RNG production that remains largely untapped. According to the US Department of Agriculture,
as of June&#160;2018,&#160;biogas recovery systems are feasible at 2,704 incremental dairy farms and 5,409 incremental swine farms in
the United States.&#160;These farms have the potential to produce roughly 172.0&#160;million MMBtu of RNG annually, or the equivalent
of the carbon dioxide emissions from over 1.3 billion gallons of gasoline. Although many of the EPA identified project sites are not currently
economically viable because of distance from pipelines and contaminants in the biogas, among other reasons as described above, we believe
there is potential for sustained growth in biogas conversion from livestock waste sources given our experience in evaluating sites and
assessing their viability, evolving consumer preferences, regulatory conditions, ongoing waste industry trends, and project economics.
Additionally,&#160;all-in&#160;prices paid for RNG from livestock farms can be significantly higher than prices for RNG from landfills
due to state-level&#160;LCFS incentives for these projects.&#160;Given our understanding of biogas processing and its market leadership
in RNG, including access to a broad network of Fueling Stations for dispensing, we believe we are well-positioned&#160;to take advantage
of opportunities in this emerging market. Our first dairy development project, Sunoma, is located at Paloma Dairy and came online in November&#160;2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Well-Established Regulatory
Framework</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">RINs are credits used by
Obligated Parties for regulatory compliance as part of the RFS program. The RFS program is a federal law introduced in 2005 and updated
in 2007 to incorporate renewable content into various transportation fuels. Through this RFS program, RINs can be sold to counterparties
in order for them to meet their renewable standard requirements. RNG from landfills and livestock waste, among other sources, qualifies
as a cellulosic biofuel with a 60% GHG reduction requirement (&#8220;<b><i>D3</i></b>&#8221;) RIN, which is currently the highest priced
RIN and commands a premium compared to non-cellulosic&#160;renewable fuels such as ethanol and renewable diesel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We generate RINs when RNG
is dispensed into vehicles as transportation fuel, and the RINs can then be sold to, and traded with, market participants who can either
retire them or trade them again. By using the RINs, Obligated Parties retire the RINs for compliance purposes. Market participants in
the RIN program typically include Obligated Parties and registered RIN market participants. Participants include both domestic and foreign
companies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The LCFS programs are state-level&#160;market-based&#160;programs
designed to decrease carbon intensity and GHG emissions from the transportation sector. Currently, California and Oregon have established
LCFS programs. Additionally, multiple jurisdictions are considering implementation of LCFS programs; for example Canada has proposed programs
and Washington State&#8217;s program will begin in 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The LCFS programs are attractive
because the LCFS credits can be additive to RINs. In California, the most established program, the LCFS program is administered by the
CARB, which sets annual CI standards. Fuel producers in the transportation fuel pool that have lower CI scores than the target established
by CARB generate LCFS credits, and those with higher CI scores than the annual standard will generate deficits. A fuel producer with deficits
must have enough LCFS credits through either generation or acquisitions to be in annual compliance with the annual standard. OPAL is poised
to take advantage of the LCFS programs given that RNG from dairies has very low or negative CI, and therefore generates valuable credits
in states with LCFS programs. Although not included in OPAL&#8217;s base case model, landfill RNG projects can attract LCFS credits as
well but are not as valuable as the lower CI dairy RNG credits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Currently, it is estimated
that RNG production in the United States&#160;can only cover about 1% of the US heavy and medium-duty&#160;vehicles fuel market. RNG production
is projected to triple by 2027, increasing the RNG industry share to as much as 2.5%. Although it is likely utilities and other consumers
will compete with the vehicle fuel market to acquire such RNG, we believe there is adequate potential to continue placing RNG volumes
into the transportation market. The legislated D3 RIN requirements are many multiples of current industry production. The EPA sets an
RVO each year generally in excess of what the industry is expected to produce but well below the statutory requirement. The EPA has sharply
increased the required volume of the D3 RINS in recent&#160;years, with the current D3 RIN RVO level encouraging growth in the industry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Economic Benefits Incentivize
Switching to RNG</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">RNG vehicles, especially
heavy and medium-duty&#160;commercial vehicles, not only have a lower cost of ownership than similar vehicles running on diesel, they
also have a lower cost of ownership than their renewable energy peers, especially hydrogen and battery electric vehicles, assuming expected
D3 RINs and LCFS pricing. This comparative advantage creates significant economic incentives for heavy and medium-duty&#160;commercial
vehicle owners to favor RNG.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Projects </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>RNG Projects</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Below is a table setting
forth the RNG projects in our portfolio as of July 31, 2022:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><p style="margin-top: 0; margin-bottom: 0"><b>Design<br/>
Capacity<br/>(MMBtus<br/>
Per Year)<sup>(1)</sup></b></p></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Source of<br/>
 Biogas</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold; border-bottom: Black 1.5pt solid"><b>OPAL<br/>
 Ownership&#160;%<sup>(2)</sup></b></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">RNG Projects in Operation</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 62%">Greentree</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">900,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="text-align: center; width: 11%">LFG</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">100</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Imperial</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">900,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">LFG</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>New River<sup>(3)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">600,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">LFG</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Noble Road<sup>(3)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">800,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">LFG</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50%/62.5</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Pine Bend<sup>(3)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">775,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">LFG</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50%/62.5</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Sunoma</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">200,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Dairy</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">90%/30</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Subtotal</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,175,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">RNG Projects In Construction</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>BioTown</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">375,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Dairy</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10.60</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Hilltop</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Dairy</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Michigan 1</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,200,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">LFG</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">North Carolina 2<sup>(4)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,100,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">LFG</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Prince William</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,600,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">LFG</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Vander Schaaf</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">250,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Dairy</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold">Subtotal</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,775,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Design capacity may not reflect actual production of RNG
from the projects, which will depend on many variables including, but not limited to, quantity and quality of the biogas, operational
up-time&#160;of the facility, and actual productivity of the facility.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Certain projects have provisions that will adjust, or &#8220;flip,&#8221;
the percentage of distributions to be made to us over time, typically triggered by achievement of hurdle rates that are calculated as
internal rates of return on capital invested in the project.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: justify">New River, Noble Road and Pine Bend have just recently begun
operations and are in a ramp-up&#160;phase.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(4)</td><td style="text-align: justify">North Carolina 2 has secured gas rights and site access and
is anticipated to begin construction in the second quarter of 2022.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 85; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Renewable Power Projects</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Below is a table setting forth the Renewable Power
projects in operation in our portfolio:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Nameplate<br/>
 Capacity<br/>
 (MW Per<br/>
 Hour)<sup>(1)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">RNG<br/> Conversion<br/> Candidate?</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Stage<br/>
 of RNG<br/>
 Conversion</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">California 1</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">5.2</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 11%; text-align: center">Yes</td><td style="width: 1%">&#160;</td>
    <td style="width: 15%; text-align: center">In Development</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>California 2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.06</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Yes</td><td>&#160;</td>
    <td style="text-align: center">In Development</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>California 3</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">No</td><td>&#160;</td>
    <td style="text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>California 4</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">No</td><td>&#160;</td>
    <td style="text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>California 5</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.76</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">No</td><td>&#160;</td>
    <td style="text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>California 6</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">No</td><td>&#160;</td>
    <td style="text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>California 7</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">No</td><td>&#160;</td>
    <td style="text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>California 8</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">No</td><td>&#160;</td>
    <td style="text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Florida</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2.85</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">No</td><td>&#160;</td>
    <td style="text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Massachusetts 1</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.3</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Yes</td><td>&#160;</td>
    <td style="text-align: center">In Development</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Massachusetts 2</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3.6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">No</td><td>&#160;</td>
    <td style="text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michigan 1E<sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">28.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Yes</td><td>&#160;</td>
    <td style="text-align: center">In Construction</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Michigan 3</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6.3</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Yes</td><td>&#160;</td>
    <td style="text-align: center">In Development</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">New&#160;York</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">No</td><td>&#160;</td>
    <td style="text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">North Carolina 1</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14.4</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Yes</td><td>&#160;</td>
    <td style="text-align: center">In Development</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Pennsylvania</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8.0</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Yes</td><td>&#160;</td>
    <td style="text-align: center">In Development</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prince William 1E<sup>(3)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1.9</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Yes</td><td>&#160;</td>
    <td style="text-align: center">In Construction</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prince William 2E<sup>(4)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4.8</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">Yes</td><td>&#160;</td>
    <td style="text-align: center">In Construction</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Virginia</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8.0</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">Yes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">In Development</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; font-weight: bold">Total</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt">&#160;</td></tr>
  </table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Nameplate capacity is the maximum permitted output for each
facility and may not reflect actual MW production from the projects, which depends on many variables including, but not limited to, quantity
and quality of the biogas, operational up-time&#160;of the facility, and actual productivity of the facility.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">See RNG Projects Table above, reference &#8220;Michigan 1&#8221;
under &#8220;RNG Projects In Construction.&#8221; It is currently contemplated that the Michigan 1E renewable power plant will continue
limited operations on a stand-by, emergency basis through March of 2031.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: justify">See RNG Projects Table above, reference &#8220;Prince William&#8221;
under &#8220;RNG Projects In Construction.&#8221; It is currently contemplated that the Prince William 1E renewable power plant will
continue operations through approximately December&#160;2022</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left">(4)</td><td style="text-align: justify">See RNG Projects Table above, reference &#8220;Prince William&#8221;
under &#8220;RNG Projects In Construction.&#8221; It is currently contemplated that the Prince William 2E renewable power plant will
continue operations through approximately December&#160;2022</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">For purposes of determining
whether a Renewable Power project should be considered an RNG conversion candidate, we use various criteria, including (i)&#160;the quantity
and quality of landfill gas, (ii)&#160;the proximity to pipeline interconnect and (iii)&#160;the ability to enter into contracts including
site leases and gas rights agreements with host sites. These factors, as represented in the table above, reflect our current views and
are subject to change.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Other RNG Projects
in Development</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">In addition to the projects
listed in the tables above, we are actively performing development work on seven potential projects (&#8220;<b><i>RNG Projects in Development</i></b>&#8221;).
We have identified key milestones (&#8220;<b><i>Key Milestones</i></b>&#8221;) that these RNG Projects in Development must achieve prior
to moving into construction. These RNG Projects in Development have achieved one or more of these Key Milestones, which include: (i) controlling
the right to conduct due diligence on the project, (ii) completing the analysis of the biogas in terms of quantity and quality, (iii)
securing control over the rights to the biogas and site for production of RNG, (iv) establishing the design basis for the RNG production
facility, (v) negotiating engineering, procurement and construction contracts, (vi) developing an environmental regulatory compliance
plan, and (vii) securing interconnection agreements with pipeline and electric utilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">With the passage of time,
the list of RNG Projects in Development is likely to be somewhat dynamic and will necessarily evolve. Not all RNG Projects in Development
will achieve the Key Milestones and move into construction. Some RNG Projects in Development may need to be scaled back in order to achieve
the Key Milestones. On the other hand, however, we are continually pursuing opportunities for other projects that are candidates to become
RNG Projects in Development.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Dispensing and Monetization
Business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">At present, we believe the
best use of RNG is as a replacement for fossil-based&#160;fuel in the heavy and medium-duty&#160;transportation sector. During 2021, we
dispensed 19.9&#160;million GGEs of RNG to the transportation market, generating corresponding Environmental Attributes, utilizing its
current network of 75 Fueling Stations in 18 states in the United&#160;States, including more than 20 stations in California.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">In the coming&#160;years, we
believe it will also be able to provide hydrogen fuel to vehicle fleets, by constructing and servicing hydrogen fueling stations as well
as providing RNG for hydrogen production. As fleet operators deploy more hydrogen powered vehicles, we anticipate constructing and servicing
stations that use hydrogen derived from RNG to deliver low carbon hydrogen fuel to customers. We are currently in the design and engineering
phase of the first several of these hydrogen fueling stations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 87; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Strengths </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Vertical Integration
of Business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The combination of Biogas
Conversion Projects and Fueling Stations, together with the dispensing, generation, and monetization of the associated Environmental Attributes,
differentiates us from our principal competitors. This vertical integration allows for a direct pathway to qualify biogas for Environmental
Attributes and offers an attractive network of Fueling Stations to heavy and medium-duty&#160;trucking fleets running on natural gas.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our involvement across the
RNG value chain, from production to dispensing of RNG, gives us the opportunity to avoid value leakage that competitors may incur by having
to rely upon third-parties&#160;for either RNG supply or dispensing. The additional value captured benefits us by allowing it to offer
better terms to its increasing number of transportation customers. The increasing adoption of RNG as a fuel for transportation use amongst
its customers subsequently gives us more opportunities to secure additional gas rights for Biogas Conversion Projects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our vertical integration
also attracts low CI project developers that need partners to market and dispense their fuel to obtain LCFS credits and provide the required
economic returns on their projects. As a result, we gain opportunities to source new Biogas Conversion Projects as well as secure RNG
marketing agreements from these developers. In addition, fleet owners are attracted to our biogas conversion and dispensing resources
which results in the growth of dispensing, station construction and service businesses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Management and Project
Expertise</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our management team has decades
of combined experience in the design, development, construction, maintenance, and operation of Biogas Conversion Projects and Fueling
Stations that dispense RNG, as well as the monetization of the associated Environmental Attributes. We believe our team&#8217;s proven
track record and focus give us a strategic advantage in continuing to grow our business. Our diverse experience and integration of key
technical, environmental, and administrative support functions underpin our ability to design and operate projects and execute its&#160;day-to-day&#160;activities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our experience and existing
project portfolio has provided access to a wide spectrum of available biogas-to-RNG&#160;and&#160;biogas-to-Renewable&#160;Power conversion
technologies. We are technology agnostic and base project design on the available technologies (and related equipment) most suitable for
the specific application, including membranes, media, and solvent-based&#160;gas cleanup technologies. We are actively engaged in the
management of each project site and regularly serves in engineering, construction management, and commissioning roles. This allows us
to develop a comprehensive understanding of the operational performance of each technology and how to optimize application of the technology
to specific projects, including through enhancements and improvements of operating or abandoned projects. At LFG-to-RNG&#160;projects,
technologies deployed at each project are relatively consistent and mature and Management has extensive experience with such technologies.
At livestock waste-to-RNG&#160;projects, digester technologies may be different from site to site but upgrading technology again is fairly
consistent from site to site and they have both been widely used in the past several decades. Additionally, we also work with key vendors
on initiatives to develop and test upgrades to existing technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We also have a network of
experienced and creditworthy EPC contractors to perform design, development, procurement and construction services under supervision by
us.&#160;Typically, our current contracts for EPC services contain fixed price, date certain provisions and liquidated damages provisions,
which greatly reduce the risks typically associated with construction projects. Additionally, we also work with key vendors on initiatives
to develop and test upgrades to existing technologies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Access to Development
Opportunities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We have many relationships
throughout the industry supply chain from technology and equipment providers to feedstock owners to RNG&#160;off-takers.&#160;We believe
the strong reputation we have attained in combination with its understanding of the various and complex requirements for generating and
monetizing Environmental Attributes gives us a competitive advantage relative to new market entrants. We further benefit from our vertical
integration by offering dispensing and monetization services to third-party&#160;developers, which can lead to project acquisition or
partnership opportunities for us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We leverage our relationships
built over the past several decades to identify and execute new project opportunities. Typically, new development opportunities come from
our existing relationships with landfill owners and dairy developers who value our long operating history and strong reputation in the
biogas conversion industry.<i>&#160;</i>This includes new projects or referrals from existing partners<i>.</i>&#160;We actively seek to
extend the term of our contracts at project sites and views our positive relationships with the owners and managers of its host landfills
and dairy farms as a contributing factor to our ability to extend contract terms as they come due.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 88; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Large and Diverse Project
Portfolio</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We believe we have one of
the largest and most technologically optimized Biogas Conversion Project portfolios in the RNG industry. Our ability to solve unique project
development challenges and integrate such solutions across our entire project portfolio has supported the long-term&#160;successful partnerships
we have with its Biogas Conversion Project hosts. Because we are able to meet the varying needs of its host partners, we have a strong
reputation and is actively sought out for new project and acquisition opportunities. Additionally, our size and financial discipline generally
affords it the ability to achieve priority service and pricing from contractors, service providers, and equipment suppliers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>EHS and Compliance</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our executive team places
the highest priority on the health and safety of our staff and third parties at our project sites, as well as the preservation of the
environment. Our corporate culture is built around supporting these priorities, as reflected in our well-established&#160;practices and
policies. By setting and maintaining high standards in the renewable energy field, we are often able to contribute positively to the safety
practices and policies of its host landfills, which reflects favorably on us with potential hosts when choosing a counterparty. Our high
safety standards include use of wireless gas monitoring safety devices, active monitoring of all field workers, performance of regular
EHS audits and the use of technology throughout our safety processes from employee training in compliance with operational processes and
procedures to emergency preparedness. By extension, we incorporate our EHS standards into our subcontractor selection qualifications to
ensure our commitment to high EHS standards is shared by our subcontractors which provides further assurances to our host landfills.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Strategy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Capture and Conversion
Business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We aim to maintain and grow
our position as a leading producer and dispenser of RNG in the United States.&#160;We support this objective through a multi-pronged&#160;strategy
of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">promoting the reduction of methane emissions and expanding
the use of renewable fuels to displace fossil-based&#160;fuels;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">expanding our industry position as a full-service&#160;partner
for development opportunities, including through strategic transactions; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">expanding our capabilities to new feedstock sources and technologies.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="text-decoration:underline">Promoting the Reduction
of Methane Emissions and Expanding the Use of Renewable Fuels to Displace Fossil-Based Fuels</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We share the renewable fuel
industry&#8217;s commitment to providing sustainable renewable energy solutions and offering products with high economic and ecological
value. By simultaneously replacing fossil-based&#160;fuels and reducing overall methane emissions, our projects have a positive environmental
impact. We strive to optimize the economics of capturing biogas from our host landfills and dairy farms for conversion to RNG by balancing
the capital and operating costs with the current and future quality and quantity of biogas.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">In addition to methane emission
reduction, the increased production and use of RNG has several other environmental benefits. Anaerobically digested livestock waste produces
significantly less odor than conventional storage and land application systems. The odor of stored livestock waste mainly comes from volatile
organic acids and hydrogen sulfide, which has a sulphury smell. In an anaerobic digester, volatile organic compounds are reduced to methane
and carbon dioxide, which are odorless gases. The volatized fraction of hydrogen sulfide is captured with the collected ADG and destroyed.&#160;Anaerobic
digestion provides several water quality and land conservation benefits as well. Digesters, particularly heated digesters, can destroy
more than 90% of disease-causing&#160;bacteria that might otherwise enter surface waters and pose a risk to human and animal health. Digesters
also reduce biochemical oxygen demand (&#8220;<b><i>BOD</i></b>&#8221;). BOD is one measure of the potential for organic wastes to reduce
dissolved oxygen in natural waters. Because fish and other aquatic organisms need minimum levels of dissolved oxygen for survival, farm
practices that reduce BOD protect the health of aquatic ecosystems. In addition to protecting local water resources, implementing anaerobic
digesters on livestock facilities improves soil health. Adding digestate to soil increases the organic matter content, reduces the need
for chemical fertilizers, improves plant growth and alleviates soil compaction. Further, digestion converts nutrients in manure to a more
accessible form for plants to use. The risks of water and soil contamination from flooding of open lagoons are also mitigated by digesters.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">As a leading producer of
RNG, we believe it is imperative to its continued growth and success that we remain a strong advocate for the sustainable development,
deployment and utilization of RNG to reduce dependence on fossil fuels while increasing domestic energy production.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Many of our team members
have been involved in the biogas conversion industry for over 20&#160;years. We are an active participant in several industry trade organizations.
Our participation in these groups allows us to align with industry colleagues to better understand the challenges facing the industry
and to collaborate with them to develop creative solutions to such problems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">As an active participant
in industry trade organizations, we regularly participate in conferences and regulatory initiatives, including lobbying, to address key
issues and promote the RNG industry. Collaborating with other industry teams provides us with a holistic view of the RNG industry, which
aides us in identifying emerging trends and opportunities. Our participation allows us to align with industry colleagues to better understand
the challenges facing the industry and to collaborate with them to develop creative solutions to such problems. We are focused on maintaining
and nurturing our relationships with pipeline&#160;off-takers&#160;and seeks to ensure that such relationships are a priority, including
by maintaining continuous communication, enforcing stringent real-time&#160;monitoring of our product quality, and providing materials
to assist with their corporate sustainability communications.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="text-decoration:underline">Expanding Our Industry
Position as a Full-Service Partner for Development Opportunities, Including Through Strategic Transactions</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Throughout its over 20&#160;years
of biogas conversion experience, we have developed the full range of biogas conversion project related capabilities from landfill gas
collection system expertise, to engineering, construction, management and operations, through EHS oversight and Environmental Attributes
management. By vertically integrating across RNG services, we are able to reduce development and operations costs, optimize efficiencies
and improve operations. Our full suite of capabilities allows it to serve as a multi-project&#160;partner for certain project hosts across
multiple transactions, including through strategic transactions. To that end, we actively identify and evaluates opportunities to acquire
entities that will further our vertically-integrated&#160;services.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="text-decoration:underline">Expanding Our Capabilities
to New Feedstock Sources and Technologies</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We believe the market has
not yet unlocked the full potential of RNG and Renewable Power. However, as biogas processing technology continues to improve and the
required energy intensity of the RNG and Renewable Power production process is reduced, we expect that we will be able to enter new markets
for our products, such as providing fuel for the production of renewable energy sources. With our experience and industry expertise, we
believe it is well-positioned&#160;to take advantage of opportunities to meet the clean energy needs of other industries looking to use
renewable energy in their operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We are actively reviewing
opportunities beyond our core LFG and dairy RNG business. We intend to diversify our project portfolio beyond landfill biogas through
expansion into additional methane producing assets, while opportunistically adding third-party&#160;developed technology capabilities
to boost financial performance and our overall cost competitiveness. The drive toward voluntary and most likely regulatory-required&#160;organic
waste diversion from landfills is of particular interest as we leverages our current experience base. We believe this trend will provide
long-term&#160;growth opportunities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>Dispensing and Monetization
Business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We aim to maintain and increase
its position as a leading provider of RNG to the heavy and medium-duty&#160;commercial vehicle market in the United States.&#160;We support
this objective through a multi-pronged&#160;strategy of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">promoting the reduction of GHG emissions and expanding the
use of renewable fuels to displace fossil-based&#160;fuels; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">empowering our customers to achieve their sustainability
and carbon reduction objectives.</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#160;</td><td style="text-align: justify">&#160;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="text-decoration:underline">Promoting the Reduction
of GHG Emissions and Expanding the Use of Renewable Fuels to Displace Fossil-Based Fuels.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We share the renewable fuel
industry&#8217;s commitment to providing sustainable renewable energy solutions and to offering products with high economic and ecological
value.&#160;By simultaneously replacing fossil-based&#160;fuels and reducing overall methane emissions, our business has a substantial
positive environmental impact. We are committed to the sustainable development, deployment, and utilization of RNG to reduce the country&#8217;s
dependence on fossil fuels.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><span style="text-decoration:underline">Empowering Our Customers
to Achieve their Sustainability and Carbon Reduction Objectives.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">In November&#160;2021, global
leaders met in Glasgow for the United Nations Climate Change Conference (COP26) to draw up a successor plan to the Paris Agreement. With
evidence indicating that the Paris Agreement targets may fall short of limiting global warming to 1.5&#176;C, governments and regulators
globally face mounting public pressure to address the threat of climate change. The United States&#160;has re-joined&#160;the Paris Agreement
and key investors have made climate change risk management a key priority: BlackRock has stated in its 2021 stewardship expectations guidelines
that &#8220;[t]he events of [2020] have intensified our conviction that sustainability risk&#160;&#8212;&#160;and climate risk in particular&#160;&#8212;&#160;is
investment risk&#8221; and plans to expand its engagement to the over 1,000 companies that are responsible for producing 90% of GHG emissions
in its investment portfolio. Similarly, in his letter to boards, Cyrus Taraporevala, State Street&#8217;s CEO and President, said the
asset manager will be elevating its focus on climate risk, noting that ahead of COP26, &#8220;policymakers are assessing progress on climate
change action . . . many jurisdictions are signaling their intentions to make climate risk disclosure mandatory.&#8221; Vanguard has determined
that &#8220;it is critical that public company boards fully understand and own climate-related&#160;risks.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We are well positioned to
empower our customers to achieve their sustainability and carbon reduction goals. Because our business involves the capture and transformation
of waste methane into a renewable source of energy, we believe our customers can significantly reduce GHG emissions from their commercial
transportation activities. Further, our RNG is available today to reduce GHG emissions and meet sustainability objectives at a cost to
customers that is competitive to other fuels like diesel. OPAL also assists its customers in their transition to cleaner transportation
fuels by helping them obtain federal, state and local tax credits, grants and incentives, vehicle financing, and facilitating customer
selection of vehicle specifications to meet their needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Competition </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">There are a number of other
companies operating in the renewable energy and&#160;waste-to-energy&#160;space, ranging from other project developers to service or equipment
providers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our primary competition is
from other companies or solutions for access to biogas from waste. Evolving consumer preferences, regulatory conditions, ongoing waste
industry trends, and project economics have a strong effect on the competitive landscape and our relative ability to continue to generate
revenues and cash flows. We believe based on (i)&#160;our status as one of the largest operators of&#160;LFG-to-RNG&#160;projects, (ii)&#160;our
over 20-year&#160;track record of operating and developing projects, (iii)&#160;our vertically integrated business platform, (iv)&#160;our
deep relationships with some of the largest landfill owners and (v)&#160;our relationships with dairy farms in the country, we are well-positioned&#160;to
continue to operate and grow its portfolio and respond to competitive pressures. We have demonstrated a track record of strategic flexibility
across its&#160;over 20-year&#160;history which has allowed us to pivot towards projects and markets that we believe deliver optimal returns
and shareholder value in response to changes in market, regulatory and competitive pressures.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">The biogas market is heavily
fragmented. We believe both our size compared to other LFG companies and our capital structure puts us in a strong position to compete
for new project development opportunities or acquisitions of existing projects. However, competition for such opportunities, including
the prices being offered for gas supply, will impact the expected profitability of projects, and may make projects unsuitable to pursue.
Likewise, prices being offered by our competitors for fuel supply may increase the royalty rates that we pay under our fuel supply agreements
when such agreements expire and need to be renewed or when expansion opportunities present themselves at the landfills where our projects
currently operate. It is also possible that more landfill owners and dairy farm owners may seek to install their own RNG production facilities
on their sites, which would reduce the number of opportunities for us to develop new projects. Our overall size, reputation, access to
capital, experience and decades of proven execution on LFG project development and operation position us to compete strongly amongst its
industry peers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">We are aware of several competitors
in the United States&#160;that have a similar business model to our own, including Clean Energy Fuels (Nasdaq: CLNE), Archaea Energy (NYSE:&#160;LFG),
U.S.&#160;Gain, Montauk Renewables (Nasdaq: MNTK), Brightmark, AMP Energy and Morrow Renewables, as well as companies with&#160;biogas-to-energy&#160;facilities
as a segment or subsidiary of their operations, including DTE, SJI, UGI, Kinder Morgan, and Ameresco. In addition, certain landfill operators
such as Waste Management have also chosen to selectively pursue biogas conversion projects at their sites.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Governmental Regulation </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in"><b><i>General</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Each of our projects is subject
to federal, state and local air quality, solid waste, and water quality regulations and other permitting requirements. Specific construction
and operating permit requirements may differ among states. Specific permits we frequently must obtain when developing our projects include:
air permits, nonhazardous waste management permits, pollutant discharge elimination permits, zoning and beneficial use permits. Our existing
projects must also maintain compliance with relevant federal, state and local EHS requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">Our RNG projects are subject
to federal RFS program regulations, including the Energy Policy Act&#160;of&#160;2005 (the &#8220;<b><i>EPACT&#160;2005</i></b>&#8221;)
and EISA. The EPA administers the RFS program with volume requirements for several categories of renewable fuels. The EPA&#8217;s RFS
regulations establish rules for fuel supplied and administer the RIN system for compliance, trading credits and rules for waivers. The
EPA calculates a blending standard for each year based on estimates of gasoline usage from the Department of Energy&#8217;s Energy Information
Agency. Separate quotas and blending requirements are determined for cellulosic biofuels, biomass-based&#160;diesel, advanced biofuels
and total renewable fuel. Further, we are required to register each RNG project with the EPA and relevant state regulatory agencies. We
qualify our RINs through a voluntary Quality Assurance Plan, which typically takes from three to five&#160;months from first injection
of RNG into the commercial pipeline system. Further, we typically make a large investment in the project prior to receiving the regulatory
approval and RIN qualification. In addition to registering each RNG project, we are subject to quarterly audits under the Quality Assurance
Plan of our projects to validate our qualification.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0in; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our RNG projects are also
subject to state renewable fuel standard regulations. By way of example, the LCFS program in California requires producers of petroleum-based&#160;fuels
to reduce the CI of their products by at least 10% by 2020 and 20% by 2030 from a 2010 baseline. Petroleum importers, refiners and wholesalers
can either develop their own&#160;low-carbon&#160;fuel products or buy California LCFS credits from other companies that develop and sell&#160;low-carbon&#160;alternative
fuels, such as biofuels, electricity, natural gas or hydrogen. We are subject to a qualification process similar to that for RINs, including
verification of CI levels and other requirements that currently exists for LCFS credits in California.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The EPA under the Clean Air
Act (the &#8220;<b><i>CAA</i></b>&#8221;) regulates emissions of pollutants to protect the environment and public health and contains
provisions for New Source Review (the &#8220;<b><i>NSR</i></b>&#8221;) permits and Title&#160;V permits. New Biogas Conversion Projects
may be required to obtain construction permits under the NSR program. The combustion of biogas results in emissions of carbon monoxide,
oxides of nitrogen, sulfur dioxide, volatile organic compounds and particulate matter. The CAA and state and local laws and regulations
impose significant monitoring, testing, recordkeeping and reporting requirements for these emissions. Requirements vary for control of
these emissions, depending on local air quality. Applicability of the NSR permitting requirements will depend on the level of emissions
resulting from the technology used and the project&#8217;s location. Many Biogas Conversion Projects must obtain operating permits that
satisfy Title&#160;V of the 1990 CAA Amendments. The operating permit describes the emission limits and operating conditions that a facility
must satisfy and specifies the reporting requirements that a facility must meet to show compliance with all applicable air pollution regulations.
A Title&#160;V operating permit must be renewed every five&#160;years. Even when a biogas project does not require a Title&#160;V permit,
the project may be subject to other federal, state and/or local air quality regulations and permits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, our operations
and the operations of the landfills at which we operate may be subject to New Source Performance Standards and emissions guidelines, pursuant
to the CAA, applicable to municipal solid waste landfills and to oil and gas facilities. Among other things, these regulations are designed
to address the emission of methane, a potent GHG, into the atmosphere.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Before an RNG project can
be developed, all the Resource Conservation and Recovery (the &#8220;<b><i>RCRA&#8221;)</i></b>&#160;Subtitle D requirements (requirements
for nonhazardous solid waste management) must be satisfied. In particular, methane is explosive in certain concentrations and poses a
hazard if it migrates beyond the project boundary. Biogas collection systems must meet RCRA Subtitle D standards for gas control. RNG
projects may be subject to other federal, state and local regulations that impose requirements for nonhazardous solid waste management.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain Biogas Conversion
Projects may be subject to federal requirements to prepare for and respond to spills or releases from tanks and other equipment located
at these projects and provide training to employees on operation, maintenance and discharge prevention procedures and the applicable pollution
control laws. At such projects, we may be required to develop spill prevention, control and countermeasure plans to memorialize our preparation
and response plans and to update them on a regular basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our operations may result
in liability for hazardous substances or other materials placed into soil or groundwater. Pursuant to the Comprehensive Environmental
Response, Compensation and Liability Act&#160;of&#160;1980 or other federal, state or local laws governing the investigation and cleanup
of sites contaminated with hazardous substances, we may be required to investigate and/or remediate soil and groundwater contamination
at our projects, contiguous and adjacent properties and other properties owned and/or operated by third parties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Additionally, Biogas Conversion
Projects may need to obtain National Pollutant Discharge Elimination System permits if wastewater is discharged directly to a receiving
water body. If wastewater is discharged to a local sewer system, Biogas Conversion Projects may need to obtain an industrial wastewater
permit from a local regulatory authority for discharges to a Publicly Owned Treatment Works. The authority to issue these permits may
be delegated to state or local governments by the EPA.&#160;The permits, which typically last five&#160;years, limit the quantity and
concentration of pollutants that may be discharged. Permits may require wastewater treatment or impose other operating conditions to ensure
compliance with the limits. In addition, the Clean Water Act and implementing state laws and regulations require individual permits or
coverage under general permits for discharges of storm water runoff from certain types of facilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>FERC</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">FERC regulates the sale of
electricity at wholesale and the transmission of electricity in interstate commerce pursuant to its regulatory authority under the Federal
Power Act. FERC also regulates certain natural gas transportation and storage facilities and services, and regulates the rates and terms
of service for natural gas transportation in interstate commerce under the Natural Gas Act and the Natural Gas Policy Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With respect to electricity
transmission and sales, FERC&#8217;s jurisdiction includes, among other things, authority over the rates, charges and other terms for
the sale of electricity at wholesale by public utilities (entities that own or operate projects subject to FERC jurisdiction) and for
transmission services. With respect to its regulation of the transmission of electricity, FERC requires transmission providers to provide
open access transmission services, which supports the development of competitive markets by assuring nondiscriminatory access to the transmission
grid. FERC has also encouraged the formation of RTOs to allow greater access to transmission services and certain competitive wholesale
markets administered by ISOs and RTOs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In 2005, the U.S.&#160;federal
government enacted the EPACT&#160;2005 conferring new authority for FERC to act to limit wholesale market power if required and strengthening
FERC&#8217;s civil penalty authority (including the power to assess fines of up to $1.3&#160;million per&#160;day per violation, as adjusted
due to inflation), and adding certain disclosure requirements. EPACT&#160;2005 also directed FERC to develop regulations to promote the
development of transmission infrastructure, which provides incentives for transmitting utilities to serve renewable energy projects and
expanded and extended the availability of U.S.&#160;federal tax credits to a variety of renewable energy technologies, including wind
power. EPACT&#160;2005&#8217;s market conduct, penalty and enforcement provisions also apply to fraud and certain other misconduct in
the natural gas sector.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Qualifying Facilities</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Public Utility Regulatory
Policies Act (&#8220;<b><i>PURPA</i></b>&#8221;) established a class of generating facilities that would receive special rate and regulatory
treatment, termed QFs. There are two categories of QFs: qualifying small power production facilities and qualifying cogeneration facilities.
A small power production facility is a generating facility of 80 MW or less whose primary energy source is hydro, wind, solar, biomass,
waste, or geothermal. A cogeneration facility is a generating facility that produces electricity and another form of useful thermal energy
(such as heat or steam) in a way that is more efficient than the separate production of both forms of energy. QFs are generally subject
to reduced regulatory requirements. Small power production facilities up to 20 MW and &#8220;eligible&#8221; facilities as defined by
section 3(17)(E)&#160;of the Federal Power Act are exempt from rate regulation under Sections 205 and 206 of the Federal Power Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, PUHCA provides
FERC and state regulatory commissions with access to the books and records of holding companies and other companies in holding company
systems. It also provides for the review of certain costs. Companies that are holding companies under PUHCA solely with respect to one
or more exempt wholesale generators, certain QFs or foreign utility companies are exempt from these PUHCA books and records requirements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>State Utility Regulation</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">While federal law provides
the utility regulatory framework for our sales of electricity at wholesale in interstate commerce, there are also important areas in which
state regulatory control over traditional public utilities that fall under state jurisdiction may have an effect on our projects. For
example, the regulated electricity utility buyers of electricity from our projects are generally required to seek state public utility
commission approval for the pass through in retail rates of costs associated with PPAs entered into with a wholesale seller. Certain states,
such as New&#160;York, regulate the acquisition, divestiture, and transfer of some wholesale power projects and financing activities by
the owners of such projects. California, which is one of our markets, requires compliance with certain operations and maintenance reporting
requirements for wholesale generators. In addition, states and other local agencies require a variety of environmental and other permits.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">State law governs whether
an independent generator or power marketer can sell retail electricity in that state, and whether gas can be sold by an entity other than
a traditional, state-franchised&#160;gas utility. Some states, such as Florida, prohibit most sales of retail electricity except by the
state&#8217;s franchised utilities. In other states, such as New Jersey and Pennsylvania, an independent generator may sometimes sell
retail electricity power to a&#160;co-located&#160;or adjacent business customer, and a gas supplier can sometimes make&#160;on-premises&#160;or
adjacent-premises&#160;gas deliveries to a single plant or customer. Some states, such as Massachusetts and New&#160;York, permit retail
power and gas marketers to use the facilities of the state&#8217;s franchised utilities to sell power and/or gas to retail customers as
competitors of the utilities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>RNG Production and
Sale</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our projects typically convert
biogas to RNG for sale as a fuel product. FERC regulates the natural gas pipelines that transport gas in interstate commerce, and specifies
or approves a gas pipeline&#8217;s tariff that sets the rates, terms and conditions, gas quality, and other requirements applicable to
transportation of natural gas on the pipelines, including shipping RNG.&#160;Our sites are not permitted, and may not be physically able,
to deliver RNG to a FERC-regulated&#160;pipeline unless the pipeline&#8217;s receipt of the gas is consistent with the standards adopted
in the pipeline&#8217;s FERC tariff. State regulators determine whether RNG may be purchased by the state&#8217;s local gas utilities,
and whether a site operator may directly sell gas to a retail, or direct&#160;end-use,&#160;customer. Purely local gas sales not utilizing
FERC-regulated&#160;or certificated facilities are typically not subject to FERC gas regulation. The local distribution of gas to&#160;end-use&#160;customers
by a state-regulated&#160;gas utility is also typically outside the scope of FERC&#8217;s gas regulatory jurisdiction. The opening and
operation of a landfill or dairy farm that is expected to produce gas does not ordinarily require a FERC certificate or the acceptance
by FERC of a gas tariff.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Future Regulations</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The regulations that are
applicable to our projects vary according to the type of energy being produced and the jurisdiction of the facility. As part of our growth
strategy, we are looking to grow by pursuing development and acquisition opportunities. Such opportunities may exist in jurisdictions
where we have no current operations and, as such, we may become exposed to different regulations for which we have no experience. Some
states periodically revisit their regulation of electricity and gas sales. Other states, such as South Carolina and Florida, have adhered
to traditional exclusive franchise practices, and in these and other states most electricity and gas customers may receive service only
from a utility that holds an exclusive geographic franchise to provide service at that customer&#8217;s location. In some states that
have experienced energy price hikes or market volatility, such as New&#160;York, Texas and California, investments in expanding facilities
or buying or building additional facilities may be subject to changing regulatory requirements that may encourage competitive market entry.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Effect of Existing
or Probable Government Regulations on Our Business</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our business is affected
by numerous laws and regulations on the international, federal, state and local levels, including energy, environmental, conservation,
tax and other laws and regulations relating to our industry. Failure to comply with any laws and regulations may result in the assessment
of administrative, civil and criminal penalties, the imposition of injunctive relief or both. Moreover, changes in any of these laws and
regulations could have a material adverse effect on our business. In view of the many uncertainties with respect to current and future
laws and regulations, including their applicability to us, we cannot predict the overall effect of such laws and regulations on our future
operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We believe our operations
comply in all material respect with applicable laws and regulations and that the existence and enforcement of such laws and regulations
have no more restrictive an effect on our operations than on other similar companies in our industry. We do not anticipate any material
capital expenditures to comply with international, federal and state environmental requirements.<i>&#160;</i>See<i>&#160;</i>&#8220;<i>Business&#8212;Legal
Proceedings.</i>&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Segments and Geographic Information </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For information regarding
revenues and other information regarding our results of operations for each of the last two fiscal&#160;years by financial reporting segment,
please refer to the financial statements included in this prospectus and &#8220;<i>Management&#8217;s Discussion and Analysis of Financial
Condition and Results of Operations.</i>&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Facilities </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our corporate headquarters
are located in White Plains, New&#160;York, where we occupy approximately 13,600 square feet of shared office space with an affiliate
of Fortistar pursuant to an Administrative Services Agreement. See &#8220;<i>Certain Relationships and Related Party Transactions&#8212;Administrative
Services Agreement.</i>&#8221; We believe this office space is adequate for our needs for the immediate future and that, should it be
necessary, we can lease additional space to accommodate any future growth.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our services office and maintenance
facility is located in Oronoco, Minnesota, where we own and occupy an 20,000 square foot building of combined office space, maintenance
shop and loading dock located on 3.25 acres. The building was acquired in September&#160;2018 and is adequate for needs for the immediate
future. Should it be necessary, we believe we can expand the building to accommodate future growth.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our construction office and
maintenance facility is located in Rancho Cucamonga, California, where we occupy approximately 29,935 square feet of combined office space,
maintenance shop and loading dock. Our lease expires on January&#160;31, 2023, and we have an option to extend the lease for one additional
term of 24&#160;months. We believe the space that we currently lease is adequate for our needs for the immediate future but we will likely
seek additional space during the course of 2022 to accommodate future growth, which we believe will be available to us on satisfactory
terms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of July 31, 2022, we owned
and operated 25 projects, six of which are RNG projects and 19<sup>&#160; </sup>of which are Renewable Power projects. See &#8220;<i>&#8212;&#160;Our
Projects</i>&#8221; for further summary of our projects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employees </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of July 31, 2022, OPAL
had approximately 289 full-time&#160;employees, all of whom are located in the United&#160;States. None of our employees are subject to
a collective bargaining agreement and we believe we have a good relationship with our employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Legal Proceedings </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">From time to time, we are
involved in various legal proceedings, lawsuits and claims incidental to the conduct of our business, some of which may be material. Our
businesses are also subject to extensive regulation, which may result in regulatory proceedings against us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>City of Albany Matter</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On March&#160;10, 2020, the
City of Albany (&#8220;<b><i>City</i></b>&#8221;) commenced an action against two of our subsidiaries, Albany Energy LLC (&#8220;<b><i>Albany
Energy</i></b>&#8221;)&#160;and NEO Albany L.L.C. (&#8220;<b><i>NEO</i></b>&#8221;), in the Supreme Court of the State of New&#160;York,
County of Albany alleging that Albany Energy and NEO have defaulted in their obligation to utilize the Landfill Gas and convert it to
electricity, depriving the City of royalty payments. The City has not quantified this portion of its claim. In addition, the City is alleging
that Albany Energy was unjustly enriched when it applied for and received money under the section 1603 Grant program that was part of
the American Recovery and Reinvestment Act&#160;of&#160;2009. NEO and Albany Energy have counterclaimed against the City, alleging that
the City failed in its contractual obligation and refused to deliver landfill gas that it collected in quantities that would make NEO
and Albany Energy&#8217;s production of electricity commercially viable. This failure includes the City&#8217;s refusal to modify its
landfill gas flare to operate in a more efficient manner.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The City, in May of 2021,
moved for partial summary judgment on its claim for half of the 1603 grant payment (approximately $1.0&#160;million) and NEO and Albany
Energy moved in opposition to the City&#8217;s motion. On September&#160;29, 2021, the judge in the proceeding issued his decision rejecting
the City&#8217;s claim that it was entitled to one-half&#160;of the 1603 Grant. Unless the City appeals the judge&#8217;s decision and
wins a reversal, this claim cannot be pursued further. As of this writing, the City has not appealed.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Arbor Hills Matters</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">One of our subsidiaries,
Arbor Hills Energy LLC (&#8220;<b><i>AHE</i></b>&#8221;), has received various notices of violation from the Michigan Department of Environment,
Great Lakes and Energy (&#8220;<b><i>EGLE</i></b>&#8221;) and the EPA relating to alleged violations of the Clean Air Act and Part 55
of the Michigan Natural Resources and Environmental Protection Act. On March&#160;3, 2020, AHE received an Enforcement Letter from the
U.S. Department of Justice seeking to resolve these alleged violations through settlement in a Consent Decree that would include civil
fines and penalties and injunctive relief. The parties have entered into a consent decree, which was formally entered by the court in
December 2021, that resolves the matter and which requires that the Company pay a fine in the approximate amount of $750,000, payable
in three installments over two years, and install a sulfur treatment system in accordance with the schedule set forth in the Consent Decree.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Virginia Matters</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On July&#160;30, 2021, Richmond
Energy, a Company subsidiary, entered into a Consent Order with the VDEQ related to an October&#160;31, 2019 notice of violation for a
failed source test conducted by VDEQ, which identified exceedances in total sulfur, volatile organic compounds and sulfur dioxide emissions
from the Old Dominion landfill gas facility in Henrico, VA.&#160;Pursuant to the Consent Order, Richmond Energy paid a $99,000 penalty
and is required to modify the facilities permit to account for these emissions. The Richmond Energy facility has been shut down since
April&#160;3, 2020 while Richmond Energy modifies the facility&#8217;s permit, which will require the installation of a chiller treatment
system at an estimated cost of $1.0&#160;million. The facility is expected to be back online within the next twelve months.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On June&#160;26, 2020, Richmond
Energy declared a Force Majeure event under its PPA with Old Dominion Electric Cooperative (&#8220;<b><i>ODEC</i></b>&#8221;). The Force
Majeure declaration stated that inspections of its this landfill gas-to-electric&#160;facility under a scheduled maintenance outage revealed
extensive damage to the engine generator sets. The Richmond Energy facility, which is currently shut down as described in the previous
paragraph, is currently undertaking significant capital expenditures, in cooperation with the landfill owner, and expects facility to
restart during the next twelve months. In early 2022, Richmond Energy received an invoice and associated correspondence from ODEC asserting
aggregated liquidated damages under the ODEC PPA for calendar years 2020 and 2021, reflecting the cover value of renewable energy certificates
that would have been generated in those years, in the amount of $467,320.74. Richmond and ODEC entered into a settlement agreement whereby
Richmond Energy would pay ODEC the specified damages for calendar years 2020 and 2021, as well as those to be assessed for calendar year
2022. On February&#160;8, 2022, Richmond paid ODEC $467,320.74 pursuant to this settlement agreement; liquidated damages for calendar
year 2022, if any, will be assessed by ODEC during the first quarter of 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Ohio Edison Arbitration
Demand</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Noble Road RNG LLC (&#8220;<b><i>Noble&#160;Road</i></b>&#8221;),
a subsidiary of Opco, and Ohio Edison Company (&#8220;<b><i>Ohio Edison</i></b>&#8221;) entered into several contracts pursuant to which
Ohio Edison agreed to, among other things furnish to Noble Road alternating current, sixty cycle, three phase electrical energy at approximately
12,500 volts, up to approximately 2,100 kW of capacity, and agreed to construct upgrades to Ohio Edison&#8217;s facilities to serve the
required load to Noble Road&#8217;s RNG facility.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Noble Road sent Ohio Edison
an arbitration demand on January&#160;24, 2022 alleging that, as a result of Ohio Edison&#8217;s failure to perform under the contracts,
Noble Road was substantially delayed in completing its commission activities at its RNG facility and, although it has been able to maintain
operations through use of generators, is unable to operate the equipment at its RNG facility at expected capacity. In addition, Noble
Road asserts that Ohio Edison&#8217;s breach of the contracts has caused and continues to cause substantial damage. In its demand, Noble
Road has stated that it is willing to defer arbitration in order to allow the parties to focus on reaching a consensual resolution and
has proposed that the parties agree to hold the arbitration in abeyance while current efforts to resolve the problems are ongoing. Noble
Road and Ohio Edison have entered into a tolling agreement with respect to this matter which is in effect until November 1, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>MANAGEMENT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Executive Officers and Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Our Board</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our business and affairs
are managed by or under the direction of our board, which is comprised of seven directors. Nasdaq rules generally require that independent
directors must comprise a majority of a listed company&#8217;s board of directors. Under the rules of Nasdaq, a director will only qualify
as an &#8220;independent director&#8221; if, in the opinion of that company&#8217;s board of directors, that person does not have a relationship
that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. As a controlled company,
we are largely exempt from such requirements. Based upon information requested from and provided by each director concerning his or her
background, employment and affiliations, including family relationships, our board has determined that Mr. Gatti, Mr. Fogarty and Mr.
Vemuri are &#8220;independent&#8221; as that term is defined under the applicable rules and regulations of the SEC and the listing requirements
and rules of Nasdaq.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The directors of our board
are as follows. Each director was appointed to our board in connection with the Closing of the Business Combination and holds his or her
office until his or her successor has been duly elected or appointed and has qualified, or until his earlier death, resignation or removal.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif">Name</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Position with OPAL</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Age</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; font: 10pt Times New Roman, Times, Serif; text-align: left">Mark Comora</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">Chairman</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center">81</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Nadeem Nisar</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">49</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Marco F. Gatti</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">39</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Kevin M. Fogarty</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">56</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Betsy L. Battle</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">68</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Scott Dols</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">58</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Ashok Vemuri</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Director</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">54</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a brief
biography of each director of our board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Mark S.&#160;Comora</i></b>&#160;is
the Founder and President of Fortistar. Since founding Fortistar in 1993, Mr.&#160;Comora has led Fortistar&#8217;s growth in the decarbonization
of power generation, transportation fuels, and industrial processes. Mr.&#160;Comora is the chairman of Fortistar&#8217;s management and
investment committees. Additionally, Mr.&#160;Comora currently serves as Chairman of the Board of Directors of Fortistar Sustainable Solutions
Corp. (Nasdaq: FSSI) and as a member of the Board of Managers at Braven Environmental, LLC (&#8220;<b><i>Braven Environmental</i></b>&#8221;).
Mr.&#160;Comora is an Officer and Member of the Board of the American Museum of Fly Fishing and a past member of the board of directors
of the Independent Power Producers of New&#160;York and the board of directors of the Equipment Leasing Association and Leasing Foundation.
Mr.&#160;Comora is a CPA and has an MBA from Columbia University and a BA from the University of Michigan. Mr.&#160;Mark Comora is the
father of Mr.&#160;Adam Comora.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Nadeem Nisar</i></b>&#160;has
been serving as a Managing Director of Fortistar since July&#160;2008, where he serves as Head of Fortistar&#8217;s Investment Team. Mr.&#160;Nisar
is a member of Fortistar&#8217;s management and investment committees which oversee the operations of Fortistar&#8217;s portfolio companies.
Mr.&#160;Nisar is also the Chief Executive Officer of Fortistar Sustainable Solutions Corp. Mr.&#160;Nisar also serves on the board of
directors of several of Fortistar&#8217;s portfolio companies, including Fortistar Sustainable Solutions Corp, Carbonfree Chemicals LLC,
Braven Environmental and Pellucere Technologies. Since joining Fortistar in 2008, Mr.&#160;Nisar has been executing Fortistar&#8217;s
successful long-term&#160;strategy of sponsoring control investments in large scale power generation and energy infrastructure companies
as well as leading Fortistar&#8217;s growth equity investments in biofuels, carbon capture and circular economy sectors. Prior to Fortistar,
Mr.&#160;Nisar was a member of Deutsche Bank AG&#8217;s Power&#160;&amp; Utilities group and Credit Suisse Securities (USA) LLC&#8217;s
M&amp;A and Global Energy teams where he advised on $30&#160;billion in M&amp;A and $20&#160;billion in financing transactions. Mr.&#160;Nisar
has a BS in Electrical Engineering from Washington University and a BA in Physics and Economics from Ohio Wesleyan University.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Marco F.&#160;Gatti&#160;</i></b>currently
serves as a Managing Director or ArcLight Capital. Mr.&#160;Gatti joined ArcLight Capital in 2018 and has 11&#160;years of energy and
private equity experience. Previously, Mr.&#160;Gatti served as the Chief Financial Officer of ArcLight Clean Transition Corp. I (Nasdaq:
ACTC) from September&#160;2020 to June&#160;2021 when it completed a business combination. Prior to joining ArcLight Capital, Mr.&#160;Gatti
spent five&#160;years as a Vice President in the Energy group at Warburg Pincus, where he focused on the sourcing, execution and portfolio
management of equity investments in the energy and heavy industry sectors. Prior to joining Warburg Pincus in 2013, Mr.&#160;Gatti worked
at Bain Capital, McKinsey&#160;&amp; Company and Praxair between 2007 and 2012. Mr.&#160;Gatti earned a Master of Business Administration
from the Wharton School of the University of Pennsylvania, a Master of Science in Mechanical Engineering from the University of Minnesota
and a Bachelor of Science in Mechanical Engineering from Politecnico di Milano.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 98; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Kevin M. Fogarty</i></b><i>&#160;</i>recently
retired from Kraton Corporation, Inc. (&#8220;<b><i>Kraton</i></b>&#8221;), where he served as President, Chief Executive Officer and
Director, since 2008, following Kraton&#8217;s sale to DL Chemical in March, 2022. Kraton is a $2B leading global sustainable producer
of specialty polymers and high-value&#160;biobased products derived from pine wood pulping co-products. Before joining Kraton, Mr.&#160;Fogarty
spent 14 years with the Koch Industries, Inc. family of companies, where he held a variety of roles, including President for Polymer and
Resins at Invista and President of KoSa&#8217;s Polymer and Intermediaries business. Mr.&#160;Fogarty was appointed non-executive&#160;Chairperson
of the Board of Directors at Ecovyst Inc. (NYSE:ECVT), a leading integrated and innovative global provider of specialty catalysts and
services, in April 2022. Since 2012, Mr.&#160;Fogarty has served as a Director of Glatfelter Corporation (NYSE:GLT), a leading global
supplier of sustainable, cellulosic-based&#160;engineered materials, where he served as lead independent director from 2018 to 2021 and
currently as Chairperson of the Nominating and Corporate Governance Committee. Mr.&#160;Fogarty is also a director of Circulus Holdings,
PBLLC, a plastic recycling company. Mr.&#160;Fogarty previously served on the Board of Directors of the American Chemistry Council from
2017 through 2022. Mr.&#160;Fogarty graduated from Dalhousie University, in Halifax, Nova Scotia with a Bachelor of Engineering in 1990.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Betsy L. Battle</i></b><i>&#160;</i>has
served since 2009 as Founding Partner and Chief Investment Officer of Lone Peak Partners Management, LP, an investment firm registered
with the SEC and NFA. Prior to her founding Lone Peak Partners Management, LP, she was Director of Manager Selection and a member of the
Management Committee at Soros Fund Management LLC. Over her eight years there, she not only managed multibillion dollar portfolios of
external hedge funds for the Quantum group of funds and George Soros, but also built the manager selection and due diligence processes
as well as the multi-manager&#160;portfolio construction and monitoring methodologies. Prior to Soros Fund Management, she held positions
at Bankers Trust, Citicorp and JP Morgan, primarily as a manager in Global Sales and Trading. She currently serves on the Board of Directors
of the University of North Carolina Kenan-Flagler&#160;Business School Foundation Board, the Board of Directors of the Breast Cancer Research
Foundation, the International Advisory Board of Carolina Performing Arts, as well as a Fellow with the Keenan Institute of Private Enterprise,
and a member of the President&#8217;s Council of the Peconic Land Trust. Ms. Battle received a BA from the University of North Carolina
at Chapel Hill in 1976.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Scott Dols&#160;</i></b>is
the CEO of several waste-related&#160;companies. Mr.&#160;Dols is the Founder and, since 2002, has served as CEO of Big Truck Rental,
which is a provider of new refuse and roll off rental trucks and provides waste haulers access to the latest model trucks.&#160;Mr.&#160;Dols
is also a past Chairman of the National Waste&#160;&amp; Recycling Association and currently serves on the Supplier Board of Governors.
Mr.&#160;Dols also currently sits on the board of the Environmental Research&#160;&amp; Education Foundation, which provides research
and educational initiatives that translate directly into action for sustainable waste management practices.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Ashok Vemuri&#160;</i></b>served
as Chief Executive Officer and a Director of Conduent Incorporated, a global digital interactions company, from the company&#8217;s inception
as a result of the spin-off&#160;from Xerox Corporation in January 2017 through August 2019. He previously served as Chief Executive Officer
of Xerox Business Services, LLC and as an Executive Vice President of Xerox Corporation from July 2017 to December 2017. Prior to that,
he was President, Chief Executive Officer, and a member of the Board of Directors of IGATE Corporation, a New Jersey-based&#160;global
technology and services company now part of Capgemini, from 2013 to 2015. Before IGATE, Mr.&#160;Vemuri spent fourteen years in a variety
of leadership and business development roles at Infosys, a multinational consulting and IT services company, where he joined as a business
development manager and rose to serve as a member of the board. Mr.&#160;Vemuri is a member of the CEO Action for Diversity &amp; Inclusion.
He holds a Bachelor of Science degree from St. Stephen&#8217;s College, Delhi, and received his MBA from the Indian Institute of Management,
Ahmedabad. Mr.&#160;Vemuri has served as a director for The Kroger Co. (NYSE: KR) since 2019, where he sits on the Audit and Financial
Policy Committees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Executive Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following persons serve as our executive officers:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif">Name</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Position with OPAL</td><td style="font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Age</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 62%; text-align: left; text-indent: -10pt; padding-left: 10pt">Adam Comora</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%; text-align: center">Co-Chief Executive Officer</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center">50</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Jonathan Maurer</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Co-Chief Executive Officer</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">63</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Ann Anthony</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Chief Financial Officer</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">55</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">David Unger</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Executive Vice President</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">53</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Anthony Falbo</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Chief Operating Officer</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">55</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Scott Edelbach</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Executive Vice President</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">52</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Hugh Donnell</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Senior Vice President</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">68</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">John Coghlin</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">General Counsel</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center">55</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 99; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a brief biography
of each of our executive officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Adam Comora</i></b> served<b><i>&#160;</i></b>in
the role as Co-Chief&#160;Executive Officer of Opco from December&#160;2020 up to the closing of the Business Combination. Mr.&#160;Comora
was also with Fortistar from February&#160;2011 until January&#160;1, 2022 (when effective as of such time he resigned all his positions
with Fortistar and its affiliated entities other than Opco), where, among other things, he served as President and Chief Executive Officer
of TruStar Energy which now comprises the dispensing and monetization segment of Opco.&#160;Since the Business Combination, Mr.&#160;Comora
has served as the Co-Chief&#160;Executive Officer of OPAL Fuels Inc. Prior to joining Fortistar, Mr.&#160;Comora was a partner at EnTrust
Capital, an asset management firm based in New&#160;York City, where he was an integral part of the investment team managing long only
equities, a long/short strategy launched in February&#160;1999 and a fund of funds launched in 2003. While at EnTrust, assets under management
grew from $1&#160;billion to $6&#160;billion. Prior to EnTrust Comora was an Analyst and Associate at JP Morgan Investment Bank from&#160;1994-1998.
Mr.&#160;Comora received his Bachelor of Arts in Economics and Government from Cornell University. Mr.&#160;Adam Comora is the son of
Mr.&#160;Mark Comora.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Jonathan Maurer</i></b>&#160;served
in the role as Co-Chief&#160;Executive Officer of Opco from December&#160;2020 up to the closing of the Business Combination where Mr.
Maurer transitioned in the same capacity to the management OPAL Fuels Inc. Mr.&#160;Maurer previously served as a Managing Director of
Fortistar until January&#160;1, 2022 (when effective as of such time he resigned all his positions with Fortistar and its affiliated entities
other than Opco), where he was Co-Head&#160;of Fortistar&#8217;s Investment Team and led all management and investment activities associated
with Fortistar&#8217;s renewable natural gas, landfill gas to power, and biomass energy investments. Additionally, prior to January&#160;1,
2022, Mr.&#160;Maurer served as a Managing Director of Fortistar Sustainable Solutions Corp. (Nasdaq: FSSI). Mr.&#160;Maurer also served
as a member of Fortistar&#8217;s management and investment committees. Prior to his appointment at OPAL, Mr.&#160;Maurer served at Fortistar
for over 30&#160;years and previously was a commercial banker with JP Morgan Chase&#160;&amp; Co. Mr.&#160;Maurer has an MBA from Columbia
Business School and a Bachelor of Arts from St. Lawrence University.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Ann Anthony</i></b>
served as the Chief Financial Officer of Opco from April&#160;2021 up to the closing of the Business Combination where Ms. Anthony transitioned
in the same capacity to the management of OPAL Fuels Inc. Prior to joining OPAL, from November&#160;2019 to April&#160;2021, Ms. Anthony
was the Chief Financial Officer and Secretary of Key Capture Energy, LLC, a start-up&#160;private equity funded battery storage company
where she was responsible for managing all financial and HR processes for the start-up&#160;company. Before joining Key Capture Energy,
LLC, Ms.&#160;Anthony served from 2008 to 2019 in various capacities with South Jersey Industries, Inc, a public energy services holding
company, most recently leading finance and accounting as the Principal Financial Officer of SJI&#160;Utilities and Vice&#160;President
and Treasurer of South Jersey Industries, Inc, the public registrant. Ms.&#160;Anthony received her Master of Business Administration
and her Bachelor of Science in Finance from St. Joseph&#8217;s University.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>David Unger</i></b> served
in the role as Executive Vice President of Opco from December&#160;2020 up to the closing of the Business Combination where Mr. Unger
transitioned in the same capacity to the management of OPAL Fuels Inc. Mr.&#160;Unger served at Fortistar from February&#160;2018 until
January&#160;1, 2022 (when effective as of such time he resigned all his positions with Fortistar and its affiliated entities other than
Opco), where he served as a Senior Vice President. Mr.&#160;Unger previously worked for Waste Management, Inc. for 23&#160;years and developed
their RNG and CNG monetization lines of business. Mr.&#160;Unger has developed over 70 renewable energy facilities, including RNG, LFG
to electricity, and Solar. Mr.&#160;Unger managed Waste Management&#8217;s California CNG truck assets, monetizing both internally produced
RNG and third-party&#160;sources RNG.&#160;In 2015 and 2016, Mr.&#160;Unger was selected to Waste Management&#8217;s &#8220;Circle of
Excellence&#8221; for outstanding achievement. Mr.&#160;Unger has a Bachelor of Sciences in Renewable Natural Resources from the University
of Connecticut and a Master of Business Administration from the University of New Haven.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Anthony Falbo</i></b>&#160;served
in the role as Chief Operating Officer of Opco from December 2020 up to the closing of the Business Combination where Mr. Falbo transitioned
in the same capacity to the management of OPAL Fuels Inc. From 2006 until December 2020, Mr.&#160;Falbo served in a similar capacity as
Senior Vice President at Fortistar. Mr.&#160;Falbo has over 36 years of experience working in the energy sector, both in the management
of operating energy facilities as well as construction management. During his time at Fortistar, Mr.&#160;Falbo participated in the acquisition
of over 30 landfill gas to energy power projects and developed a best-in-class&#160;operating team. Prior to joining Fortistar, from 1991
to 2006, Mr.&#160;Falbo served as an electrical power generation Supervisor for NAES Corporation. From 1985 &#8211; 1991, Mr.&#160;Falbo
worked in the U.S. Navy Nuclear Power Program onboard submarines. Mr.&#160;Falbo received his Bachelor of Science from State University
of New York Empire State College, where he continues his Master level coursework.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Scott Edelbach</i></b>&#160;has
served in the role as the Executive Vice President of Opco from December&#160;2020 up to the closing of the Business Combination where
Mr. Edelbach transitioned in the same capacity to the management of OPAL Fuels Inc. Mr.&#160;Edelbach was a founder of TruStar Energy
which was formed in 2009. Prior to joining TruStar Energy, Mr.&#160;Edelbach worked at Oshkosh Truck Corporation for 18&#160;years where
his last position was Vice President of the Refuse Division. At Oshkosh Truck Corporation, Edelbach led the company to become the first
major OEM in the United States&#160;to build and integrate natural gas fuel systems into large class 8 trucks and was part of the development
teams creating heavy duty electric hybrid chassis and utility bodies such as garbage trucks and concrete mixers that were to be used for
commercial application in the United States&#160;and European markets. Mr.&#160;Edelbach received his Bachelor&#8217;s in Business Management
from Southwestern University.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Hugh Donnell</i></b>&#160;served
as Senior Vice President, Business Development and Sustainability at Opco and has been with the company from April 2022 up to the closing
of the Business Combination where Mr. Donnell transitioned in the same capacity to the management of OPAL Fuels Inc. Prior to joining
OPAL, Mr.&#160;Donnell worked at Cummins Inc. for 28 years in a variety of roles including new product development, commercial strategy,
product sales, and in the role of National Account Executive. In his most recent role at Cummins, reporting to the President of CWI Joint
Venture, he was responsible for the business growth and market development of renewable natural gas engines, which included working closely
with state and federal government air quality agencies. Mr.&#160;Donnell serves several advisory roles and is a board member of Natural
Gas Vehicles America. He received his Bachelor of Arts from University of Southern Maine.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>John Coghlin</i></b>&#160;has
served as the General Counsel of Opco from June&#160;2021 up to the closing of the Business Combination where Mr. Coghlin transitioned
in the same capacity to the management of OPAL Fuels Inc. Prior to joining OPAL, Mr.&#160;Coghlin served as Senior Vice President and
General Counsel of Colt Defense, a manufacturing firm based in West Hartford, Connecticut. From 2007 to 2014, Mr.&#160;Coghlin served
as the Chief Operating Officer and General Counsel at Healthcor Group, a global registered investment advisor. Prior to Healthcor Mr.&#160;Coghlin
served as Senior Vice President and General Counsel of Citizens Financial Group, a division of Royal Bank of Scotland. Mr.&#160;Coghlin
began his career as an associate with the law firm of Rogers&#160;&amp; Wells. Mr.&#160;Coghlin received his Juris Doctorate from Boston
College School of Law and his Bachelor of Arts from Tufts University.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Independence of the Board</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Nasdaq rules&#160;generally
require that independent directors must comprise a majority of a listed company&#8217;s board of directors. As a controlled company, OPAL
is largely exempt from such requirements. Based upon information requested from and provided by each director concerning his or her background,
employment and affiliations, including family relationships, we have determined that Mr.&#160;Gatti, Mr.&#160;Fogarty and Mr.&#160;Vemuri,
representing three members of our board, are &#8220;independent&#8221; as that term is defined under the applicable rules&#160;and regulations
of the SEC and the listing requirements and rules&#160;of Nasdaq.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Controlled Company Exemption</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Mr.&#160;Comora, through
his control of OPAL Holdco, beneficially owns a majority of the voting power of all outstanding shares of our Common Stock. As a result,
we are a &#8220;controlled company&#8221; within the meaning of the Nasdaq Listing Rules. Under the Nasdaq Listing Rules, a company of
which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a &#8220;controlled
company&#8221; and may elect not to comply with certain corporate governance standards, including the requirements (1)&#160;that a majority
of its board of directors consist of independent directors, (2)&#160;that its board of directors have a compensation committee that is
composed entirely of independent directors with a written charter addressing the committee&#8217;s purpose and responsibilities and (3)&#160;that
director nominees must either be selected, or recommended for the board&#8217;s selection, either by independent directors constituting
a majority of the board&#8217;s independent directors in a vote in which only independent directors participate, or a nominating and corporate
governance committee comprised solely of independent directors with a written charter addressing the committee&#8217;s purpose and responsibilities.
We may utilize these exemptions, and you may not have the same protections afforded to stockholders of companies that are subject to all
of these corporate governance requirements. If we cease to be a &#8220;controlled company&#8221; and our shares continue to be listed
on Nasdaq, we will be required to comply with these standards and, depending on the board&#8217;s independence determination with respect
to its then-current&#160;directors, we may be required to add additional directors to its board in order to achieve such compliance within
the applicable transition periods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Committees of the Board</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our board maintains a standing
audit committee (&#8220;<b><i>Audit Committee</i></b>&#8221;), but does not currently maintain a standing compensation committee or nominating/governance
committee based upon the exceptions from the Nasdaq Listing Rules for &#8220;controlled companies.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Audit Committee consists
of Mr.&#160;Gatti, Mr.&#160;Fogarty and Mr.&#160;Vemuri. Each member of the audit committee qualifies as an independent director under
the Nasdaq Listing Rules&#160;and the independence requirements of Rule&#160;10A-3&#160;under the Exchange&#160;Act. Our Board has determined
that Mr. Vemuri, as a member of our Audit Committee, qualifies as an &#8220;audit committee financial expert&#8221; as such term is defined
in Item&#160;407(d)(5)&#160;of Regulation&#160;S-K&#160;and possesses financial sophistication, as defined under the rules&#160;of Nasdaq.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The purpose and responsibilities
of the Audit Committee are set forth in the Audit Committee Charter adopted by our board on July 21, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Code of Business Conduct and Ethics</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Board adopted a Code
of Business Conduct and Ethics on July 21, 2022 (the &#8220;<b><i>Code of Conduct</i></b>&#8221;) that applies to all of our directors,
officers and employees, including our principal executive officers, principal financial officer and principal accounting officer, which
is available on our website. Our Code of Conduct is a &#8220;code of ethics,&#8221; as defined in Item&#160;406(b)&#160;of Regulation&#160;S-K.
We will make any legally required disclosures regarding amendments to, or waivers of, provisions of our code of ethics on our website.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;<b>&#160;</b></p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXECUTIVE COMPENSATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><i>Unless
the context otherwise requires, </i></span><i>any reference in this section of this prospectus to (i) &#8220;OPAL,&#8221; &#8220;we,&#8221;
&#8220;us&#8221; or &#8220;our&#8221; refers to Opco and its consolidated subsidiaries prior to the consummation of the Business Combination
and to OPAL Fuels Inc. and its consolidated subsidiaries following the Business Combination and (ii) to &#8220;our board&#8221; refers
to the board of managers of Opco prior to the consummation of the Business Combination and to the board of directors of OPAL Fuels Inc.
following the Business Combination.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following section
describes the significant elements of our executive compensation program for 2021 with particular emphasis on the process for determining
compensation payable to our Co-Chief&#160;Executive Officers and other two most highly compensated executive officers (collectively, the
&#8220;<b><i>Named Executive Officers</i></b>&#8221; or &#8220;<b><i>NEOs</i></b>&#8221;) during 2021. Our executive officers are listed
below (of which Mr.&#160;Comora, Mr.&#160;Mauer, Mr.&#160;Unger and Mr.&#160;Edelbach are&#160;Named Executive Officers):</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Adam Comora, Co-Chief&#160;Executive Officer</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Jonathan Maurer, Co-Chief&#160;Executive Officer</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Ann Anthony, Chief Financial Officer</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47.5pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Anthony Falbo, Chief Operating Officer</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">David Unger, Executive Vice President</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Scott Edelbach, Executive Vice President</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Hugh Donnell, Senior Vice President</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">John Coghlin, General Counsel</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Overview</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Historically, the Chairman
of our board and the boards of directors of our predecessor companies has been responsible for setting the compensation of our Co-Chief&#160;Executive
Officers and Chief Financial Officer, and for working with our Co-Chief&#160;Executive Officers to set the compensation for the other
executive officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Summary Compensation Table</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets
forth information concerning the compensation paid by us to our principal executive officers during the fiscal year ended December&#160;31,
2021 (the &#8220;<b><i>2021 Fiscal Year</i></b>&#8221;) and the other Named Executive Officers during the 2021 Fiscal Year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>2021 SUMMARY COMPENSATION TABLE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif">Name and Principal Position</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Salary<br/> ($)</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Bonus<br/> ($)<sup>(1)</sup></b></span></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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 Awards<br/>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Executive Vice President</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: center">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&#160;&#160;</p><div>

</div><!-- Field: Rule-Page --><div style="width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Includes cash discretionary bonuses paid to NEOs for 2021. Please
see additional information below in the section entitled &#8220;Annual Incentives.&#8221;</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">The amounts shown in this column represent matching contributions
under the terms of our 401(k)&#160;plan paid by us on behalf of each NEO.&#160;The amounts of matching 401(k)&#160;contributions were
as follows: $19,500 for Mr.&#160;Comora; $26,000 for Mr.&#160;Maurer; $11,593 for Mr.&#160;Edelbach; and $19,835 for Mr.&#160;Unger.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 103; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Narrative Disclosure to the Summary Compensation
Table</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the 2021 fiscal year,
our compensation program consisted primarily of the following elements: base salary, short-term&#160;annual incentive awards, long-term&#160;equity
incentives and benefit and perquisite programs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Base Salary</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Historically, we have provided
base salary as a fixed source of compensation for our executive officers. Base salaries for NEOs are established based on the scope of
their responsibilities, competencies and their prior relevant experience, taking into account compensation paid in the market for similar
positions, the market demand for such NEOs and the NEO&#8217;s total compensation package. Base salaries are reviewed annually, based
on each NEO&#8217;s success in meeting or exceeding individual objectives and on our financial performance. Additionally, base salaries
can be adjusted as warranted throughout the year to reflect promotions or other changes in the scope of breadth of an executive&#8217;s
role or responsibilities, as well as to maintain market competitiveness.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Annual Incentives</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our compensation program
for NEOs and other executive officers includes eligibility for annual cash bonuses. Annual bonuses were determined in the sole discretion
of our board, based upon OPAL meeting its business and financial objectives generally and its annual financial performance targets in
particular, as well as each NEO&#8217;s individual performance. Based on the review of the NEOs&#8217; performance by our board, our board
awarded the NEOs annual bonuses in the amounts set forth in the Summary Compensation Table above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Long-Term Incentives</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the Long-Term&#160;Incentive
Plan Award Agreement between Mr.&#160;Edelbach and TruStar Energy LLC, a Delaware limited liability company and subsidiary of Opco, Mr.&#160;Edelbach
is eligible to receive a base cash award in 2023 for the performance period lasting from January&#160;1, 2020 through December&#160;31,
2022 with a target value of $1,250,000 and a maximum value of $2,250,000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Equity awards are a variable
element of compensation that allowed us to reward our NEOs for their sustained contributions to the company. Equity awards reward performance
and continued employment by an NEO, with associated benefits to us of attracting and retaining employees. Historically, Fortistar LLC
granted units intended to be treated as &#8220;profits interests&#8221; for U.S.&#160;federal income tax purposes to certain of Opco executives
through one of its feeder entities with such profits interests awards tracking the performance of the applicable predecessor companies
of Opco (such awards, the &#8220;<b><i>Parent Equity Awards</i></b>&#8221;). Participants were entitled to participate in&#160;<i>pro-rata</i>&#160;distributions
from such predecessors of Opco during their employment. Effective as of December&#160;31, 2020, the Parent Equity Awards were restructured
to track the performance of Opco. Following the termination of their employment, their unvested Parent Equity Awards shall be forfeited,
as further described in the governing documents of the applicable feeder entities. The Parent Equity Awards held by the NEOs remain outstanding
during the NEOs&#8217; employment with us post-Business Combination, however, the NEOs are no longer be eligible to receive any future
Parent Equity Awards. No Parent Equity Awards were issued in the 2021 Fiscal Year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Employee Benefits.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We provide standard health,
dental, and disability insurance benefits to our executive officers, on the same terms and conditions as provided to all eligible employees.
We do not offer a deferred compensation plan or pension plan and do not provide executive perquisites that are not generally available
on a non-discriminatory&#160;basis to all of our employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Employment Agreements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Mr.&#160;Unger had previously
entered into an Employment Agreement with Fortistar dated May&#160;3, 2018, which was terminated in early 2022. Following such termination,
no NEOs are entitled to compensation upon a change in control or termination, provided, however, that upon a change in control of Opco,
each NEO shall be entitled to payment with respect to such NEO&#8217;s Parent Equity Awards in the amounts set forth in the table entitled
&#8220;Outstanding Equity Awards at 2021 Fiscal Year End&#8221; (assuming such change in control occurred on December&#160;31, 2021, and
other conditions described in footnote 3 to such table are met).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Outstanding Equity Awards at 2021 Fiscal Year
End</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth
information concerning outstanding profits interest equity awards as of December&#160;31, 2021 for each NEO.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Have Not <br/>
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    Not Vested ($)<sup>(3)</sup></b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Adam
    Comora,<br/> </b><span style="font-weight: normal"><i>Co-Chief Executive Officer</i></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 51%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
                                            25, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
                                            15, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.26</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
                                            24, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.26</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
                                            4, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.26</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Jonathan</b>&#160;<b>Maurer,<br/>
    </b><span style="font-weight: normal"><i>Co-Chief Executive Officer</i></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
                                            25, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.52</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
                                            15, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
                                            24, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.18</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
                                            4, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.18</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: normal 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>David
    Unger,</b><br/> <i>Executive Vice President</i></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
                                            25, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.13</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
                                            15, 2019</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.04</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">620,009</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
                                            24, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.14</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,963,832</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
                                            4, 2020</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.11</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,583,334</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">All Parent Equity Awards vest ratably on each of the first five
anniversaries of the Grant Date.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Parent Equity Awards entitle recipients to indirectly receive
a percentage of the profits (&#8220;<b><i>Profits Portion</i></b>&#8221;) received by Fortistar from investment in Opco after the repayment
of the capital contributed to Opco by Fortistar. This column represents, as of December&#160;31, 2021, a percentage of Opco which is
approximately equal to such Profits Portion.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: justify">The Market Value of Parent Equity Awards represents the value
of the Profits Portion assuming that (i)&#160;all of the equity or assets or Opco was sold for fair market value on December&#160;31,
2021, (ii)&#160;the proceeds of such sale were distributed to the equity holders of Opco (which, in turn distributed such amounts to
their owners), and (iii)&#160;Fortistar received full repayment of its capital contributed to Opco.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Compensation of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the closing of the
Business Combination, none of the members of our board received any compensation for services as a director. As directors on our board
post-Business Combination, we intend that all non-employee directors will be paid as members of our board, and, if applicable, as members
of any committee of our board, certain annual retainers to be determined by our board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We expect that non-employee
members of our board will be paid in a combination of cash and equity awards. It is anticipated that each such director will be able to
elect to receive up to 100% of their cash retainer in the form of equity awards. The cash and equity retainers would be paid on a quarterly
basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each member of our board
is entitled to reimbursement for reasonable travel and other expenses incurred in connection with attending board meetings and meetings
for any committee on which he or she serves.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><b>Compensation Committee Interlocks and Insider
Participation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We do not have a compensation
committee. During the year ended December 31, 2021, Jon Mauer and Adam Comora, the co-CEOs of Opco, and following the consummation of
the Business Combination, the co-CEOs of OPAL, participated in deliberations of our board concerning executive officer compensation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>DESCRIPTION OF SECURITIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><i>The following description
of OPAL&#8217;s capital stock is only a summary, and it does not contain all the information that may be important to you. For a complete
description of the matters set forth in this section, you should refer to the Charter, the Bylaws, the Investor Rights Agreement, and
to the applicable provisions of Delaware law.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Authorized Capitalization</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The total number of shares
of all classes of stock that OPAL has the authority to issue is 1,120,000,000&#160;shares, consisting of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">820,000,000&#160;shares of Common Stock, par value of $0.0001
per share, divided into:</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">340,000,000&#160;shares of Class A common stock;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">160,000,000&#160;shares of Class B common stock;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">160,000,000&#160;shares of Class C common stock; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">160,000,000&#160;shares of Class D common stock; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">300,000,000&#160;shares of OPAL Preferred Stock, par value
$0.0001 per share.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Common Stock </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Class A common stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">As
of July 31, 2022, OPAL had </span><span>25,171,390</span><span style="font-family: Times New Roman, Times, Serif">&#160;shares
of Class A common stock issued and outstanding.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Voting
Rights.</i></b><i> </i>Each holder of Class A common stock is entitled to one vote for each share of Class A common stock held of
record by such holder on all matters on which stockholders generally are entitled to vote. Further, the holders of the outstanding
shares of Class A common stock are entitled to vote separately upon any amendment to the Charter (including by merger,
consolidation, reorganization or similar event) that would alter or change the powers, preferences or special rights of such series
of Common Stock in a manner that is disproportionately adverse as compared to the Class B common stock, the Class C common stock and
the Class D common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">To
the fullest extent permitted by law, holders of shares of each class of the Common Stock, as such, have no voting power with respect to,
and not entitled to vote on, any amendment to the Charter (including any certificate of designations relating to any series of OPAL Preferred
Stock) that relates solely to the rights, powers, preferences (or the qualifications, limitations or restrictions thereof) or other terms
of one or more outstanding series of OPAL Preferred Stock if the holders of such affected series of OPAL Preferred Stock are entitled,
either separately or together with the holders of one or more other such series, to vote thereon under the Charter (including any certificate
of designations relating to any series of OPAL Preferred Stock) or under the </span>Delaware General Corporation Law <span style="font-family: Times New Roman, Times, Serif">(the
&#8220;<b><i>DGCL</i></b>&#8221;).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Dividends; Stock Splits
or Combinations.</i></b><i>&#160;&#160;&#160;&#160;</i>Subject to applicable law and the rights, if any, of the holders of any outstanding
series of OPAL Preferred Stock or any class or series of stock having a preference senior to or the right to participate with the Class
A common stock and the Class C common stock with respect to the payment of dividends, dividends and other distributions of cash, stock
or property may be declared and paid on the shares of Class A common stock and the shares of Class C common stock out of the assets of
OPAL that are by law available therefor, at the times and in the amounts as our board in its discretion may determine.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In no event will any stock
dividend, stock split, reverse stock split, combination of stock, reclassification or recapitalization be declared or made on any series
of Common Stock (each, a &#8220;<b><i>Stock Adjustment</i></b>&#8221;) unless:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">a corresponding Stock Adjustment for all other series of
Common Stock not so adjusted at the time outstanding is made in the same proportion and the same manner; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">the Stock Adjustment has been reflected in the same economically
equivalent manner on all Class&#160;A Units&#160;(as defined in the Second A&amp;R LLC Agreement).</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Stock dividends with respect
to each class of Common Stock may only be paid with shares of stock of the same series of Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 106; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Liquidation.</i></b><i>&#160;</i>In
the event of any voluntary or involuntary liquidation, dissolution or winding-up&#160;of the affairs of OPAL, after payment or provision
for payment of the debts and other liabilities of OPAL and of the preferential and other amounts to which the holders of OPAL Preferred
Stock are entitled, if any, the holders of all outstanding shares of Class A common stock and Class C common stock will be entitled to
receive,&#160;<i>pari passu</i>,<i>&#160;</i>an amount per share equal to the par value thereof, and thereafter the holders of all outstanding
shares of Class A common stock and Class C common stock will be entitled to receive the remaining assets of OPAL available for distribution
ratably in proportion to the number of shares of Class A common stock and Class C common stock, which shall be treated as a single class.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Class B common stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of July 31, 2022, OPAL had
no&#160;shares of Class B common stock issued and outstanding. Shares of Class B common stock may, together with the corresponding Class&#160;B
Units&#160;(as defined in the Second A&amp;R LLC Agreement), be exchanged for shares of Class A common stock pursuant to the Second A&amp;R
LLC Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Voting Rights.</i></b><i>&#160;</i>Each
holder of Class B common stock will be entitled to one vote for each share of Class B common stock held of record by such holder on all
matters on which stockholders generally are entitled to vote. Further, the holders of the outstanding shares of Class B common stock will
be entitled to vote separately on any amendment to the Charter (including by merger, consolidation, reorganization or similar event) that
would alter or change the powers, preferences or special rights of such series of Common Stock in a manner that is disproportionately
adverse as compared to the Class A common stock, the Class C common stock and the Class D common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To the fullest extent permitted
by law, holders of shares of each class of the Common Stock, as such, will have no voting power with respect to, and will not be entitled
to vote on, any amendment to the Charter (including any certificate of designations relating to any series of OPAL Preferred Stock) that
relates solely to the rights, powers, preferences (or the qualifications, limitations or restrictions thereof) or other terms of one or
more outstanding series of OPAL Preferred Stock if the holders of such affected series of OPAL Preferred Stock are entitled, either separately
or together with the holders of one or more other such series, to vote thereon under the Charter (including any certificate of designations
relating to any series of OPAL Preferred Stock) or under the DGCL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Dividends; Stock Splits
or Combinations.</i></b><i> </i>Dividends of cash or property may not be declared or paid on shares of Class B
common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Further, in no event will any
Stock Adjustment be declared or made on any series of Common Stock unless:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">a corresponding Stock Adjustment for all other series of
Common Stock not so adjusted at the time outstanding is made in the same proportion and the same manner; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">the Stock Adjustment has been reflected in the same economically
equivalent manner on all Class&#160;A Units.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Stock dividends with respect
to each class of Common Stock may only be paid with shares of stock of the same series of Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Liquidation.</i></b><i>&#160;</i>In
the event of any voluntary or involuntary liquidation, dissolution or winding-up&#160;of the affairs of OPAL, after payment or provision
for payment of the debts and other liabilities of OPAL and of the preferential and other amounts to which the holders of OPAL Preferred
Stock are entitled, if any, the holders of shares of Class B common stock will not be entitled to receive, with respect to such shares,
any assets of OPAL in excess of the par value thereof. Notwithstanding the foregoing, the holders of Class B common stock will have the
right to exchange their shares of Class B common stock, together with the corresponding Class&#160;B Units&#160;constituting the remainder
of any Paired Interests (as defined in the Charter) in which such shares are included, for shares of Class A common stock in accordance
with the Second A&amp;R LLC Agreement (or for the consideration payable in respect of shares of Class A common stock in such voluntary
or involuntary liquidation, dissolution or winding-up).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Subscription
Rights.</i></b><i> </i>To the extent Class&#160;B Units&#160;are issued pursuant to the Second A&amp;R LLC Agreement to any
stockholder of OPAL other than a Qualified Stockholder (as defined in the Charter), such stockholder shall have the right to
subscribe for an equivalent number of shares of Class B common stock (subject to adjustment as set forth in the Charter) in exchange
for a payment in cash equal to the aggregate par value of such shares of Class B common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Class C common stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of July 31, 2022, OPAL did
not have any shares of Class C common stock issued and outstanding. Shares of Class C common stock may be converted to shares of Class
A common stock, as discussed further below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 107; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Voting Rights.</i></b><i>&#160;</i>Each
holder of Class C common stock will be entitled to five votes for each share of Class C common stock held of record by such holder on
all matters on which stockholders generally are entitled to vote. Further, the holders of the outstanding shares of Class C common stock
will be entitled to vote separately upon any amendment to the Charter (including by merger, consolidation, reorganization or similar event)
that would alter or change the powers, preferences or special rights of such series of Common Stock in a manner that is disproportionately
adverse as compared to the Class A common stock, the Class B common stock and the Class D common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To the fullest extent permitted
by law, holders of shares of each class of the Common Stock, as such, will have no voting power with respect to, and will not be entitled
to vote on, any amendment to the Charter (including any certificate of designations relating to any series of OPAL Preferred Stock) that
relates solely to the rights, powers, preferences (or the qualifications, limitations or restrictions thereof) or other terms of one or
more outstanding series of OPAL Preferred Stock if the holders of such affected series of OPAL Preferred Stock are entitled, either separately
or together with the holders of one or more other such series, to vote thereon under the Charter (including any certificate of designations
relating to any series of OPAL Preferred Stock) or under the DGCL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Dividends; Stock Splits
or Combinations.</i></b><i>&#160;&#160;&#160;&#160;</i>Subject to applicable law and the rights, if any, of the holders of outstanding
series of OPAL Preferred Stock or any class or series of stock having a preference senior to or the right to participate with the Class
A common stock and the Class C common stock with respect to the payment of dividends, dividends and other distributions of cash, stock
or property may be declared and paid on the shares of the Class A common stock and the shares of Class C common stock out of the assets
of OPAL that are by law available therefor, at the times and in the amounts as our board in its discretion may determine.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In no event will any Stock
Adjustment be declared or made on any series of Common Stock unless:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">a corresponding Stock Adjustment for all other series of
Common Stock not so adjusted at the time outstanding is made in the same proportion and the same manner; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">the Stock Adjustment has been reflected in the same economically
equivalent manner on all Class&#160;A Units.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Stock dividends with respect
to each class of Common Stock may only be paid with shares of stock of the same series of Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Liquidation.</i></b><i>&#160;</i>In
the event of any voluntary or involuntary liquidation, dissolution or winding-up&#160;of the affairs of OPAL, after payment or provision
for payment of the debts and other liabilities of OPAL and of the preferential and other amounts to which the holders of OPAL Preferred
Stock are entitled, if any, the holders of all outstanding shares of Class A common stock and Class C common stock will be entitled to
receive,&#160;<i>pari passu</i>,<i>&#160;</i>an amount per share equal to the par value thereof, and thereafter the holders of all outstanding
shares of Class A common stock and Class C common stock will be entitled to receive the remaining assets of OPAL available for distribution
ratably in proportion to the number of shares of Class A common stock and Class C common stock, which shall be treated as a single class.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Conversion.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">a.</td><td style="text-align: justify"><i>Voluntary Conversion</i>.&#160;Each
share of Class C common stock shall be convertible into one share of Class A common stock at the option of the holder thereof, at any
time upon written notice to OPAL; provided that, for the avoidance of doubt, any such holder of shares of Class C common stock may in
such written notice to OPAL specify that such conversion into shares of Class A common stock shall be contingent upon the consummation
of one or more sale or other transfer transactions.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">b.</td><td style="text-align: justify"><i>Automatic Conversion</i>.&#160;Each
share of Class C common stock shall automatically, without any further action, convert into one share of Class A common stock upon a
Transfer (as defined in the Charter), other than a Transfer to a Qualified Stockholder (as defined in the Charter).</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Class D common stock</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of July 31, 2022, OPAL had
144,399,037&#160;shares of Class D common stock issued and outstanding. Shares of Class D common stock may be converted into shares of
Class B common stock pursuant to the Charter. Further, shares of Class D common stock, together with the corresponding Class&#160;B Units&#160;may
be exchanged for shares of Class C common stock pursuant to the Second A&amp;R LLC Agreement. Shares of Class D common stock may be converted
into shares of Class A common stock as further discussed below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Voting Rights.</i></b><i>&#160;&#160;&#160;&#160;</i>Each
holder of Class D common stock will be entitled to five votes for each share of Class D common stock held of record by such holder on
all matters on which stockholders generally are entitled to vote. Further, the holders of the outstanding shares of Class D common stock
will be entitled to vote separately upon any amendment to the Charter (including by merger, consolidation, reorganization or similar event)
that would alter or change the powers, preferences or special rights of such series of Common Stock in a manner that is disproportionately
adverse as compared to the Class A common stock, the Class B common stock and the Class C common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 108; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To the fullest extent permitted
by law, holders of shares of each class of the Common Stock, as such, will have no voting power with respect to, and will not be entitled
to vote on, any amendment to the Charter (including any certificate of designations relating to any series of OPAL Preferred Stock) that
relates solely to the rights, powers, preferences (or the qualifications, limitations or restrictions thereof) or other terms of one or
more outstanding series of OPAL Preferred Stock if the holders of such affected series of OPAL Preferred Stock are entitled, either separately
or together with the holders of one or more other such series, to vote thereon under the Charter (including any certificate of designations
relating to any series of OPAL Preferred Stock) or under the DGCL.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Dividends; Stock Splits
and Combinations.</i></b><i>&#160;&#160;&#160;&#160;</i>Dividends of cash or property may not be declared or paid on shares of Class D
common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Further, in no event will any
Stock Adjustment be declared or made on any series of Common Stock unless:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">a corresponding Stock Adjustment for all other series of
Common Stock not so adjusted at the time outstanding is made in the same proportion and the same manner; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(b)</td><td style="text-align: justify">the Stock Adjustment has been reflected in the same economically
equivalent manner on all Class&#160;A Units.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Stock dividends with respect
to each class of Common Stock may only be paid with shares of stock of the same series of Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Liquidation.</i></b><i>&#160;&#160;&#160;&#160;</i>In
the event of any voluntary or involuntary liquidation, dissolution or winding-up&#160;of the affairs of OPAL, after payment or provision
for payment of the debts and other liabilities of OPAL and of the preferential and other amounts to which the holders of OPAL Preferred
Stock are entitled, if any, the holders of shares of Class D common stock will not be entitled to receive, with respect to such shares,
any assets of OPAL in excess of the par value thereof. Notwithstanding the foregoing, the holders of Class D common stock will have the
right to exchange their shares of Class D common stock, together with the corresponding Class&#160;B Units&#160;constituting the remainder
of any Paired Interests in which such shares are included, for shares of Class C common stock in accordance with the Second A&amp;R LLC
Agreement (or for the consideration payable in respect of shares of Class C common stock in such voluntary or involuntary liquidation,
dissolution or winding-up).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Subscription Rights.</i></b><i>&#160;&#160;&#160;&#160;</i>To
the extent that Class&#160;B Units&#160;are issued pursuant to the Second A&amp;R LLC Agreement to any Qualified Stockholder, such Qualified
Stockholder shall have the right to subscribe for an equivalent number of shares of Class D common stock (subject to adjustment as set
forth in the Charter) in exchange for a payment in cash equal to the aggregate par value of such shares of Class D common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Conversion.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">a.</td><td style="text-align: justify"><i>Voluntary Conversion</i>.&#160;Each
share of Class D common stock shall be convertible into one share of Class B common stock at the option of the holder thereof at any
time upon written notice to OPAL; provided that, for the avoidance of doubt, any such holder of shares of Class D common stock may in
such written notice to OPAL specify that such conversion into shares of Class B common stock shall be contingent upon the consummation
of one or more sale or other transfer transactions.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">b.</td><td style="text-align: justify"><i>Automatic Conversion</i>.&#160;Each
share of Class D common stock shall automatically, without any further action, convert into one share of Class B common stock upon a
Transfer, other than a Transfer to a Qualified Stockholder.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cancellation of Class B common stock and Class
D common stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No holder of Class B common
stock or Class D common stock may transfer shares of Class B common stock or Class D common stock, respectively, to any person unless
such holder transfers a corresponding number of Class&#160;B Units&#160;to the same person in accordance with the provisions of the Second
A&amp;R LLC Agreement. If any outstanding shares of Class B common stock or Class D common stock ceases to be held by a holder of the
corresponding Class&#160;B Unit, such shares of Class B common stock or Class D common stock, respectively, will automatically and without
further action on the part of OPAL or any holder of Class B common stock or Class D common stock, respectively, be transferred to OPAL
for no consideration and shall be cancelled.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 109; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>OPAL Preferred Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our board is expressly authorized,
subject to any limitations prescribed by the laws of the State of Delaware, by resolution or resolutions adopted from time to time, to
provide for the issuance of shares of OPAL Preferred Stock in one or more series, and, by filing a certificate of designation pursuant
to the applicable laws of the State of Delaware, to establish from time to time the number of shares of OPAL Preferred Stock to be included
in each such series, to fix the designation, vesting, powers (including voting powers), preferences and relative, participating, optional
or other special rights (and the qualifications, limitations or restrictions thereof) of the shares of each such series and to increase
(but not above the total number of authorized shares of the OPAL Preferred Stock) or decrease (but not below the number of shares of such
series then outstanding) the number of shares of OPAL Preferred Stock of any such series.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except as otherwise expressly
provided in any certificate of designation designating any series of OPAL Preferred Stock, (i)&#160;any new series of OPAL Preferred Stock
may be designated, fixed and determined as provided by the Charter by our board without approval of the holders of Common Stock or the
holders of OPAL Preferred Stock, or any series thereof, and (ii)&#160;any such new series may have powers, preferences and rights, including,
without limitation, voting rights, dividend rights, liquidation rights, redemption rights and conversion rights, senior to, junior to
or <i>pari passu</i> with the rights of the Common Stock, the OPAL Preferred Stock or any future class or series of OPAL Preferred Stock
or Common Stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Authorized But Unissued OPAL Capital Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As it relates to Class A common
stock, OPAL will at all times reserve and keep available out of its authorized and unissued shares of Class A common stock, (i)&#160;solely
for the purpose of the issuance in connection with the exchange of Paired Interests, the number of shares of Class A common stock that
are issuable upon the exchange of all outstanding Paired Interests which consist of Class B common stock and Class&#160;B Units&#160;pursuant
to the Second A&amp;R LLC Agreement and (ii)&#160;solely for the purpose of the issuance in connection with the conversion of shares of
all outstanding Class C common stock (including all shares of Class C common stock issuable upon the exchange of Paired Interests which
consist of Class D common stock and Class&#160;B Units&#160;pursuant to the Second A&amp;R LLC Agreement) into shares of Class A common
stock pursuant to the Charter, the number of shares of Class A common stock that are issuable upon such conversion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As it relates to Class B common
stock, OPAL will at all times reserve and keep available out of its authorized and unissued shares of Class B common stock, solely for
the purpose of the issuance in connection with the conversion of shares of all outstanding Class D common stock into shares of Class B
common stock pursuant to the Charter, the number of shares of Class B common stock that are issuable upon such conversion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As it relates to Class C common
stock, OPAL will at all times reserve and keep available out of its authorized and unissued shares of Class C common stock, solely for
the purpose of the issuance in connection with the exchange of Paired Interests which consist of Class D common stock and Class&#160;B
Units, the number of shares of Class C common stock that are issuable upon the exchange of all outstanding Paired Interests which consist
of Class D common stock and Class&#160;B Units, pursuant to the Second A&amp;R LLC Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Anti-Takeover&#160;Effects of Provisions of
Delaware Law and the Organizational Documents</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain provisions of the Organizational
Documents could discourage potential acquisition proposals and could delay or prevent a change in control. These provisions are intended
to enhance the likelihood of continuity and stability in the composition of our board and in the policies formulated by our board and
to discourage certain types of transactions that may involve an actual or threatened change of control. These provisions are designed
to reduce our vulnerability to an unsolicited acquisition proposal or proxy fight. Such provisions could have the effect of discouraging
others from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the market price of Class
A common stock that could result from actual or rumored takeover attempts. Such provisions also may have the effect of preventing changes
in our management or delaying or preventing a transaction that might benefit you or other minority stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These provisions include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Action by Written Consent;
Special Meeting of Stockholder.</i></b><i>&#160;&#160;&#160;&#160;</i>Subject to, with respect to the OPAL Preferred Stock, the terms
of any series of OPAL Preferred Stock, (i)&#160;for so long as the holders of shares of Class C common stock and Class D common stock
beneficially own, directly or indirectly, a majority of the total voting power of stock entitled to vote generally in election of directors,
any action that is required or permitted to be taken by the stockholders of OPAL may be effected by consent in lieu of a meeting and (ii)&#160;if
the holders of shares of Class C common stock and Class D common stock do not beneficially own, directly or indirectly, a majority of
the total voting power of stock entitled to vote generally in election of directors, any action required or permitted to be taken by the
stockholders of OPAL must be effected at a duly called annual or special meeting of the stockholders of OPAL and may not be effected by
any consent in lieu of a meeting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 110; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to any special rights
of the holders of any series of OPAL Preferred Stock and the requirements of applicable law, special meetings of stockholders of OPAL
may be called only by the chairperson of our board, the vice chairperson of our board, the chief executive officer of OPAL or at the direction
of our board pursuant to a written resolution adopted by a majority of the total number of directors of OPAL that OPAL would have if there
were no vacancies, and the ability of the stockholders or any other Persons to call a special meeting of the stockholders is specifically
denied.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Election and Removal
of Directors.</i></b><i>&#160;&#160;&#160;&#160;</i>Subject to any limitations imposed by applicable law and except for additional directors
of OPAL elected by the holders of any series of OPAL Preferred Stock as provided for or fixed pursuant to the Charter, any director of
OPAL or the entire board may be removed from office at any time, with or without cause, by the affirmative vote of the holders of at least
a majority of the total voting power of the outstanding shares of capital stock of OPAL entitled to vote generally in the election of
directors of OPAL, voting together as a single class. In case our board or any one or more directors of OPAL should be so removed, any
new directors of OPAL shall, unless our board determines by resolution that any such vacancies shall be filled by the stockholders and
except as otherwise provided by applicable law, be filled only by the affirmative vote of a majority of the remaining directors of OPAL
then in office, even if less than a quorum of our board, and not by the stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Other Limitations on
Stockholder Actions</i></b><i>.&#160;&#160;&#160;</i>Our Bylaws also impose some procedural requirements on stockholders who wish to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">make nominations in the election of directors; or</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">propose any other business to be brought before an annual
meeting of stockholders.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under these procedural requirements,
in order to bring a proposal of business before an annual meeting of stockholders, a stockholder must deliver timely written notice of
a proposal pertaining to a proper matter for stockholder action at the annual meeting to OPAL&#8217;s secretary containing, among other
things, the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the name and record address of each stockholder proposing
business, as they appear in OPAL&#8217;s books;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the class or series and number of shares of stock of OPAL,
directly or indirectly, held of record and beneficially by the Proponent or Stockholder Associated Person, as such terms are defined
in the Bylaws;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the names of all persons with whom the stockholder is acting
in concert and a description of all arrangements and understandings with those persons;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a description of any agreement, arrangement or understanding
reached with respect to shares of our stock, such as any derivative or short positions, profit interests, options, hedging transactions,
warrant, convertible security, stock appreciation right or similar right with an exercise or conversion privilege or a settlement payment
or mechanism at a price related to any class of securities and/or borrowed or loaned shares;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a description of the business or nomination to be brought
before the meeting, the text of the proposal and the reasons for conducting such business at the meeting; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">any material interest of the Proponent or Stockholder Associated
Person in such business.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Bylaws also set out the
timeliness requirements for delivery of such notice.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to submit a nomination
for our board, a stockholder must also submit any information with respect to the nominee that we would be required to include in a proxy
statement, as well as some other information. If a stockholder fails to follow the required procedures, the stockholder&#8217;s proposal
or nominee will be ineligible and will not be voted on by our stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Limitation on Liability and Indemnification
of Officers and Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Organizational Documents
provide indemnification for OPAL&#8217;s directors and officers to the fullest extent permitted by the DGCL.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Indemnification Agreements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif">On
July 21, 2022, OPAL entered into certain Indemnification Agreements (&#8220;<b><i>Indemnification Agreements</i></b>&#8221;) with each
of its directors and executive officers pursuant to which, subject to certain exceptions, OPAL shall indemnify its directors and executive
officers for</span> all reasonable and documented direct and indirect expenses, <span style="font-family: Times New Roman, Times, Serif">including
attorneys&#8217; fees, </span>paid or incurred by such officer or director in connection with the investigation, defense or appeal of,
or being a witness or otherwise involved in, a Proceeding (as defined in the Indemnification Agreements), or establishing or enforcing
a right to indemnification under such agreement, Section 145 of the DGCL or otherwise (the &#8220;<b><i>Expenses</i></b>&#8221;). Pursuant
to the Indemnification Agreements, in the event an officer or director who was or is a party to or witness in or is threatened to be made
a party to or witness in any Proceeding with respect such officer&#8217;s or director&#8217;s service for OPAL or any subsidiary or affiliate
as an Indemnifiable Person (as defined in the Indemnification Agreements), or by reason of anything done or not done, or any act or omission,
by such officer or director in any such capacity, OPAL shall indemnify such officer and director from and against any and all Expenses
and Other Liabilities (as defined in the Indemnification Agreements) incurred by such officer and director in connection with such Proceeding
to the fullest extent not prohibited by the provisions of OPAL&#8217;s Bylaws and the DGCL. Furthermore, pursuant to the Indemnification
Agreements, OPAL shall, subject to certain exception, at the request of an officer or director, advance all Expenses incurred by such
officer or director prior to the final disposition of a Proceeding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 111; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Exclusive Forum</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Charter provides that,
unless OPAL consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall (or, if
and only if the Court of Chancery of the State of Delaware lacks subject matter jurisdiction, any state court located within the State
of Delaware or, if and only if all such state courts lack subject matter jurisdiction, the federal district court for the District of
Delaware), and any appellate court thereof shall, to the fullest extent permitted by applicable law, be the sole and exclusive forum for
the following types of actions or proceedings under Delaware statutory or common law: (i)&#160;any derivative action, suit or proceeding
brought on behalf of OPAL; (ii)&#160;any action, suit or proceeding (including any class action) asserting a claim of breach of a fiduciary
duty owed by any current or former director, officer, other employee, agent or stockholder of OPAL to OPAL or OPAL&#8217;s stockholders;
(iii)&#160;any action, suit or proceeding (including any class action) asserting a claim against OPAL or any current or former director,
officer, other employee, agent or stockholder of OPAL arising out of or pursuant to any provision of the DGCL, the Charter or the Bylaws
(as each may be amended from time to time); (iv)&#160;any action, suit or proceeding (including any class action) to interpret, apply,
enforce or determine the validity of the Charter or the By-laws&#160;of OPAL (including any right, obligation or remedy thereunder); (v)&#160;any
action, suit or proceeding as to which the DGCL confers jurisdiction to the Court of Chancery of the State of Delaware; or (vi)&#160;any
action asserting a claim against OPAL or any director, officer or other employee of OPAL governed by the internal affairs doctrine, in
all cases to the fullest extent permitted by law and subject to the court having personal jurisdiction over the indispensable parties
named as defendants. The exclusive forum provisions of the Charter shall not apply to suits brought to enforce a duty or liability created
by the Exchange&#160;Act&#160;or any other claim for which the federal courts have exclusive jurisdiction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If any action, the subject
matter of which is within the scope of the exclusive forum provisions of the Charter, is filed in a court other than a court located within
the State of Delaware (a &#8220;<b><i>Foreign Action</i></b>&#8221;) in the name of any stockholder of OPAL, such stockholder shall be
deemed to have consented to (i)&#160;the personal jurisdiction of the state and federal courts located within the State of Delaware in
connection with any action brought in any such court to enforce the exclusive forum provisions of the Charter (an &#8220;<b><i>Enforcement
Action</i></b>&#8221;) and (ii)&#160;having service of process made upon such stockholder in any such Enforcement Action by service upon
such stockholder&#8217;s counsel in the Foreign Action as agent for such stockholder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any person or entity purchasing,
holding, owning or otherwise acquiring any interest in any security of OPAL shall be deemed to have notice of and to have consented to
the exclusive forum provisions of the Charter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Stockholder Registration Rights</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Investor Rights Agreement
provides the OPAL Holders (as defined herein) with certain registration rights whereby, at any time, subject to certain lockup restrictions
and the other terms and conditions of the Investor Rights Agreement, they will have the right to require us to register under the Securities
Act certain Registrable Securities (as defined in the Investor Rights Agreement). The Investor Rights Agreement also provides for piggyback
registration rights for certain other parties thereto, subject to certain conditions and exceptions. See &#8220;<i>Certain Relationships
and Related Party Transactions&#8212;PIPE Investors&#8212;Investor Rights Agreement.</i>&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Warrants</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>OPAL Public Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each OPAL whole warrant entitles
the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed
below, at any time commencing 30&#160;days after the Closing, except as discussed in the immediately succeeding paragraph. Pursuant to
the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A common stock. This means only a whole
warrant may be exercised at a given time by a warrant holder. The warrants will expire five&#160;years after the Closing, at 5:00&#160;p.m.,
New&#160;York City time, or earlier upon redemption or liquidation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will not be obligated to
deliver any Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless
a registration statement under the Securities Act with respect to the Class A common stock underlying the warrants is then effective and
a prospectus relating thereto is current, subject to us satisfying our obligations described below with respect to registration, or a
valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a share of Class
A common stock upon exercise of a warrant unless the share of Class A common stock issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the
event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant
will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required
to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser
of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock underlying
such unit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">We have agreed that as soon
as practicable, but in no event later than twenty&#160;business days after the Closing of the Business Combination, we will use our commercially
reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class
A common stock issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become
effective within 60&#160;business days after the Closing of the Business Combination, and to maintain the effectiveness of such registration
statement and a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified
in the warrant agreement; provided that if our shares of Class A common stock are, at the time of any exercise of a warrant, not listed
on a national securities exchange such that they satisfy the definition of a &#8220;covered security&#8221; under Section&#160;18(b)(1)&#160;of
the Securities Act, we may, at our option, require holders of OPAL Public Warrants who exercise their warrants to do so on a &#8220;cashless
basis&#8221; in accordance with Section&#160;3(a)(9)&#160;of the Securities Act and, in the event we so elect, we will not be required
to file or maintain in effect a registration statement, but we will use our commercially reasonably efforts to register or qualify the
shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the shares of
Class A common stock issuable upon exercise of the warrants is not effective by the 60th&#160;day after the Closing of the Business Combination,
warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to
maintain an effective registration statement, exercise warrants on a &#8220;cashless basis&#8221; in accordance with Section&#160;3(a)(9)&#160;of
the Securities Act or another exemption, but we will use our commercially reasonably efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the
warrants for that number of shares of Class A common stock equal to the lesser of (A)&#160;the quotient obtained by dividing (x)&#160;the
product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the &#8220;fair market value&#8221;
less the exercise price of the warrants by (y)&#160;the fair market value and (B)&#160;0.361. The &#8220;fair market value&#8221; as used
in this paragraph shall mean the volume weighted average price of the Class A common stock for the 10&#160;trading days ending on the&#160;trading
day prior to the date on which the notice of exercise is received by the warrant agent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Redemption of warrants
when the price per share of Class A common stock equals or exceeds $18.00. </i></b>Once the warrants become exercisable, we may redeem
the outstanding warrants:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in whole and not in part;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">at a price of $0.01 per warrant;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">upon a minimum of 30&#160;days&#8217; prior written notice
of redemption to each warrant holder; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">if, and only if, the closing price of the Class A common
stock equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant as described under the heading &#8220;&#8212;&#160;<i>Warrants&#160;&#8212;&#160;OPAL Public Warrants&#160;&#8212;&#160;Anti-Dilution&#160;Adjustments</i>&#8221;)
for any 20&#160;trading days within a 30-trading&#160;day period ending three&#160;trading days before we send the notice of redemption
to the warrant holders.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will not redeem the warrants
as described above unless a registration statement under the Securities Act covering the issuance of the Class A common stock issuable
upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available
throughout the 30-day&#160;redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even
if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have established the last
of the redemption criteria discussed above to prevent a redemption call unless there is at the time of the call a significant premium
to the warrant exercise price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we issue a notice of redemption
of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However,
the price of the shares of Class A common stock may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the
number of shares issuable upon exercise or the exercise price of a warrant as described under the heading &#8220;&#8212;&#160;<i>Warrants&#160;&#8212;&#160;OPAL
Public Warrants&#160;&#8212;&#160;Anti-dilution&#160;Adjustments</i>&#8221;) as well as the $11.50 (for whole shares) warrant exercise
price after the redemption notice is issued.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Redemption of warrants
when the price per Class A common stock equals or exceeds $10.00.</i></b> Once the warrants become exercisable, we may redeem the outstanding
warrants:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in whole and not in part;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">at $0.10 per warrant upon a minimum of 30&#160;days&#8217;
prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption
and receive that number of shares determined by reference to the table below, based on the redemption date and the &#8220;fair market
value&#8221; of Class A common stock (as defined below) except as otherwise described below;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">if, and only if, the closing price of the shares of Class
A common stock equals or exceeds $10.00&#160;per public share (as adjusted for adjustments to the number of shares issuable upon exercise
or the exercise price of a warrant as described under the heading <i>&#8220;&#8212;&#160;Warrants&#160;&#8212;&#160;OPAL Public Warrants&#160;&#8212;&#160;Anti-Dilution&#160;Adjustments</i>&#8221;)
for any 20&#160;trading days within the 30-trading&#160;day period ending three&#160;trading days before we send the notice of redemption
to the warrant holders; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">if the closing price of the Class A common stock for any
20&#160;trading days within a 30-trading&#160;day period ending on the third&#160;trading day prior to the date on which we send the
notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable
upon exercise or the exercise price of a warrant as described under the heading &#8220;&#8212;&#160;<i>Warrants&#160;&#8212;&#160;OPAL
Public Warrants&#160;&#8212;&#160;Anti-dilution&#160;Adjustments</i>&#8221;), the OPAL Private Placement Warrants must also be concurrently
called for redemption on the same terms as the outstanding OPAL Public Warrants, as described above.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Beginning on the date the notice
of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis.
The numbers in the table below represent the number of shares of Class A common stock that a warrant holder will receive upon such cashless
exercise in connection with a redemption by us pursuant to this redemption feature, based on the &#8220;fair market value&#8221; of the
Class A common stock on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not
redeemed for $0.10 per warrant), determined for these purposes based on volume weighted average price of the shares of Class A common
stock during the 10&#160;trading days immediately following the date on which the notice of redemption is sent to the holders of warrants,
and the number of&#160;months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in
the table below. We will provide our warrant holders with the final fair market value no later than one business&#160;day after the&#160;10-trading&#160;day
period described above ends.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The share prices set forth
in the column headings of the table below will be adjusted as of any date on which the number of shares of Class A common stock issuable
upon exercise of a warrant or the exercise price of a warrant is adjusted as set forth under the heading &#8220;&#8212;&#160;<i>Warrants&#160;&#8212;&#160;OPAL
Public Warrants</i> &#8212;&#160;<i>Anti-dilution&#160;Adjustments</i>&#8221; below. If the number of shares of Class A common stock issuable
upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior
to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately
prior to such adjustment and the denominator of which is the number of shares of Class A common stock deliverable upon exercise of a warrant
as so adjusted. The number of shares in the table below shall be adjusted in the same manner and at the same time as the number of shares
issuable upon exercise of a warrant. If the exercise price of a warrant is adjusted, (a)&#160;in the case of an adjustment pursuant to
the fifth paragraph under the heading &#8220;&#8212;&#160;<i>Warrants&#160;&#8212;&#160;OPAL Public Warrants</i> &#8212;&#160;<i>Anti-dilution&#160;Adjustments</i>&#8221;
below, the adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction, the numerator
of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading &#8220;&#8212;&#160;<i>Warrants&#160;&#8212;&#160;OPAL
Public Warrants</i> &#8212;&#160;<i>Anti-dilution&#160;Adjustments</i>&#8221; and the denominator of which is $10.00 and (b)&#160;in the
case of an adjustment pursuant to the second paragraph under the heading &#8220;&#8212;&#160;<i>Warrants&#160;&#8212;&#160;OPAL Public
Warrants</i> &#8212;&#160;<i>Anti-dilution&#160;Adjustments</i>&#8221; below, the adjusted share prices in the column headings will equal
the unadjusted share price less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment. As used herein,
the term, &#8220;Market Value&#8221; means the volume weighted average trading price of the shares of Class A Common Stock during the
20 trading day period starting on the trading day prior to the Closing Date and the term, &#8220;Newly Issued Price&#8221; means an issue
price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined
in good faith by our Board and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder
shares held by our sponsor or such affiliates, as applicable, prior to such issuance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
  <tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: right">&#160;</td>
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    <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: right">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.00</b></span></td>
    <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: right">&#160;</td>
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    <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: right">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14.00</b></span></td>
    <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: right">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>15.00</b></span></td>
    <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: right">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16.00</b></span></td>
    <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: right">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>17.00</b></span></td>
    <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: right">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#8805; 18.00</b></span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="white-space: nowrap; width: 1%; text-align: justify">&#160;</td>
    <td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.261</span></td>
    <td style="white-space: nowrap; width: 1%; text-align: right">&#160;</td>
    <td style="width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.281</span></td>
    <td style="white-space: nowrap; width: 1%; text-align: right">&#160;</td>
    <td style="width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.297</span></td>
    <td style="white-space: nowrap; width: 1%; text-align: right">&#160;</td>
    <td style="width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.311</span></td>
    <td style="white-space: nowrap; width: 1%; text-align: right">&#160;</td>
    <td style="width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.324</span></td>
    <td style="white-space: nowrap; width: 1%; text-align: right">&#160;</td>
    <td style="width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.337</span></td>
    <td style="white-space: nowrap; width: 1%; text-align: right">&#160;</td>
    <td style="width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.348</span></td>
    <td style="white-space: nowrap; width: 1%; text-align: right">&#160;</td>
    <td style="width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.358</span></td>
    <td style="white-space: nowrap; width: 1%; text-align: right">&#160;</td>
    <td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
  <tr style="vertical-align: bottom">
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    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.257</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.277</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.294</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.310</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.324</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.337</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.348</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.358</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.252</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.272</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.291</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.307</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.322</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.335</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.347</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.357</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
  <tr style="vertical-align: bottom">
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    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.246</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.268</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.287</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.304</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.320</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.333</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.346</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.357</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 10pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48&#160;months</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.241</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.263</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.283</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.301</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.317</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.332</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.344</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.356</span></td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.309</span></td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.213</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.285</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.305</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.323</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.339</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.353</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33&#160;months</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.205</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.232</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.257</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.280</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.301</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.320</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.337</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.352</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 10pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30&#160;months</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.196</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.224</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.250</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.274</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.297</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.316</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.335</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.351</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27&#160;months</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.185</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.214</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.242</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.268</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.291</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.313</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.332</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.350</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 10pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24&#160;months</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.173</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.204</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.233</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.260</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.285</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.308</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.329</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.348</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21&#160;months</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.161</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.193</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.223</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.252</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.279</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.304</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.326</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.347</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 10pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18&#160;months</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.146</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.179</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.211</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.242</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.271</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.298</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.322</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.345</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 10pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15&#160;months</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.130</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.164</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.197</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.230</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.262</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.291</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.317</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.342</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-left: 10pt; text-align: justify; text-indent: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12&#160;months</span></td>
    <td style="white-space: nowrap; text-align: justify">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.111</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.146</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.181</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.286</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.326</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.042</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.115</span></td>
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    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.179</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.233</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.281</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.323</span></td>
    <td style="white-space: nowrap; text-align: right">&#160;</td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.361</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The exact fair market value
and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table
or the redemption date is between two redemption dates in the table, the number of shares of Class A common stock to be issued for each
warrant exercised will be determined by a straight-line&#160;interpolation between the number of shares set forth for the higher and lower
fair market values and the earlier and later redemption dates, as applicable, based on a 365 or&#160;366-day&#160;year, as applicable.
For example, if the volume weighted average price of Class A common stock during the 10&#160;trading days immediately following the date
on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57&#160;months
until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277&#160;shares
of Class A common stock for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth
in the table above, if the volume weighted average price of Class A common stock during the 10&#160;trading days immediately following
the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38&#160;months
until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298&#160;shares
of Class A common stock for each whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this
redemption feature for more than 0.361&#160;shares of Class A common stock per warrant (subject to adjustment). Finally, as reflected
in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection
with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any share of Class A common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This redemption feature differs
from the typical warrant redemption features used in some other blank check offerings, which only provide for a redemption of warrants
for cash (other than the OPAL Private Placement Warrants) when the trading price for the shares of Class A common stock exceeds $18.00
per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed
when the shares of Class A common stock are trading at or above $10.00 per public share, which may be at a time when the trading price
of the shares of Class A common stock is below the exercise price of the warrants. We have established this redemption feature to provide
us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under
&#8220;&#8212;&#160;<i>Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00</i>.&#8221; Holders
choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares
for their warrants based on an option pricing model with a fixed volatility input. This redemption right provides us with an additional
mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants
would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price to
warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants
if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our
best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 115; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As stated above, we can redeem
the warrants when the shares of Class A common stock are trading at a price starting at $10.00, which is below the exercise price of $11.50,
because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity
to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the shares
of Class A common stock are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving
fewer shares of Class A common stock than they would have received if they had chosen to wait to exercise their warrants for shares of
Class A common stock if and when such shares of Class A common stock were trading at a price higher than the exercise price of $11.50.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No fractional shares of Class
A common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share,
we will round down to the nearest whole number of the number of shares of Class A common stock to be issued to the holder. If, at the
time of redemption, the warrants are exercisable for a security other than the shares of Class A common stock pursuant to the warrant
agreement, the warrants may be exercised for such security. At such time as the warrants become exercisable for a security other than
the shares of Class A common stock, OPAL (or surviving company) will use its commercially reasonable efforts to register, under the Securities
Act, the security issuable upon the exercise of the warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Redemption procedures.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A holder of a warrant may notify
us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant,
to the extent that after giving effect to such exercise, such person (together with such person&#8217;s affiliates), to the warrant agent&#8217;s
actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the shares Class A common
stock issued and outstanding immediately after giving effect to such exercise.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Anti-dilution&#160;adjustments</i>.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the number of outstanding
shares of Class A common stock is increased by a capitalization or share dividend paid in shares of Class A common stock to all or substantially
all holders of Class A common stock, or by a split-up&#160;of shares of Class A common stock or other similar event, then, on the effective
date of such capitalization or share dividend, split-up&#160;or similar event, the number of shares of Class A common stock issuable on
exercise of each warrant will be increased in proportion to such increase in the outstanding shares of Class A common stock. A rights
offering made to all or substantially all holders of Class A common stock entitling holders to purchase shares of Class A common stock
at a price less than the &#8220;historical fair market value&#8221; (as defined below) will be deemed a share dividend of a number of
shares of Class A common stock equal to the product of (i)&#160;the number of shares of Class A common stock actually sold in such rights
offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for shares
of Class A common stock) and (ii)&#160;one minus the quotient of (x)&#160;the price per share of Class A common stock paid in such rights
offering and (y)&#160;the historical fair market value. For these purposes, (i)&#160;if the rights offering is for securities convertible
into or exercisable for shares of Class A common stock, in determining the price payable for shares of Class A common stock, there will
be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion
and (ii)&#160;&#8220;historical fair market value&#8221; means the volume weighted average price of Class A common stock as reported during
the 10&#160;trading day period ending on the&#160;trading day prior to the first date on which the shares of Class A common stock trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, if we, at any
time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all
or substantially all the holders of shares of Class A common stock on account of such shares (or other securities into which the warrants
are convertible), other than (a)&#160;as described above, or (b)&#160;any cash dividends or cash distributions which, when combined on
a per share basis with all other cash dividends and cash distributions paid on the shares of Class A common stock during the 365-day&#160;period
ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other
adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of
shares of Class A common stock issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends
or cash distributions equal to or less than $0.50 per share, then the warrant exercise price will be decreased, effective immediately
after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each
share of Class A common stock in respect of such event.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 116; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the number of outstanding
shares of Class A common stock is decreased by a consolidation, combination, reverse share split or reclassification of shares of Class
A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification
or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion to
such decrease in outstanding shares of Class A common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Whenever the number of shares
of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will
be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x)&#160;the numerator of which
will be the number of shares of Class A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment
and (y)&#160;the denominator of which will be the number of shares of Class A common stock so purchasable immediately thereafter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In case of any reclassification
or reorganization of the outstanding shares of Class A common stock (other than those that solely affects the par value of such shares
of Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation
or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding
shares of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of our assets or other property
as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the
shares of Class A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby,
the kind and amount of shares of Class A common stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would
have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable
by the holders of shares of Class A common stock in such a transaction is payable in the form of shares of Class A common stock in the
successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter&#160;market,
or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises
the warrant within thirty&#160;days following public disclosure of such transaction, the warrant exercise price will be reduced as specified
in the warrant agreement based on the Black-Scholes&#160;value (as defined in the warrant agreement) of the warrant. The purpose of such
exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the
exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the
warrants. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary
transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the
full potential value of the warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The warrants have been issued
in registered form under a warrant agreement between us and Continental Stock Transfer&#160;&amp; Trust Company, as warrant agent. The
warrant agreement provides that the terms of the warrants may be amended without the consent of any holder for the purpose of (i)&#160;curing
any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of
the warrants and the warrant agreement, or defective provision (ii)&#160;amending the provisions relating to cash dividends on ArcLight
Ordinary Shares as contemplated by and in accordance with the warrant agreement or (iii)&#160;adding or changing any provisions with respect
to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and
that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that the approval by the
holders of at least 65% of the then-outstanding&#160;public warrants is required to make any change that adversely affects the interests
of the registered holders. You should review a copy of the warrant agreement, which is filed as an exhibit to this registration statement,
for a complete description of the terms and conditions applicable to the warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The warrant holders do not
have the rights or privileges of holders of shares of Class A common stock and any voting rights until they exercise their warrants and
receive shares of Class A common stock. After the issuance of Class A common stock upon exercise of the warrants, each holder will be
entitled to one vote for each share held of record on all matters to be voted on by stockholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 117; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If, upon exercise of the warrants,
a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number
the number of shares of Class A common stock to be issued to the warrant holder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have agreed that, subject
to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought
and enforced in the courts of the State of New&#160;York or the United&#160;States District Court for the Southern District of New&#160;York,
and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim.
This provision applies to claims under the Securities Act but does not apply to claims under the Exchange&#160;Act or any claim for which
the federal district courts of the United&#160;States of America are the sole and exclusive forum.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>OPAL Private Placement
Warrants</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except as described below,
the OPAL Private Placement Warrants have terms and provisions that are identical to those of the OPAL Public Warrants. The OPAL Private
Placement Warrants (including the shares of Class A common stock issuable upon exercise of the OPAL Private Placement Warrants) will not
be transferable, assignable or salable for 30&#160;days after the Closing, except pursuant to limited exceptions to our officers and directors
and other persons or entities affiliated with the initial purchasers of the OPAL Private Placement Warrants, and they will not be redeemable
by us, except as described above when the price per share of Class A common stock equals or exceeds $10.00, so long as they are held by
the Sponsor or its permitted transferees (except as otherwise set forth herein). The Sponsor, or its permitted transferees, has the option
to exercise the OPAL Private Placement Warrants on a cashless basis. If the OPAL Private Placement Warrants are held by holders other
than the Sponsor or its permitted transferees, the OPAL Private Placement Warrants will be redeemable by us in all redemption scenarios
and exercisable by the holders on the same basis as the OPAL Public Warrants. Any amendment to the terms of the OPAL Private Placement
Warrants or any provision of the warrant agreement with respect to the OPAL Private Placement Warrants will require a vote of holders
of at least 50% of the number of the then outstanding OPAL Private Placement Warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except as described above under
&#8220;&#8212;&#160;<i>OPAL Public Warrants</i>&#160;&#8212;&#160;<i>Redemption of warrants when the price per share of Class A common
stock equals or exceeds $10.00</i>,&#8221; if holders of the OPAL Private Placement Warrants elect to exercise them on a cashless basis,
they would pay the exercise price by surrendering his, her or its warrants for that number of shares of Class A common stock equal to
the quotient obtained by dividing (x)&#160;the product of the number of shares of Class A common stock underlying the warrants, multiplied
by the excess of the &#8220;Sponsor fair market value&#8221; (defined below) over the exercise price of the warrants by (y)&#160;the Sponsor
fair market value. For these purposes, the &#8220;Sponsor fair market value&#8221; shall mean the average reported closing price of the
shares of Class A common stock for the 10&#160;trading days ending on the third&#160;trading day prior to the date on which the notice
of warrant exercise is sent to the warrant agent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Transfer Agent and Warrant Agent</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The transfer agent for OPAL&#8217;s
Common Stock and warrant agent for the OPAL Public Warrants and OPAL Private Placement Warrants is the Continental Transfer &amp; Trust
Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Listing of Common Stock</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The shares of Class A common stock and Public Warrants
are listed on Nasdaq under the symbols &#8220;OPAL&#8221; and &#8220;OPALW,&#8221; respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><!-- Field: Page; Sequence: 118; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></span></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BENEFICIAL OWNERSHIP</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets
forth information known to the Company regarding the beneficial ownership of our Class A common stock and Class D common stock by:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">each person who is the beneficial owner of more than 5% of the outstanding shares of our Class A common stock or our Class D common stock;</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px; text-align: justify"><span style="font-size: 10pt">&#9679;</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Beneficial ownership is determined
according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses
sole or shared voting or investment power over that security. Under those rules, beneficial ownership includes securities that the individual
or entity has the right to acquire, such as through the exercise of warrants or stock options or the vesting of restricted stock units,
within 60&#160;days of the date of this prospectus. Shares subject to warrants that are currently exercisable or exercisable within 60&#160;days
of the date of this prospectus are considered outstanding and beneficially owned by the person holding such warrants for the purpose of
computing the percentage ownership of that person but are not treated as outstanding for the purpose of computing the percentage ownership
of any other person. Shares issuable pursuant to the exchange of Opco Common Units listed in the table below are represented in shares
of Class A common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except as described in the
footnotes below and subject to applicable community property laws and similar laws, the Company believes that each person listed above
has sole voting and investment power with respect to such shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The beneficial ownership
of Class A common stock is based on 25,671,390 shares of our Class A common stock issued and outstanding and 144,399,037 shares of our
Class D common stock issued and outstanding as of August 8, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">(1)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Unless otherwise noted, the business address of each of the directors and officers is One North Lexington Avenue, 14<sup>th</sup> Floor, White Plains, New&#160;York 10601.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">(2)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Consists of (i) 142,377,450 shares of Class D common stock owned of record by OPAL HoldCo, (ii) 2,021,587 shares of Class D common stock owned of record by Hillman and (iii) 880,600 shares of Class A common stock owned by Fortistar LLC (&#8220;<b><i>Fortistar</i></b>&#8221;), but excludes an aggregate of 9,794,752 shares of Class D common stock potentially issuable to OPAL Holdco or Hillman (a total of 9,657,625 with respect to OPAL Holdco and 137,127 with respect to Hillman) in connection with certain potential earnout payments under the Business Combination Agreement. OPAL Holdco and Hillman collectively own of record 100% of the issued and outstanding shares of Class D common stock as of the date of this table. Each of OPAL Holdco and Hillman are controlled, through Fortistar and certain of its subsidiaries, by Mr. Mark Comora. Accordingly, Mr. Mark Comora is deemed to have beneficial ownership of the securities held by each of OPAL Holdco, Hillman and Fortistar. The shares of Class D common stock owned of record by Hillman are pledged to a bank in connection with certain indebtedness owing to such bank. See &#8220;<i>Certain Relationships and Related Party Transactions&#8212;Hillman Restructuring</i>&#8221;.&#160;&#160;Shares of Class D common stock may be converted into shares of Class A common stock as further discussed in &#8220;Description of Securities<i>&#8212;</i>Common Stock<i>&#8212;</i> Class D common stock.&#8221; The business address of each of Mr. Comora, OPAL Holdco, Hillman and Fortistar is One North Lexington Avenue, 14th Floor, White Plains, New York 10601.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">(3)</span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">(4)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Consists of 3,059,533 shares of Class A common stock. The business address of ARCC Beacon LLC is 245 Park Avenue, 43rd Floor New York, New York 10167.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">(5)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Consists of 2,500,000 shares of Class A common stock. Mendocino Capital, LLC (&#8220;<b><i>Mendocino</i></b>&#8221;) is a subsidiary of NextEra Energy, Inc. (&#8220;<b><i>NextEra</i></b>&#8221;), a publicly traded company. The business address of Mendocino and NextEra is 700 Universe Boulevard, Juno Beach,&#160;Florida&#160;33408.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">(6)</span></td>
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">(7)</span></td>
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</div><table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt">(8)</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Consists of 1,500,000 shares of Class A common stock. Benjamin Wasem, Pantelitsa Georgiade and Vasiliki Papalli (the &#8220;<b><i>Nyera Principals</i></b>&#8221;) each has voting and investment discretion with respect to the securities held Nyera II Limited (&#8220;<b><i>Nyera</i></b>&#8221;), and thus may be deemed to have beneficial ownership of such securities. Each of the Nyera Principals expressly disclaims any such beneficial ownership of such securities, except to the extent of their individual pecuniary interests therein. The business address of Nyera and the Nyera Principals is 8 Stasinou Avenue, Photos Photiades Business Centre, Office 401, 1060 Nicosia, Cyprus.</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 24px; font-size: 10pt"><span style="font-size: 10pt">(9)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Consists of (i) 1,323,114 shares of Class A common stock and (ii) 1,352,223 &#160;shares of Class A common stock underlying certain warrants that are exercisable within 60 days of the date of this prospectus, which are held by certain fund entities and managed accounts for which Encompass Capital Advisors, LLC (&#8220;<b><i>Encompass</i></b>&#8221;) exercises investment discretion. Todd Kantor, as the managing member of Encompass, may also be deemed to beneficially own such securities. Does not include an additional 633,013 &#160;shares of Class A common stock underlying certain warrants that are not exercisable within 60 days of the date of this prospectus. The exercise of the warrants are subject to ownership limitations so that the selling stockholder may not beneficially own in excess of 9.9% of the issued and outstanding Class A common stock of the Company. The business address of Encompass and Mr. Kantor is 200 Park Avenue, 11th Floor, New York, New York 10166.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;&#160;</b></p><div>

</div><!-- Field: Page; Sequence: 120; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SELLING HOLDERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus relates to
the resale by the Selling Holders from time to time of up to 175,541,507 shares of Class A common stock. The Selling Holders may from
time to time offer and sell any or all of the shares of Class A common stock set forth below pursuant to this prospectus and any accompanying
prospectus supplement. When we refer to the &#8220;Selling Holders&#8221; in this prospectus, we mean the persons listed in the table
below, and the pledgees, donees, transferees, assignees, successors, designees and others who later come to hold any of the Selling Holders&#8217;
interest in the Class A common stock other than through a public sale.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets
forth, as of the date of this prospectus, the names of the Selling Holders, the aggregate number of shares of Class A common stock held
by each Selling Holders immediately prior to the sale of the shares of Class A common stock in this offering, the number of shares of
our Class A common stock that may be sold by each Selling Holder under this prospectus and the number of shares of Class A common stock
that each Selling Holder will beneficially own after this offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We cannot advise you as to
whether the Selling Holders will in fact sell any or all of such shares of Class A common stock. In addition, the Selling Holders may
sell, transfer or otherwise dispose of, at any time and from time to time, Class A common stock in transactions exempt from the registration
requirements of the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&#160;</p><div>

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  <tr style="vertical-align: bottom; ">
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    <td style="width: 1%">&#160;</td>
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 23%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Number&#160;Registered for Sale Hereby</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 21%; border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Number&#160;Held After Offering</b></span></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">3,059,533</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">3,059,533</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">16,877,101</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">16,877,101</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">35,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">35,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">Brian Goncher (4)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">35,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">35,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Daniel R. Revers (2)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">16,877,101</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">16,877,101</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">Ja-Chin Audrey Lee (5)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">35,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">35,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">35,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">145,279,637</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">500,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">45,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">105,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">105,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">500,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">500,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">1,500,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">500,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">500,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">2,500,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">Northbank Capital Management, LLC (15)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">500,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">500,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="white-space: nowrap"><span style="font-size: 10pt">Stearns, Conrad and Schmidt <br/>
Consulting Engineers, Inc. (16)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">50,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">50,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">Trent Vichie (17)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">200,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">200,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Entities affiliated with Encompass Capital Advisors (18)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">3,306,085</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">1,985,236</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">1,320,849</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">Entities affiliated with Meteora Capital (19)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">2,000,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">2,000,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Entities affiliated with Electron (20)</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">1,800,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">1,800,000</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><span style="font-size: 10pt">&#8212;</span></td></tr>
  </table><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(1)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Consists of 3,059,533 shares of Class A common stock. ARCC Beacon LLC&#8217;s (&#8220;<b><i>ARCC Beacon</i></b>&#8221;) sole member is Ares Capital Corporation. The manager of Ares Capital Corporation is Ares Capital Management LLC, and the sole member of Ares Capital Management LLC is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings L.P. and the general partner of Ares Management Holdings L.P. is Ares Holdco LLC. The sole member of Ares Holdco LLC is Ares Management Corporation. Ares Management GP LLC is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management Corporation (the &#8220;<b><i>Ares Class B Common Stock</i></b>&#8221;) and Ares Voting LLC is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management Corporation (the &#8220;<b><i>Ares Class C Common Stock</i></b>&#8221;). Pursuant to Ares Management Corporation&#8217;s Certificate of Incorporation in effect as of the date of this filing, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management Corporation if certain conditions are met. The sole member of both Ares Management GP LLC and Ares Voting LLC is Ares Partners Holdco LLC. Ares Partners Holdco LLC is managed by a board of managers, which is composed of Michael J Arougheti, Ryan Berry, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the &#8220;<b><i>Ares Board Members</i></b>&#8221;). Antony P. Ressler generally has veto authority over decisions by the Ares Board Members. Each of the Ares Entities (other than ARCC Beacon, with respect to the securities owned by it as set forth above), the Ares Board Members and the other directors, officers, partners, stockholders, members and managers of the Ares Entities, expressly disclaims beneficial ownership of the shares reported herein for purposes of Section 13(d) of the Exchange Act and the rules under Section 13(d) of the Exchange Act. The address of each Ares Entity is 2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067.</span></td></tr>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(2)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Consists of (i) 7,639,076 shares of Class A common stock held directly by ArcLight CTC Holdings II, L.P. (&#8220;<b><i>Sponsor</i></b>&#8221;) (including, 763,907 of such shares subject to forfeiture as described in the section titled The Business Combination &#8212; Related Agreements &#8212; Sponsor Letter Agreement&#8221; of the Proxy Statement/Prospectus beginning on page 118 thereof, which is incorporated herein by reference), (ii) 2,000,000 shares of Class A common stock issued to the Sponsor in connection with the PIPE Investment, and (iii) 7,238,025 shares of Class A common stock underlying certain warrants held by Sponsor that are exercisable within 60 days of the Closing Date. Daniel R. Revers has voting and investment discretion with respect to the securities held by Sponsor, and thus may be deemed to have beneficial ownership of such securities. Mr. Revers expressly disclaims any such beneficial ownership of such securities, except to the extent of his individual pecuniary interests therein. The business address of Sponsor and Mr. Revers is 200 Clarendon Street, 55th Floor, Boston, Massachusetts, 02116.</span></td></tr>
  </table><div>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(3)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Does not include any shares that may be deemed to be indirectly owned by this individual because of his or her ownership interest in the Sponsor. The business address of Sponsor and Mr. Harris is 200 Clarendon Street, 55th Floor, Boston, Massachusetts, 02116.</span></td></tr>
  </table><div>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(4)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Does not include any shares that may be deemed to be indirectly owned by this individual because of his or her ownership interest in the Sponsor. The business address of Sponsor and Mr. Goncher is 200 Clarendon Street, 55th Floor, Boston, Massachusetts, 02116.</span></td></tr>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(5)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Does not include any shares that may be deemed to be indirectly owned by this individual because of his or her ownership interest in the Sponsor. The business address of Sponsor and Ms. Lee is 200 Clarendon Street, 55th Floor, Boston, Massachusetts, 02116. </span></td></tr>
  </table><div>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(6)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Does not include any shares that may be deemed to be indirectly owned by this individual because of his or her ownership interest in the Sponsor. The business address of Sponsor and Mr. Berkenfeld is 200 Clarendon Street, 55th Floor, Boston, Massachusetts, 02116.</span></td></tr>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(7)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Consists of (i) 142,377,450 shares of Class D common stock owned of record by OPAL Holdco, (ii) 2,021,587 shares of Class D common stock owned of record by Hillman and (iii) 880,600 shares of Class A common stock owned by Fortistar, but excludes an aggregate of 9,794,752 shares of Class D common stock potentially issuable to OPAL Holdco or Hillman (a total of 9,657,625 with respect to OPAL Holdco and 137,127 with respect to Hillman) in connection with certain potential earnout payments under the Business Combination Agreement. Each of OPAL Holdco and Hillman are controlled, through Fortistar and certain of its subsidiaries, by Mr. Mark Comora. Accordingly, Mr. Mark Comora is deemed to have beneficial ownership of the securities held by each of OPAL Holdco, Hillman and Fortistar. The shares of Class D common stock owned of record by Hillman are pledged to a bank in connection with certain indebtedness owing to such bank. See &#8220;<i>Certain Relationships and Related Party Transactions&#8212;Hillman Restructuring</i>.&#8221; The business address of each of Mr. Comora, OPAL Holdco, Hillman and Fortistar is One North Lexington Avenue 14th Floor, White Plains, New York 10601.</span></td></tr>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(8)</span></td>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(9)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Consists of 45,000 shares of Class A common stock. These shares may be deemed to be beneficially owned by Till Bechtolsheimer, the Chief Executive Officer of Arosa Alternative Energy Fund LP&#8217;s investment manager. The business address of each person and entity named in this footnote is c/o Arosa Capital Management LP, 550 West 34th Street, Suite 2800, New York, NY 10001.</span></td></tr>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(10)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Consists of 105,000 shares of Class A common stock. Arosa Capital Management Opportunistic GP II LLC is the general partner of Arosa Opportunistic Fund LP and Arosa Capital Management LP is its investment manager. The members of Arosa Capital Management Opportunistic GP II LLC and the limited partners of Arosa Capital Management LP are Till Bechtolsheimer and Abraham Joseph. The business address of each person and entity named in this footnote is c/o Arosa Capital Management LP, 550 West 34th Street, Suite 2800, New York, New York 10001.</span></td></tr>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(11)</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Consists of 500,000 shares of Class A common stock. The address of the Selling Holder is 1614 Sul Ross Street, Houston, Texas 77006.</span></td></tr>
  </table><div>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(12)</span></td>
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  </table><div>
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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(13)</span></td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(14)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Consists of 2,500,000 shares of Class A common stock. Mendocino Capital, LLC (&#8220;<b><i>Mendocino</i></b>&#8221;) is a subsidiary of NextEra Energy, Inc. (&#8220;<b><i>NextEra</i></b>&#8221;), a publicly traded company. The business address of Mendocino and NextEra is 700 Universe Boulevard, Juno Beach, Florida 33408.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(15)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Consists of 500,000 shares of Class A common stock. Bradford Seagraves is the Chief Investment Officer of&#160;&#160;Northbank Capital Management, LLC (&#8220;<b><i>Northbank</i></b>&#8221;), and may be deemed the beneficial owner of such shares. The business address of Northbank is 133 Southern Comfort Road, Ketchum, Idaho 83340.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(16)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Consists of 50,000 shares of Class A common stock. Curtis Jang is the Chief Financial Officer of Stearns, Conrad and Schmidt Consulting&#160;&#160;Engineers, Inc.(&#8220;<b><i>SCS Consulting</i></b>&#8221;), and may be deemed the beneficial owner of such shares. The business address of SCS Consulting is 3900 Kilroy Airport Way, Suite 100, Long Beach, California 90806.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(17)</span></td>
    <td style="font-size: 10pt"><span style="font-size: 10pt">Consists of 200,000 shares of Class A common stock. The address of the Selling Holder is 2403 Hatley Dr., Austin Texas 78746.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(18)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Consists of (i) 1,352,223 &#160;shares underlying warrants that are exercisable within 60 days of the date of this prospectus, and (ii) 633,013 shares underlying warrants that are not currently exercisable within 60 days of the date of this prospectus because such warrants are subject to ownership limitations so that the selling stockholder may not beneficially own in excess of 9.9% of the issued and outstanding Class A common stock of the Company.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(19)</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Consists of (i) 414,600 shares of Class A common stock held by Meteora Special Opportunity Fund I, LP (&#8220;<b><i>MSOF</i></b>&#8221;), (ii) 477,600 shares of Class A common stock held by Meteora Select Trading Opportunities Master, LP (&#8220;<b><i>MSTO</i></b>&#8221;) and (iii) 1,107,800 shares of Class A common stock held by Meteora Capital Partners (&#8220;<b><i>MCP</i></b>&#8221;). Meteora Capital, LLC (&#8220;<b><i>Meteora Capital</i></b>&#8221;) serves as investment manager to MSOF, MSTO and MCP. Voting and investment power over the shares held by MSOF, MSTO and MCP resides with its investment manager, Meteora Capital, LLC (&#8220;<b><i>Meteora Capital</i></b>&#8221;). Mr. Vik Mittal serves as the managing member of Meteora Capital and may be deemed to be the beneficial owner of the shares of Class A common stock held by such entities. Mr. Mittal, however, disclaims any beneficial ownership of the shares held by such entities. The business address of each of MSOF, MSTO, MCP, Meteora Capital and Mr. Mittal is 840 Park Drive East, Boca Raton, Florida 33444.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 5%; font-size: 10pt"><span style="font-size: 10pt">(20</span></td>
    <td style="font-size: 10pt; text-align: justify"><span style="font-size: 10pt">Consists of (i) 1,060,088 shares of Class A common stock held by Electron Global Master Fund LP (&#8220;<b><i>EGMF</i></b>&#8221;), (ii) 695,913 shares of Class A common stock held by Electron Infrastructure Master Fund LP (&#8220;<b><i>EIMF</i></b>&#8221;), (iii) 30,628 shares of Class A common stock held by Boothbay Absolute Return Strategies, LP (&#8220;BARS&#8221;) and (iv) 13,371 shares of Class A common stock held by AGR Trading SPC-Series Segregated Portfolio (&#8220;<b><i>AGR</i></b>&#8221;). James Shaver is the managing member of the general partners of EGMF and EIMF, and as such may be deemed to beneficially own the shares of Class A common stock held by EGMF and EIMF. Boothbay Fund Management LLC is the investment manager of BARS. AC Investment Management, LLC is the investment manager of AGR. James Shaver may be deemed to have investment discretion and voting power over shares of Class A common stock held by the BARS and AGR. The business address of EGMF, EIMG and Mr. Shaver is 10 East 53rd Street, 19th Floor, New York, NY 10022. The business address of BARS is 140 East 45th St., 14th Floor, New York, NY 10017. The business address of AGR is 1350 Avenue of the Americas, Suite 2300, New York, New York 10019.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Audit Committee Charter
provides for the review, approval and/or ratification of &#8220;related party transactions,&#8221; which are those transactions required
to be disclosed pursuant to Item&#160;404 of Regulation&#160;S-K&#160;as promulgated by the SEC, by the Audit Committee. The Audit Committee
shall be provided with the details of each new, existing, or proposed related party transaction, including the terms of the transaction,
any contractual restrictions that the company has already committed to, the business purpose of the transaction, and the benefits of the
transaction to the company and to the relevant related party. Any member of the committee who has an interest in the related party transaction
under review by the committee shall abstain from voting on the approval of the related party transaction, but may, if so requested by
the chairman of the committee, participate in some or all of the committee&#8217;s discussions of the related party transaction. Upon
completion of its review of the related party transaction, the committee may determine to permit or to prohibit the related party transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>IT Services Agreement</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Opco has entered into a Master
Services Agreement with CoStar Partners LLC (&#8220;<b><i>CoStar</i></b>&#8221;). CoStar is controlled, indirectly, by Mr.&#160;Mark Comora
through entities affiliated with Mr.&#160;Comora, including Fortistar and certain of its affiliated entities other than Opco. Prior to
the closing of the Business Combination, Mr.&#160;Comora was Chairman of the board of managers of Opco and, thereafter became our Chairman
of the Board. He is also the Founder and President of, and sole member in, Fortistar. Mr.&#160;Nadeem Nisar, also a former member of the
board of Opco and a current member of our board, is a Managing Director of Fortistar and also serves as a member of Fortistar&#8217;s
management and investment committees which oversee the operations of Fortistar&#8217;s portfolio companies. The Chief Executive Officer
of CoStar is Mr.&#160;David Comora, who is the son of Mr.&#160;Mark Comora and the brother of Mr.&#160;Adam Comora who served as Co-Chief&#160;Executive
Officer of Opco and is currently serving in the same capacity at OPAL. In addition, Mr.&#160;Adam Comora, Mr.&#160;Jonathan Maurer, Mr.&#160;Anthony
Falbo and Mr.&#160;David Unger, at the time this Master Services Agreement was signed, served as executive officers of Opco and also served
at Fortistar. Pursuant to this Master Services Agreement, CoStar provides certain information technology and consulting services and support
to Opco. In consideration of the performance of these certain services, Opco has agreed to compensate CoStar approximately $150,000 per
month. This amount may increase in the event Opco requests additional services under the Master Services Agreement. The term of this agreement
is thirty-six&#160;months from the effective date of June&#160;1, 2020 unless terminated sooner. CoStar has the right to terminate this
agreement in whole or in part upon Opcos&#8217; failure to cure any monetary default or default of any non-monetary&#160;material provision
after a combined forty days of written notice from CoStar to Opco. Opco, on the other hand, may terminate this agreement in its entirety
in the event that CoStar defaults in the performance of the services and such default is not cured within forty-five&#160;days of written
notice from Opco of such default.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Administrative Services Agreement</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Opco has entered into an
Administrative Services Agreement with Fortistar Services 2 LLC (&#8220;<b><i>FS2</i></b>&#8221;). FS2 is controlled, indirectly, by Mr.&#160;Mark
Comora through entities affiliated with Mr.&#160;Comora, including Fortistar and certain of its affiliated entities other than us. Prior
to the closing of the Busines Combination, Mr.&#160;Comora was Chairman of the board of Opco, and, thereafter, became the Chairman of
our board. He is also the Founder and President of, and sole member in, Fortistar. Mr.&#160;Nadeem Nisar, also a former member of the
board of Opco and a current member of our board, is a Managing Director of Fortistar and also serves as a member of Fortistar&#8217;s
management and investment committees which oversee the operations of Fortistar&#8217;s portfolio companies. In addition, Mr.&#160;Adam
Comora, Mr.&#160;Jonathan Maurer, Mr.&#160;Anthony Falbo and Mr.&#160;David Unger, at the time this Administrative Services Agreement
was signed, served as executive officers of Opco and also served at Fortistar. Pursuant to this Administrative Services Agreement, Opco
pays the applicable standard hourly rate for each professional of FS2&#8217;s personnel for administrative and support services; and FS2
pays the applicable standard hourly rate for each professional of Opco for technical, engineering, analytical, regulatory and other consulting
services to FS2 or its affiliates in the event so requested from time to time. Additionally, Opco pays FS2 an agreed upon fixed monthly
costs for its portion of administrative office space and equipment. The term of this agreement is thirty-six&#160;months from the effective
date of December&#160;31, 2020 unless terminated sooner. The agreement will terminate (i)&#160;upon the dissolution of either party; (ii)&#160;the
expiration of the term where one party has provided notice of non-renewal; or (iii)&#160;at any time, at either party&#8217;s option upon
thirty days&#8217; written notice if the non-terminating&#160;party is grossly negligent in its performance of its duties or willfully
breaches this agreement, the non-terminating&#160;party acts fraudulently in the performance of its duties, or immediately, without notice,
if the non-terminating&#160;party initiates bankruptcy proceedings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Indemnification and Hold Harmless Agreement</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Opco has entered into an
indemnification and hold harmless agreement with Fortistar, dated December&#160;31, 2020. Prior to the closing of the Busines Combination,
Mr.&#160;Comora was Chairman of the board of Opco, and, thereafter, became Chairman of our board, is the Founder and President of, and
sole member in, Fortistar. Mr.&#160;Nadeem Nisar, also a former member of the board of Opco and a current member of our board, is a Managing
Director of Fortistar and also serves as a member of Fortistar&#8217;s management and investment committees which oversee the operations
of Fortistar&#8217;s portfolio companies. In addition, Mr.&#160;Adam Comora, Mr.&#160;Jonathan Maurer, Mr.&#160;Anthony Falbo and Mr.&#160;David
Unger, at the time this agreement was signed, served as executive officers of Opco and also served at Fortistar. The indemnification and
hold harmless agreement requires Opco, on behalf of itself or any of its direct or indirect subsidiaries, to use its best efforts to repay
and perform all of its outstanding liabilities and obligations, indemnify and hold Fortistar harmless from and against any and all payments,
commitments, liabilities, losses, damages, expenses and costs of whatsoever nature by reason of or arising out of any credit support arrangements,
including guarantees of repayment of debt, commitments to provide equity capital, and commitments to fund certain royalty payments in
the event a project is not completed by a specific date or if a project does not deliver minimum annual contracted volumes of RNG, related
to (i)&#160;several of Opco projects, namely the New River RNG LLC Project, the Noble Road RNG LLC Project and the Pine Bend RNG LLC Project
and (ii)&#160;any such credit support arrangements that Fortistar may in the future so provide for the benefit of Opco. As of July 31,
2022, the approximate dollar amounts related to such credit support arrangements in existence by Fortistar under this indemnification
and hold harmless agreement was (a)&#160;$0 in connection with outstanding loan guaranties (because the underlying loan had been repaid),
(b)&#160;an aggregate of $14,500,000 in equity capital commitments related to three projects under construction, (c)&#160;$5,000,000 in
aggregate payments if Opco fails to meet minimum delivery requirements for RNG related to the Noble Road RNG Project, and (d)&#160;certain
&#8220;make whole&#8221; payments consisting of potential annual royalty payments if New River RNG Project was not completed by a date
certain, which amounts are no longer at risk as the New River Project was completed prior to the required date. None of the foregoing
amounts were due and payable at July 31, 2022, as none of the conditions upon which Fortistar would be required to perform on behalf of
Opco under the indemnification and hold harmless agreement existed as of the date hereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Flue Gas Offtake and Preferred Partner Agreement</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Opco has entered into an
agreement with CarbonFree Chemical Holdings, LLC (&#8220;<b><i>CarbonFree</i></b>&#8221;), a leading carbon capture business. Mr.&#160;Mark
Comora, through Fortistar and certain of its affiliated entities other than OPAL, owns more than 10% of the voting equity of CarbonFree.
Prior to the closing of the Busines Combination, Mr.&#160;Comora was Chairman of the board of Opco, and, thereafter, became Chairman of
our board, is also the Founder and President of, and sole member in, Fortistar. Mr.&#160;Nadeem Nisar who is a Managing Director of the
managing member of CarbonFree, was also a former member of the board of Opco and a current member of our board.&#160;Mr.&#160;Nisar is
a Managing Director of Fortistar and also serves as a member of Fortistar&#8217;s management and investment committees which oversee the
operations of Fortistar&#8217;s portfolio companies Pursuant to the agreement with Carbonfree, which was entered into on November&#160;29,
2021, both parties agreed that within 180&#160;days of the date of the agreement they will cooperate to pursue the development of a carbon
capture plant adjacent to a potential Opco RNG production location. If at the end of the 180&#160;day period it is determined that it
is not commercially reasonable to pursue the development of such plant at the location, the parties have agreed to cooperate to identify
one or more alternative locations within 240&#160;days of the date of the agreement. In the event both parties deem a project commercially
viable and desirable, they will begin undertaking their respective responsibilities to implement the project. The parties have agreed
that the construction of any such carbon capture plant shall commence by the end of 2022. If constructed, each plant will use CarbonFree&#8217;s
proprietary technology to capture CO&#8322; from the flue gases produced by the adjacent Opco RNG production facility, transforming it
into solid carbonate materials.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to this agreement,
CarbonFree is responsible for all costs associated with site procurement, planning, development, construction, maintenance and operation
of any carbon capture plant constructed at the proposed sites and the maintenance and operation of all &#8220;downstream&#8221; systems
of the projected flue gas pipeline interconnection system. Opco is responsible for procuring access to the land needed for the plant,
providing engineering support to design and construct the interconnection system and supplying all available historical data analyzing
flue gas from the relevant RNG plant. CarbonFree is entitled to retain all payments and revenue generated by the carbon capture plant,
including any carbon credit payments. Opco is entitled to 80% of the value on any improvement of its CI score under the California LCFS
system or other similar state program. Further, CarbonFree will be Opco&#8217;s preferred provider of carbon capture technology and Opco
will be CarbonFree&#8217;s preferred provider of RNG where it has the legal right to designate such a provider. The agreement will terminate
on the later of (i)&#160;November&#160;28, 2024, or (ii)&#160;a date agreed upon in writing. Neither party may transfer, assign or delegate
their rights or obligations without the other&#8217;s prior written consent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Hillman Restructuring</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On December&#160;11, 2020,
Hillman, Hillman Power Company LLC (&#8220;<b><i>Hillman Power</i></b>&#8221;), and Customers Bank, among others, entered into a Loan
and Guaranty Agreement (the &#8220;<b><i>Customers Loan Agreement</i></b>&#8221;) pursuant to which Customers Bank extended to Hillman
Power a term loan pursuant to the Main Street Lending Program in the aggregate original principal amount of $30,000,000 in accordance
with the terms, and subject to the conditions, of the Customers Loan Agreement. Hillman and Hillman Power are controlled, indirectly,
by Mr.&#160;Mark Comora through entities affiliated with Mr.&#160;Comora, including Fortistar and certain of its affiliates other than
Opco. Prior to the closing of the Busines Combination, Mr.&#160;Comora was Chairman of the board of Opco, and, thereafter, became Chairman
of our board. He is also the Founder and President of, and sole member in, Fortistar. Mr.&#160;Nadeem Nisar and Mr.&#160;Jonathan Maurer
each serve as a manager and each maintains a pecuniary interest in, a limited liability company that indirectly owns a passive equity
investment in Hillman, Mr.&#160;Nisar, also a former member of the board of Opco and a current member of our board, is a Managing Director
of Fortistar and also serves as a member of Fortistar&#8217;s management and investment committees which oversee the operations of Fortistar&#8217;s
portfolio companies. Prior to the closing of the Business Combination, Mr.&#160;Maurer served as Co-Chief&#160;Executive Officer of Opco
Fuels and is currently serving in the same capacity with us. Prior to being appointed of Co-Chief&#160;Executive Officer of OPAL in 2021,
Mr.&#160;Maurer served as a Managing Director of Fortistar.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the Customers
Loan Agreement, Hillman pledged its interests in the following Opco related&#160;subsidiaries: (i)&#160;its 11.1% minority equity ownership
interest in CV RNG Holdings LLC, (ii)&#160;50.0% equity ownership interest in Noble Road HoldCo LLC, (iii)&#160;30.0% minority equity
ownership interest in Pine Bend HoldCo LLC, and (iv)&#160;50.0% equity ownership interest in Sunoma HoldCo LLC (collectively, the &#8220;<b><i>Pledged
Membership Interests</i></b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November&#160;29, 2021,
Opco and Hillman entered into an Exchange Agreement pursuant to which Hillman transferred the Pledged Membership Interests in exchange
for the issuance of equity ownership interests in Opco (collectively, the &#8220;<b><i>OPAL Fuels Membership Interests</i></b>&#8221;)
consisting of (i)&#160;14 Common Units&#160;(representing 1.4% of the current outstanding common membership interests in Opco) and (ii)&#160;300,000
Series A-1 Preferred Units&#160;of Opco, which are redeemable after four&#160;years at the option of Hillman for an aggregate redemption
price of $30,000,000, plus accrued and unpaid dividends thereon (collectively, the &#8220;<b><i>Exchange</i></b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November&#160;29, 2021,
Hillman Power, Hillman and Customers Bank entered into a Limited Consent and First Amendment to Loan and Guaranty Agreement (the &#8220;<b><i>Limited
Consent</i></b>&#8221;) pursuant to which Customers Bank consented to the Exchange, amended the Customers Loan<b><i>&#160;</i></b>Agreement
and released its security interest in the Pledged Membership Interests (the &#8220;<b><i>Lien</i></b>&#8221;). Pursuant to the Limited
Consent, the Lien shall automatically attach to the OPAL Fuels Membership Interests and Customers Bank shall have a first priority, perfected
security interest in and Lien on all Hillman&#8217;s rights, title and interest in and to the OPAL Fuels Membership Interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Opco Reorganization</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">OPAL Holdco and Opco were
formed as Delaware limited liability companies on December&#160;30, 2020 (using their former names Acceler8 Holdings LLC and Acceler8
LLC, respectively), with OPAL Holdco owning all of the equity interests in Opco. Through a series of contributions and assignments, on
December&#160;31, 2020, the equity owners of Fortistar Contracting LLC, Fortistar Methane 3 Holdings LLC, Fortistar RNG LLC, Fortistar
Services LLC, Gas Recovery Systems, LLC Minnesota Methane LLC and TruStar Energy LLC (the &#8220;<b><i>Opco Reorganized Entities</i></b>&#8221;)
contributed and assigned their equity ownership interests in these Opco Reorganized Entities (and, correspondingly, the subsidiary interests
of each of these entities) to OPAL Holdco and, ultimately, Opco, resulting in the current organizational structure of Opco and its subsidiaries
(the &#8220;<b><i>Opco Fuels Reorganization</i></b>&#8221;). Prior to the Opco Fuels Reorganization, each of the Opco Reorganized Entities
were controlled, indirectly, by Mr.&#160;Mark Comora through entities affiliated with Mr.&#160;Comora, including Fortistar and certain
of its affiliates other than Opco. Prior to the closing of the Business Combination, Mr.&#160;Comora was Chairman of the board of Opco
and, thereafter, became Chairman of our board. Mr.&#160;Comora, through his indirect control of OPAL Holdco, continued to control Opco
and OPAL Holdco immediately following the Opco Fuels Reorganization and OPAL Holdco continued to own all of the equity interests in Opco
immediately following the Opco Fuels Reorganization. In addition, as part of the earlier described contributions and assignments related
to TruStar Energy LLC, Mr.&#160;Adam Comora, the former Co-Chief&#160;Executive Officer of Opco and our current Co-Chief&#160;Executive
Officer, Mr.&#160;Scott Edelbach, the former Executive Vice President of Opco and our current Executive Vice President of OPAL, and Mr.&#160;Scott
Dols, a former member of the board of Opco and current member of our board, contributed and assigned their equity ownership in TruStar
Energy LLC, which ownership did not confer control in the entity, in exchange for noncontrolling equity interests in a limited liability
company outside the organizational structure of Opco and its subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Sponsor Letter Agreement</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Concurrently with the execution
of the Business Combination Agreement, (i)&#160;ArcLight, (ii)&#160;Sponsor, (iii)&#160;Opco, (iv)&#160;each executive officer of ArcLight
and (v)&#160;the Class&#160;B shareholders of ArcLight entered into the Sponsor Letter Agreement, pursuant to which, among other things,
(i)&#160;each Class&#160;B Shareholder agreed to vote in favor of each of the transaction proposals to be voted upon at the meeting of
ArcLight shareholders, including approval of the Business Combination Agreement and the transactions contemplated thereby, (ii)&#160;each
Class&#160;B Shareholder agreed to waive any adjustment to the conversion ratio set forth in the governing documents of ArcLight or any
other anti-dilution&#160;or similar protection with respect to the ArcLight Class&#160;B ordinary shares (including those resulting from
the transactions contemplated by the Subscription Agreements (as described below)), (iii)&#160;each Class&#160;B Shareholder agreed to
be bound by certain transfer restrictions with respect to his, her or its shares in ArcLight prior to the Closing, (iv)&#160;Sponsor agreed
to subject 10% of its Class A common stock (received as a result of the conversion of its ArcLight Class&#160;B ordinary shares immediately
prior to the closing of the Business Combination) to vesting and forfeiture conditions relating to the volume-weighted average price targets
for Class A common stock sustained over a period of 60&#160;months following the closing of the Business Combination and (v)&#160;Sponsor
agreed to pay ArcLight&#8217;s transaction expenses to the extent they exceeded $26,000,000 in connection with the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>PIPE Investors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Concurrently with the execution
of the Business Combination Agreement, ArcLight entered into Subscription Agreements with certain investors, including, among others,
an affiliate of ArcLight and an affiliate of Opco, as well as the other PIPE Investors. Pursuant to the Subscription Agreements, each
investor agreed to subscribe for and purchase, and ArcLight agreed to issue and sell to the PIPE Investors, immediately prior to the Closing,
an aggregate of 12,500,000&#160;shares of Class A common stock for a purchase price of $10.00 per share, for aggregate gross proceeds
of $125,000,000. As part of the 12,500,000&#160;shares of Class A common stock to be issued pursuant to the Subscription Agreements, certain
affiliates of ArcLight agreed to subscribe for and purchase 2,000,000&#160;shares of Class A common stock, in the aggregate, and Fortistar
LLC agreed to subscribe for and purchase 800,000 shares of Class A common stock, in each case on the same terms and conditions of the
other PIPE Investors at a price of $10.00 per share. On May&#160;11, 2022, PIPE Investors representing $110,806,000 of the original PIPE
Investment entered into the Amended Subscription Agreements, whereby the termination rights described above were amended to extend the
term of each Amended Subscription Agreement by 60 days to July&#160;29, 2022. As a result, there was approximately $14.2&#160;million
less available proceeds from the PIPE Investment at the closing of the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Investor Rights Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At the Closing, Opco, Ares,
Hillman and the Class&#160;B Shareholders (collectively the &#8220;<b><i>OPAL Holders</i></b>&#8221;) entered into the Investor Rights
Agreement, pursuant to which, among other things, (i)&#160;ArcLight and Sponsor agreed to terminate the Registration and Shareholder Rights
Agreement, dated as of March&#160;25, 2021, entered into by them in connection with ArcLight&#8217;s IPO, (ii)&#160;we agreed to provide
the OPAL Holders certain registration rights with respect to certain shares of Class A common stock held by them or otherwise issuable
to them pursuant to the Business Combination Agreement, Second A&amp;R LLC Agreement or the Charter and (iii)&#160;the OPAL Holders agreed
not to transfer, sell, assign or otherwise dispose of their shares of Class A common stock for up to 180&#160;days following the closing
of the Busines Combination, subject to certain exceptions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Tax Receivable Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On the Closing Date, we entered
into the Tax Receivable Agreement with the TRA Participants, pursuant to which we are required to pay to the Opco Common Equityholders,
in the aggregate, 85% of the amount of cash tax savings, if any, in U.S.&#160;federal, state and local income tax or franchise tax that
we actually realize (computed using certain simplifying assumptions) as a result of (i) the increases in tax basis and certain other tax
benefits related to any (x) exchanges of Opco Common Units (together with our voting shares) for Class A common stock or Class C common
stock, as applicable, or cash, and (y) payments made under the Tax Receivable Agreement (other than to the extent characterized as imputed
interest), and (ii) tax benefits attributable to the portion of any payments made under the Tax Receivable Agreement treated as imputed
interest. The payment obligations under the Tax Receivable Agreement are our obligations and not obligations of Opco.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Payments under the Tax Receivable
Agreement will be based on the tax reporting positions that we determine, and the IRS or another tax authority may challenge all or a
part of the tax basis increases or other tax attributes subject to the Tax Receivable Agreement, and a court could sustain such challenge.
The parties to the Tax Receivable Agreement will not reimburse us for any payments previously made if such tax basis increases or other
tax attributes are subsequently disallowed, except that any excess payments made to a party under the Tax Receivable Agreement will be
netted against future payments otherwise to be made under the Tax Receivable Agreement, if any, after the determination of such excess.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If we experience a change
of control (as defined under the Tax Receivable Agreement, which includes certain mergers, any plan of liquidation and other forms of
business combinations or changes of control) or the Tax Receivable Agreement terminates early (at our election or as a result of a breach,
including a breach for our failing to make timely payments under the Tax Receivable Agreement for more than three&#160;months, except
in the case of certain liquidity exceptions), we could be required to make a substantial, immediate lump-sum&#160;payment based on the
present value of hypothetical future payments that could be required under the Tax Receivable Agreement. The calculation of the hypothetical
future payments would be made using certain assumptions and deemed events set forth in the Tax Receivable Agreement, including (i)&#160;the
sufficiency of taxable income to fully utilize the tax benefits, (ii)&#160;any Opco Common Units&#160;(other than those held by us) outstanding
on the termination date are exchanged on the termination date and (iii)&#160;the utilization of certain loss carryovers over a certain
time period. Our ability to generate net taxable income is subject to substantial uncertainty. Accordingly, as a result of the assumptions,
the required lump-sum&#160;payment may be significantly in advance of, and could materially exceed, the realized future tax benefits to
which the payment relates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a result of either an
early termination or a change of control, we could be required to make payments under the Tax Receivable Agreement that exceed our actual
cash tax savings. Consequently, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity
and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or other
changes of control. For example, assuming no material changes in the relevant tax law, we expect that if we experienced a change of control,
the estimated TRA lump-sum&#160;payment would range from approximately $316&#160;million to approximately $356.0&#160;million depending
on Opco&#8217;s rate of recovery of the tax basis increases associated with the deemed exchange of the Opco Common Units (other than those
held by us). This estimated TRA lump-sum&#160;payment is calculated using a discount rate equal to 3.58%, applied against an undiscounted
liability of approximately $432.0&#160;million. If the TRA Participants were to exchange all of their Opco Common Units, OPAL would recognize
a deferred tax asset of approximately $508.0&#160;million and a related liability for payments under the Tax Receivable Agreement of approximately
$432.0&#160;million, assuming (i) that the TRA Participants redeemed or exchanged all of their Opco Common Units on the Closing Date;
(ii) a price of $10.00 per share; (iii) a constant combined effective income tax rate of 26.47%; (iv) we will have sufficient taxable
income in each year to realize the tax benefits that are subject to the Tax Receivable Agreement; and (v)&#160;no material changes in
tax law. These amounts are estimates and have been prepared for informational purposes only. The actual amount of deferred tax assets
and related liabilities that we will recognize will differ based on, among other things, the timing of the exchanges, the price of the
shares of Class A common stock at the time of the exchange, and the tax rates then in effect. There can be no assurance that we will be
able to finance our obligations under the Tax Receivable Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is more likely than not
that the deferred tax assets will not be realized in accordance with ASC Topic 740, &#8216;Income Taxes&#8217;&#160;(&#8220;<b><i>ASC
740</i></b>&#8221;). As such, we have reduced the full carrying amount of the deferred tax assets with a valuation allowance under both
scenarios. Management will continue to monitor and consider the available evidence from quarter to quarter, and year to year, to determine
if more or less valuation allowance is required at that time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Finally, because we are a
holding company with no operations of its own, our ability to make payments under the Tax Receivable Agreement depends on the ability
of Opco to make distributions to us. To the extent that we are unable to make payments under the Tax Receivable Agreement for any reason,
such payments will be deferred and will accrue interest until paid, which could negatively impact our results of operations and could
also affect our liquidity in periods in which such payments are made.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Indemnification</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On July 21, 2022, OPAL entered
into certain Indemnification Agreements (&#8220;<b><i>Indemnification Agreements</i></b>&#8221;) with each of its directors and executive
officers. The Indemnification Agreements require us to indemnify our directors and executive officers for certain expenses, including
attorneys&#8217; fees, judgments, fines and settlement amounts incurred by a director or executive officer in any action or proceeding
arising out of their services as one of our directors or executive officers or any other company or enterprise to which the person provides
services at our request.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The foregoing description
of the Indemnification Agreements is qualified in its entirety by the full text of the Indemnification Agreements, a copy of each of which
has been filed as an exhibit to the Registration Statement of which this prospectus forms a part.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span><b><i>Sponsor
Letter Agreement</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span>Additionally,
in connection with the Closing, Opco and Sponsor entered into a letter agreement whereby Sponsor agreed to transfer, pledge or forfeit
up to 150,000 shares of Class A common stock held by Sponsor for no consideration, upon and in accordance with the written direction of
Opco. Pursuant to such letter agreement, Sponsor further agreed that if OPAL were to receive less than $6,800,000 in cash upon the release
of the escrow fund established pursuant to the Forward Purchase Agreement (such shortfall amount being referred to as the &#8220;Shortfall
Amount&#8221;), Sponsor shall transfer, pledge or forfeit up to an additional 102,000 shares of Class A common stock currently subject
to forfeiture under earn-out provisions as provided in the Sponsor Letter Agreement entered into on December 2, 2021 among the OPAL, Sponsor,
Opco and certain other persons (with such maximum number of shares pro-rated on a directly proportionate basis based on the size of the
Shortfall Amount relative to $6,800,000).&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a discussion
of certain material U.S. federal income tax consequences of the acquisition, ownership and disposition of our Class A common stock and
warrants, which we refer to collectively as our securities. This discussion is limited to certain U.S. federal income tax considerations
to beneficial owners of our securities that will hold our securities as capital assets within the meaning of Section&#160;1221 of the
U.S. Internal Revenue Code of 1986, as amended (the &#8220;<b><i>Code</i></b>&#8221;). This discussion assumes that any distributions
made by us on our securities and any consideration received by a holder in consideration for the sale or other disposition of our securities
will be in U.S. dollars.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This summary is based upon
U.S. federal income tax laws as of the date of this registration statement, which is subject to change or differing interpretation, possibly
with retroactive effect. This discussion is a summary only and does not describe all of the tax consequences that may be relevant to you
in light of your particular circumstances. In particular, this discussion does not address the effects of the alternative minimum tax,
the Medicare tax on certain net investment income, the effects of Section&#160;451 of the Code, or the different consequences that may
apply if you are subject to special rules that apply to certain types of investors, including but not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">banks, financial institutions
or financial services entities;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">broker-dealers;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">governments or agencies or
instrumentalities thereof;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">regulated investment companies;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">real estate investment trusts;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">U.S. expatriates or former
citizens or long-term residents of the United States;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">persons that actually or constructively
own five percent or more (by vote or value) of our shares;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">persons that acquired our common
stock or warrants pursuant to an exercise of employee share options, in connection with employee share incentive plans or otherwise as
compensation;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">insurance companies;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">dealers or traders subject
to a&#160;mark-to-market&#160;method of accounting with respect to our Class A common stock or warrants;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">persons holding our common
stock or warrants as part of a &#8220;straddle,&#8221; constructive sale, hedge, conversion or other integrated or similar transaction;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">U.S. holders (as defined below)
whose functional currency is not the U.S. dollar;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">partnerships (or entities or
arrangements classified as partnerships or other pass-through entities for U.S. federal income tax purposes) and any beneficial owners
of such entities or arrangements;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">tax-exempt&#160;entities;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">controlled foreign corporations;
and</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">passive foreign investment
companies and other corporations that accumulate earnings to avoid U.S. federal income tax..</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If a partnership (including
an entity or arrangement treated as a partnership or other pass-through entity for U.S. federal income tax purposes) holds our securities,
the tax treatment of a partner, member or other beneficial owner in such entity will generally depend upon the status of the partner,
member or other beneficial owner, the activities of the entity, and certain determinations made at the partner, member or other beneficial
owner level. If you are a partner, member or other beneficial owner of a partnership (or other pass-through entity) that holds our securities,
you are urged to consult your own tax advisor regarding the tax consequences of the acquisition, ownership and disposition of our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This discussion is based
on the Code, and administrative pronouncements, judicial decisions and final, temporary and proposed Treasury regulations as of the date
hereof, which are subject to change, possibly on a retroactive basis, and changes to any of which subsequent to the date of this registration
statement may affect the tax consequences described herein. This discussion does not address any aspect of state, local or&#160;non-U.S.&#160;taxation,
or any U.S. federal taxes other than income taxes (such as gift and estate taxes).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have not sought, and do
not expect to seek, a ruling from the U.S. Internal Revenue Service (the &#8220;<b><i>IRS</i></b>&#8221;) as to any U.S. federal income
tax consequence described herein. The IRS may disagree with the discussion herein, and its determination may be upheld by a court. Moreover,
there can be no assurance that future legislation, regulations, administrative rulings or court decisions will not adversely affect the
accuracy of the statements in this discussion. You are urged to consult your own tax advisor with respect to the application of U.S. federal
tax laws to your particular situation, as well as any tax consequences arising under the laws of any state, local or&#160;non-U.S.&#160;jurisdiction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">THIS DISCUSSION IS ONLY A
SUMMARY OF CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR SECURITIES.
EACH PROSPECTIVE INVESTOR IN OUR CLASS A COMMON STOCK OR WARRANTS IS URGED TO CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR
TAX CONSEQUENCES TO SUCH INVESTOR OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR SECURITIES, INCLUDING THE APPLICABILITY AND EFFECT
OF ANY U.S. FEDERAL&#160;NON-INCOME,&#160;STATE, LOCAL, AND&#160;NON-U.S.&#160;TAX LAWS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. Holders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This section applies to you
if you are a &#8220;U.S. holder.&#8221; A U.S. holder is a beneficial owner of our shares of Class A common stock or warrants that is,
for U.S. federal income tax purposes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">an individual who is a citizen
or resident of the United States;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">a corporation (or other entity
taxable as a corporation) organized in or under the laws of the United States, any state thereof or the District of Columbia;</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">an estate the income of which
is includible in gross income for U.S. federal income tax purposes regardless of its source; or</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">a trust, if (i)&#160;a court
within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons
(as defined in the Code) have authority to control all substantial decisions of the trust or (ii)&#160;it has a valid election in effect
under Treasury Regulations to be treated as a United States person.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Taxation of Distributions</i>.</b>
We do not expect to pay any distributions on our Class A common stock in the foreseeable future. If we pay distributions in cash or other
property (other than certain distributions of our stock or rights to acquire our stock) to U.S. holders of shares of our Class A common
stock, such distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current
or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated
earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. holder&#8217;s
adjusted tax basis in its Class A common stock. Any remaining excess will be treated as gain realized on the sale or other disposition
of the Class A common stock and will be treated as described under &#8220;<i>U.S. Holders&#8212;Gain or Loss on Sale, Taxable Exchange
or Other Taxable Disposition of Class A Common Stock</i>,&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Dividends we pay to a U.S.
holder that is treated as a corporation for U.S. federal income tax purposes generally will qualify for the dividends received deduction
if the requisite holding period is satisfied. With certain exceptions (including, but not limited to, dividends treated as investment
income for purposes of investment interest deduction limitations), and provided certain holding period requirements are met, dividends
we pay to a non-corporate&#160;U.S. holder may constitute &#8220;qualified dividend income&#8221; that will be subject to tax at the maximum
tax rate accorded to long-term capital gains. If the relevant holding period requirements are not satisfied, then a corporate U.S. holder
may not be able to qualify for the dividends received deduction and would have taxable income equal to the entire dividend amount and
a&#160;non-corporate&#160;U.S. holder may be subject to tax on such dividend at regular ordinary income tax rates instead of the preferential
rate that applies to qualified dividend income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Gain or Loss on Sale,
Taxable Exchange or Other Taxable Disposition of Class A Common Stock.</i></b>&#160;Upon a sale or other taxable disposition of our Class
A common stock, a U.S. holder generally will recognize capital gain or loss in an amount equal to the difference between the amount realized
and the U.S. holder&#8217;s adjusted tax basis in the Class A common stock. Any such capital gain or loss generally will be long-term
capital gain or loss if the U.S. holder&#8217;s holding period for the Class A common stock so disposed of exceeds one year. If such holding
period requirement is not satisfied, any gain on a sale or taxable disposition of the Class A common stock would be subject to short-term
capital gain treatment and would be taxed at regular ordinary income tax rates. Long-term capital gains recognized by&#160;non-corporate&#160;U.S.
holders may be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 130; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Generally, the amount of
gain or loss recognized by a U.S. holder upon a sale or other taxable disposition of Class A common stock will be an amount equal to the
difference between (i)&#160;the sum of the amount of cash and the fair market value of any property received in such disposition and (ii)&#160;the
U.S. holder&#8217;s adjusted tax basis in its Class A common stock disposed of or sold. A U.S. holder&#8217;s adjusted tax basis in its
Class A common stock generally will equal the U.S. holder&#8217;s acquisition cost for the Class A common stock less, in the case of a
share of Class A common stock, any prior distributions treated as a return of capital (as described above). In the case of any shares
of Class A common stock originally acquired as part of an investment unit with a warrant, the acquisition cost for the share of Class
A common stock and warrant that were part of such investment unit would equal an allocable portion of the acquisition cost of the entire
investment unit (with such allocable portion based on the relative fair market values of the components of the investment unit at the
time of acquisition).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Exercise of a Warrant.</i></b><i>&#160;</i>Except
as discussed below with respect to the cashless exercise of a warrant, a U.S. holder generally will not recognize taxable gain or loss
on the acquisition of our Class A common stock upon exercise of a warrant for cash. The U.S. holder&#8217;s tax basis in the share of
our Class A common stock received upon exercise of the warrant generally will be an amount equal to the sum of the U.S. holder&#8217;s
adjusted tax basis in the warrant and the exercise price of such warrant. A U.S. holder&#8217;s adjusted tax basis in its warrants will
generally equal the U.S. holder&#8217;s acquisition cost, increased by the amount of any constructive distributions included in income
by such U.S. holder (as described below under &#8220;<i>U.S. Holders&#8212;Possible Constructive Distributions</i>). It is unclear whether
the U.S. holder&#8217;s holding period for the Class A common stock received upon exercise of the warrants will begin on the date following
the date of exercise or on the date of exercise of the warrants; in either case, the holding period will not include the period during
which the U.S. holder held the warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The tax consequences of a
cashless exercise of a warrant are not clear under current tax law. A cashless exercise may be&#160;tax-free,&#160;either because the
exercise is not a realization event or because the exercise is treated as a &#8220;recapitalization&#8221; for U.S. federal income tax
purposes. In either case, a U.S. holder&#8217;s initial tax basis in the Class A common stock received would equal the holder&#8217;s
basis in the warrants exercised therefor. If the cashless exercise were not treated as a realization event, it is unclear whether a U.S.
holder&#8217;s holding period in the Class A common stock would be treated as commencing on the date following the date of exercise or
on the date of exercise of the warrant; in either case, the holding period would not include the period during which the U.S. holder held
the warrants. If the cashless exercise were treated as a recapitalization, the holding period of the Class A common stock would include
the holding period of the warrants exercised therefor.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is also possible that
a cashless exercise could be treated in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder
could be deemed to have surrendered warrants equal to the number of shares of Class A common stock having a value equal to the exercise
price for the total number of warrants to be exercised. Although not free from doubt, in such a case the U.S. holder would generally recognize
capital gain or loss in an amount equal to the difference between the fair market value of the Class A common stock received in respect
of the warrants deemed surrendered and the U.S. holder&#8217;s tax basis in the warrants deemed surrendered. In this case, a U.S. holder&#8217;s
tax basis in the Class A common stock received would equal the sum of the fair market value of the Class A common stock received in respect
of the warrants deemed surrendered and the U.S. holder&#8217;s tax basis in the warrants exercised. It is unclear whether a U.S. holder&#8217;s
holding period for the Class A common stock would commence on the date following the date of exercise or on the date of exercise of the
warrant; in either case, the holding period would not include the period during which the U.S. holder held the warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Due to the absence of authority
on the U.S. federal income tax treatment of a cashless exercise, including when a U.S. holder&#8217;s holding period would commence with
respect to the Class A common stock received, there can be no assurance as to which, if any, of the alternative tax consequences and holding
periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. holders are urged to consult with their own tax
advisors regarding the tax consequences of a cashless exercise of our warrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Sale, Exchange, Redemption
or Expiration of a Warrant</i></b><i>.&#160;</i>Upon a sale, exchange (other than by exercise), redemption (other than a redemption for
Class A common stock), or expiration of a warrant, a U.S. holder will generally recognize taxable gain or loss in an amount equal to the
difference between (i)&#160;the amount realized upon such disposition or expiration and (ii)&#160;the U.S. holder&#8217;s adjusted tax
basis in the warrant. Such gain or loss will generally be treated as long-term capital gain or loss if the warrant has been held by the
U.S. holder for more than one year at the time of such disposition or expiration. If a warrant is allowed to lapse unexercised, a U.S.
holder generally will recognize a capital loss equal to such holder&#8217;s tax basis in the warrant. As discussed above, where a warrant
was originally acquired as part of an investment unit with shares of Class A common stock, the acquisition cost for the warrant and the
share of Class A common stock that were part of such investment unit would equal an allocable portion of the acquisition cost of the entire
investment unit (with such allocable portion based on the relative fair market values of the components of the investment unit at the
time of acquisition). The deductibility of capital losses is subject to certain limitations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A redemption of warrants
for Class A common stock described in the section of this registration statement entitled&#160;<i>&#8220;Description of Securities&#8212;Warrants&#8221;&#160;</i>is
expected to treated as a&#160;tax-free&#160;recapitalization for U.S. federal income tax purposes. Accordingly, a U.S. holder should not
recognize any gain or loss on the redemption of warrants for Class A common stock. A U.S. holder&#8217;s aggregate tax basis in the Class
A common stock received in the redemption should equal the U.S. holder&#8217;s aggregate tax basis in the warrants redeemed and the holding
period for the Class A common stock received in redemption of the warrants should include the U.S. holder&#8217;s holding period for the
surrendered warrants. However, there is some uncertainty regarding this tax treatment and it is possible such a redemption could be treated
differently, including as, in part, a taxable exchange in which gain or loss would be recognized in a manner similar to that discussed
above for a cashless exercise of warrants. Accordingly, a U.S. holder is urged to consult its tax advisor regarding the tax consequences
of a redemption of warrants for shares of Class A common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Possible Constructive
Distributions.</i></b><i>&#160;</i>The terms of each warrant provide for an adjustment to the number of shares of Class A common stock
for which the warrant may be exercised or to the exercise price of the warrant in certain events, as discussed in the section of this
registration statement entitled&#160;<i>&#8220;Description of Securities&#8212;Warrants.&#8221;&#160;</i>An adjustment which has the effect
of preventing dilution generally is not taxable. The U.S. holders of the warrants would, however, be treated as receiving a constructive
distribution from us in the case of certain adjustments. For example, a constructive distribution would generally result where the adjustment
to the number of such shares or to such exercise price increases the warrantholders&#8217; proportionate interest in our assets or earnings
and profits (e.g., through an increase in the number of shares of Class A common stock that would be obtained upon exercise or through
a decrease in the exercise price of the warrant) in connection with a taxable distribution of cash or other property to the holders of
shares of our Class A common stock or an issuance of a taxable stock dividend to holders of our Class A common stock. Such constructive
distribution would be subject to tax as described under &#8220;<i>U.S. Holders&#8212;Taxation of Distributions</i>&#8221; in the same
manner as if the U.S. holders of the warrants received a cash distribution from us equal to the fair market value of such increased interest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Information Reporting
and Backup Withholding</i>.</b> In general, information reporting requirements may apply to dividends paid to a U.S. holder and to the
proceeds of the sale or other disposition of our shares of common stock and warrants, unless the U.S. holder is an exempt recipient. Backup
withholding may apply to such payments if the U.S. holder fails to provide a taxpayer identification number, a certification of exempt
status or has been notified by the IRS that it is subject to backup withholding (and such notification has not been withdrawn).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Backup withholding is not
an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a credit against a U.S. holder&#8217;s U.S.
federal income tax liability and may entitle such holder to a refund, provided the required information is timely furnished to the IRS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-U.S.&#160;Holders</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This section applies to you
if you are a&#160;&#8220;non-U.S.&#160;holder.&#8221; As used herein, the term&#160;&#8220;non-U.S.&#160;holder&#8221; means a beneficial
owner of our Class A common stock or warrants who or that is for U.S. federal income tax purposes:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">a&#160;non-resident&#160;alien
individual (other than certain former citizens and residents of the United States subject to U.S. tax as expatriates);</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">a foreign corporation; or</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">an estate or trust that is
not a U.S. holder;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">but generally does not include an individual who
is present in the United States for 183 days or more in the taxable year of the disposition of our Class A common stock or warrants. If
you are such an individual, you should consult your own tax advisor regarding the U.S. federal income tax consequences of the acquisition,
ownership or sale or other disposition of our securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Taxation of Distributions</i>.</b>
In general, any distributions (other than certain distributions of our stock and rights to acquire our stock) we make to a&#160;non-U.S.&#160;holder
of shares of our Class A common stock, to the extent paid out of our current or accumulated earnings and profits (as determined under
U.S. federal income tax principles), will constitute dividends for U.S. federal income tax purposes. If such dividends are not effectively
connected with the&#160;non-U.S.&#160;holder&#8217;s conduct of a trade or business within the United States, we will be required to withhold
tax from the gross amount of the dividend at a rate of 30% unless such&#160;non-U.S.&#160;holder is eligible for a reduced rate of withholding
tax under an applicable income tax treaty and provides proper certification of its eligibility for such reduced rate (usually on an IRS
Form&#160;W-8BEN&#160;or&#160;W-8BEN-E).&#160;Any distribution not constituting a dividend will be treated first as reducing (but not
below zero) the&#160;non-U.S.&#160;holder&#8217;s adjusted tax basis in its shares of our Class A common stock and, to the extent such
distribution exceeds the&#160;non-U.S.&#160;holder&#8217;s adjusted tax basis, as gain realized from the sale or other disposition of
the Class A common stock, which will be treated as described under &#8220;<i>Non-U.S.&#160;Holders&#8212;Gain on Sale, Taxable Exchange
or Other Taxable Disposition of Class A Common Stock and Warrants</i>,&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The 30% withholding tax described
above generally does not apply to dividends paid to a&#160;non-U.S.&#160;holder who provides an IRS Form&#160;W-8ECI&#160;certifying that
the dividends are effectively connected with the&#160;non-U.S.&#160;holder&#8217;s conduct of a trade or business within the United States.
Instead, the effectively connected dividends will be subject to regular U.S. federal income tax as if the&#160;non-U.S.&#160;holder were
a U.S. resident, subject to an applicable income tax treaty providing otherwise. A corporate&#160;non-U.S.&#160;holder receiving dividends
that are effectively connected with such holder&#8217;s conduct of a U.S. trade or business may also be subject to an additional &#8220;branch
profits tax&#8221; imposed at a rate of 30% (or such lower rate as may apply under an applicable income tax treaty).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Exercise of a Warrant.</i></b>&#160;The
U.S. federal income tax treatment of a&#160;non-U.S.&#160;holder&#8217;s exercise of a warrant, or the lapse of a warrant held by a&#160;non-U.S.&#160;holder,
generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a warrant by a U.S. holder, as described
under &#8220;<i>U.S. Holders&#8212;Exercise of a Warrant</i>&#8221; and &#8220;<i>U.S. Holders&#8212;Sale, Exchange, Redemption or Expiration
of a Warrant</i>,&#8221; above, although to the extent a cashless exercise results in a taxable exchange, the consequences would be similar
to those described below in &#8220;<i>Non-U.S.&#160;Holders&#8212;Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class
A Common Stock and Warrants</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Redemption of Warrants
for Common Stock</i></b><i>.&#160;</i>The U.S. federal income tax treatment for a&#160;non-U.S.&#160;holder of a redemption of warrants
for common stock described in the section of this registration statement entitled&#160;<i>&#8220;Description of Securities&#8212;Warrants&#8221;&#160;</i>will
correspond to the U.S. federal income tax treatment for a U.S. holder of a redemption of warrants for common stock, as described above
in &#8220;<i>U.S. Holders&#8212;Sale, Exchange, Redemption, or Expiration of a Warrant</i>.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Gain on Sale, Taxable
Exchange or Other Taxable Disposition of Class A Common Stock and Warrants</i>. </b>A&#160;non-U.S.&#160;holder generally will not be
subject to U.S. federal income or withholding tax in respect of gain recognized on a sale, taxable exchange or other taxable disposition
of our Class A common stock or an expiration or redemption of our warrants, unless:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-size: 10pt">the gain is effectively connected with the conduct by
                                                                                                                    the&#160;non-U.S.&#160;holder of a trade or business within the United States (and, under certain income tax treaties, is
                                                                                                                    attributable to a United States permanent establishment or fixed base maintained by the&#160;non-U.S.&#160;holder); or</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><span style="font-size: 10pt">we&#8239;are or have been a &#8220;United
States real property holding corporation&#8221; for U.S. federal income tax purposes at any time during the shorter of the five-year
period ending on the date of disposition or the period that the non-U.S. holder held our Class A common stock, and, in the case where
shares of our Class A common stock are regularly traded on an established securities market, the non-U.S. holder has owned, directly
or constructively, more than 5% of our Class A common stock at any time within the shorter of the five-year period preceding the disposition
or such non-U.S. holder&#8217;s holding period for the shares of our Class A common stock.&#160;&#160;If we are or have been a &#8220;United
States real property holding corporation&#8221; and you own warrants, you are urged to consult your own tax advisor regarding the application
of these rules.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless an applicable treaty
provides otherwise, gain described in the first bullet point above will be subject to tax at generally applicable U.S. federal income
tax rates as if the&#160;non-U.S.&#160;holder were a U.S. resident. Any gains described in the first bullet point above of a&#160;non-U.S.&#160;holder
that is treated as a&#160;non-U.S.&#160;corporation for U.S. federal income tax purposes may also be subject to an additional &#8220;branch
profits tax&#8221; imposed at a 30% rate (or such lower rate as may apply under an applicable income tax treaty).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the second bullet point
above applies to a&#160;non-U.S.&#160;holder, gain recognized by such holder on the sale, exchange or other disposition of our Class A
common stock or warrants will be subject to tax at generally applicable U.S. federal income tax rates. In addition, a buyer of our Class
A common stock from such holder may be required to withhold U.S. federal income tax at a rate of 15% of the amount realized upon such
disposition. We believe we are not and have not been at any time since our formation a United States real property holding corporation
and, while no assurances can be given in this regard, we do not expect to be treated as a United States real property holding corporation
in the future. However, such determination is factual in nature and subject to change and no assurance can be provided as to whether we
would be treated as a United States real property holding corporation in any future year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Possible Constructive
Distributions.</i></b><i>&#160;</i>An adjustment to the number of shares of Class A common stock for which a warrant may be exercised
or to the exercise price of a warrant may result in a constructive distribution from us to a&#160;non-U.S.&#160;holder of such warrant
in the same manner as described above under&#160;&#8220;<i>U.S. Holders&#8212;Possible Constructive Distributions</i>.&#8221; Any such
constructive distribution received by a&#160;non-U.S.&#160;holder would be subject to U.S. federal income tax (including any applicable
withholding) in the same manner as described above under &#8220;<i>Non-U.S.&#160;Holders&#8212;Taxation of Distributions</i>&#8221; as
if such&#160;non-U.S.&#160;holder received a cash distribution from us equal to the fair market value of such increased interest without
any corresponding receipt of cash. Any resulting withholding tax may be withheld from future cash distributions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 133; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Information Reporting
and Backup Withholding</i>. </b>Information returns will be filed with the IRS in connection with payments of dividends and the proceeds
from a sale or other disposition of Class A common stock and warrants. A&#160;non-U.S.&#160;holder may have to comply with certification
procedures to establish that it is not a United States person in order to avoid information reporting and backup withholding requirements.
The certification procedures required to claim a reduced rate of withholding under a treaty generally will satisfy the certification requirements
necessary to avoid backup withholding as well. Backup withholding is not an additional tax. The amount of any backup withholding from
a payment to a&#160;non-U.S.&#160;holder will be allowed as a credit against such holder&#8217;s U.S. federal income tax liability and
may entitle such holder to a refund, provided that the required information is timely furnished to the IRS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>FATCA</i>.</b> Provisions
commonly referred to as &#8220;FATCA&#8221; impose withholding of 30% on payments of dividends (including constructive dividends) on our
Class A common stock to &#8220;foreign financial institutions&#8221; (which is broadly defined for this purpose and in general includes
investment vehicles) and certain other&#160;non-U.S.&#160;entities unless various U.S. information reporting and due diligence requirements
(generally relating to ownership by United States persons of interests in or accounts with those entities) have been satisfied by, or
an exemption applies to, the payee (typically certified as to by the delivery of a properly completed IRS Form&#160;W-8BEN-E).&#160;Foreign
financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be
subject to different rules. Under certain circumstances, a&#160;non-U.S.&#160;holder might be eligible for refunds or credits of such
withholding taxes, and a&#160;non-U.S.&#160;holder might be required to file a U.S. federal income tax return to claim such refunds or
credits. The above withholding tax under FATCA was scheduled to apply to payments of gross proceeds from the sale or other disposition
of property that would produce U.S.-source interest or dividends beginning on January&#160;1, 2019; however, the Treasury has released
proposed regulations upon which taxpayers may rely that eliminate the obligation to withhold on gross proceeds. Such proposed regulations
also delayed withholding on certain other payments received from other foreign financial institutions that are allocable, as provided
for under final Treasury Regulations, to payments of U.S.-source dividends, and other fixed or determinable annual or periodic income.
Although these proposed Treasury Regulations are not final, taxpayers generally may rely on them until final Treasury Regulations are
issued. Prospective investors should consult their own tax advisors regarding the effects of FATCA on their investment in our Class A
common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><!-- Field: Page; Sequence: 134; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PLAN OF DISTRIBUTION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are registering the possible
resale by the Selling Holders of up to 175,541,507 shares of Class A common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will not receive any of
the proceeds from the sale of the securities by the Selling Holders. The aggregate proceeds to the Selling Holders will be the purchase
price of the securities less any discounts and commissions borne by the Selling Holders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Selling Holders will
pay any underwriting discounts and commissions and expenses incurred by the Selling Holders for brokerage, accounting, tax or legal services
or any other expenses incurred by the Selling Holders in disposing of the securities. We will bear all other costs, fees and expenses
incurred in effecting the registration of the securities covered by this prospectus, including, without limitation, all registration and
filing fees, Nasdaq listing fees and fees and expenses of our counsel and our independent registered public accountants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The securities beneficially
owned by the Selling Holders covered by this prospectus may be offered and sold from time to time by the Selling Holders. The term &#8220;Selling
Holders&#8221; includes donees, pledgees, transferees or other successors in interest selling securities received after the date of this
prospectus from a Selling Holders as a gift, pledge, partnership distribution or other transfer. The Selling Holders will act independently
of us in making decisions with respect to the timing, manner and size of each sale. Such sales may be made on one or more exchanges or
in the&#160;over-the-counter&#160;market or otherwise, at prices and under terms then prevailing or at prices related to the then current
market price or in negotiated transactions. Each Selling Holders reserves the right to accept and, together with its respective agents,
to reject, any proposed purchase of securities to be made directly or through agents. The Selling Holders and any of their permitted transferees
may sell their securities offered by this prospectus on any stock exchange, market or trading facility on which the securities are traded
or in private transactions. If underwriters are used in the sale, such underwriters will acquire the shares for their own account. These
sales may be at a fixed price or varying prices, which may be changed, or at market prices prevailing at the time of sale, at prices relating
to prevailing market prices or at negotiated prices. The securities may be offered to the public through underwriting syndicates represented
by managing underwriters or by underwriters without a syndicate. The obligations of the underwriters to purchase the securities will be
subject to certain conditions. The underwriters will be obligated to purchase all the securities offered if any of the securities are
purchased.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the limitations
set forth in any applicable registration rights agreement, the Selling Holders may use any one or more of the following methods when selling
the securities offered by this prospectus:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">purchases by a broker-dealer
as principal and resale by such broker-dealer for its own account pursuant to this prospectus;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">ordinary brokerage transactions
and transactions in which the broker solicits purchasers;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">block trades in which the broker-dealer
so engaged will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate
the transaction;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">an&#160;over-the-counter&#160;distribution
in accordance with the rules of Nasdaq;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">through trading plans entered
into by a Selling Holder pursuant to Rule&#160;10b5-1&#160;under the Exchange Act that are in place at the time of an offering pursuant
to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of their securities on the basis of
parameters described in such trading plans;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">through one or more underwritten
offerings on a firm commitment or best efforts basis;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">settlement of short sales entered
into after the date of this prospectus;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">agreements with broker-dealers
to sell a specified number of the securities at a stipulated price per share or warrant;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">in &#8220;at the market&#8221;
offerings, as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at the time of sale or at prices
related to such prevailing market prices, including sales made directly on a national securities exchange or sales made through a market
maker other than on an exchange or other similar offerings through sales agents;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">directly to purchasers, including
through a specific bidding, auction or other process or in privately negotiated transactions;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 135; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></span></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">through the writing or settlement
of options or other hedging transactions, whether through an options exchange or otherwise;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">through the distributions by
any Selling Holder or its affiliates to its partners, members or stockholders</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">through a combination of any
of the above methods of sale; or</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">any other method permitted
pursuant to applicable law.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, a Selling Holder
that is an entity may elect to make a pro rata&#160;in-kind&#160;distribution of securities to its members, partners or stockholders pursuant
to the registration statement of which this prospectus is a part by delivering a prospectus with a plan of distribution. Such members,
partners or stockholders would thereby receive freely tradeable securities pursuant to the distribution through a registration statement.
To the extent a distributee is an affiliate of ours (or to the extent otherwise required by law), we may file a prospectus supplement
in order to permit the distributees to use the prospectus to resell the securities acquired in the distribution.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There can be no assurance
that the Selling Holders will sell all or any of the securities offered by this prospectus. In addition, the Selling Holders may also
sell securities under Rule 144 under the Securities Act, if available, or in other transactions exempt from registration, rather than
under this prospectus. The Selling Holders have the sole and absolute discretion not to accept any purchase offer or make any sale of
securities if they deem the purchase price to be unsatisfactory at any particular time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Selling Holders also
may transfer the securities in other circumstances, in which case the transferees, pledgees or other&#160;successors-in-interest&#160;will
be the selling beneficial owners for purposes of this prospectus. Upon being notified by a Selling Holder that a donee, pledgee, transferee,
other&#160;successor-in-interest&#160;intends to sell our securities, we will, to the extent required, promptly file a supplement to this
prospectus to name specifically such person as a Selling Holder.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With respect to a particular
offering of the securities held by the Selling Holders, to the extent required, an accompanying prospectus supplement or, if appropriate,
a post-effective amendment to the registration statement of which this prospectus is part, will be prepared and will set forth the following
information:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the specific securities to
be offered and sold;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the names of the Selling Holders;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the respective purchase prices
and public offering prices, the proceeds to be received from the sale, if any, and other material terms of the offering;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">settlement of short sales entered
into after the date of this prospectus;</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">the names of any participating
agents, broker-dealers or underwriters; and</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-size: 10pt">any applicable commissions,
discounts, concessions and other items constituting compensation from the Selling Holders.</span></td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with distributions
of the securities or otherwise, the Selling Holders may enter into hedging transactions with broker-dealers or other financial institutions.
In connection with such transactions, broker-dealers or other financial institutions may engage in short sales of the securities in the
course of hedging the positions they assume with Selling Holders. The Selling Holders may also sell the securities short and redeliver
the securities to close out such short positions. The Selling Holders may also enter into option or other transactions with broker-dealers
or other financial institutions which require the delivery to such broker-dealer or other financial institution of securities offered
by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented
or amended to reflect such transaction). The Selling Holders may also pledge securities to a broker-dealer or other financial institution,
and, upon a default, such broker-dealer or other financial institution, may effect sales of the pledged securities pursuant to this prospectus
(as supplemented or amended to reflect such transaction).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to facilitate the
offering of the securities, any underwriters or agents, as the case may be, involved in the offering of such securities may engage in
transactions that stabilize, maintain or otherwise affect the price of our securities. Specifically, the underwriters or agents, as the
case may be, may overallot in connection with the offering, creating a short position in our securities for their own account. In addition,
to cover overallotments or to stabilize the price of our securities, the underwriters or agents, as the case may be, may bid for, and
purchase, such securities in the open market. Finally, in any offering of securities through a syndicate of underwriters, the underwriting
syndicate may reclaim selling concessions allotted to an underwriter or a broker-dealer for distributing such securities in the offering
if the syndicate repurchases previously distributed securities in transactions to cover syndicate short positions, in stabilization transactions
or otherwise. Any of these activities may stabilize or maintain the market price of the securities above independent market levels. The
underwriters or agents, as the case may be, are not required to engage in these activities, and may end any of these activities at any
time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Selling Holders may solicit
offers to purchase the securities directly from, and it may sell such securities directly to, institutional investors or others. In this
case, no underwriters or agents would be involved. The terms of any of those sales, including the terms of any bidding or auction process,
if utilized, will be described in the applicable prospectus supplement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">It is possible that one or
more underwriters may make a market in our securities, but such underwriters will not be obligated to do so and may discontinue any market
making at any time without notice. We cannot give any assurance as to the liquidity of the trading market for our securities. Our shares
of Class A common stock are currently listed on Nasdaq under the symbol &#8220;OPAL&#8221; and our public warrants are currently listed
on Nasdaq under the symbol &#8220;OPALW.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Selling Holders may authorize
underwriters, broker-dealers or agents to solicit offers by certain purchasers to purchase the securities at the public offering price
set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in
the future. The contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement
will set forth any commissions we or the Selling Holders pay for solicitation of these contracts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A Selling Holder may enter
into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated
transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities
covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may
use securities pledged by any Selling Holders or borrowed from any Selling Holders or others to settle those sales or to close out any
related open borrowings of stock, and may use securities received from any Selling Holder in settlement of those derivatives to close
out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and will be identified in the
applicable prospectus supplement (or a post-effective amendment). In addition, any Selling Holder may otherwise loan or pledge securities
to a financial institution or other third party that in turn may sell the securities short using this prospectus. Such financial institution
or other third party may transfer its economic short position to investors in our securities or in connection with a concurrent offering
of other securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In effecting sales, broker-dealers
or agents engaged by the Selling Holders may arrange for other broker-dealers to participate. Broker-dealers or agents may receive commissions,
discounts or concessions from the Selling Holders in amounts to be negotiated immediately prior to the sale.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In compliance with the guidelines
of the Financial Industry Regulatory Authority (&#8220;<b><i>FINRA</i></b>&#8221;), the aggregate maximum discount, commission, fees or
other items constituting underwriting compensation to be received by any FINRA member or independent broker-dealer will not exceed 8%
of the gross proceeds of any offering pursuant to this prospectus and any applicable prospectus supplement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If at the time of any offering
made under this prospectus a member of FINRA participating in the offering has a &#8220;conflict of interest&#8221; as defined in FINRA
Rule 5121, that offering will be conducted in accordance with the relevant provisions of FINRA Rule 5121.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To our knowledge, there are
currently no plans, arrangements or understandings between the Selling Holders and any broker-dealer or agent regarding the sale of the
securities by the Selling Holders. Upon our notification by a Selling Holder that any material arrangement has been entered into with
an underwriter or broker-dealer for the sale of securities through a block trade, special offering, exchange distribution, secondary distribution
or a purchase by an underwriter or broker-dealer, we will file, if required by applicable law or regulation, a supplement to this prospectus
pursuant to Rule 424(b) under the Securities Act disclosing certain material information relating to such underwriter or broker-dealer
and such offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Underwriters, broker-dealers
or agents may facilitate the marketing of an offering online directly or through one of their affiliates. In those cases, prospective
investors may view offering terms and a prospectus online and, depending upon the particular underwriter, broker-dealer or agent, place
orders online or through their financial advisors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In offering the securities
covered by this prospectus, the Selling Holders and any underwriters, broker-dealers or agents who execute sales for the Selling Holders
may be deemed to be &#8220;underwriters&#8221; within the meaning of the Securities Act in connection with such sales. Any discounts,
commissions, concessions or profit they earn on any resale of those securities may be underwriting discounts and commissions under the
Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The underwriters, broker-dealers
and agents may engage in transactions with us or the Selling Holders, or perform services for us or the Selling Holders, in the ordinary
course of business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to comply with the
securities laws of certain states, if applicable, the securities must be sold in such jurisdictions only through registered or licensed
brokers or dealers. In addition, in certain states the securities may not be sold unless they have been registered or qualified for sale
in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Selling Holders and any
other persons participating in the sale or distribution of the securities will be subject to applicable provisions of the Securities Act
and the Exchange Act, and the rules and regulations thereunder, including, without limitation, Regulation M. These provisions may restrict
certain activities of, and limit the timing of purchases and sales of any of the securities by, the Selling Holders or any other person,
which limitations may affect the marketability of the shares of the securities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We will make copies of this
prospectus available to the Selling Holders for the purpose of satisfying the prospectus delivery requirements of the Securities Act.
The Selling Holders may indemnify any agent, broker-dealer or underwriter that participates in transactions involving the sale of the
securities against certain liabilities, including liabilities arising under the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have agreed to indemnify
the Selling Holders against certain liabilities, including certain liabilities under the Securities Act, the Exchange Act or other federal
or state law. Agents, broker-dealers and underwriters may be entitled to indemnification by us and the Selling Holders against certain
civil liabilities, including liabilities under the Securities Act, or to contribution with respect to payments which the agents, broker-dealers
or underwriters may be required to make in respect thereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>LEGAL
MATTERS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sheppard,
Mullin, Richter &amp; Hampton LLP will pass upon the validity of the Class A common stock offered by this prospectus and certain other
matters related to this prospectus.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXPERTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of ArcLight Clean Transition Corp.&#160;II as of December 31, 2021, and for the period from January&#160;13, 2021
(inception) through December 31, 2021, included in this prospectus and Registration Statement have been audited by Marcum LLP, an independent
registered public accounting firm, as stated in their report appearing herein. Such financial statements are included in reliance upon
the report of such firm given upon their authority as experts in accounting and auditing.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of OPAL Fuels LLC as of and for the&#160;years ended December&#160;31, 2021, 2020 and 2019 included
in this prospectus and Registration Statement have been so included in reliance on the report of BDO USA, LLP, an independent registered
public accounting firm, appearing elsewhere herein and in the Registration Statement, given on the authority of said firm as experts
in auditing and accounting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of Beacon RNG LLC as of April 30, 2021, December 31, 2020 and December 31, 2019 and for the period
ended April 30, 2021, and for the year ended December 31, 2021 and for the period from March 11, 2019 (Inception) through December 31,
2019 included in this prospectus and Registration Statement have been so included in reliance on the report of BDO USA, LLP, an independent
auditor, appearing elsewhere herein and in the Registration Statement, given on the authority of said firm as experts in auditing and
accounting.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="a_021"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>WHERE
YOU CAN FIND MORE INFORMATION</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed with the SEC a registration statement on Form&#160;S-1&#160;under the Securities Act with respect to the securities offered
by this prospectus. This prospectus, which forms a part of such registration statement, does not contain all of the information included
in the registration statement. For further information pertaining to us and our securities, you should refer to the registration statement
and to its exhibits. The registration statement has been filed electronically and may be obtained in any manner listed below. Whenever
we make reference in this prospectus to any of our contracts, agreements or other documents, the references are not necessarily complete.
If a contract or document has been filed as an exhibit to the registration statement or a report we file under the Exchange Act, you
should refer to the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or
document filed as an exhibit to a registration statement or report is qualified in all respects by the filed exhibit.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to
the public over the Internet at the SEC&#8217;s website at www.sec.gov and on our website at www.opalfuels.com. The information contained
on, or that may be accessed through, our website is not part of, and is not incorporated into, this prospectus. You may inspect a copy
of the registration statement through the SEC&#8217;s website, as provided herein.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence --></span></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARCLIGHT
CLEAN TRANSITION CORP. II FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="text-indent: -10pt; padding-left: 10pt; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Unaudited
    Financial Statements of ArcLight Clean Transition Corp. II</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_001">Balance
    Sheets as of June 30, 2022 (Unaudited) and December 31, 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_002">Statements
    of Operations for the three and six months ended June 30, 2022 and for the three months ended June 30, 2021 and for the period from
    January 13, 2021 (inception) through June 30, 2021 (Unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_003">Statements
    of Changes in Shareholders&#8217; Equity for the three and six months ended June 30, 2022 and for the period from January 13, 2021
    (inception) through June 30, 2021 (Unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_004">Statements
    of Cash Flows for the six months ended June 30, 2022 and for the three months ended June 30, 2021 and for the period from January
    13, 2021 (inception) through June 30, 2021 (Unaudited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#f_005">Notes
    to Unaudited condensed Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audited
    Financial Statements of ArcLight Clean Transition Corp. II</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#d_001">Report
    of Independent Registered Public Accounting Firm</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-23</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#d_002">Balance
    Sheet as of December 31, 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-24</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#d_003">Statement
                                            of Operations for the period from January 13, 2021 (inception) through December 31, 2021</a></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-25</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#d_004">Statement
    of Changes in Shareholders&#8217; Equity for the period from January 13, 2021 (inception) through December 31, 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-26</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -40pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#d_005">Statement
                                            of Cash Flows for the period from January 13, 2021 (inception) through December 31, 2021</a></span></p></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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    <td style="text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audited
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-82</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-84</span></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="text-indent: -10pt; padding-left: 10pt; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 90%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audited
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="text-indent: -10pt; padding-left: 10pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif"><a href="#e_001"><span style="font-size: 10pt">Report
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>


</div><!-- Field: Page; Sequence: 141 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">OPAL FUELS INC.</p><div>

</div><div><a id="f_001"></a></div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">(f/k/a ArcLight Clean Transition Corp.
II) <br/>
CONDENSED BALANCE SHEETS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">The accompanying notes are an integral
part of these unaudited condensed financial statements.</p><div>

</div><p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"></p><div>

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</div><!-- Field: Page; Sequence: 142 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</p><div>

</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(f/k/a ArcLight Clean Transition
Corp. II)&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">UNAUDITED CONDENSED STATEMENTS OF OPERATIONS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-bottom: 1.5pt; padding-left: 0.125in; text-align: center"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; padding-left: 0; text-align: center"><b>&#160;</b></td>
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    <td style="padding-bottom: 1.5pt; padding-left: 0; text-align: center"><b>&#160;</b></td>
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    <td style="padding-bottom: 1.5pt; padding-left: 0; text-align: center"><b>&#160;</b></td>
    <td style="padding-bottom: 1.5pt; padding-left: 0; text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; padding-left: 0; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; width: 1%; text-align: left">$</td>
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    <td style="padding-bottom: 1.5pt; padding-left: 0; width: 1%; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; padding-left: 0; width: 1%">&#160;</td>
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    <td style="padding-bottom: 1.5pt; padding-left: 0; width: 1%; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; padding-left: 0; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; width: 1%; text-align: left">$</td>
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    <td style="padding-bottom: 1.5pt; padding-left: 0; width: 1%; text-align: left">&#160;</td>
    <td style="padding-bottom: 1.5pt; padding-left: 0; width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.375in">Loss from operations</td>
    <td style="padding-left: 0">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Other income (expense)</td>
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    <td style="padding-left: 0; text-align: left">&#160;</td>
    <td style="padding-left: 0; text-align: right">&#160;</td>
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    <td style="padding-left: 0; text-align: right">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td>
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    <td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td>
    <td style="padding-left: 0; text-align: right">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td></tr>
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    <td style="padding-left: 0">&#160;</td>
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    <td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-left: 0">&#160;</td>
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    <td style="padding-left: 0; text-align: left">&#160;</td>
    <td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td>
    <td style="padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-19">&#8212;</div></td>
    <td style="padding-left: 0; text-align: left">&#160;</td>
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    <td style="padding-left: 0; text-align: left">&#160;</td>
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    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
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    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="actdu:NetGainOnInvestmentsHeldInTrustAccount" scale="0" unitRef="usd">440,421</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
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    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" unitRef="usd">10,297,171</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">11,412,563</ix:nonFraction></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd">3,287,155</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">11,615,669</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd">7,172,521</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">11,935,452</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><div style="-sec-ix-hidden: hidden-fact-23; -sec-ix-hidden: hidden-fact-22; -sec-ix-hidden: hidden-fact-21; -sec-ix-hidden: hidden-fact-20">Weighted average shares outstanding of Class A ordinary shares, basic and diluted</div></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c10" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">31,116,305</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c11" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">31,116,305</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c12" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">31,116,305</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c13" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">18,823,444</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in"><div style="-sec-ix-hidden: hidden-fact-27; -sec-ix-hidden: hidden-fact-26; -sec-ix-hidden: hidden-fact-25; -sec-ix-hidden: hidden-fact-24">Basic and diluted &#160;net income (loss) per ordinary share</div></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c10" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares">0.08</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c11" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares">0.30</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">)</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c12" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares">0.18</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c13" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares">0.45</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><div style="-sec-ix-hidden: hidden-fact-31; -sec-ix-hidden: hidden-fact-30; -sec-ix-hidden: hidden-fact-29; -sec-ix-hidden: hidden-fact-28">Weighted average shares outstanding of Class B ordinary shares, basic and diluted</div></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c14" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">7,779,076</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c15" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">7,779,076</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c16" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">7,779,076</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c17" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">7,421,910</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-bottom: 4pt; padding-left: 0.125in"><div style="-sec-ix-hidden: hidden-fact-35; -sec-ix-hidden: hidden-fact-34; -sec-ix-hidden: hidden-fact-33; -sec-ix-hidden: hidden-fact-32">Basic and diluted &#160;net income (loss) per ordinary share</div></td>
    <td style="padding-left: 0; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 4pt double; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c14" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares">0.08</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 4pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 4pt double; padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c15" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares">0.30</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 4pt; text-align: left">)</td>
    <td style="padding-left: 0; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 4pt double; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c16" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" unitRef="usdPershares">0.18</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 4pt; text-align: left">&#160;</td>
    <td style="padding-left: 0; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 4pt double; padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c17" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares">0.45</ix:nonFraction></td>
    <td style="padding-left: 0; padding-bottom: 4pt; text-align: left">)</td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">The accompanying notes are an integral
part of these unaudited condensed financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 143 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1pt"></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">UNAUDITED
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><b>For The Three and
    Six Months Ended<br/>
    June 30, 2022</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td colspan="14" style="text-indent: 0; border-bottom: Black 1.5pt solid; padding-left: 0; text-align: center"><span style="text-decoration: none"><br/>
    <b>Ordinary Shares</b> </span></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td colspan="2" style="text-indent: 0; padding-left: 0; text-align: center"><b>Additional</b></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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    <td style="text-indent: 0; padding-left: 0; text-align: center; padding-bottom: 1.5pt"><b>&#160;</b></td>
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; width: 30%">Balance - January 1, 2022</td>
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    <td style="text-indent: 0; padding-left: 0; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-40">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; width: 1%; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; width: 1%">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; width: 1%; text-align: left">$</td>
    <td style="text-indent: 0; padding-left: 0; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-41">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; width: 1%; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; width: 1%">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; width: 1%; text-align: left">&#160;</td>
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    <td style="text-indent: 0; padding-left: 0; width: 1%; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; width: 1%">&#160;</td>
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    <td style="text-indent: 0; padding-left: 0; width: 1%; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; width: 1%">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; width: 1%; text-align: left">$</td>
    <td style="text-indent: 0; padding-left: 0; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-42">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; width: 1%; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; width: 1%">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; width: 1%; text-align: left">$</td>
    <td style="text-indent: 0; padding-left: 0; width: 7%; text-align: right">(<ix:nonFraction contextRef="c24" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="usd">39,081,329</ix:nonFraction></td>
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    <td style="text-indent: 0; padding-left: 0; width: 1%">&#160;</td>
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    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Net income</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: right">&#8212;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-43">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: right">&#8212;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-44">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-45">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c28" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd">3,885,366</ix:nonFraction></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c29" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" unitRef="usd">3,885,366</ix:nonFraction></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Balance - March &#160;31, 2022 (unaudited)</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-46">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">$</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-47">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c31" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesOutstanding" scale="0" unitRef="shares">7,779,076</ix:nonFraction></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">$</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right"><ix:nonFraction contextRef="c31" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" unitRef="usd">778</ix:nonFraction></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">$</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-48">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">$</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c33" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="usd">35,195,963</ix:nonFraction></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">)</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">$</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c34" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" scale="0" sign="-" unitRef="usd">35,195,185</ix:nonFraction></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Remeasurement of Class A common stock subject to &#160;possible redemption amount</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right">&#8212;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-49">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right">&#8212;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-50">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-51">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c38" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAccretionToRedemptionValue" scale="0" unitRef="usd">352,842</ix:nonFraction></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">)</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAccretionToRedemptionValue" scale="0" unitRef="usd">352,842</ix:nonFraction></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Gain on settlement of underwriting fees</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-52">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right">&#8212;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-53">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-54">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
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    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-indent: 0; padding-left: 0; text-align: right">&#8212;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-55">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-indent: 0; padding-left: 0; text-align: right">&#8212;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-indent: 0; padding-left: 0; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-56">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-57">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-bottom: 4pt; padding-left: 0.125in">Balance - June 30, 2022 (unaudited)</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt; text-align: left">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-58">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-indent: 0; padding-left: 0; text-align: left">$</td>
    <td style="border-bottom: Black 4pt double; text-indent: 0; padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-59">&#8212;</div></td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt; text-align: left">&#160;</td>
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-indent: 0; padding-left: 0; text-align: left">$</td>
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-indent: 0; padding-left: 0; text-align: left">$</td>
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt; text-align: left">&#160;</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt">&#160;</td>
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    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt; text-align: left">)</td>
    <td style="text-indent: 0; padding-left: 0; padding-bottom: 4pt">&#160;</td>
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  </table><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif"><b>For The Three Months Ended and For the Period From
January 13, 2021 (inception) through June 30, 2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td><td style="padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td><td style="padding-left: 0; padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">Balance - January 13, 2021 (inception)</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-61">&#8212;</div></td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">$</td><td style="padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-62">&#8212;</div></td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-63">&#8212;</div></td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">$</td><td style="padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-64">&#8212;</div></td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">$</td><td style="padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-65">&#8212;</div></td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">$</td><td style="padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-66">&#8212;</div></td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">$</td><td style="padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-67">&#8212;</div></td><td style="padding-left: 0; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-68">&#8212;</div></td><td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 1%">&#160;</td>
    <td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-69">&#8212;</div></td><td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 1%">&#160;</td>
    <td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 7%; text-align: right"><ix:nonFraction contextRef="c49" decimals="0" format="ixt:num-dot-decimal" name="actdu:IssuanceOfClassBOrdinarySharesToSponsors" scale="0" unitRef="shares">7,906,250</ix:nonFraction></td><td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 1%">&#160;</td>
    <td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 7%; text-align: right"><ix:nonFraction contextRef="c49" decimals="0" format="ixt:num-dot-decimal" name="actdu:IssuanceOfClassBOrdinarySharesToSponsor" scale="0" unitRef="usd">791</ix:nonFraction></td><td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 1%">&#160;</td>
    <td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 7%; text-align: right"><ix:nonFraction contextRef="c50" decimals="0" format="ixt:num-dot-decimal" name="actdu:IssuanceOfClassBOrdinarySharesToSponsor" scale="0" unitRef="usd">24,209</ix:nonFraction></td><td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 1%">&#160;</td>
    <td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-70">&#8212;</div></td><td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 1%">&#160;</td>
    <td style="padding-left: 0; width: 1%; text-align: left">&#160;</td><td style="padding-left: 0; width: 9%; text-align: right"><ix:nonFraction contextRef="c52" decimals="0" format="ixt:num-dot-decimal" name="actdu:IssuanceOfClassBOrdinarySharesToSponsor" scale="0" unitRef="usd">25,000</ix:nonFraction></td><td style="padding-left: 0; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right">&#8212;</td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">&#8212;</div></td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right">&#8212;</td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right"><div style="-sec-ix-hidden: hidden-fact-72">&#8212;</div></td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; text-align: left; padding-left: 0.125in">possible redemption</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right">&#160;</td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right">&#160;</td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right">&#160;</td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
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    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right">&#160;</td><td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">The accompanying notes are an integral
part of these unaudited condensed financial statements.</p><div>

</div><p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 144 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p><div>

</div><div><a id="f_004"></a></div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1pt"></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Cash Flows from Operating Activities:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Adjustments to reconcile net income (loss) to net cash used in operating activities:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Change in fair value of derivative warrant liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" sign="-" unitRef="usd">9,576,860</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Financing costs - warrant liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-119">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="actdu:FinancingCostsWarrantLiabilities1" scale="0" unitRef="usd">462,620</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Net gain on investments held in Trust Account</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" unitRef="usd">440,421</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Gain on settlement of deferred underwriting fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="actdu:GainOnSettlementOfDeferredUnderwritingFees" scale="0" unitRef="usd">279,890</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Changes in operating assets and liabilities:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Prepaid expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidExpense" scale="0" sign="-" unitRef="usd">315,249</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" unitRef="usd">49,767</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" scale="0" sign="-" unitRef="usd">64,595</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" scale="0" unitRef="usd">105,056</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Accrued expenses - related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" scale="0" unitRef="usd">5,085</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Deferred legal fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="actdu:IncreaseDecreaseInDeferredLegalFee" scale="0" unitRef="usd">2,226,745</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Net cash used in operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">592,399</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" scale="0" sign="-" unitRef="usd">1,591,581</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Cash Flows from Investing Activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Cash deposited in Trust Account</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-121">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireRestrictedInvestments" scale="0" unitRef="usd">311,163,050</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-122">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">311,163,050</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Cash Flows from Financing Activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from note payable to related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-123">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromNotesPayable" scale="0" unitRef="usd">100</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Repayment of note payable to related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-124">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RepaymentsOfNotesPayable" scale="0" unitRef="usd">171,742</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds received from initial public offering</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-125">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" scale="0" unitRef="usd">311,163,050</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds received from private placement</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-126">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="0" unitRef="usd">9,223,261</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Offering costs paid</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-127">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfStockIssuanceCosts" scale="0" unitRef="usd">6,295,461</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 27pt">Net cash provided by financing &#160;activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-128">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" scale="0" unitRef="usd">313,919,208</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Net (decrease) &#160;increase &#160;in cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" sign="-" unitRef="usd">592,399</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" scale="0" unitRef="usd">1,164,577</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Cash - beginning of the period</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">811,526</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-129">&#8212;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Cash - end of the period</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">219,127</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c66" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">1,164,577</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Supplemental disclosure &#160;of noncash &#160;investing and financing &#160;activities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Remeasurement of Class A common stock subject to possible redemption amount</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment" scale="0" unitRef="usd">352,842</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-130">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Offering costs included in accounts payable</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-131">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="actdu:OfferingCostsIncludedInAccountsPayable" scale="0" unitRef="usd">200,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Offering costs included in accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-132">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="actdu:OfferingCostsIncludedInAccruedExpenses" scale="0" unitRef="usd">70,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Offering costs paid by related party under promissory note</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-133">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Deferred underwriting commissions</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-134">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="actdu:DeferredUnderwritingCommissions" scale="0" unitRef="usd">10,890,707</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="actdu:GainOnSettlementOfUnderwritingFees" scale="0" unitRef="usd">10,610,817</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-135">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 27pt">Forfeiture of Class B ordinary shares from Sponsor</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="actdu:ForfeitureOfClassBOrdinaryShareFromSponsor" scale="0" unitRef="usd">13</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">The accompanying notes are an integral
part of these unaudited condensed financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 145 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif">NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS<sup>2</sup></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Note 1-Description of Organization, Business Operations and
Basis of Presentation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">OPAL Fuels Inc. (formerly known as ArcLight Clean Transition
Corp. II) (the &#8220;Company&#8221;) was incorporated as a Cayman Islands exempted company on January 13, 2021. The Company was incorporated
for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
with one or more businesses.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Business Combination</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_3"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">On December 2, 2021, the Company, OPAL HoldCo
LLC, a Delaware limited liability company (&#8220;OPAL HoldCo&#8221;), and OPAL Fuels LLC, a Delaware limited liability company
(&#8220;OPAL Fuels&#8221;), entered into a Business Combination Agreement (as it may be amended, supplemented or otherwise modified
from time to time, the &#8220;Business Combination Agreement&#8221;). On July 21, 2022, we closed the Business Combination Agreement
and consummated the transactions contemplated thereby (the &#8220;Business Combination&#8221;). The Business Combination Agreement
and the Business Combination were unanimously approved by the boards of directors of the Company and OPAL Fuels, and also approved
by OPAL Holdco, the sole member of OPAL Fuels. The Business Combination Agreement provides for, among other things, the following
transactions: (i) each outstanding Class B ordinary share, par value $<ix:nonFraction contextRef="c71" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share, of the Company will convert into one Class A
ordinary share, par value $<ix:nonFraction contextRef="c72" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share, of the Company; (ii) the Company will change the jurisdiction of its incorporation by
deregistering as an exempted company in the Cayman Islands and domesticating to, and continuing as a corporation incorporated under
the laws of, the State of Delaware (the &#8220;Domestication&#8221;) and, in connection with the Domestication, (A) the
Company&#8217;s name will be changed to &#8220;OPAL Fuels Inc.&#8221; (&#8220;New OPAL&#8221;), (B) each outstanding Class A
ordinary share of the Company will become one share of Class A common stock, par value $<ix:nonFraction contextRef="c73" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share, of New OPAL (the
&#8220;New OPAL Class A Common Stock&#8221;), (C) each outstanding warrant to purchase one Class A ordinary share of the Company
will become a warrant to purchase one share of New OPAL Class A common stock and (D) New OPAL will file its certificate of
incorporation and adopt bylaws to serve as its governing documents in connection with the Domestication; and (iii) (A) OPAL Fuels
will cause its existing limited liability company agreement to be amended and restated, (B) OPAL Fuels will cause all of its limited
liability company interests existing immediately prior to the closing of the Business Combination (the &#8220;Closing&#8221;) to be
re-classified into a number of common units (collectively, the &#8220;OPAL Units&#8221;) based on a pre-transaction equity value for
OPAL equal to $<ix:nonFraction contextRef="c74" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:BusinessAcquisitionPreacquisitionContingencyAmountOfSettlement" scale="0" unitRef="usd">1,501,870,000</ix:nonFraction>, less all principal and accrued interest outstanding immediately after the Closing pursuant to that
certain convertible promissory note, dated as of May 1, 2021 (as amended, including that certain First Amendment to Convertible
Note, dated November 29, 2021, the &#8220;Ares Note&#8221;), held by ARCC Beacon LLC, a Delaware limited liability company
(&#8220;Ares&#8221;), (C) the Company will contribute the (x) the amount of cash in the trust account (the &#8220;Trust
Account&#8221;) established by the Company with the proceeds from its initial public offering as of immediately prior to the Closing
(and before, for the avoidance of doubt, giving effect to the exercise of redemption rights by any of the Company&#8217;s
shareholders (the &#8220;Public Share Redemptions&#8221;)), minus (y) the aggregate amount of cash required to fund the ACT Share
Redemptions and any other obligations to be funded from the Trust Account, plus (z) the aggregate cash proceeds actually received in
respect of the PIPE Investment (as defined below) and (E) New OPAL will issue to OPAL Fuels, and OPAL Fuels will in turn distribute
to OPAL HoldCo and Hillman RNG Investments, LLC (&#8220;Hillman&#8221;) a number of shares of Class D common stock, par value
$<ix:nonFraction contextRef="c75" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share, of New OPAL (the &#8220;New OPAL Class D Common Stock&#8221;), and distribute to Ares (together with OPAL HoldCo
and Hillman, collectively, the &#8220;OPAL Equityholders&#8221;) shares of Class B common stock, par value $<ix:nonFraction contextRef="c76" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share, of New
OPAL (the &#8220;New OPAL Class B Common Stock&#8221;) (<ix:nonNumeric contextRef="c77" name="us-gaap:CommonStockVotingRights">neither of which will have any economic value but will entitle the holder
thereof to five votes per share or one vote per share, respectively), equal to the number of OPAL Units held by each of the OPAL
Equityholders.</ix:nonNumeric></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_5" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_4"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">In addition, if New OPAL&#8217;s annual EBITDA for the calendar year
2023 exceeds $<ix:nonFraction contextRef="c78" decimals="0" format="ixt:num-dot-decimal" name="actdu:EarningsBeforeInterestTaxesDepreciationAndAmortization" scale="0" unitRef="usd">238,000,000</ix:nonFraction> (the &#8220;First Earnout Triggering Event&#8221;), New OPAL will issue to OPAL HoldCo, Ares and Hillman
(collectively, the &#8220;Earnout Participants&#8221;) an aggregate of <ix:nonFraction contextRef="c78" decimals="0" format="ixt:num-dot-decimal" name="actdu:AggregateAdditionalSharesIssued" scale="0" unitRef="shares">5,000,000</ix:nonFraction> shares of New OPAL Class B Common Stock and New
OPAL Class D Common Stock and corresponding OPAL Units (collectively, the &#8220;First Earnout Tranche&#8221;) in accordance with
the allocations set forth in the Business Combination Agreement. Additionally, if New OPAL&#8217;s annual EBITDA for the calendar
year 2024 exceeds $<ix:nonFraction contextRef="c79" decimals="0" format="ixt:num-dot-decimal" name="actdu:EarningsBeforeInterestTaxesDepreciationAndAmortization" scale="0" unitRef="usd">446,000,000</ix:nonFraction> (the &#8220;Second Earnout Triggering Event&#8221;), New OPAL will issue to the Earnout Participants
an aggregate of <ix:nonFraction contextRef="c79" decimals="0" format="ixt:num-dot-decimal" name="actdu:AggregateAdditionalSharesIssued" scale="0" unitRef="shares">5,000,000</ix:nonFraction> additional shares of New OPAL Class B Common Stock and New OPAL Class D Common Stock and corresponding
OPAL Units (collectively, the &#8220;Second Earnout Tranche&#8221;) in accordance with the allocations set forth in the Business
Combination Agreement. In the event that the First Earnout Triggering Event does not occur but the Second Earnout Triggering Event
does occur, New OPAL will be obligated to issue both the First Earnout Tranche and the Second Earnout Tranche upon the occurrence of
the Second Earnout Triggering Event.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 146 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_6" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">PIPE Financing (Private Placement)</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_7" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_6"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Concurrently with the execution of the Business Combination
Agreement, the Company entered into subscription agreements (the &#8220;Subscription Agreements&#8221;) with certain investors (the &#8220;PIPE
Investors&#8221;), including, among others, an affiliate of the Company, as well as additional third-party investors. Pursuant to the
Subscription Agreements, each investor agreed to subscribe for and purchase, and the Company agreed to issue and sell to such investors,
immediately prior to the Closing, an aggregate of <ix:nonFraction contextRef="c80" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">12,500,000</ix:nonFraction> shares of the Company&#8217;s common stock for a purchase price of $<ix:nonFraction contextRef="c80" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">10.00</ix:nonFraction>
per share, for aggregate gross proceeds of $<ix:nonFraction contextRef="c81" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="0" unitRef="usd">125,000,000</ix:nonFraction> (the &#8220;PIPE Investment&#8221;). Effective as of May 11, 2022, the Company
and PIPE Investors representing $<ix:nonFraction contextRef="c82" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherInvestments" scale="0" unitRef="usd">110,806,000</ix:nonFraction> of the original PIPE Investment entered into amendments with respect to such PIPE Investors&#8217;
Subscription Agreements (the &#8220;Amended Subscription Agreements&#8221;), whereby the termination rights described in the Subscription
Agreements were amended to extend the term of each Amended Subscription Agreement by 60 days to July 29, 2022.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_8" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_7"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The closing of the PIPE Investment is contingent upon, among
other things, the substantially concurrent consummation of the Business Combination. The Subscription Agreements provide that the Company
will grant the investors in the PIPE Investment certain customary registration rights.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_9" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_8"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Investor Rights Agreement</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_10" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_9"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The Business Combination Agreement contemplates that, at the
Closing, OPAL Fuels, Ares, Hillman and the Class B Shareholders (collectively the &#8220;New OPAL Holders&#8221;) will enter into an Investor
Rights Agreement (the &#8220;Investor Rights Agreement&#8221;), pursuant to which, among other things, (i) the Company and the Company&#8217;s
Sponsor will agree to terminate the Registration and Shareholder Rights Agreement, dated as of March 25, 2021, entered into by them in
connection with the Company&#8217;s initial public offering, (ii) New OPAL will provide the New OPAL Holders certain registration rights
with respect to certain shares of New OPAL Class A common stock held by them or otherwise issuable to them pursuant to the Business Combination
Agreement, Second A&amp;R LLC Agreement or the certificate of incorporation of New OPAL and (iii) the New OPAL Holders will agree not
to transfer, sell, assign or otherwise dispose of their shares of New OPAL Class A common stock for up to 180 days following the Closing,
subject to certain exceptions.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_11" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_10"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Prior to Business Combination</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_12" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_11"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">All activity for the period from January 13, 2021 (inception)
through June 30, 2022 relates to the Company&#8217;s formation and the initial public offering (the &#8220;Initial Public Offering&#8221;),
which is described below, and, since the closing of the Initial Public Offering, a search for a business combination candidate. The Company
will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company
will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_13" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_12"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The Company&#8217;s sponsor is ArcLight CTC
Holdings II, L.P., a Delaware limited partnership (&#8220;Sponsor&#8221;). The registration statement for the Company&#8217;s
Initial Public Offering was declared effective on March 22, 2021. On March 25, 2021, the Company consummated its Initial Public
Offering of <ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares">31,116,305</ix:nonFraction> units (the &#8220;Units&#8221; and, with respect to the Class A ordinary shares included in the Units being
offered, the &#8220;Public Shares&#8221;), including the partial exercise of the underwriters&#8217; option to purchase <ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedDuringPeriodShares" scale="0" unitRef="shares">3,616,305</ix:nonFraction>
additional Units (the &#8220;Over-Allotment Units&#8221;), at $<ix:nonFraction contextRef="c84" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">10.00</ix:nonFraction> per Unit, generating gross proceeds of approximately $<ix:nonFraction contextRef="c83" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" scale="6" unitRef="usd">311.2</ix:nonFraction>
million (see Note 3), and incurring offering costs of approximately $<ix:nonFraction contextRef="c83" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" scale="6" unitRef="usd">17.6</ix:nonFraction> million, of which approximately</p></ix:continuation><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_14" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_13"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">$<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="actdu:DeferredUnderWrittingComission" scale="6" unitRef="usd">10.9</ix:nonFraction> million was for deferred underwriting commissions (see
Note 6).</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_15" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Simultaneously with the closing of the
Initial Public Offering, the Company consummated the private placement (&#8220;Private Placement&#8221;) of <ix:nonFraction contextRef="c85" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="0" unitRef="usd">9,223,261</ix:nonFraction> warrants (each,
a &#8220;Private Placement Warrant&#8221; and collectively, the &#8220;Private Placement Warrants&#8221;), at a price of $<ix:nonFraction contextRef="c86" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">1.00</ix:nonFraction> per Private
Placement Warrant with the Sponsor, generating gross proceeds of approximately $<ix:nonFraction contextRef="c81" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" scale="6" unitRef="usd">9.2</ix:nonFraction> million (see Note 4).</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 147 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_16" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_15"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Upon the closing of the Initial Public Offering and the Private
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Private Placement were placed in a trust account (&#8220;Trust Account&#8221;) with Continental Stock Transfer &amp; Trust Company
acting as trustee and invested in United States &#8220;government securities&#8221; within the meaning of Section 2(a)(16) of the
Investment Company Act of 1940, as amended, or the Investment Company Act, having a maturity of 185 days or less or in money market
funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S.
government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination
and (ii) the distribution of the Trust Account as described below.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_17" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_16"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The Company was required to provide its holders of Public Shares
(the &#8220;Public Shareholders&#8221;) with the opportunity to redeem all or a portion of their Public Shares upon the completion of
a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of
a tender offer. The Company sought shareholder approval of a Business Combination in connection with the Business Combination. The Public
Shareholders were entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account. The per-share
amount distributed to Public Shareholders who redeemed their Public Shares was not reduced by the deferred underwriting commissions the
Company paid to the underwriters (as discussed in Note 6). These Public Shares are recorded at a redemption value and classified as temporary
equity upon and following the completion of the Initial Public Offering, in accordance with the Financial Accounting Standards Board&#8217;s
(&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) Topic 480 &#8220;Distinguishing Liabilities from Equity&#8221;
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</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_18" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_17"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Liquidity and Capital Resources</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_19" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_18"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">As of June 30, 2022, the Company had approximately $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="actdu:OperatingBankAccount" scale="0" unitRef="usd">219,000</ix:nonFraction>
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</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_20" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_19"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The Company&#8217;s liquidity needs up to June 30, 2022 had
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and the net proceeds from the consummation of the Private Placement not held in the Trust Account. The Note from the Sponsor was repaid
in full on March 26, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Company&#8217;s
officers, directors and Initial Shareholders may, but are not obligated to, provide the Company Working Capital Loans (see Note 5). On
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</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_21" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_20"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">On July 21, 2022, we used substantially all of
the funds held in the Trust Account to complete the Business Combination. Funds held in the Trust Account were also used to fund the
redemption of publicly held Class A ordinary shares of ArcLight.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management continues to evaluate the impact of
the COVID-19 pandemic and has concluded that the specific impact is not readily determinable as of the date of the unaudited condensed
financial statements. The unaudited condensed financial statement does not include any adjustments that might result from the outcome
of this uncertainty.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 148 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1pt">&#160;</p><div>

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2-Summary of Significant Accounting Policies</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_2" id="_SignificantAccountingPoliciesTextBlock-c0_cont_1"><ix:nonNumeric contextRef="c0" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Basis of Presentation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_3" id="_SignificantAccountingPoliciesTextBlock-c0_cont_2"><ix:continuation continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_2" id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The accompanying unaudited condensed financial statements of
the Company have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;)
for interim financial information and Article 8 of Regulation S-X. Accordingly, certain disclosures included in the annual financial statements
have been condensed or omitted from these financial statements as they are not required for interim financial statements. In the opinion
of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results
for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ended
December 31, 2022.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_4" id="_SignificantAccountingPoliciesTextBlock-c0_cont_3"><ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The accompanying unaudited condensed financial statements should
be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K filed by the
Company with the SEC on March 9, 2022.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_5" id="_SignificantAccountingPoliciesTextBlock-c0_cont_4"><ix:nonNumeric contextRef="c0" continuedAt="_EmergingGrowthCompanyPolicyTextBlock-c0_cont_1" escape="true" name="actdu:EmergingGrowthCompanyPolicyTextBlock"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Emerging Growth Company</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_6" id="_SignificantAccountingPoliciesTextBlock-c0_cont_5"><ix:continuation continuedAt="_EmergingGrowthCompanyPolicyTextBlock-c0_cont_2" id="_EmergingGrowthCompanyPolicyTextBlock-c0_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The Company is an &#8220;emerging growth company,&#8221; as
defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting
firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation
in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_7" id="_SignificantAccountingPoliciesTextBlock-c0_cont_6"><ix:continuation continuedAt="_EmergingGrowthCompanyPolicyTextBlock-c0_cont_3" id="_EmergingGrowthCompanyPolicyTextBlock-c0_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Further, Section 102(b)(1) of the JOBS Act
exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private
companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of
securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The
JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the
requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected
not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different
application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard
at the time private companies adopt the new or revised standard.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_8" id="_SignificantAccountingPoliciesTextBlock-c0_cont_7"><ix:continuation id="_EmergingGrowthCompanyPolicyTextBlock-c0_cont_3"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">This may make comparison of the Company&#8217;s financial statement
with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the
extended transition period difficult or impossible because of the potential differences in accounting standards used.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_9" id="_SignificantAccountingPoliciesTextBlock-c0_cont_8"><ix:nonNumeric contextRef="c0" continuedAt="_UseOfEstimates-c0_cont_1" escape="true" name="us-gaap:UseOfEstimates"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Use of Estimates</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_10" id="_SignificantAccountingPoliciesTextBlock-c0_cont_9"><ix:continuation id="_UseOfEstimates-c0_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The preparation of financial statements in conformity with U.S. GAAP
requires the Company&#8217;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statement. Making estimates requires management to
exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set
of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate,
could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_11" id="_SignificantAccountingPoliciesTextBlock-c0_cont_10"><ix:nonNumeric contextRef="c0" continuedAt="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Cash and Cash Equivalents</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_12" id="_SignificantAccountingPoliciesTextBlock-c0_cont_11"><ix:continuation id="_CashAndCashEquivalentsPolicyTextBlock-c0_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The Company considers all short-term investments with an original
maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of June 30, 2022 and December
31, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 149 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

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</div><div>

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or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair
value, or a combination thereof. When the Company&#8217;s investments held in the Trust Account are comprised of U.S. government securities,
the investments are classified as trading securities. When the Company&#8217;s investments held in the Trust Account are comprised of
money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented
on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these
securities is included in net gain on investments held in Trust Account in the accompanying statement of operations. The estimated fair
values of investments held in the Trust Account are determined using available market information.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository
Insurance Coverage of $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashFDICInsuredAmount" scale="0" unitRef="usd">250,000</ix:nonFraction>, and investments held in Trust Account. As of June 30, 2022 and December 31, 2021, the Company has not
experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_17" id="_SignificantAccountingPoliciesTextBlock-c0_cont_16"><ix:nonNumeric contextRef="c0" continuedAt="_FairValueOfFinancialInstrumentsPolicy-c0_cont_1" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Fair Value of Financial Instruments</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_18" id="_SignificantAccountingPoliciesTextBlock-c0_cont_17"><ix:continuation id="_FairValueOfFinancialInstrumentsPolicy-c0_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">The fair value of the Company&#8217;s assets and
liabilities, which qualify as financial instruments under the FASB ASC Topic 820, &#8220;Fair Value Measurements,&#8221;
approximates the carrying amounts represented in the condensed balance sheets.</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_19" id="_SignificantAccountingPoliciesTextBlock-c0_cont_18"><ix:nonNumeric contextRef="c0" continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">Fair Value Measurements</p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

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prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level
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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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</div><div>

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warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to FASB
ASC Topic 480 and ASC 815, &#8220;Derivatives and Hedging&#8221; (&#8220;ASC 815&#8221;). The classification of derivative instruments,
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 150 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

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the underwriters&#8217; exercise of their overallotment option (the &#8220;Public Warrants&#8221;) and the Private Placement Warrants
are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities
at fair value and adjusts the carrying value of the instruments to fair value at each reporting period for so long as they are outstanding.
The initial fair value of the Public Warrants issued in connection with the Public Offering and the fair value of the Private Placement
Warrants have been estimated using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have
been estimated using a Monte Carlo simulation model at each measurement date. The fair value of Public Warrants have subsequently been
measured based on the listed market price of such warrants. Derivative warrant liabilities are classified as non-current liabilities as
their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering.
Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value
basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and
presented as non-operating expenses in the statements of operations. Offering costs associated with issuance of the Class A ordinary shares
were charged against the carrying value of the Class A ordinary shares subject to possible redemption upon the completion of the Initial
Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably
expected to require the use of current assets or require the creation of current liabilities. In May, 2022, the Company reversed the deferred
underwriting fees as the underwriters resigned from their role in the Business Combination and thereby waived their entitlement of the
deferred underwriting commissions (Note 6).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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subject to possible redemption in accordance with ASC 480. Class A ordinary shares subject to mandatory redemption (if any) is
classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including
Class A ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption
upon the occurrence of uncertain events not solely within the Company&#8217;s control) are classified as temporary equity. At all
other times, Class A ordinary shares is classified as shareholders&#8217; equity. The Company&#8217;s Class A ordinary shares
feature certain redemption rights that are considered to be outside of the Company&#8217;s control and subject to the occurrence of
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possible redemption is presented at redemption value as temporary equity, outside of the shareholders&#8217; equity section of the
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</div><div>

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Offering, the Company recognized the re-measurement from initial book value to redemption amount, which approximates fair value. The
change in the carrying value of Class A ordinary shares subject to possible redemption resulted in charges against additional
paid-in capital (to the extent available), accumulated deficit, and Class A ordinary shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_34" id="_SignificantAccountingPoliciesTextBlock-c0_cont_33"><ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_2" id="_IncomeTaxPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company complies with the accounting and reporting requirements
of FASB ASC Topic 740, &#8220;Income Taxes&#8221; (&#8220;ASC 740&#8221;), which requires an asset and liability approach to financial
accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial
statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws
and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established,
when necessary, to reduce deferred tax assets to the amount expected to be realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_35" id="_SignificantAccountingPoliciesTextBlock-c0_cont_34"><ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c0_cont_3" id="_IncomeTaxPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC 740 prescribes a recognition threshold and a measurement
attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For
those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The
Company&#8217;s management determined that the Cayman Islands is the Company&#8217;s only major tax jurisdiction. The Company</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 151 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

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tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June
30, 2022 and December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments,
accruals or material deviation from its position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company.
Consequently, income taxes are not reflected in the Company&#8217;s financial statement. The Company&#8217;s management does not expect
that the total amount of unrecognized tax benefits will materially change over the next twelve months.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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</div><div>

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ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income
(loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding
during the periods. The Company has not considered the effect of the Public Warrants and the Private Placement to purchase an
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because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method.
As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the three and six months ended
June 30, 2022, the three months ended June 30, 2021 and for the period January 13, 2021 (inception) through June 30, 2021.
Re-measurement associated with the Class A ordinary shares subject to possible redemption is excluded from earnings per share as the
redemption value approximates fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c0_cont_42" id="_SignificantAccountingPoliciesTextBlock-c0_cont_41"><ix:nonNumeric contextRef="c0" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Recent Accounting Pronouncements</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SignificantAccountingPoliciesTextBlock-c0_cont_42"><ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Management does not believe that any recently issued, but
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financial statements.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">NOTES TO UNAUDITED CONDENSED
FINANCIAL STATEMENTS </p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 139.15pt"></p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_InitialPublicOfferingTextBlock-c0_cont_1" escape="true" name="actdu:InitialPublicOfferingTextBlock"><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: left">Note 3-Initial Public Offering</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_InitialPublicOfferingTextBlock-c0_cont_2" id="_InitialPublicOfferingTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 25, 2021, the Company consummated its
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entitlement of the deferred underwriting commissions (Note 6).</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_InitialPublicOfferingTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Unit consists of one Class A ordinary share and
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_PrivatePlacementTextBlock-c0_cont_1" escape="true" name="actdu:PrivatePlacementTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Note 4-Private Placement</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_PrivatePlacementTextBlock-c0_cont_2" id="_PrivatePlacementTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Simultaneously with the closing of the Initial
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</div><div>

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Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not
complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement
Warrants will be non-redeemable for cash and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted
transferees.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_PrivatePlacementTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The Sponsor and the Company&#8217;s officers and
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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Note 5-Related Party Transactions</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_2" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Founder Shares</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

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(the &#8220;Founder Shares&#8221;). On February 2, 2021, the Sponsor transferred <ix:nonFraction contextRef="c96" decimals="0" format="ixt:num-dot-decimal" name="actdu:SharesTransferredToRelatedParty" scale="0" unitRef="shares">35,000</ix:nonFraction> founder shares to each of Arno Harris,
Ja-Chin Audrey Lee, Brian Goncher and Steven Berkenfeld, the Company&#8217;s independent directors. On March 22, 2021, the Company
effected a share capitalization resulting in an aggregate of <ix:nonFraction contextRef="c97" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c97" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">7,906,250</ix:nonFraction></ix:nonFraction> Founder Shares issued and outstanding. The Sponsor agreed to
forfeit up to an aggregate of <ix:nonFraction contextRef="c97" decimals="0" format="ixt:num-dot-decimal" name="actdu:NumberOfCommonStockSharesSubjectToForfeiture" scale="0" unitRef="shares">1,031,250</ix:nonFraction> Founder Shares to the extent that the option to purchase additional units is not exercised
in full by the underwriters, so that the Founder Shares will represent <ix:nonFraction contextRef="c97" decimals="2" format="ixt:num-dot-decimal" name="actdu:PercentOfFounderSharesToCompanysIssuedAndOutstandingShares" scale="-2" unitRef="pure">20</ix:nonFraction>% of the Company&#8217;s issued and outstanding shares
after the Initial Public Offering. On March 25, 2021, the underwriters partially exercised the over-allotment option to purchase an
additional <ix:nonFraction contextRef="c90" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares">3,616,305</ix:nonFraction> Units, with the remaining portion of the over-allotment option expiring at the conclusion of the 45-day option
period. As a result, an aggregate of <ix:nonFraction contextRef="c90" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited" scale="0" unitRef="shares">127,174</ix:nonFraction> Founder Shares were forfeited by the Sponsor upon the expiration of the over-allotment
option.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Initial Shareholders agreed
not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (A) one year after the completion of the
initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of Class A ordinary
shares equals or exceeds $<ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="actdu:ShareTransferTriggerPricePerShare" scale="0" unitRef="usdPershares">12.00</ix:nonFraction> per share (as adjusted for share subdivisions, share capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the
initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar
transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities
or other property.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Related Party Loans</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_6" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">On January 20, 2021, the Sponsor agreed to loan
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due upon the closing of the Initial Public Offering. During the period from January 13, 2021 (inception) through March 31, 2021, the
Company borrowed approximately $<ix:nonFraction contextRef="c52" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd">172,000</ix:nonFraction> under the Note and fully repaid the Note on March 26, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

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connection with a Business Combination, the Sponsor, members of the Company&#8217;s founding team or any of their affiliates may, but
are not obligated to, loan the Company funds as may be required (&#8220;Working Capital Loans&#8221;). If the Company completes a Business
Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise,
the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does
not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender&#8217;s discretion, up to $<ix:nonFraction contextRef="c99" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleDebt" scale="6" unitRef="usd">1.5</ix:nonFraction> million of such Working Capital Loans may
be convertible into up to <ix:nonFraction contextRef="c100" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" scale="0" unitRef="shares">1,500,000</ix:nonFraction> private placement warrants of the post Business Combination entity at a price of $<ix:nonFraction contextRef="c99" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares">1.00</ix:nonFraction> per warrant.
The warrants would be identical to the Private Placement Warrants. As of June 30, 2022 and December 31, 2021, the Company had no borrowings
under the Working Capital Loans.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_8" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">On May 16, 2022, the Company entered into a non-interest
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2023 and (ii) the date the Company consummates a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_9" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Administrative Services Agreement</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_10" id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">On March 25, 2021, the Company
entered into an agreement that provided that, commencing on the date that the Company&#8217;s securities were first listed on Nasdaq
through the earlier of consummation of the initial Business Combination and the liquidation, the Company agreed to pay the Sponsor
$<ix:nonFraction contextRef="c102" decimals="0" format="ixt:num-dot-decimal" name="actdu:AgreedAmountToRepayForAdministrativeServices" scale="0" unitRef="usd">10,000</ix:nonFraction> per month for office space, secretarial and administrative services provided to the Company. The Company incurred $<ix:nonFraction contextRef="c7" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" scale="0" unitRef="usd">30,000</ix:nonFraction>
and $<ix:nonFraction contextRef="c8" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" scale="0" unitRef="usd">30,000</ix:nonFraction> in expenses in connection with such services for the three months ended June 30, 2022 and 2021, respectively, as
reflected in the accompanying unaudited condensed statements of operations. The Company incurred $<ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" scale="0" unitRef="usd">60,000</ix:nonFraction> and $<ix:nonFraction contextRef="c9" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" scale="0" unitRef="usd">40,000</ix:nonFraction> in expenses in
connection with such services for the six months ended June 30, 2022 and for the period from January 13, 2021 (inception) through
June 30, 2021, respectively, as reflected in the accompanying unaudited condensed statements of operations. The company ceased
paying these quarterly fees and periodic cost reimbursements following the consummation of the Business Combination.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">In addition, the Sponsor, officers and directors, or their
respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company&#8217;s
behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The Company&#8217;s
audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, executive officers or directors,
or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: left">Note 6-Commitments and Contingencies</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Registration and Shareholder Rights Agreement</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The holders of the Founder Shares, Private Placement Warrants,
and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of
the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled to registration
rights pursuant to a registration and shareholder rights agreement signed upon the effective date of the Initial Public Offering. The
holders of these securities were entitled to make up to three demands, excluding short form demands, that the Company registers such securities.
In addition, the holders have certain &#8220;piggy-back&#8221; registration rights with respect to registration statements filed subsequent
to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any
such registration statements.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Legal Proceedings</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">On February 14, 2022 and March 7, 2022, respectively,
the Company received demand letters from two purported shareholders of the Company claiming certain alleged material omissions in the
registration statement on Form S-4, initially filed with the SEC on February 8, 2022, surrounding its planned transaction with OPAL Fuels.
Additional demand letters or complaints may follow in the future. The Company specifically denies all allegations in the demand letters
that any additional disclosure is required and believes these purported shareholders&#8217; claims are without merit.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_6" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Underwriting Agreement</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

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the underwriting discounts and commissions. On March 25, 2021, the underwriters partially exercised the over-allotment option to purchase
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</div><div>

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The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company
completes a Business Combination, subject to the terms of the underwriting agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_9" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective as of May 14, 2022, the underwriters
from the Initial Public Offering resigned and withdrew from their role in the Business Combination and thereby waived their entitlement
to the deferred underwriting commissions in the amount of approximately $<ix:nonFraction contextRef="c106" decimals="-5" format="ixt:num-dot-decimal" name="actdu:DeferredUnderwritingCommission" scale="6" unitRef="usd">10.9</ix:nonFraction> million, which the Company has recorded as a gain on settlement
of underwriter fees on the statement of shareholders&#8217; equity for the three and six months ended June 30, 2022 for $<ix:nonFraction contextRef="c7" decimals="-5" format="ixt:num-dot-decimal" name="actdu:UnderwriterFees" scale="6" unitRef="usd"><ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="actdu:UnderwriterFees" scale="6" unitRef="usd">10.6</ix:nonFraction></ix:nonFraction> million,
which represents the original amount recorded to accumulated deficit, and the remaining representing the original amount recorded to the
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original amount.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_10" id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Deferred Legal Fees</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The Company entered into an engagement letter to obtain
legal advisory services, pursuant to which the legal counsel agreed to defer the payment of their fees until the closing of the initial
Business Combination. As of June 30, 2022 and December 31, 2021, the Company recorded an aggregate of approximately $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LegalFees" scale="6" unitRef="usd">6.2</ix:nonFraction> million and $<ix:nonFraction contextRef="c18" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LegalFees" scale="6" unitRef="usd">4.0</ix:nonFraction>
million, respectively, in connection with such arrangement as deferred legal fees in the accompanying condensed balance sheets.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock-c0_cont_1" escape="true" name="actdu:ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Note 7 - Class A Ordinary Shares Subject to Possible Redemption</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock-c0_cont_2" id="_ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The Company&#8217;s Class A ordinary shares feature certain
redemption rights that are considered to be outside of the Company&#8217;s control and subject to the occurrence of future events. The
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of Class A ordinary shares outstanding, all of which were subject to possible redemption.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 155 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">NOTES TO UNAUDITED
CONDENSED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock-c0_cont_3" id="_ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">As of June 30, 2022, Class A ordinary shares subject
to possible redemption reflected on the condensed balance sheets is reconciled on the following table:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" escape="true" name="actdu:ScheduleOfReconciliationOfOrdinarySharesSubjectToPossibleRedemptionReflectedInBalanceSheetTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-left: auto; margin-right: auto;">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0; width: 88%; text-align: left">Gross Proceeds</td><td style="padding-left: 0; width: 1%">&#160;</td>
    <td style="padding-left: 0; width: 1%; text-align: left">$</td><td style="padding-left: 0; width: 9%; text-align: center"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsGross" scale="0" unitRef="usd">311,163,050</ix:nonFraction></td><td style="padding-left: 0; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0">Less:</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right">&#160;</td><td style="padding-left: 0; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left">Offering costs allocated to Class A shares subject to possible redemption</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="actdu:OfferingCostsAllocatedToClassASharesSubjectToPossibleRedemption" scale="0" unitRef="usd">17,138,390</ix:nonFraction></td><td style="padding-left: 0; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in; text-align: left">Proceeds allocated to Public Warrants at issuance</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right">(<ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="actdu:ProceedsAllocatedToPublicWarrantsAtIssuance" scale="0" unitRef="usd">5,948,230</ix:nonFraction></td><td style="padding-left: 0; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0">Plus:</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right">&#160;</td><td style="padding-left: 0; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.25in">Re-measurement on Class A ordinary shares subject to possible redemption amount</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAccretionToRedemptionValue" scale="0" unitRef="usd">23,086,620</ix:nonFraction></td><td style="padding-left: 0; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0; text-align: left">Class A ordinary shares subject &#160;to possible redemption at December 31, 2021</td><td style="padding-left: 0">&#160;</td>
    <td style="padding-left: 0; text-align: left">&#160;</td><td style="padding-left: 0; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" scale="0" unitRef="usd">311,163,050</ix:nonFraction></td><td style="padding-left: 0; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; padding-left: 0.25in">Remeasurement of Class A common stock subject to possible redemption
    amount</td><td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-left: 0; border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="padding-left: 0; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c12" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityOtherChanges" scale="0" unitRef="usd">352,842</ix:nonFraction></td><td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">Class A ordinary shares subject &#160;to possible redemption at June 30, 2022</td><td style="padding-left: 0; padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-left: 0; border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="padding-left: 0; border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" scale="0" unitRef="usd">311,515,892</ix:nonFraction></td><td style="padding-left: 0; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric></ix:continuation><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Note 8-Shareholders&#8217; Deficit</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Class A Ordinary Shares-The Company is authorized to issue
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entitled to <ix:nonNumeric contextRef="c12" name="us-gaap:PreferredStockVotingRights">one</ix:nonNumeric> vote for each share. As of June 30, 2022 and December 31, 2021, there were <ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares">31,116,305</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction> Class A ordinary shares issued and
outstanding. All Class A ordinary shares subject to possible redemption have been classified as temporary equity (see Note 7).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Class B Ordinary Shares-The Company is
authorized to issue <ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">50,000,000</ix:nonFraction> Class B ordinary shares with a par value of $<ix:nonFraction contextRef="c5" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share. On January 20, 2021, the Company
issued <ix:nonFraction contextRef="c107" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">7,187,500</ix:nonFraction> Class B ordinary shares. On March 22, 2021, the Company effected a share capitalization resulting in an aggregate
of <ix:nonFraction contextRef="c108" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares">7,906,250</ix:nonFraction> Class B ordinary shares issued and outstanding. Of the <ix:nonFraction contextRef="c108" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares">7,906,250</ix:nonFraction> Class B ordinary shares outstanding, up to <ix:nonFraction contextRef="c109" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" scale="0" unitRef="shares">1,031,250</ix:nonFraction>
Class B ordinary shares were subject to forfeiture, to the Company by the Initial Shareholders for no consideration to the extent
that the underwriters&#8217; over-allotment option was not exercised in full or in part, so that the Initial Shareholders would
collectively own <ix:nonFraction contextRef="c110" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" scale="-2" unitRef="pure">20</ix:nonFraction>% of the Company&#8217;s issued and outstanding ordinary shares after the Initial Public Offering. On March 25,
2021, the underwriters partially exercised the over-allotment option to purchase an additional <ix:nonFraction contextRef="c90" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" scale="0" unitRef="shares">3,616,305</ix:nonFraction> Units with the remaining
portion of the over-allotment option expiring at the conclusion of the 45-day option period. As a result, an aggregate of <ix:nonFraction contextRef="c90" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited" scale="0" unitRef="shares">127,174</ix:nonFraction>
Founder Shares were forfeited by the Sponsor upon the expiration of the over-allotment option. As of June 30, 2022 and December 31,
2021, there were <ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c5" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares">7,779,076</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction> Class B ordinary shares issued and outstanding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_4" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ordinary shareholders of record are
entitled to one vote for each share held on all matters to be voted on by shareholders. Except as described below, holders of Class A
ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the
shareholders except as required by law.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_5" id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The Class B ordinary shares will
automatically convert into Class A ordinary shares, which such Class A ordinary shares delivered upon conversion will not have any redemption
rights or be entitled to liquidating distributions if the Company does not consummate an initial Business Combination, at the time of
the initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary
shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" scale="-2" unitRef="pure">20</ix:nonFraction>% of the sum of (i) the
total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) the total number of
Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued
or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding
any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued,
or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates
or any member of the management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into
Class A ordinary shares at a rate of less than one-to-one.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Preference Shares-The Company is authorized to issue <ix:nonFraction contextRef="c1" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares">5,000,000</ix:nonFraction>
preference shares with a par value of $<ix:nonFraction contextRef="c1" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share. As of June 30, 2022 and December 31, 2021, there were no preference shares
issued or outstanding.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 156 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">NOTES TO UNAUDITED CONDENSED
FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_1" escape="true" name="actdu:DerivativeWarrantLiabilitiesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Note 9-Derivative Warrant Liabilities</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_2" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">As of June 30, 2022 and December 31, 2021, the Company had
an aggregate of <ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares">15,446,522</ix:nonFraction></ix:nonFraction> warrants outstanding, comprised of <ix:nonFraction contextRef="c111" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares">6,223,261</ix:nonFraction> and <ix:nonFraction contextRef="c112" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares">9,223,261</ix:nonFraction></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_3" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Public Warrants and Private Placement Warrants, respectively.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_4" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Public Warrants may only be exercised for a whole
number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will
trade. The Public Warrants will become exercisable <ix:nonNumeric contextRef="c113" format="ixt-sec:durday" name="actdu:NumberOfDaysFromWhichWarrantsBecomeExercisableAfterTheCompletionOfBusinessCombination">30</ix:nonNumeric> days after the completion of a Business Combination; provided that the Company
has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the
Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from
registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permit holders to
exercise their warrants on a cashless basis under certain circumstances). The Company agreed that as soon as practicable, but in no
event later than <ix:nonNumeric contextRef="c113" format="ixt-sec:durday" name="actdu:NumberOfBusinessDaysAfterTheClosingOfBusinessCombinationMadeEffortsForSecRegistrationStatement">20</ix:nonNumeric> business days after the closing of the initial Business Combination, the Company will use commercially
reasonable efforts to file with the SEC and have an effective registration statement covering the Class A ordinary shares issuable
upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants
expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares
issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial Business Combination,
warrant holders may, until such time as there is an effective registration statement and during any period when the Company will
have failed to maintain an effective registration statement, exercise warrants on a &#8220;cashless basis&#8221; in accordance with
Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the
time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a
&#8220;covered security&#8221; under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of
Public Warrants who exercise their warrants to do so on a &#8220;cashless basis&#8221; and, in the event the Company so elects, the
Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect,
it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an
exemption is not available.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_5" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The warrants have an exercise price of $<ix:nonFraction contextRef="c114" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares">11.50</ix:nonFraction> per share,
subject to adjustments, and will expire <ix:nonNumeric contextRef="c114" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">five years</ix:nonNumeric> after the completion of a Business Combination or earlier upon redemption or liquidation.
In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in
connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $<ix:nonFraction contextRef="c114" decimals="2" format="ixt:num-dot-decimal" name="actdu:SharesPrice" scale="0" unitRef="usdPershares">9.20</ix:nonFraction> per ordinary
share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any
such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates,
as applicable, prior to such issuance) (the &#8220;Newly Issued Price&#8221;), (y) the aggregate gross. proceeds from such issuances represent
more than <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:PublicUtilitiesApprovedReturnOnEquityPercentage" scale="-2" unitRef="pure">60</ix:nonFraction>% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the
date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of
the Class A ordinary shares during the <ix:nonNumeric contextRef="c115" format="ixt-sec:durday" name="actdu:NumberOfTradingDays">20</ix:nonNumeric> trading day period starting on the trading day prior to the day on which the Company consummates
its initial Business Combination (such price, the &#8220;Market Value&#8221;) is below $<ix:nonFraction contextRef="c115" decimals="2" format="ixt:num-dot-decimal" name="actdu:VolumeWeightedAveragePricePerShare" scale="0" unitRef="usdPershares">9.20</ix:nonFraction> per share, the exercise price of the warrants
will be adjusted (to the nearest cent) to be equal to <ix:nonFraction contextRef="c116" decimals="2" format="ixt:num-dot-decimal" name="actdu:RedemptionTriggerPriceAsAPercentageOfNewlyIssuedPrice" scale="-2" unitRef="pure">115</ix:nonFraction>% of the higher of the Market Value and the Newly Issued Price, and the $<ix:nonFraction contextRef="c116" decimals="2" format="ixt:num-dot-decimal" name="actdu:ClassOfWarrantsOrRightsRedemptionTriggerPrice" scale="0" unitRef="usdPershares">18.00</ix:nonFraction>
per share redemption trigger price described under &#8220;Redemption of warrants when the price per Class A ordinary share equals or exceeds
$18.00&#8221; will be adjusted (to the nearest cent) to be equal to <ix:nonFraction contextRef="c117" decimals="2" format="ixt:num-dot-decimal" name="actdu:RedemptionTriggerPriceAsAPercentageOfNewlyIssuedPrice" scale="-2" unitRef="pure">180</ix:nonFraction>% of the higher of the Market Value and the Newly Issued Price,
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ordinary share equals or exceeds $10.00&#8221; will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and
the Newly Issued Price.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_6" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The Private Placement Warrants are identical to the Public
Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary
shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the
completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable
so long as they are held by the initial purchasers or such purchasers&#8217; permitted transferees. If the Private Placement Warrants
are held by someone other than the Initial Shareholders or their permitted transferees, the Private Placement Warrants will be redeemable
by the Company and exercisable by such holders on the same basis as the Public Warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 157 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">NOTES TO UNAUDITED CONDENSED
FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_7" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Redemption of warrants when the price per Class A ordinary
share equals or exceeds $18.00:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_8" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Once the warrants become exercisable, the Company
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</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_9" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in whole and not in part;</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_11" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_12" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">if, and only if, the last reported sale price of Class A
ordinary shares for any <ix:nonNumeric contextRef="c119" format="ixt-sec:durday" name="actdu:NumberOfConsecutiveTradingDaysToDetermineCallOfWarrantRedemption">20</ix:nonNumeric> trading days within a <ix:nonNumeric contextRef="c119" format="ixt-sec:durday" name="actdu:NumberOfTradingDaysToDetermineCallOfWarrantRedemption">30</ix:nonNumeric>-trading day period ending on the third trading day prior to the date on which the
Company sends the notice of redemption to the warrant holders (the &#8220;Reference Value&#8221;) equals or exceeds $<ix:nonFraction contextRef="c118" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares">18.00</ix:nonFraction> per share
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_13" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The Company will not redeem the warrants as described
above unless a registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants
is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_14" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Redemption of warrants when the price per Class A ordinary
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</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_15" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Once the warrants become exercisable, the Company
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</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_16" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_17" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
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written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and
receive that number of shares determined by reference to an agreed table based on the redemption date and the &#8220;fair market value&#8221;
of Class A ordinary shares;</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_18" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_19" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">if the Reference Value is less than $18.00 per share (as
adjusted), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public
Warrants, as described above.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_20" id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The &#8220;fair market value&#8221; of Class A ordinary
shares for the above purpose shall mean the volume weighted average price of our Class A ordinary shares during the 10 trading days immediately
following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable
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</div><div>

</div><ix:continuation id="_DerivativeWarrantLiabilitiesTextBlock-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">In no event will the Company be required to net cash settle
any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the
funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they
receive any distribution from the Company&#8217;s assets held outside of the Trust Account with the respect to such warrants. Accordingly,
the warrants may expire worthless.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 158 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1pt"></p><div>

</div><p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif">NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

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</div><div>

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2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_3" id="_FairValueDisclosuresTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">June 30, 2022:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>



</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_4" id="_FairValueDisclosuresTextBlock-c0_cont_3"><ix:nonNumeric contextRef="c0" continuedAt="_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock-c0_cont_1" escape="true" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Quoted <br/>
    Prices <br/>
    in Active<br/>
    Markets <br/>
    (Level 1)</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="margin: 0"><b>Significant<br/>
                                            Other<br/>
                                            Observable<br/>
                                            Inputs</b></p>
                                               <p style="margin: 0"><b>(Level 2)</b></p></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
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                                            Unobservable<br/>
                                            Inputs</b></p>
                                               <p style="margin: 0"><b>(Level 3)</b></p></td></tr>
  <tr style="vertical-align: bottom">
    <td>Description</td><td>&#160;</td>
    <td colspan="3">&#160;</td><td>&#160;</td>
    <td colspan="3">&#160;</td><td>&#160;</td>
    <td colspan="3">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Assets:</td><td>&#160;</td>
    <td colspan="3">&#160;</td><td>&#160;</td>
    <td colspan="3">&#160;</td><td>&#160;</td>
    <td colspan="3">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Investments held in Trust Account</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-138">&#8212;</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">&#8212;</div></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Derivative warrant liabilities-public</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c125" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd">6,534,420</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Derivative warrant liabilities-private</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-143">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c130" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd">9,684,420</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_5" id="_FairValueDisclosuresTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">December 31, 2021:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_6" id="_FairValueDisclosuresTextBlock-c0_cont_5"><ix:continuation id="_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Quoted<br/>
    Prices<br/>
    in Active<br/>
    Markets<br/>
    (Level 1)</b></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="margin: 0"><b>Significant<br/>
                                            Other<br/>
                                            Observable<br/>
                                            Inputs</b></p>
                                               <p style="margin: 0"><b>(Level 2)</b></p></td><td style="padding-bottom: 1.5pt"><b>&#160;</b></td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="margin: 0"><b>Significant<br/>
                                            Other<br/>
                                            Unobservable<br/>
                                            Inputs</b></p>
                                               <p style="margin: 0"><b>(Level 3)</b></p></td></tr>
  <tr style="vertical-align: bottom">
    <td>Description</td><td>&#160;</td>
    <td colspan="3">&#160;</td><td>&#160;</td>
    <td colspan="3">&#160;</td><td>&#160;</td>
    <td colspan="3">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Assets:</td><td>&#160;</td>
    <td colspan="3">&#160;</td><td>&#160;</td>
    <td colspan="3">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Investments held in Trust Account</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-145">&#8212;</div></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c134" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd">10,392,850</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-146">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-147">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">&#160;Derivative warrant liabilities-private</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-148">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-149">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c139" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WarrantsAndRightsOutstanding" scale="0" unitRef="usd">15,402,850</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_7" id="_FairValueDisclosuresTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Transfers to/from Levels 1, 2, and 3 are recognized at
the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level
1 fair value measurement on April 1, 2021 because the Public Warrants were separately listed and traded in an active market. There were
no transfers between levels for the six months ended June 30, 2022 or for the period from January 13, 2021 (inception) through June 30,
2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_8" id="_FairValueDisclosuresTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Level 1 assets include investments in money market funds
or U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or
brokers, and other similar sources to determine the fair value of its investments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_9" id="_FairValueDisclosuresTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The fair value of the Public
Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a
Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte
Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public
Offering have been subsequently measured based on the listed market price of such warrants, a Level 1 measurement. For the three
months ended June 30, 2022 and 2021, the Company recognized a gain/(loss) to the unaudited condensed statements of operations
resulting from a decrease (increase) in the fair value of liabilities of approximately $<ix:nonFraction contextRef="c7" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption" scale="6" unitRef="usd">4.3</ix:nonFraction> million and ($<ix:nonFraction contextRef="c8" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption" scale="6" unitRef="usd">11.2</ix:nonFraction> million),
respectively, presented as change in fair value of derivative warrant liabilities in the accompanying unaudited condensed statements
of operations. For the six months ended June 30, 2022 and for the period from January 13, 2021 (inception) through June 30, 2021,
the Company recognized a gain/(loss) to the unaudited condensed statements of operations resulting from a decrease (increase) in the
fair value of liabilities of approximately $<ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption" scale="6" unitRef="usd">9.6</ix:nonFraction> million and ($<ix:nonFraction contextRef="c9" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption" scale="6" unitRef="usd">11.0</ix:nonFraction> million), respectively, presented as change in fair value of
derivative warrant liabilities in the accompanying unaudited condensed statements of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_10" id="_FairValueDisclosuresTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The estimated fair value of the Private
Placement Warrants, and the Public Warrants prior to being separately listed and traded, is determined using Level 3 inputs.
Inherent in a Monte Carlo simulation are assumptions related to expected share-price volatility, expected life, risk-free interest
rate and dividend yield. The Company estimates the volatility of its warrants based on implied volatility from the Company&#8217;s
traded warrants and from historical volatility of select peer company&#8217;s ordinary shares that matches
the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the
grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent
to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 159 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_11" id="_FairValueDisclosuresTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table provides
quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_12" id="_FairValueDisclosuresTextBlock-c0_cont_11"><ix:nonNumeric contextRef="c0" escape="true" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">June 30, <br/>2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; padding-left: 2pt">Share price</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 2pt">Volatility</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"> </p></ix:nonNumeric></ix:continuation><div>


</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

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warrant liabilities for the period from January 13, 2021 (inception) through June 30, 2022 is summarized as follows:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c0_cont_14" id="_FairValueDisclosuresTextBlock-c0_cont_13"><ix:nonNumeric contextRef="c0" continuedAt="_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock-c0_cont_1" escape="true" name="us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputReconciliationTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td><td style="padding-bottom: 1.5pt; text-align: center"><b>&#160;</b></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Public<br/>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Derivative warrant liabilities at January 13, 2021 (inception)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-152">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-153">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-154">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 64%; text-align: left">Issuance of Public and Private Warrants</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Transfer to Level 1</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c144" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3" scale="0" sign="-" unitRef="usd">10,455,080</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-155">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-align: left">Derivative warrant liabilities at December 31, 2021</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-156">&#8212;</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c147" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs" scale="0" unitRef="usd">15,402,850</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs" scale="0" unitRef="usd">15,402,850</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p></ix:nonNumeric></ix:continuation><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c29" continuedAt="_SubsequentEventsTextBlock-c29_cont_1" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Note 11-Subsequent Events</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c29_cont_2" id="_SubsequentEventsTextBlock-c29_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Management has evaluated subsequent events to determine
if events or transactions occurring through the date the unaudited condensed financial statements were issued. Except as discussed below,
there are no such events requiring potential adjustment to or disclosure in the unaudited condensed financial statements and the Company
has concluded that all such events that would require recognition or disclosure have been recognized or disclosed.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c29_cont_3" id="_SubsequentEventsTextBlock-c29_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Business Combination</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c29_cont_4" id="_SubsequentEventsTextBlock-c29_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 21, 2022, subsequent to the fiscal quarter
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to the Business Combination Agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c29_cont_5" id="_SubsequentEventsTextBlock-c29_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Holders of <ix:nonFraction contextRef="c3" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:InvestmentSoldNotYetPurchasedBalanceShares" scale="0" unitRef="shares">27,364,124</ix:nonFraction> Class A ordinary shares sold in
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redeemed for a full pro rata portion of the trust account holding the proceeds from ArcLight&#8217;s initial public offering, calculated
as of two business days prior to the Closing, which was approximately $<ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityRedemptionPricePerShare" scale="0" unitRef="usdPershares">10.00</ix:nonFraction> per share, or $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AdditionalCollateralAggregateFairValue" scale="0" unitRef="usd">274,186,522</ix:nonFraction> in the aggregate.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

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</div><div>

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</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c29_cont_8" id="_SubsequentEventsTextBlock-c29_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 4, 2022, OPAL Fuels Intermediate Holdco
2 LLC (&#8220;OPAL Intermediate Holdco 2&#8221;), a wholly-owned subsidiary the Company, entered into a new senior secured credit facility
(the &#8220;Credit Agreement&#8221;) with OPAL Intermediate Holdco 2 as the Borrower, direct and indirect subsidiary of the Borrower as
Guarantors, the lenders party thereto (the &#8220;Lenders&#8221;), Bank of Montreal as the administration agent, and Wilmington Trust
as collateral and depositary agent. The Credit Agreement provides for an approximately two year delayed term loan facility (the &#8220;DDTL
Facility&#8221;) of up to a maximum aggregate principal amount of $<ix:nonFraction contextRef="c156" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:InvestmentOwnedBalancePrincipalAmount" scale="6" unitRef="usd">100.0</ix:nonFraction> million and Debt Service Reserve facility (the &#8220;DSR Facility&#8221;)
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</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c29_cont_9" id="_SubsequentEventsTextBlock-c29_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The outstanding borrowings under the Credit Agreement
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of the construction loan to a term loan (the &#8220;Conversion Date&#8221;) or September 30, 2024, a spread of 3.5%, and (ii) thereafter
a spread of 3.75%. Accrued interest on amounts outstanding under the DDTL Facility must be paid on the last day of each applicable interest
period. The outstanding principal amount of the DDTL Facility is subject to quarterly amortization payments commencing September 30, 2024
equal to 2.5% of the aggregate principal amount of the outstanding term loan balance as of the Conversion Date, subject to adjustment
based on certain mandatory prepayments, with the balance due at maturity. The DSR Facility is due at maturity. The Credit Agreement matures
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 160 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">OPAL FUELS INC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(f/k/a ArcLight Clean Transition Corp. II)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 1pt"></p><div>

</div><p style="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: center">NOTES TO UNAUDITED CONDENSED
FINANCIAL STATEMENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c29_cont_10" id="_SubsequentEventsTextBlock-c29_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Forward Purchase Agreement</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c29_cont_11" id="_SubsequentEventsTextBlock-c29_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 18, 2022, the Company entered into a forward share
purchase agreement (the &#8220;Purchase Agreement&#8221;) with Meteora Capital Partners and its affiliates (collectively, &#8220;Meteora&#8221;)
pursuant to which, provided that so long as Meteora will have acquired from redeeming shareholders of the Company at least <ix:nonFraction contextRef="c158" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PartnersCapitalAccountUnitsRedeemed" scale="0" unitRef="shares">1,900,000</ix:nonFraction> ArcLight
Class A ordinary shares as of the closing of the Company&#8217;s Business Combination with OPAL Fuels, and has not redeemed any of such
the Company&#8217;s Class A ordinary shares, in connection with the Business Combination, then Meteora may elect to sell and transfer
to the combined company following the Business Combination (the &#8220;Combined Company&#8221;), and the Combined Company will purchase
from Meteora, on the six month anniversary of the closing of the Business Combination, up to <ix:nonFraction contextRef="c158" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" scale="0" unitRef="shares">2,000,000</ix:nonFraction> shares of Class A common stock
of the Combined Company (the &#8220;Share Repurchase&#8221;) held by Meteora at the time of closing of the Business Combination (the &#8220;Meteora
Shares&#8221;). Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed thereto in the Purchase
Agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>


</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c29_cont_12" id="_SubsequentEventsTextBlock-c29_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The price at which Meteora has the right to sell the Meteora
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days prior to the closing date of the Share Repurchase (the &#8220;Put Date&#8221;), specifying the number of Meteora Shares that the
Combined Company will be required to purchase.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c29_cont_13" id="_SubsequentEventsTextBlock-c29_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Pursuant to the Purchase Agreement, Meteora is also permitted
at its election to sell any or all of the Meteora Shares in the open market commencing after the closing of the Business Combination,
so long as the sale price exceeds $<ix:nonFraction contextRef="c1" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares">10.02</ix:nonFraction> per share prior to the payment of any commissions due by Meteora for such sale.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SubsequentEventsTextBlock-c29_cont_14" id="_SubsequentEventsTextBlock-c29_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">Pursuant to an escrow agreement (the &#8220;Escrow Agreement&#8221;),
to be entered into by and among Continental Stock Transfer and Trust Co. (&#8220;Continental&#8221;) and Meteora, to secure its purchase
obligation to Meteora, at the closing of the Business Combination, the Company will place into escrow with Continental an aggregate amount
of up to $<ix:nonFraction contextRef="c1" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAggregateAmountOfRedemptionRequirement" scale="0" unitRef="usd">20,040,000</ix:nonFraction> (the &#8220;Escrow Amount&#8221;). If and when Meteora sells the Meteora Shares to any third party, an amount equal
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will be released from escrow to the Combined Company.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SubsequentEventsTextBlock-c29_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">In exchange for the Company&#8217;s commitment to purchase
the Meteora Shares on the Put Date, Meteora agrees to continue to hold, and not to redeem, the Meteora Shares prior to the closing date
of the Business Combination. In consideration for Meteora&#8217;s entry into the Purchase Agreement and the transactions and covenants
therein, the Company shall, at its option, (i) issue to Meteora <ix:nonFraction contextRef="c0" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" scale="0" unitRef="shares">112,500</ix:nonFraction> shares of Class A common stock of the Combined Company or (ii)
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><!-- Field: Page; Sequence: 161 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="d_001"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Report
of Independent Registered Public Accounting Firm</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and the Board of Directors of</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ArcLight
Clean Transition Corp.&#160;II</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying balance sheet of ArcLight Clean Transition Corp.&#160;II (the &#8220;Company&#8221;) as of December&#160;31,
2021, the related statements of operations, changes in shareholders&#8217; deficit and cash flows for the period from January&#160;13,
2021 (inception) through December&#160;31, 2021, and the related notes (collectively referred to as the &#8220;financial statements&#8221;).
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December&#160;31,
2021, and the results of its operations and its cash flows for the period from January&#160;13, 2021 (inception) through December&#160;31,
2021, in conformity with accounting principles generally accepted in the United&#160;States of America.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United&#160;States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S.&#160;federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB.&#160;Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Marcum LLP</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcum
LLP</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2021.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hartford,
CT</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March&#160;9,
2022</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="d_002"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARCLIGHT
CLEAN TRANSITION CORP.&#160;II</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BALANCE
SHEET</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DECEMBER
31, 2021</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current assets:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" scale="0" unitRef="usd">811,526</ix:nonFraction></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
    expenses</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PrepaidExpenseCurrent" scale="0" unitRef="usd">701,663</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current assets</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="0" unitRef="usd">1,513,189</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    assets</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherAssetsNoncurrent" scale="0" unitRef="usd">159,954</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments
    held in Trust Account</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrust" scale="0" unitRef="usd">311,175,471</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Assets</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="0" unitRef="usd">312,848,614</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
    and Shareholders&#8217; Deficit:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    liabilities:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrent" scale="0" unitRef="usd">18,764</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    expenses</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AccruedLiabilitiesCurrent" scale="0" unitRef="usd">94,497</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="0" unitRef="usd">113,261</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    legal fees</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="actdu:DeferredLegalFees" scale="0" unitRef="usd">3,966,447</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    underwriting commissions</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="actdu:DeferredUnderwritingCommissionsNoncurrent" scale="0" unitRef="usd">10,890,707</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
    warrant liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DerivativeLiabilitiesNoncurrent" scale="0" unitRef="usd">25,795,700</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="0" unitRef="usd">40,766,115</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commitments
    and Contingencies</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-14"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></div></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&#8217;
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
    deficit</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="0" sign="-" unitRef="usd">39,081,329</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    shareholders&#8217; deficit</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Liabilities and Shareholders&#8217; Deficit</span></td><td style="font-weight: bold; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="0" unitRef="usd">312,848,614</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these financial statements.</i></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="d_003"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARCLIGHT
CLEAN TRANSITION CORP.&#160;II</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENT
OF OPERATIONS</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JANUARY 13, 2021 (INCEPTION) THROUGH DECEMBER 31, 2021</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    and administrative expenses</span></td><td style="width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GeneralAndAdministrativeExpense" scale="0" unitRef="usd">4,944,523</ix:nonFraction></span></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    from operations</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OperatingIncomeLoss" scale="0" sign="-" unitRef="usd">4,944,523</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    income (expense)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in fair value of derivative warrant liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd">10,799,940</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
    costs&#160;&#8211;&#160;warrant liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="actdu:FinancingCostsWarrantLiabilities" scale="0" unitRef="usd">462,620</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    gain on investments held in Trust Account</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="actdu:NetGainOnInvestmentsHeldInTrustAccount" scale="0" unitRef="usd">12,421</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    other income (expense)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:OtherNonoperatingIncomeExpense" scale="0" sign="-" unitRef="usd">11,250,139</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    loss</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="0" sign="-" unitRef="usd">16,194,662</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-hidden: hidden-fact-36; font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average shares outstanding of Class&#160;A ordinary shares, basic and diluted</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c19" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">25,360,688</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-hidden: hidden-fact-37; font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net (loss) per ordinary share</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c19" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" sign="-" unitRef="usdPershares">0.49</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-hidden: hidden-fact-38; font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average shares outstanding of Class&#160;B ordinary shares, basic and diluted</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c20" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" unitRef="shares">7,611,848</ix:nonFraction></span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="-sec-ix-hidden: hidden-fact-39; font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted net (loss) per ordinary share</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these financial statements.</i></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="d_004"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARCLIGHT
CLEAN TRANSITION CORP.&#160;II</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENT
OF CHANGES IN SHAREHOLDERS&#8217; DEFICIT</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JANUARY 13, 2021 (INCEPTION) THROUGH DECEMBER 31, 2021</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Arial, Helvetica, Sans-Serif">
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    <td style="padding-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td><td style="padding-bottom: 0; text-align: center; font-size: 10pt; font-weight: bold"></td>
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    <td style="font-size: 10pt; font-weight: bold; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance&#160;&#8211;&#160;January&#160;13,
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    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-93; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-94; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-95; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-96; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-97; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-98; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="width: 14%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
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    <td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-100; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 1%; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-109; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font-size: 10pt; text-align: right"><span style="-sec-ix-hidden: hidden-fact-110; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  </table><div>


</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these financial statements.</i></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="d_005"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARCLIGHT
CLEAN TRANSITION CORP.&#160;II</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENT
OF CASH FLOWS</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JANUARY 13, 2021 (INCEPTION) THROUGH DECEMBER 31, 2021</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash Flows from Operating
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    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="actdu:GeneralAndAdministrativeExpensesPaidByRelatedPartyInExchangeForIssuanceOfClassBO" scale="0" unitRef="usd">25,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="actdu:GeneralAndAdministrativeExpensesPaidByRelatedPartyUnderPromissoryNote" scale="0" unitRef="usd">26,800</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:FairValueAdjustmentOfWarrants" scale="0" unitRef="usd">10,799,940</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="actdu:FinancingCostsWarrantLiabilities1" scale="0" unitRef="usd">462,620</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnInvestments" scale="0" unitRef="usd">12,421</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
    expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInPrepaidExpense" scale="0" unitRef="usd">861,617</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInAccountsPayable" scale="0" sign="-" unitRef="usd">181,236</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInOtherAccruedLiabilities" scale="0" unitRef="usd">24,497</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    legal fees</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="actdu:IncreaseDecreaseInDeferredLegalFee" scale="0" unitRef="usd">3,966,447</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash used in operating activities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    Flows from Investing Activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    deposited in Trust Account</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:PaymentsToAcquireRestrictedInvestments" scale="0" unitRef="usd">311,163,050</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" scale="0" sign="-" unitRef="usd">311,163,050</ix:nonFraction></span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash&#160;&#8211;&#160;beginning
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash&#160;&#8211;&#160;end
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    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" scale="0" unitRef="usd">811,526</ix:nonFraction></span></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
    disclosure of noncash investing and financing activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
    costs included in accounts payable</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="actdu:OfferingCostsIncludedInAccountsPayable" scale="0" unitRef="usd">200,000</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
    costs included in accrued expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
    costs paid by related party under promissory note</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="actdu:OfferingCostsPaidByRelatedPartyUnderPromissoryNote" scale="0" unitRef="usd">144,842</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    underwriting commissions</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="actdu:DeferredUnderwritingCommissions" scale="0" unitRef="usd">10,890,707</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeiture
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="actdu:ForfeitureOfClassBOrdinaryShareFromSponsor" scale="0" unitRef="usd">13</ix:nonFraction></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
accompanying notes are an integral part of these financial statements.</i></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="d_006"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARCLIGHT
CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c18" continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_1" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note&#160;1
&#8212;&#160;Description of Organization and Business Operations</b></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_2" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ArcLight
Clean Transition Corp.&#160;II (the &#8220;Company&#8221;) is a blank check company incorporated as a Cayman Islands exempted company
on January&#160;13, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one or more businesses that the Company has not finalized (&#8220;Business
Combination&#8221;).</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_3" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_2"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, the Company had not yet commenced operations. All activity for the period from January&#160;13, 2021 (inception)
through December&#160;31, 2021 relates to the Company&#8217;s formation and the initial public offering (the &#8220;Initial Public Offering&#8221;),
which is described below, and, since the closing of the Initial Public Offering, a search for a business combination candidate. The Company
will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company
will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company
has selected December&#160;31 as its fiscal year end.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_4" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_3"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s sponsor is ArcLight CTC Holdings&#160;II, L.P., a Delaware limited partnership (&#8220;Sponsor&#8221;). The registration
statement for the Company&#8217;s Initial Public Offering was declared effective on March&#160;22, 2021. On March&#160;25, 2021, the
Company consummated its Initial Public Offering of <ix:nonFraction contextRef="c83" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares">31,116,305</ix:nonFraction>&#160;units (the &#8220;Units&#8221; and, with respect to the Class&#160;A
ordinary shares included in the Units&#160;being offered, the &#8220;Public Shares&#8221;), including the partial exercise of the underwriters&#8217;
option to purchase <ix:nonFraction contextRef="c90" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares">3,616,305</ix:nonFraction> additional Units&#160;(the &#8220;Over-Allotment Units&#8221;), at $<ix:nonFraction contextRef="c84" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPricePerShare" scale="0" unitRef="usdPershares">10.00</ix:nonFraction> per Unit, generating gross proceeds
of approximately $<ix:nonFraction contextRef="c83" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" scale="6" unitRef="usd">311.2</ix:nonFraction>&#160;million (see Note&#160;3), and incurring offering costs of approximately $<ix:nonFraction contextRef="c83" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" scale="6" unitRef="usd">17.6</ix:nonFraction>&#160;million, of which approximately
$<ix:nonFraction contextRef="c83" decimals="-5" format="ixt:num-dot-decimal" name="actdu:DeferredUnderWrittingComission" scale="6" unitRef="usd">10.9</ix:nonFraction>&#160;million was for deferred underwriting commissions (see Note&#160;6).</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_5" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_4"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simultaneously
with the closing of the Initial Public Offering, the Company consummated the private placement (&#8220;Private Placement&#8221;) of <ix:nonFraction contextRef="c159" decimals="0" format="ixt:num-dot-decimal" name="actdu:ClassOfWarrantOrRightIssuedDuringPeriodShares" scale="0" unitRef="shares">9,223,261</ix:nonFraction>&#160;warrants
(each, a &#8220;Private Placement Warrant&#8221; and collectively, the &#8220;Private Placement Warrants&#8221;), at a price of $<ix:nonFraction contextRef="c159" decimals="2" format="ixt:num-dot-decimal" name="actdu:ClassOfWarrantOrRightSharePrice" scale="0" unitRef="usdPershares">1.00</ix:nonFraction>
per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $<ix:nonFraction contextRef="c160" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" scale="6" unitRef="usd">9.2</ix:nonFraction>&#160;million (see Note&#160;4).</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_6" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_5"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the closing of the Initial Public Offering and the Private Placement, approximately $<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AssetsHeldInTrust" scale="6" unitRef="usd">311.2</ix:nonFraction>&#160;million of the net proceeds of the Initial
Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (&#8220;Trust Account&#8221;) with
Continental Stock Transfer&#160;&amp; Trust Company acting as trustee and invested in United&#160;States &#8220;government securities&#8221;
within the meaning of Section&#160;2(a)(16)&#160;of the Investment Company Act&#160;of&#160;1940, as amended, or the Investment Company
Act, having a maturity of 185&#160;days or less or in money market funds meeting certain conditions under Rule&#160;2a-7 promulgated
under the Investment Company Act which invest only in direct U.S.&#160;government treasury obligations, as determined by the Company,
until the earlier of: (i)&#160;the completion of a Business Combination and (ii)&#160;the distribution of the Trust Account as described
below.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_7" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_6"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering
and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. The Company&#8217;s initial Business Combination must be with one or more operating businesses or
assets with a fair market value equal to at least <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="actdu:FairValueOfNetAssetsOfTheAcquireAsAPercentageOfAssetsInTheTrustAccount" scale="-2" unitRef="pure">80</ix:nonFraction>% of the net assets held in the Trust Account (excluding the deferred underwriting
commissions and taxes payable on the interest earned on the Trust Account) at the time the Company signs a definitive agreement in connection
with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company
owns or acquires <ix:nonFraction contextRef="c161" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" unitRef="pure">50</ix:nonFraction>% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target
sufficient for it not to be required to register as an investment company under the Investment Company Act.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARCLIGHT
CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note&#160;1
&#8212;&#160;Description of Organization and Business Operations</b> (cont.)</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_8" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_7"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will provide its holders of the Public Shares (the &#8220;Public Shareholders&#8221;) with the opportunity to redeem all or a
portion of their Public Shares upon the completion of a Business Combination either (i)&#160;in connection with a shareholder meeting
called to approve the Business Combination or (ii)&#160;by means of a tender offer. The decision as to whether the Company will seek
shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public
Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($<ix:nonFraction contextRef="c18" decimals="2" format="ixt:num-dot-decimal" name="actdu:TrustAccountPerShare" scale="0" unitRef="usdPershares">10.00</ix:nonFraction> per
share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its
tax obligations). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by
the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note&#160;6). These Public Shares were
recorded at a redemption value and classified as temporary equity, in accordance with the Financial Accounting Standards Board&#8217;s
(&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) Topic&#160;480 &#8220;Distinguishing Liabilities from Equity&#8221;
(&#8220;ASC&#160;480&#8221;). In such case, the Company will proceed with a Business Combination if the Company has net tangible assets
of at least $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:MinimumNetWorthRequiredForCompliance" scale="0" unitRef="usd">5,000,001</ix:nonFraction> upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the
Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business
or other legal reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which will be adopted
by the Company upon the consummation of the Initial Public Offering (the &#8220;Amended and Restated Memorandum and Articles of Association&#8221;),
conduct the redemptions pursuant to the tender offer rules of the U.S.&#160;Securities and Exchange Commission (the &#8220;SEC&#8221;),
and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a shareholder approval of the transactions
is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem
shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally,
each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.
If the Company seeks shareholder approval in connection with a Business Combination, the holders of the Founder Shares prior to this
Initial Public Offering (the &#8220;Initial Shareholders&#8221;) agreed to vote their Founder Shares (as defined in Note&#160;5) and
any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial
Shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion
of a Business Combination. In addition, the Company agreed not to enter into a definitive agreement regarding an initial Business Combination
without the prior consent of the Sponsor.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_9" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_8"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, the Company&#8217;s Amended and Restated Memorandum and Articles of Association provide that a Public Shareholder, together
with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a &#8220;group&#8221;
(as defined under Section&#160;13 of the Securities Exchange&#160;Act&#160;of&#160;1934, as amended (the &#8220;Exchange&#160;Act&#8221;)),
will be restricted from redeeming its shares with respect to more than an aggregate of <ix:nonFraction contextRef="c4" decimals="2" format="ixt:num-dot-decimal" name="actdu:PercentageOfSharesEligibleToBeTransferredWithoutAnyRestriction" scale="-2" unitRef="pure">15</ix:nonFraction>% or more of the Class&#160;A ordinary shares
sold in the Initial Public Offering, without the prior consent of the Company.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_10" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_9"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s Sponsor, executive officers and directors agreed not to propose an amendment to the Company&#8217;s Amended and Restated
Memorandum and Articles of Association that would affect the substance or timing of the Company&#8217;s obligation to provide for the
redemption of its Public Shares in connection with a Business Combination or to redeem <ix:nonFraction contextRef="c18" decimals="2" format="ixt:num-dot-decimal" name="actdu:BusinessCombinationRedeemPercentage" scale="-2" unitRef="pure">100</ix:nonFraction>% of its Public Shares if the Company does
not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their Class&#160;A
ordinary shares in conjunction with any such amendment.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_11" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_10"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company is unable to complete a Business Combination within 24&#160;months from the closing of the Initial Public Offering, or March&#160;25,
2023 (the &#8220;Combination Period&#8221;), the Company will (i)&#160;cease all operations except for the purpose of winding up; (ii)&#160;as
promptly as reasonably possible but not more than ten&#160;business days thereafter, redeem the Public Shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the
Trust Account and not previously released to the Company to pay its income taxes, if any (less up to $<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="actdu:InterestToPayDissolutionExpense" scale="0" unitRef="usd">100,000</ix:nonFraction> of interest to pay dissolution
expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders&#8217;
rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii)&#160;as promptly as reasonably
possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve,
subject in the case of clauses (ii)&#160;and (iii), to the Company&#8217;s obligations under Cayman Islands law to provide for claims
of creditors and the requirements of other applicable law.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARCLIGHT
CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note&#160;1
&#8212;&#160;Description of Organization and Business Operations</b> (cont.)</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_12" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_11"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the redemption of <ix:nonFraction contextRef="c18" decimals="2" format="ixt:num-dot-decimal" name="actdu:FundsHeldInTheTrustAccount" scale="-2" unitRef="pure">100</ix:nonFraction>% of the Company&#8217;s outstanding Public Shares for a portion of the funds held in the Trust
Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned
on the funds held in the Trust Account and not previously released to the Company to pay the Company&#8217;s taxes payable (less up to
$<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromSaleOfTrustAssetsToPayExpenses" scale="0" unitRef="usd">100,000</ix:nonFraction> of interest to pay dissolution expenses).</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_13" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_12"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Initial Shareholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business
Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the Initial
Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the
Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their
deferred underwriting commission (see Note&#160;6) held in the Trust Account in the event the Company does not complete a <ix:nonNumeric contextRef="c162" name="us-gaap:BusinessCombinationControlObtainedDescription">Business Combination
within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be
available to fund the redemption of the Company&#8217;s Public Shares. In the event of such distribution, it is possible that the per
share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share
initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed that it will be liable
to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective
target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business
combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i)&#160;$10.00 per Public Share and (ii)&#160;the
actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00
per share due to reductions in the value of the Trust assets, less taxes payable, provided that such liability will not apply to any
claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account
(whether or not such waiver is enforceable) nor will it apply to any claims under the Company&#8217;s indemnity of the underwriters of
the Initial Public Offering against certain liabilities, including liabilities under the Securities Act&#160;of&#160;1933, as amended
(the &#8220;Securities Act&#8221;).</ix:nonNumeric> In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor
will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that
the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have vendors, service providers (except
the Company&#8217;s independent registered public accounting firm), prospective target businesses or other entities with which the Company
does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the
Trust Account.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_14" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_13"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Proposed
Business Combination</i></span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_15" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_14"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December&#160;2, 2021, the Company, OPAL HoldCo LLC, a Delaware limited liability company (&#8220;<i>OPAL HoldCo</i>&#8221;), and OPAL
Fuels LLC, a Delaware limited liability company (&#8220;<i>OPAL Fuels</i>&#8221;), entered into a Business Combination Agreement (as
it may be amended, supplemented or otherwise modified from time to time, the &#8220;<i>Business Combination Agreement</i>&#8221;).</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARCLIGHT
CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note&#160;1
&#8212;&#160;Description of Organization and Business Operations</b> (cont.)</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_16" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_15"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Business Combination Agreement and the transactions contemplated thereby (collectively, the &#8220;<i>Business Combination</i>&#8221;)
were unanimously approved by the boards of directors of each of the Company and OPAL and also approved by OPAL Holdco, the sole member
of OPAL Fuels. The Business Combination Agreement provides for, among other things, the following transactions: <ix:nonNumeric contextRef="c19" name="us-gaap:CommonStockConversionBasis">(i)&#160;each outstanding
Class&#160;B ordinary share, par value $0.0001 per share, of the Company will convert into one Class&#160;A ordinary share, par value
$0.0001 per share, of the Company; (ii)&#160;the Company will change the jurisdiction of its incorporation by deregistering as an exempted
company in the Cayman Islands and domesticating to, and continuing as a corporation incorporated under the laws of, the State of Delaware
(the &#8220;<i>Domestication</i>&#8221;) and, in connection with the Domestication, (A)&#160;the Company&#8217;s name will be changed
to &#8220;OPAL Fuels Inc.&#8221; (&#8220;<i>New OPAL</i>&#8221;), (B)&#160;each outstanding Class&#160;A ordinary share of the Company
will become one share of Class&#160;A common stock, par value $0.0001 per share, of New OPAL (the &#8220;<i>New OPAL Class&#160;A Common
Stock</i>&#8221;), (C)&#160;each outstanding warrant to purchase one Class&#160;A ordinary share of the Company will become a warrant
to purchase one share of New OPAL Class&#160;A common stock and (D)&#160;New OPAL will file its certificate of incorporation and adopt
bylaws to serve as its governing documents in connection with the Domestication; and (iii)&#160;(A)&#160;OPAL Fuels will cause its existing
limited liability company agreement to be amended and restated, (B)&#160;OPAL Fuels will cause all of its limited liability company interests
existing immediately prior to the closing of the Business Combination (the &#8220;<i>Closing</i>&#8221;)to be re-classified into a number
of common units (collectively, the &#8220;<i>OPAL Units</i>&#8221;) based on a pre-transaction equity value for OPAL equal to $1,501,870,000,
less all principal and accrued interest outstanding immediately after the Closing pursuant to that certain convertible promissory note,
dated as of May&#160;1, 2021 (as amended, including that certain First Amendment to Convertible Note, dated November&#160;29, 2021&#8221;),
held by ARCC Beacon LLC, a Delaware limited liability company (&#8220;<i>Ares</i>&#8221;), (C)&#160;the Company will contribute the (x)&#160;the
amount of cash in the trust account (the &#8220;<i>Trust Account</i>&#8221;) established by the Company with the proceeds from its initial
public offering as of immediately prior to the Closing (and before, for the avoidance of doubt, giving effect to the exercise of redemption
rights by any of the Company&#8217;s shareholders (the &#8220;<i>Public Share Redemptions</i>&#8221;)), minus (y)&#160;the aggregate
amount of cash required to fund the ACT Share Redemptions and any other obligations to be funded from the Trust Account, plus (z)&#160;the
aggregate cash proceeds actually received in respect of the PIPE Investment (as defined below) and (E)&#160;New OPAL will issue to OPAL
Fuels, and OPAL Fuels will in turn distribute to OPAL HoldCo and Hillman RNG Investments, LLC (&#8220;<i>Hillman</i>&#8221;) a number
of shares of Class&#160;D common stock, par value $0.0001 per share, of New OPAL (the &#8220;<i>New OPAL Class&#160;D Common Stock</i>&#8221;),
and distribute to Ares (together with OPAL HoldCo and Hillman, collectively, the &#8220;<i>OPAL Equityholders</i>&#8221;) shares of Class&#160;B
common stock, par value $0.0001 per share, of New OPAL (the &#8220;<i>New OPAL Class&#160;B Common Stock</i>&#8221;) (neither of which
will have any economic value but will entitle the holder thereof to five votes per share or one vote per share, respectively), equal
to the number of OPAL Units&#160;held by each of the OPAL Equityholders.</ix:nonNumeric></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_17" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_16"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if New OPAL&#8217;s annual EBITDA for the calendar year 2023 exceeds $<ix:nonFraction contextRef="c163" decimals="0" format="ixt:num-dot-decimal" name="actdu:EarningsBeforeInterestTaxesDepreciationAndAmortization" scale="0" unitRef="usd">238,000,000</ix:nonFraction> (the &#8220;<i>First Earnout Triggering Event</i>&#8221;),
New OPAL will issue to OPAL HoldCo, Ares and Hillman (collectively, the &#8220;<i>Earnout Participants</i>&#8221;) an aggregate of <ix:nonFraction contextRef="c163" decimals="0" format="ixt:num-dot-decimal" name="actdu:AggregateAdditionalSharesIssued" scale="0" unitRef="shares">5,000,000</ix:nonFraction>
shares of New OPAL Class&#160;B Common Stock and New OPAL Class&#160;D Common Stock and corresponding OPAL Units&#160;(collectively,
the &#8220;<i>First Earnout Tranche</i>&#8221;) in accordance with the allocations set forth in the Business Combination Agreement. Additionally,
if New OPAL&#8217;s annual EBITDA for the calendar year 2024 exceeds $<ix:nonFraction contextRef="c164" decimals="0" format="ixt:num-dot-decimal" name="actdu:EarningsBeforeInterestTaxesDepreciationAndAmortization" scale="0" unitRef="usd">446,000,000</ix:nonFraction> (the &#8220;<i>Second Earnout Triggering Event</i>&#8221;),
New OPAL will issue to the Earnout Participants an aggregate of <ix:nonFraction contextRef="c164" decimals="0" format="ixt:num-dot-decimal" name="actdu:AggregateAdditionalSharesIssued" scale="0" unitRef="shares">5,000,000</ix:nonFraction> additional shares of New OPAL Class&#160;B Common Stock and
New OPAL Class&#160;D Common Stock and corresponding OPAL Units&#160;(collectively, the &#8220;<i>Second Earnout Tranche</i>&#8221;)
in accordance with the allocations set forth in the Business Combination Agreement. In the event that the First Earnout Triggering Event
does not occur but the Second Earnout Triggering Event does occur, New OPAL will be obligated to issue both the First Earnout Tranche
and the Second Earnout Tranche upon the occurrence of the Second Earnout Triggering Event.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_18" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_17"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Business Combination is expected to close late in first half of 2022, following the receipt of the required approval by the Company&#8217;s
shareholders and the fulfillment of other customary closing conditions.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_19" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_18"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>PIPE
Financing (Private Placement)</i></span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_20" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_19"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concurrently
with the execution of the Business Combination Agreement, the Company entered into subscription agreements (the &#8220;<i>Subscription
Agreements</i>&#8221;) with certain investors, including, among others, an affiliate of the Company, as well as additional third-party
investors. Pursuant to the Subscription Agreements, each investor agreed to subscribe for and purchase, and the Company agreed to issue
and sell to such investors, immediately prior to the Closing, an aggregate of <ix:nonFraction contextRef="c165" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">12,500,000</ix:nonFraction> shares of the Company&#8217;s common stock for
a purchase price of $<ix:nonFraction contextRef="c165" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharesIssuedPricePerShare" scale="0" unitRef="usdPershares">10.00</ix:nonFraction> per share, for aggregate gross proceeds of $<ix:nonFraction contextRef="c166" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="0" unitRef="usd">125,000,000</ix:nonFraction> (the &#8220;<i>PIPE Investment</i>&#8221;).</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_21" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_20"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
closing of the PIPE Investment is contingent upon, among other things, the substantially concurrent consummation of the Business Combination.
The Subscription Agreements provide that the Company will grant the investors in the PIPE Investment certain customary registration rights.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARCLIGHT
CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note&#160;1
&#8212;&#160;Description of Organization and Business Operations</b> (cont.)</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_22" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_21"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investor
Rights Agreement</i></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_23" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_22"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Business Combination Agreement contemplates that, at the Closing, OPAL Fuels, Ares, Hillman and the Class&#160;B Shareholders (collectively
the &#8220;<i>New OPAL Holders</i>&#8221;) will enter into an Investor Rights Agreement (the &#8220;<i>Investor Rights Agreement</i>&#8221;),
pursuant to which, among other things, (i)&#160;the Company and the Company&#8217;s Sponsor will agree to terminate the Registration
and Shareholder Rights Agreement, dated as of March&#160;25, 2021, entered into by them in connection with the Company&#8217;s initial
public offering, (ii)&#160;New OPAL will provide the New OPAL Holders certain registration rights with respect to certain shares of New
OPAL Class&#160;A common stock held by them or otherwise issuable to them pursuant to the Business Combination Agreement, Second A&amp;R
LLC Agreement or the certificate of incorporation of New OPAL and (iii)&#160;the New OPAL Holders will agree not to transfer, sell, assign
or otherwise dispose of their shares of New OPAL Class&#160;A common stock for up to 180&#160;days following the Closing, subject to
certain exceptions.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_24" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_23"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Liquidity
and Capital Resources</i></span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_25" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_24"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December&#160;31, 2021, the Company had approximately $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="actdu:OperatingBankAccount" scale="0" unitRef="usd">812,000</ix:nonFraction> in its operating bank account and working capital of approximately
$<ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="actdu:NetWorkingCapital" scale="6" unitRef="usd">1.4</ix:nonFraction>&#160;million.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_26" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_25"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s liquidity needs up to December&#160;31, 2021 had been satisfied through a payment of $<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" scale="0" unitRef="shares">25,000</ix:nonFraction> from the Sponsor to cover
certain expenses on behalf of the Company in exchange for the issuance of the Founder Shares (as defined below), the loan under the promissory
note from the Sponsor of approximately $<ix:nonFraction contextRef="c167" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd">172,000</ix:nonFraction> (the &#8220;Note&#8221;) (see Note&#160;5) to the Company, and the net proceeds from
the consummation of the Private Placement not held in the Trust Account. The Note from the Sponsor was repaid in full on March&#160;26,
2021.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_27" id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_26"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the foregoing, management believes that the Company will have sufficient working capital to meet its needs through the earlier of
the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds
for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due
diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and
structuring, negotiating and consummating the Business Combination.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock-c18_cont_27"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
continues to evaluate the impact of the COVID-19 pandemic and have concluded that the specific impact is not readily determinable as
of the date of financial statements. The financial statement does not include any adjustments that might result from the outcome of this
uncertainty.</span></p></ix:continuation><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><ix:nonNumeric contextRef="c18" continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_1" escape="true" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note&#160;2
&#8212; Summary of Significant Accounting Policies</b></span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_2" id="_SignificantAccountingPoliciesTextBlock-c18_cont_1"><ix:nonNumeric contextRef="c18" continuedAt="_BasisOfAccountingPolicyPolicyTextBlock-c18_cont_1" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis
of Presentation</i></span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_3" id="_SignificantAccountingPoliciesTextBlock-c18_cont_2"><ix:continuation id="_BasisOfAccountingPolicyPolicyTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements are presented in U.S.&#160;dollars in conformity with accounting principles generally accepted in the
United&#160;States of America (&#8220;GAAP&#8221;) for financial information and pursuant to the rules and regulations of the SEC and
include all adjustments necessary for the fair presentation of the Company&#8217;s financial position for the periods presented.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARCLIGHT
CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note&#160;2
&#8212;&#160;Summary of Significant Accounting Policies</b> (cont.)</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_4" id="_SignificantAccountingPoliciesTextBlock-c18_cont_3"><ix:nonNumeric contextRef="c18" continuedAt="_EmergingGrowthCompanyPolicyTextBlock-c18_cont_1" escape="true" name="actdu:EmergingGrowthCompanyPolicyTextBlock"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Emerging
Growth Company</i></span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_5" id="_SignificantAccountingPoliciesTextBlock-c18_cont_4"><ix:continuation continuedAt="_EmergingGrowthCompanyPolicyTextBlock-c18_cont_2" id="_EmergingGrowthCompanyPolicyTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an &#8220;emerging growth company,&#8221; as defined in Section&#160;2(a)&#160;of the Securities Act, as modified by the Jumpstart
Our Business Startups Act&#160;of&#160;2012 (the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited
to, not being required to comply with the independent registered public accounting firm attestation requirements of Section&#160;404
of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements,
and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any
golden parachute payments not previously approved.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_6" id="_SignificantAccountingPoliciesTextBlock-c18_cont_5"><ix:continuation id="_EmergingGrowthCompanyPolicyTextBlock-c18_cont_2"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
Section&#160;102(b)(1)&#160;of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial
accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective
or do not have a class of securities registered under the Exchange&#160;Act) are required to comply with the new or revised financial
accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and
comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company
has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different
application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard
at the time private companies adopt the new or revised standard. This may make comparison of the Company&#8217;s financial statement
with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the
extended transition period difficult or impossible because of the potential differences in accounting standards used.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_7" id="_SignificantAccountingPoliciesTextBlock-c18_cont_6"><ix:nonNumeric contextRef="c18" continuedAt="_UseOfEstimates-c18_cont_1" escape="true" name="us-gaap:UseOfEstimates"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Use
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</div><div>

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preparation of our financial statements in conformity with GAAP requires the Company&#8217;s management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statement. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate
of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management
considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual
results could differ significantly from those estimates.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_9" id="_SignificantAccountingPoliciesTextBlock-c18_cont_8"><ix:nonNumeric contextRef="c18" continuedAt="_CashAndCashEquivalentsPolicyTextBlock-c18_cont_1" escape="true" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_10" id="_SignificantAccountingPoliciesTextBlock-c18_cont_9"><ix:continuation id="_CashAndCashEquivalentsPolicyTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers all short-term investments with an original maturity of three&#160;months or less when purchased to be cash equivalents.
There were no cash equivalents as of December&#160;31, 2021.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_11" id="_SignificantAccountingPoliciesTextBlock-c18_cont_10"><ix:nonNumeric contextRef="c18" continuedAt="_InvestmentPolicyTextBlock-c18_cont_1" escape="true" name="us-gaap:InvestmentPolicyTextBlock"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investments
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</div><div>

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securities and generally have a readily determinable fair value, or a combination thereof. When the Company&#8217;s investments held
in the Trust Account are comprised of U.S.&#160;government securities, the investments are classified as trading securities. When the
Company&#8217;s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value.
Trading securities and investments in money market funds are presented on the balance sheet at fair value at the end of each reporting
period. Gains and losses resulting from the change in fair value of these securities is included in net gain on investments held in Trust
Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined
using available market information.</span></p><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_13" id="_SignificantAccountingPoliciesTextBlock-c18_cont_12"><ix:nonNumeric contextRef="c18" continuedAt="_ConcentrationRiskCreditRisk-c18_cont_1" escape="true" name="us-gaap:ConcentrationRiskCreditRisk"><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Concentration
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</div><div>

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instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which, at times, may exceed the Federal Depository Insurance Coverage of $<ix:nonFraction contextRef="c2" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CashFDICInsuredAmount" scale="0" unitRef="usd">250,000</ix:nonFraction>, and investments held in Trust Account. At December&#160;31,
2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks
on such accounts.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 172 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ARCLIGHT CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note&#160;2 &#8212;&#160;Summary of Significant
Accounting Policies</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_15" id="_SignificantAccountingPoliciesTextBlock-c18_cont_14"><ix:nonNumeric contextRef="c18" continuedAt="_FairValueOfFinancialInstrumentsPolicy-c18_cont_1" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Fair Value of Financial Instruments</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_16" id="_SignificantAccountingPoliciesTextBlock-c18_cont_15"><ix:continuation id="_FairValueOfFinancialInstrumentsPolicy-c18_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The fair value of the Company&#8217;s assets and
liabilities, which qualify as financial instruments under the FASB ASC Topic&#160;820, &#8220;Fair Value Measurements,&#8221; approximates
the carrying amounts represented in the balance sheets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_17" id="_SignificantAccountingPoliciesTextBlock-c18_cont_16"><ix:nonNumeric contextRef="c18" continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c18_cont_1" escape="true" name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Fair Value Measurements</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

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(Level 3 measurements). These tiers include:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_19" id="_SignificantAccountingPoliciesTextBlock-c18_cont_18"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c18_cont_3" id="_FairValueMeasurementPolicyPolicyTextBlock-c18_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
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for identical instruments in active markets;</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_20" id="_SignificantAccountingPoliciesTextBlock-c18_cont_19"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c18_cont_4" id="_FairValueMeasurementPolicyPolicyTextBlock-c18_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.33in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Level 2, defined as inputs other than quoted prices in active
markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices
for identical or similar instruments in markets that are not active; and</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_21" id="_SignificantAccountingPoliciesTextBlock-c18_cont_20"><ix:continuation continuedAt="_FairValueMeasurementPolicyPolicyTextBlock-c18_cont_5" id="_FairValueMeasurementPolicyPolicyTextBlock-c18_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.33in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Level 3, defined as unobservable inputs in which little or
no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques
in which one or more significant inputs or significant value drivers are unobservable.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_22" id="_SignificantAccountingPoliciesTextBlock-c18_cont_21"><ix:continuation id="_FairValueMeasurementPolicyPolicyTextBlock-c18_cont_5"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">In some circumstances, the inputs used to measure
fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is
categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_23" id="_SignificantAccountingPoliciesTextBlock-c18_cont_22"><ix:nonNumeric contextRef="c18" continuedAt="_DerivativesPolicyTextBlock-c18_cont_1" escape="true" name="us-gaap:DerivativesPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Derivative warrant liabilities</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_24" id="_SignificantAccountingPoliciesTextBlock-c18_cont_23"><ix:continuation continuedAt="_DerivativesPolicyTextBlock-c18_cont_2" id="_DerivativesPolicyTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Company does not use derivative instruments
to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including
issued share purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives,
pursuant to ASC&#160;480 and FASB ASC Topic&#160;815, &#8220;Derivatives and Hedging&#8221; (&#8220;ASC&#160;815&#8221;). The classification
of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end
of each reporting period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_25" id="_SignificantAccountingPoliciesTextBlock-c18_cont_24"><ix:continuation id="_DerivativesPolicyTextBlock-c18_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The warrants issued in the Initial Public Offering
and the underwriters&#8217; exercise of their overallotment option (the &#8220;Public Warrants&#8221;) and the Private Placement Warrants
are recognized as derivative liabilities in accordance with ASC&#160;815. Accordingly, the Company recognizes the warrant instruments
as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period for so long as they
are outstanding. The initial fair value of the Public Warrants issued in connection with the Public Offering and the fair value of the
Private Placement Warrants have been estimated using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement
Warrants have been estimated using a Monte Carlo simulation model at each measurement date. The fair value of Public Warrants have subsequently
been measured based on the listed market price of such warrants. Derivative warrant liabilities are classified as non-current liabilities
as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_26" id="_SignificantAccountingPoliciesTextBlock-c18_cont_25"><ix:nonNumeric contextRef="c18" continuedAt="_OfferingCostsAssociatedWithInitialPublicOfferingPolicyTextBlock-c18_cont_1" escape="true" name="actdu:OfferingCostsAssociatedWithInitialPublicOfferingPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Offering Costs Associated with the Initial Public Offering</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_27" id="_SignificantAccountingPoliciesTextBlock-c18_cont_26"><ix:continuation id="_OfferingCostsAssociatedWithInitialPublicOfferingPolicyTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Offering costs consisted of legal, accounting, underwriting
fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering
costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis,
compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented
as non-operating expenses in the statements of operations. Offering costs associated with issuance of the Class&#160;A ordinary shares
were charged against the carrying value of the Class&#160;A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering. The
Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require
the use of current assets or require the creation of current liabilities.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation></ix:continuation><div>



</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 173 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ARCLIGHT CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note&#160;2 &#8212;&#160;Summary of Significant
Accounting Policies</b> (cont.)<b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

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</div><div>

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shares subject to possible redemption in accordance with ASC&#160;480. Class&#160;A ordinary shares subject to mandatory redemption (if
any) is classified as liability instruments and are measured at fair value. Conditionally redeemable Class&#160;A ordinary shares (including
Class&#160;A ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption
upon the occurrence of uncertain events not solely within the Company&#8217;s control) are classified as temporary equity. At all other
times, Class&#160;A ordinary shares is classified as shareholders&#8217; equity. The Company&#8217;s Class&#160;A ordinary shares feature
certain redemption rights that are considered to be outside of the Company&#8217;s control and subject to the occurrence of uncertain
future events. Accordingly, as of December&#160;31, 2021, <ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="actdu:OrdinarySharesSubjectToPossibleRedemption" scale="0" unitRef="shares">31,116,305</ix:nonFraction> Class&#160;A ordinary shares subject to possible redemption is presented
at redemption value as temporary equity, outside of the shareholders&#8217; equity section of the Company&#8217;s balance sheet.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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Offering, the Company recognized the accretion from initial book value to redemption amount, which approximates fair value. The change
in the carrying value of Class&#160;A ordinary shares subject to possible redemption resulted in charges against additional paid-in capital
(to the extent available), accumulated deficit and Class&#160;A ordinary shares.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_31" id="_SignificantAccountingPoliciesTextBlock-c18_cont_30"><ix:nonNumeric contextRef="c18" continuedAt="_IncomeTaxPolicyTextBlock-c18_cont_1" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Income Taxes</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_32" id="_SignificantAccountingPoliciesTextBlock-c18_cont_31"><ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c18_cont_2" id="_IncomeTaxPolicyTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Company complies with the accounting and reporting
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approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences
between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based
on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances
are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_33" id="_SignificantAccountingPoliciesTextBlock-c18_cont_32"><ix:continuation continuedAt="_IncomeTaxPolicyTextBlock-c18_cont_3" id="_IncomeTaxPolicyTextBlock-c18_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">ASC&#160;740 prescribes a recognition threshold
and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in
a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing
authorities. The Company&#8217;s management determined that the Cayman Islands is the Company&#8217;s only major tax jurisdiction. The
Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized
tax benefits and no amounts accrued for interest and penalties as of December&#160;31, 2021. The Company is currently not aware of any
issues under review that could result in significant payments, accruals or material deviation from its position.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

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by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the
Company. Consequently, income taxes are not reflected in the Company&#8217;s financial statement. The Company&#8217;s management does
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_35" id="_SignificantAccountingPoliciesTextBlock-c18_cont_34"><ix:nonNumeric contextRef="c18" continuedAt="_EarningsPerSharePolicyTextBlock-c18_cont_1" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Net Income (Loss) Per Ordinary Share</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_36" id="_SignificantAccountingPoliciesTextBlock-c18_cont_35"><ix:continuation continuedAt="_EarningsPerSharePolicyTextBlock-c18_cont_2" id="_EarningsPerSharePolicyTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Company has two
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two classes of shares. Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number
of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial
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ordinary shares in the calculation of diluted net income (loss) per share, since their inclusion would be anti-dilutive under the treasury
stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the period January&#160;13,
2021 (inception) through December&#160;31, 2021. Accretion associated with the Class&#160;A ordinary shares subject to possible redemption
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 174 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ARCLIGHT CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>Note&#160;2 &#8212;&#160;Summary of Significant
Accounting Policies</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

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the numerator and denominator used to compute basic and diluted net income (loss) per share for each ordinary share class:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_38" id="_SignificantAccountingPoliciesTextBlock-c18_cont_37"><ix:nonNumeric contextRef="c18" escape="true" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"><ix:continuation id="_EarningsPerSharePolicyTextBlock-c18_cont_3"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_39" id="_SignificantAccountingPoliciesTextBlock-c18_cont_38"><ix:nonNumeric contextRef="c18" continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c18_cont_1" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Recent Accounting Pronouncements</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_SignificantAccountingPoliciesTextBlock-c18_cont_40" id="_SignificantAccountingPoliciesTextBlock-c18_cont_39"><ix:continuation continuedAt="_NewAccountingPronouncementsPolicyPolicyTextBlock-c18_cont_2" id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">In August&#160;2020, the FASB issued Accounting
Standards Update (&#8220;ASU&#8221;)&#160;2020-06, &#8220;Debt&#160;&#8212;&#160;Debt with Conversion and Other Options (Subtopic&#160;470-20)
and Derivatives and Hedging&#160;&#8212;&#160;Contracts in Entity&#8217;s Own Equity (Subtopic&#160;815-40)&#8221; (&#8220;ASU&#160;2020-06&#8221;)
to simplify accounting for certain financial instruments. ASU&#160;2020-06 eliminates the current models that require separation of beneficial
conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining
to equity classification of contracts in an entity&#8217;s own equity. The new standard also introduces additional disclosures for convertible
debt and freestanding instruments that are indexed to and settled in an entity&#8217;s own equity. ASU&#160;2020-06&#160;amends the diluted
earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU&#160;2020-06
is effective for the Company on January&#160;1, 2024 and should be applied on a full or modified retrospective basis, with early adoption
permitted beginning on January&#160;1, 2021. The Company is currently assessing the impact, if any, that ASU&#160;2020-06 would have on
its financial position, results of operations or cash flows.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><ix:continuation id="_SignificantAccountingPoliciesTextBlock-c18_cont_40"><ix:continuation id="_NewAccountingPronouncementsPolicyPolicyTextBlock-c18_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Company&#8217;s management does not believe
that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect
on the Company&#8217;s financial statements.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c18" continuedAt="_InitialPublicOfferingTextBlock-c18_cont_1" escape="true" name="actdu:InitialPublicOfferingTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note&#160;3 &#8212;&#160;Initial Public Offering</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_InitialPublicOfferingTextBlock-c18_cont_2" id="_InitialPublicOfferingTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">On March&#160;25, 2021, the Company consummated
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</div><div>

</div><ix:continuation id="_InitialPublicOfferingTextBlock-c18_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Each Unit consists of one Class&#160;A ordinary
share and one-fifth of one redeemable warrant (&#8220;Public Warrant&#8221;). <ix:nonNumeric contextRef="c168" name="us-gaap:ClassOfWarrantOrRightReasonForIssuingToNonemployees">Each whole Public Warrant entitles the holder to purchase
one Class&#160;A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note&#160;9).</ix:nonNumeric></p></ix:continuation><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 175 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ARCLIGHT CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c18" continuedAt="_PrivatePlacementTextBlock-c18_cont_1" escape="true" name="actdu:PrivatePlacementTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note&#160;4 &#8212;&#160;Private Placement</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_PrivatePlacementTextBlock-c18_cont_2" id="_PrivatePlacementTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Simultaneously with the closing of the Initial Public
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</div><div>

</div><ix:continuation continuedAt="_PrivatePlacementTextBlock-c18_cont_3" id="_PrivatePlacementTextBlock-c18_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Each whole Private Placement Warrant is exercisable
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Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company
does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private
Placement Warrants will be non-redeemable for cash and exercisable on a cashless basis so long as they are held by the Sponsor or its
permitted transferees.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_PrivatePlacementTextBlock-c18_cont_3"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Sponsor and the Company&#8217;s officers and
directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until <ix:nonNumeric contextRef="c170" format="ixt-sec:durday" name="actdu:NumberOfDaysFromWhichWarrantsWillNotBeTransferableOrSaleable">30</ix:nonNumeric>&#160;days
after the completion of the initial Business Combination.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c18" continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_1" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note&#160;5 &#8212;&#160;Related Party Transactions</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_2" id="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Founder Shares</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_3" id="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">On January&#160;20, 2021, the Sponsor paid an aggregate
of $<ix:nonFraction contextRef="c95" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="0" unitRef="usd">25,000</ix:nonFraction> for certain expenses on behalf of the Company in exchange for issuance of <ix:nonFraction contextRef="c95" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesOther" scale="0" unitRef="shares">7,187,500</ix:nonFraction> Class&#160;B ordinary shares (the &#8220;Founder
Shares&#8221;). On February&#160;2, 2021, the Sponsor transferred <ix:nonFraction contextRef="c96" decimals="0" format="ixt:num-dot-decimal" name="actdu:SharesTransferredToRelatedParty" scale="0" unitRef="shares">35,000</ix:nonFraction> founder shares to each of Arno Harris, Ja-Chin Audrey Lee, Brian
Goncher and Steven Berkenfeld, the Company&#8217;s independent directors. On March&#160;22, 2021, the Company effected a share capitalization
resulting in an aggregate of <ix:nonFraction contextRef="c97" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c97" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ExcessStockSharesIssued" scale="0" unitRef="shares">7,906,250</ix:nonFraction></ix:nonFraction> Founder Shares issued and outstanding. The Sponsor agreed to forfeit up to an aggregate of <ix:nonFraction contextRef="c97" decimals="0" format="ixt:num-dot-decimal" name="actdu:NumberOfCommonStockSharesSubjectToForfeiture" scale="0" unitRef="shares">1,031,250</ix:nonFraction>
Founder Shares to the extent that the option to purchase additional units is not exercised in full by the underwriters, so that the Founder
Shares will represent <ix:nonFraction contextRef="c97" decimals="2" format="ixt:num-dot-decimal" name="actdu:PercentOfFounderSharesToCompanysIssuedAndOutstandingShares" scale="-2" unitRef="pure">20</ix:nonFraction>% of the Company&#8217;s issued and outstanding shares after the Initial Public Offering. On March&#160;25, 2021,
the underwriters partially exercised the over-allotment option to purchase an additional <ix:nonFraction contextRef="c90" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="0" unitRef="shares">3,616,305</ix:nonFraction>&#160;Units, with the remaining portion
of the over-allotment option expiring at the conclusion of the 45-day option period. As a result, an aggregate of <ix:nonFraction contextRef="c90" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited" scale="0" unitRef="shares">127,174</ix:nonFraction> Founder Shares
were forfeited by the Sponsor upon the expiration of the over-allotment option.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_4" id="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_3"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Initial Shareholders agreed not to transfer,
assign or sell any of their Founder Shares until the earlier to occur of (A)&#160;one year after the completion of the initial Business
Combination and (B)&#160;subsequent to the initial Business Combination, (x)&#160;if the closing price of Class&#160;A ordinary shares
equals or exceeds $<ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="actdu:ShareTransferTriggerPricePerShare" scale="0" unitRef="usdPershares">12.00</ix:nonFraction> per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and
the like) for any 20&#160;trading days within any 30-trading&#160;day period commencing at least 150&#160;days after the initial Business
Combination, or (y)&#160;the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that
results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_5" id="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Related Party Loans</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_6" id="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_5"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">On January&#160;20, 2021, the Sponsor agreed to
loan the Company up to $<ix:nonFraction contextRef="c98" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" scale="0" unitRef="usd">300,000</ix:nonFraction> pursuant to a promissory note (the &#8220;Note&#8221;). The Note was non-interest bearing, unsecured and
due upon the closing of the Initial Public Offering. During the period from January&#160;13, 2021 (inception) through March&#160;31, 2021,
the Company borrowed approximately $<ix:nonFraction contextRef="c52" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromRelatedPartyDebt" scale="0" unitRef="usd">172,000</ix:nonFraction> under the Note and fully repaid the Note on March&#160;26, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_7" id="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_6"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">In addition, in order to finance transaction costs
in connection with a Business Combination, the Sponsor, members of the Company&#8217;s founding team or any of their affiliates may, but
are not obligated to, loan the Company funds as may be required (&#8220;Working Capital Loans&#8221;). If the Company completes a Business
Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise,
the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does
not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held
in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender&#8217;s discretion, up to $<ix:nonFraction contextRef="c171" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ConvertibleDebt" scale="6" unitRef="usd">1.5</ix:nonFraction>&#160;million of such Working Capital Loans
may be convertible into up to <ix:nonFraction contextRef="c172" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" scale="0" unitRef="shares">1,500,000</ix:nonFraction> private placement warrants of the post Business Combination entity at a price of $<ix:nonFraction contextRef="c171" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares">1.00</ix:nonFraction> per warrant.
The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans,
if any, have not been determined and no written agreements exist with respect to such loans. As of December&#160;31, 2021, the Company
had no borrowings under the Working Capital Loans.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>



</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 176 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ARCLIGHT CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note&#160;5 &#8212;&#160;Related Party Transactions
</b>(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_8" id="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Administrative Services Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_9" id="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_8"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">On March&#160;25, 2021, the Company entered into
an agreement that provided that, commencing on the date that the Company&#8217;s securities were first listed on Nasdaq through the earlier
of consummation of the initial Business Combination and the liquidation, the Company agreed to pay the Sponsor $<ix:nonFraction contextRef="c102" decimals="0" format="ixt:num-dot-decimal" name="actdu:AgreedAmountToRepayForAdministrativeServices" scale="0" unitRef="usd">10,000</ix:nonFraction> per month for office
space, secretarial and administrative services provided to the Company. The Company incurred $<ix:nonFraction contextRef="c18" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty" scale="0" unitRef="usd">100,000</ix:nonFraction> in expenses in connection with such
services for the period from January&#160;13, 2021 (inception) ended December&#160;31, 2021 which is included in general and administrative
expenses in the accompanying statement of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_RelatedPartyTransactionsDisclosureTextBlock-c18_cont_9"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">In addition, the Sponsor, officers and directors,
or their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company&#8217;s
behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The Company&#8217;s
audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, executive officers or directors,
or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c18" continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_1" escape="true" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note&#160;6 &#8212;&#160;Commitments&#160;&amp; Contingencies</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_2" id="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Registration and Shareholder Rights Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_3" id="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The holders of the Founder Shares, Private Placement
Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any Class&#160;A ordinary shares issuable upon
the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled
to registration rights pursuant to a registration and shareholder rights agreement signed upon the effective date of the Initial Public
Offering. The holders of these securities were entitled to make up to three demands, excluding short form demands, that the Company registers
such securities. In addition, the holders have certain &#8220;piggy-back&#8221; registration rights with respect to registration statements
filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with
the filing of any such registration statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_4" id="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Underwriting Agreement</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_5" id="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_4"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Company grant the underwriters a <ix:nonNumeric contextRef="c173" format="ixt-sec:durday" name="actdu:OptionGrantToUnderwritersToPurchaseAdditionalUnits">45</ix:nonNumeric>-day option
from the date of this prospectus to purchase up to <ix:nonFraction contextRef="c173" decimals="INF" format="ixt:num-dot-decimal" name="actdu:StockIssuedDuringPeriodShareNewIssues" scale="0" unitRef="shares">4,125,000</ix:nonFraction> additional Units&#160;at the Initial Public Offering price less the underwriting
discounts and commissions. On March&#160;25, 2021, the underwriters partially exercised the over-allotment option to purchase an additional
<ix:nonFraction contextRef="c104" decimals="INF" format="ixt:num-dot-decimal" name="actdu:StockIssuedDuringPeriodShareNewIssues" scale="0" unitRef="shares">3,616,305</ix:nonFraction>&#160;Units. The remaining unexercised over-allotment option expired at the conclusion of the <ix:nonNumeric contextRef="c104" format="ixt-sec:durday" name="actdu:ThresholdOptionPeriodForExpirationOfRemainingOverallotmentOption">45</ix:nonNumeric>-day option period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_6" id="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_5"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The underwriters were entitled to an underwriting
discount of $<ix:nonFraction contextRef="c174" decimals="INF" format="ixt:num-dot-decimal" name="actdu:UnderwritingDiscountPerUnit" scale="0" unitRef="usdPershares">0.20</ix:nonFraction> per unit, or approximately $<ix:nonFraction contextRef="c168" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForUnderwritingExpense" scale="6" unitRef="usd">6.2</ix:nonFraction>&#160;million in the aggregate, paid upon the closing of the Initial Public Offering.
In addition, $<ix:nonFraction contextRef="c174" decimals="INF" format="ixt:num-dot-decimal" name="actdu:DeferredUnderwritingDiscountPerUnit" scale="0" unitRef="usdPershares">0.35</ix:nonFraction> per unit, or approximately $<ix:nonFraction contextRef="c168" decimals="-5" format="ixt:num-dot-decimal" name="actdu:DeferredUnderwritingCommission" scale="6" unitRef="usd">10.9</ix:nonFraction>&#160;million in the aggregate will be payable to the underwriters for deferred underwriting
commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that
the Company completes a Business Combination, subject to the terms of the underwriting agreement.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>



</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 177 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ARCLIGHT CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note&#160;6 &#8212;&#160;Commitments&#160;&amp;
Contingencies</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_7" id="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Deferred Legal Fees</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_CommitmentsAndContingenciesDisclosureTextBlock-c18_cont_7"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">We entered into an engagement letter to obtain legal
advisory services, pursuant to which the legal counsel agreed to defer their fees until the closing of the initial Business Combination.
As of December&#160;31, 2021, the Company recorded an aggregate of approximately $<ix:nonFraction contextRef="c18" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LegalFees" scale="6" unitRef="usd">4.0</ix:nonFraction>&#160;million in connection with such arrangement
as deferred legal fees in the accompanying balance sheet.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c18" continuedAt="_ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock-c18_cont_1" escape="true" name="actdu:ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note&#160;7 &#8212;&#160;Class&#160;A Ordinary Shares Subject to
Possible Redemption</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock-c18_cont_2" id="_ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Company&#8217;s Class&#160;A ordinary shares
feature certain redemption rights that are considered to be outside of the Company&#8217;s control and subject to the occurrence of future
events. The Company is authorized to issue <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">500,000,000</ix:nonFraction> Class&#160;A ordinary shares with a par value of $<ix:nonFraction contextRef="c4" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share. <ix:nonNumeric contextRef="c19" name="us-gaap:CommonStockVotingRights">Holders of
the Company&#8217;s Class&#160;A ordinary shares are entitled to one vote for each share.</ix:nonNumeric> As of December&#160;31, 2021, there were <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquitySharesOutstanding" scale="0" unitRef="shares">31,116,305</ix:nonFraction>
shares of Class&#160;A ordinary shares outstanding, all of which were subject to possible redemption.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock-c18_cont_3" id="_ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock-c18_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">As of December&#160;31, 2021, Class&#160;A ordinary
shares subject to possible redemption reflected on the balance sheet is reconciled on the following table:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_ClassAOrdinarySharesSubjectToPossibleRedemptionDisclosureTextBlock-c18_cont_3"><ix:nonNumeric contextRef="c18" escape="true" name="actdu:ScheduleOfReconciliationOfOrdinarySharesSubjectToPossibleRedemptionReflectedInBalanceSheetTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">Gross Proceeds</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DeferredTaxAssetsGross" scale="0" unitRef="usd">311,163,050</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Less:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Offering costs allocated to Class&#160;A shares subject to possible redemption</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="actdu:OfferingCostsAllocatedToClassASharesSubjectToPossibleRedemption" scale="0" unitRef="usd">17,138,390</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Proceeds allocated to Public Warrants at issuance</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="actdu:ProceedsAllocatedToPublicWarrantsAtIssuance" scale="0" unitRef="usd">5,948,230</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Plus:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Accretion on Class&#160;A ordinary shares subject to possible redemption amount</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c19" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityAccretionToRedemptionValueAdjustment" scale="0" unitRef="usd">23,086,620</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Class&#160;A ordinary shares subject to possible redemption</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" scale="0" unitRef="usd">311,163,050</ix:nonFraction></td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c18" continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c18_cont_1" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note&#160;8 &#8212;&#160;Shareholders&#8217; Deficit</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><b><i>&#160;</i></b></p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c18_cont_2" id="_StockholdersEquityNoteDisclosureTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><b><i>Class&#160;A Ordinary Shares</i></b>&#160;&#8212;&#160;The
Company is authorized to issue <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">500,000,000</ix:nonFraction> Class&#160;A ordinary shares with a par value of $<ix:nonFraction contextRef="c4" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share. Holders of the Company&#8217;s
Class&#160;A ordinary shares are entitled to <ix:nonNumeric contextRef="c19" name="us-gaap:PreferredStockVotingRights">one</ix:nonNumeric> vote for each share. As of December&#160;31, 2021, there were <ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares"><ix:nonFraction contextRef="c4" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares">31,116,305</ix:nonFraction></ix:nonFraction> Class&#160;A
ordinary shares issued and outstanding. All Class&#160;A ordinary shares subject to possible redemption have been classified as temporary
equity (see Note&#160;7).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c18_cont_3" id="_StockholdersEquityNoteDisclosureTextBlock-c18_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><b><i>Class&#160;B Ordinary Shares</i></b>&#160;&#8212;&#160;The
Company is authorized to issue <ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" unitRef="shares">50,000,000</ix:nonFraction> Class&#160;B ordinary shares with a par value of $<ix:nonFraction contextRef="c6" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share. On January&#160;20, 2021,
the Company issued <ix:nonFraction contextRef="c107" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:SharesIssued" scale="0" unitRef="shares">7,187,500</ix:nonFraction> Class&#160;B ordinary shares. On March&#160;22, 2021, the Company effected a share capitalization resulting
in an aggregate of <ix:nonFraction contextRef="c108" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares">7,906,250</ix:nonFraction> Class&#160;B ordinary shares issued and outstanding. Of the <ix:nonFraction contextRef="c108" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares">7,906,250</ix:nonFraction> Class&#160;B ordinary shares outstanding,
up to <ix:nonFraction contextRef="c109" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation" scale="0" unitRef="shares">1,031,250</ix:nonFraction> Class&#160;B ordinary shares were subject to forfeiture, to the Company by the Initial Shareholders for no consideration
to the extent that the underwriters&#8217; over-allotment option was not exercised in full or in part, so that the Initial Shareholders
would collectively own <ix:nonFraction contextRef="c110" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SaleOfStockPercentageOfOwnershipAfterTransaction" scale="-2" unitRef="pure">20</ix:nonFraction>% of the Company&#8217;s issued and outstanding ordinary shares after the Initial Public Offering. On March&#160;25,
2021, the underwriters partially exercised the over-allotment option to purchase an additional <ix:nonFraction contextRef="c90" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesPurchaseOfAssets" scale="0" unitRef="shares">3,616,305</ix:nonFraction>&#160;Units&#160;with the remaining
portion of the over-allotment option expiring at the conclusion of the 45-day option period. As a result, an aggregate of <ix:nonFraction contextRef="c90" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensationForfeited" scale="0" unitRef="shares">127,174</ix:nonFraction> Founder
Shares were forfeited by the Sponsor upon the expiration of the over-allotment option. As of December&#160;31, 2021, there were <ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" unitRef="shares"><ix:nonFraction contextRef="c6" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" unitRef="shares">7,779,076</ix:nonFraction></ix:nonFraction>
Class&#160;B ordinary shares issued and outstanding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c18_cont_4" id="_StockholdersEquityNoteDisclosureTextBlock-c18_cont_3"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Ordinary shareholders of record are entitled to
one vote for each share held on all matters to be voted on by shareholders. Except as described below, holders of Class&#160;A ordinary
shares and holders of Class&#160;B ordinary shares will vote together as a single class on all matters submitted to a vote of the shareholders
except as required by law.</p><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Page; Sequence: 178 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ARCLIGHT CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note&#160;8 &#8212;&#160;Shareholders&#8217;
Deficit</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><ix:continuation continuedAt="_StockholdersEquityNoteDisclosureTextBlock-c18_cont_5" id="_StockholdersEquityNoteDisclosureTextBlock-c18_cont_4"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Class&#160;B ordinary shares will
automatically convert into Class&#160;A ordinary shares, which such Class&#160;A ordinary shares delivered upon conversion will not
have any redemption rights or be entitled to liquidating distributions if the Company does not consummate an initial Business
Combination, at the time of the initial Business Combination or earlier at the option of the holders thereof at a ratio such that
the number of Class&#160;A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an
as-converted basis, <ix:nonFraction contextRef="c18" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" scale="-2" unitRef="pure">20</ix:nonFraction>% of the sum of (i)&#160;the total number of ordinary shares issued and outstanding upon completion of the
Initial Public Offering, plus (ii)&#160;the total number of Class&#160;A ordinary shares issued or deemed issued or issuable upon
conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in
relation to the consummation of the initial Business Combination, excluding any Class&#160;A ordinary shares or equity-linked
securities exercisable for or convertible into Class&#160;A ordinary shares issued, deemed issued, or to be issued, to any seller in
the initial Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the
management team upon conversion of Working Capital Loans. In no event will the Class&#160;B ordinary shares convert into
Class&#160;A ordinary shares at a rate of less than one-to-one.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><b><i>&#160;</i></b></p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_StockholdersEquityNoteDisclosureTextBlock-c18_cont_5"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><b><i>Preference Shares</i></b>&#160;&#8212;&#160;The
Company is authorized to issue <ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockSharesAuthorized" scale="0" unitRef="shares">5,000,000</ix:nonFraction> preference shares with a par value of $<ix:nonFraction contextRef="c2" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockParOrStatedValuePerShare" scale="0" unitRef="usdPershares">0.0001</ix:nonFraction> per share. As of December&#160;31, 2021, there
were no preference shares issued or outstanding.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c18" continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_1" escape="true" name="actdu:DerivativeWarrantLiabilitiesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note&#160;9 &#8212;&#160;Derivative Warrant Liabilities</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_2" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">As of December&#160;31, 2021, the Company had <ix:nonFraction contextRef="c175" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares">6,223,261</ix:nonFraction>
and <ix:nonFraction contextRef="c112" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightOutstanding" scale="0" unitRef="shares">9,223,261</ix:nonFraction> Public Warrants and Private Placement Warrants, respectively, outstanding.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_3" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_2"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Public Warrants may only be exercised for a whole
number of shares. No fractional Public Warrants will be issued upon separation of the Units&#160;and only whole Public Warrants will trade.
The Public Warrants will become exercisable <ix:nonNumeric contextRef="c176" format="ixt-sec:durday" name="actdu:NumberOfDaysFromWhichWarrantsBecomeExercisableAfterTheCompletionOfBusinessCombination">30</ix:nonNumeric>&#160;days after the completion of a Business Combination; provided that the Company has
an effective registration statement under the Securities Act covering the Class&#160;A ordinary shares issuable upon exercise of the Public
Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration
under the securities, or blue sky, laws of the state of residence of the holder (or the Company permit holders to exercise their warrants
on a cashless basis under certain circumstances). The Company agreed that as soon as practicable, but in no event later than <ix:nonNumeric contextRef="c176" format="ixt-sec:durday" name="actdu:NumberOfBusinessDaysAfterTheClosingOfBusinessCombinationMadeEffortsForSecRegistrationStatement">20</ix:nonNumeric>&#160;business
days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC
and have an effective registration statement covering the Class&#160;A ordinary shares issuable upon exercise of the warrants and to maintain
a current prospectus relating to those Class&#160;A ordinary shares until the warrants expire or are redeemed, as specified in the warrant
agreement. If a registration statement covering the Class&#160;A ordinary shares issuable upon exercise of the warrants is not effective
by the 60<sup>th</sup>&#160;day after the closing of the initial Business Combination, warrant holders may, until such time as there is
an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement,
exercise warrants on a &#8220;cashless basis&#8221; in accordance with Section&#160;3(a)(9)&#160;of the Securities Act or another exemption.
Notwithstanding the above, if the Class&#160;A ordinary shares are at the time of any exercise of a warrant not listed on a national securities
exchange such that they satisfy the definition of a &#8220;covered security&#8221; under Section&#160;18(b)(1)&#160;of the Securities
Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a &#8220;cashless basis&#8221;
and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and
in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_4" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_3"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The warrants have an exercise price of $<ix:nonFraction contextRef="c177" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" scale="0" unitRef="usdPershares">11.50</ix:nonFraction> per
share, subject to adjustments, and will expire <span style="-sec-ix-hidden: hidden-fact-162">five</span>&#160;years after the completion of a Business Combination or earlier upon redemption
or liquidation. In addition, if (x)&#160;the Company issues additional Class&#160;A ordinary shares or equity-linked securities for capital
raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less
than $<ix:nonFraction contextRef="c177" decimals="2" format="ixt:num-dot-decimal" name="actdu:SharesPrice" scale="0" unitRef="usdPershares">9.20</ix:nonFraction> per ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors
and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor
or such affiliates, as applicable, prior to such issuance) (the &#8220;Newly Issued Price&#8221;), (y)&#160;the aggregate gross. proceeds
from such issuances represent more than <ix:nonFraction contextRef="c178" decimals="2" format="ixt:num-dot-decimal" name="actdu:PercentageOfEquityProceedsFromBusinessCombinationAsAPercentageOfTotalProceeds" scale="-2" unitRef="pure">60</ix:nonFraction>% of the total equity proceeds, and interest thereon, available for the funding of the initial
Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z)&#160;the volume
weighted average trading price of the Class&#160;A ordinary shares during the <ix:nonNumeric contextRef="c178" format="ixt-sec:durday" name="actdu:NumberOfTradingDays">20</ix:nonNumeric>&#160;trading day period starting on the&#160;trading
day prior to the&#160;day on which the Company consummates its initial Business Combination (such price, the &#8220;Market Value&#8221;)
is below $<ix:nonFraction contextRef="c178" decimals="2" format="ixt:num-dot-decimal" name="actdu:VolumeWeightedAveragePricePerShare" scale="0" unitRef="usdPershares">9.20</ix:nonFraction> per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to <ix:nonFraction contextRef="c179" decimals="2" format="ixt:num-dot-decimal" name="actdu:RedemptionTriggerPriceAsAPercentageOfNewlyIssuedPrice" scale="-2" unitRef="pure">115</ix:nonFraction>% of the higher
of the Market Value and the Newly Issued Price, and the $<ix:nonFraction contextRef="c179" decimals="2" format="ixt:num-dot-decimal" name="actdu:ClassOfWarrantsOrRightsRedemptionTriggerPrice" scale="0" unitRef="usdPershares">18.00</ix:nonFraction> per share redemption trigger price described under &#8220;Redemption of
warrants when the price per Class&#160;A ordinary share equals or exceeds $<ix:nonFraction contextRef="c179" decimals="2" format="ixt:num-dot-decimal" name="actdu:RedemptionOfWarrantsWhenThePricePerClassAOrdinaryShareEquals" scale="0" unitRef="usdPershares">18.00</ix:nonFraction>&#8221; will be adjusted (to the nearest cent) to be equal
to <ix:nonFraction contextRef="c180" decimals="2" format="ixt:num-dot-decimal" name="actdu:RedemptionTriggerPriceAsAPercentageOfNewlyIssuedPrice" scale="-2" unitRef="pure">180</ix:nonFraction>% of the higher of the Market Value and the Newly Issued Price, and the $<ix:nonFraction contextRef="c180" decimals="2" format="ixt:num-dot-decimal" name="actdu:ClassOfWarrantsOrRightsRedemptionTriggerPrice" scale="0" unitRef="usdPershares">10.00</ix:nonFraction> per share redemption trigger price described under
the caption &#8220;Redemption of warrants when the price per Class&#160;A ordinary share equals or exceeds $<ix:nonFraction contextRef="c177" decimals="2" format="ixt:num-dot-decimal" name="actdu:RedemptionOfWarrantsWhenThePricePerClassAOrdinaryShareEquals" scale="0" unitRef="usdPershares">10.00</ix:nonFraction>&#8221; will be adjusted
(to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>



</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 179 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ARCLIGHT CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><b>Note&#160;9
&#8212;&#160;Derivative Warrant Liabilities</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_5" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_4"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Private Placement Warrants are identical to
the Public Warrants underlying the Units&#160;sold in the Initial Public Offering, except that the Private Placement Warrants and the
Class&#160;A ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable
until 30&#160;days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement
Warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers&#8217; permitted transferees. If
the Private Placement Warrants are held by someone other than the Initial Shareholders or their permitted transferees, the Private Placement
Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_6" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Redemption of warrants for cash when the price per Class&#160;A
ordinary share equals or exceeds $18.00:</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_7" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_6"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Once the warrants become exercisable, the Company
may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_8" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.33in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in whole and not in part;</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_9" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.33in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">at a price of $<ix:nonFraction contextRef="c181" decimals="2" format="ixt:num-dot-decimal" name="actdu:ClassOfWarrantsOrRightsRedemptionPricePerShare" scale="0" unitRef="usdPershares">0.01</ix:nonFraction> per warrant;</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_10" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.33in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">upon a minimum of <ix:nonNumeric contextRef="c182" format="ixt-sec:durday" name="actdu:ClassOfWarrantOrRightPriorWrittenNoticeOfRedemption">30</ix:nonNumeric>&#160;days&#8217; prior written notice
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_11" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
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<ix:nonNumeric contextRef="c182" format="ixt-sec:durday" name="actdu:NumberOfTradingDaysToDetermineCallOfWarrantRedemption">30</ix:nonNumeric>-trading&#160;day period ending on the third&#160;trading day prior to the date on which the Company sends the notice of redemption
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</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_12" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_11"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Company will not redeem the warrants as described
above unless a registration statement under the Securities Act covering the Class&#160;A ordinary shares issuable upon exercise of the
warrants is then effective and a current prospectus relating to those Class&#160;A ordinary shares is available throughout the 30-day
redemption period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_13" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Redemption of warrants for Class&#160;A ordinary shares when the
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</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_14" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Once the warrants become exercisable, the Company
may redeem the outstanding warrants:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_15" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.33in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">in whole and not in part;</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_16" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_15"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.33in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">at $<ix:nonFraction contextRef="c183" decimals="2" format="ixt:num-dot-decimal" name="actdu:ClassOfWarrantsOrRightsRedemptionPricePerShare" scale="0" unitRef="usdPershares">0.10</ix:nonFraction> per warrant upon a minimum of <ix:nonNumeric contextRef="c184" format="ixt-sec:durday" name="actdu:ClassOfWarrantOrRightPriorWrittenNoticeOfRedemption">30</ix:nonNumeric>&#160;days&#8217;
prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption
and receive that number of shares determined by reference to an agreed table based on the redemption date and the &#8220;fair market
value&#8221; of Class&#160;A ordinary shares;</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_17" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.33in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">if, and only if, the closing price of Class&#160;A ordinary
shares equals or exceeds $<ix:nonFraction contextRef="c183" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" unitRef="usdPershares">10.00</ix:nonFraction> per Public Share (as adjusted) for any <ix:nonNumeric contextRef="c184" format="ixt-sec:durday" name="actdu:NumberOfConsecutiveTradingDaysToDetermineCallOfWarrantRedemption">20</ix:nonNumeric>&#160;trading days within the <ix:nonNumeric contextRef="c184" format="ixt-sec:durday" name="actdu:NumberOfTradingDaysToDetermineCallOfWarrantRedemption">30</ix:nonNumeric> &#8212;&#160;trading day period
ending three&#160;trading days before the Company sends the notice of redemption to the warrant holders; and</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p></ix:continuation><div>



</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 180 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ARCLIGHT CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note&#160;9 &#8212;&#160;Derivative Warrant
Liabilities</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_18" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_17"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.33in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">if the closing price of the Class&#160;A ordinary shares
for any 20&#160;trading days within a 30-trading&#160;day period ending on the third&#160;trading day prior to the date on which the
Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants
must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.</td>
</tr></table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_19" id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_18"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The &#8220;fair market value&#8221; of Class&#160;A
ordinary shares for the above purpose shall mean the volume weighted average price of our Class&#160;A ordinary shares during the 10&#160;trading
days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants
be exercisable in connection with this redemption feature for more than <ix:nonFraction contextRef="c4" decimals="3" format="ixt:num-dot-decimal" name="actdu:NumberOfWarrantsWillNotExercisableDuringRedemptionPeriodPricePerWarrant" scale="0" unitRef="usdPershares">0.361</ix:nonFraction> Class&#160;A ordinary shares per warrant (subject to adjustment).</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation id="_DerivativeWarrantLiabilitiesTextBlock-c18_cont_19"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">In no event will the Company be required to net
cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates
the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they
receive any distribution from the Company&#8217;s assets held outside of the Trust Account with the respect to such warrants. Accordingly,
the warrants may expire worthless.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c18" continuedAt="_FairValueDisclosuresTextBlock-c18_cont_1" escape="true" name="us-gaap:FairValueDisclosuresTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note&#160;10 &#8212;&#160;Fair Value Measurements</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric><div>

</div><div>

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Company&#8217;s assets and liabilities that are measured at fair value on a recurring basis as of December&#160;31, 2021 and indicates
the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c18_cont_3" id="_FairValueDisclosuresTextBlock-c18_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>December&#160;31, 2021</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c18_cont_4" id="_FairValueDisclosuresTextBlock-c18_cont_3"><ix:nonNumeric contextRef="c18" escape="true" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Description</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>Assets:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; width: 64%; text-align: left">Investments held in Trust Account&#160;&#8211;&#160;money market fund</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>Liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Derivative liabilities&#160;&#8211;&#160;Public Warrants</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction contextRef="c134" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:DerivativeLiabilities" scale="0" unitRef="usd">10,392,850</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-165">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-166">&#8212;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Derivative liabilities&#160;&#8211;&#160;Private Warrants</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-167">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-168">&#8212;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c18_cont_5" id="_FairValueDisclosuresTextBlock-c18_cont_4"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Transfers to/from Levels 1, 2, and 3 are recognized
at the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a
Level 1 fair value measurement on April&#160;1, 2021 because the Public Warrants were separately listed and traded in an active market.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c18_cont_6" id="_FairValueDisclosuresTextBlock-c18_cont_5"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Level 1 assets include investments in money market
funds or U.S.&#160;Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from
dealers or brokers, and other similar sources to determine the fair value of its investments.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c18_cont_7" id="_FairValueDisclosuresTextBlock-c18_cont_6"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The fair value of the Public Warrants issued in
connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation
model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each
measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have been subsequently measured
based on the listed market price of such warrants, a Level 1 measurement. For the period from January&#160;13, 2021 (inception) through
December&#160;31, 2021, the Company recognized a change to the statement of operations resulting from an increase in the fair value of
liabilities of approximately $<ix:nonFraction contextRef="c18" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption" scale="6" unitRef="usd">10.8</ix:nonFraction>&#160;million presented as change in fair value of derivative warrant liabilities in the accompanying
statement of operations.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c18_cont_8" id="_FairValueDisclosuresTextBlock-c18_cont_7"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The estimated fair value of
the Private Placement Warrants, and the Public Warrants prior to being separately listed and traded, is determined using Level 3 inputs.
Inherent in a Monte Carlo simulation are assumptions related to expected share-price volatility, expected life, risk-free interest rate
and dividend yield. The Company estimates the volatility of its warrants based on implied volatility from the Company&#8217;s traded
warrants and from historical volatility of select peer company&#8217;s ordinary shares that matches the expected remaining life of the
warrants. The risk-free interest rate is based on the U.S.&#160;Treasury zero-coupon yield curve on the grant date for a maturity similar
to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual
term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.</p><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></p><div>

</div><!-- Field: Page; Sequence: 181 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ARCLIGHT CLEAN TRANSITION CORP. II<br/>
NOTES TO FINANCIAL STATEMENTS</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><b>Note&#160;10
&#8212;&#160;Fair Value Measurements</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c18_cont_9" id="_FairValueDisclosuresTextBlock-c18_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The following table provides quantitative information
regarding Level 3 fair value measurements inputs at their measurement dates:</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:continuation><div>

</div><div>

</div><ix:continuation continuedAt="_FairValueDisclosuresTextBlock-c18_cont_10" id="_FairValueDisclosuresTextBlock-c18_cont_9"><ix:nonNumeric contextRef="c18" escape="true" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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</div><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c18" continuedAt="_SubsequentEventsTextBlock-c18_cont_1" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note&#160;11 &#8212;&#160;Subsequent Events</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><ix:continuation id="_SubsequentEventsTextBlock-c18_cont_1"><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The Company evaluated subsequent events and transactions
that occurred up to the date financial statements were issued. Based upon this review, the Company determined that there have been no
events that have occurred that would require adjustments to the disclosures in the financial statements.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"></p><div>

</div><!-- Field: Page; Sequence: 182 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><div><a id="F3_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED BALANCE SHEETS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands of U.S. dollars, except per unit data)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 6pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">25,391</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">2,393</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">8,484</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">386</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5,482</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">229,411</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">47,113</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">7,143</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">489</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">489</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,188</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">7,676</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,141</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">683</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,410</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,652</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">18,263</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">12,803</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,220</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">7,159</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,785</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">72,396</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">73,145</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">7,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">19,332</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">13,425</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 20pt; text-align: left">Sunoma loan, current portion (includes $1,418 and $756 at June&#160;30, 2022 and December&#160;31, 2021, respectively, related to consolidated VIEs)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,418</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">174</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">194</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">592</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">992</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">625</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">374</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,301</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 20pt; text-align: left">OPAL term loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">62,013</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 20pt; text-align: left">Convertible note payable</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 20pt; text-align: left">Sunoma loan, net of debt issuance costs (includes $17,469 and $16,199 at June&#160;30, 2022 and December&#160;31, 2021, respectively, related to consolidated VIEs)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17,469</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">16,199</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 20pt; text-align: left">Municipality loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 30pt; text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">305,323</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">101,228</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">Members&#8217; equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">47,681</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Non-controlling interest in subsidiaries</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">74,274</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">380,844</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 6pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</span></p><div>


</div><!-- Field: Page; Sequence: 183 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="F3_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands of U.S. dollars, except per unit data)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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Months Ended<br/>
June 30,</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Revenues:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 17.35pt">RNG fuel</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left; text-indent: -10pt; padding-left: 17.35pt">Renewable power</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">21,437</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 17.35pt">Fuel station services</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">11,080</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">17,888</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">28,757</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14,317</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">18,810</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,185</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 27.35pt">Total expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(6,408</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,305</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 17.35pt">Paid-in-kind preferred dividends</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Per unit amounts:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">$</td><td style="text-align: right">(6,745</td><td style="text-align: left">)</td><td>&#160;</td>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="F3_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED UNITS AND MEMBERS&#8217; EQUITY </b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands of U.S. dollars, except per unit data)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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  <tr style="vertical-align: bottom">
    <td style="text-indent: -10pt; padding-left: 10pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Series A Preferred Units</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center; padding-left: 10pt"><b>&#160;</b></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><b>&#160;</b></td>
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    of Units</b></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><b>&#160;</b></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><b>&#160;</b></td>
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    <td style="text-align: center; border-left: Black 1.5pt solid"><b>&#160;</b></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><b>&#160;</b></td>
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    of Units</b></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><b>&#160;</b></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><b>&#160;</b></td>
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                                            </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt"><b>&#160;</b></td><td style="text-align: center; padding-bottom: 1.5pt"><b>&#160;</b></td>
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                                            <br/>
                                            Equity</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt"><b>&#160;</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt; padding-bottom: 4pt; width: 20%">Balance, December 31, 2021</td><td style="width: 0.5in; padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; width: 0.5in; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 8%; text-align: right">&#8212;</td><td style="width: 0.5in; padding-bottom: 4pt; text-align: left">&#160;</td><td style="width: 0.5in; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; width: 0.5in; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; width: 8%; text-align: right">300,000</td><td style="width: 0.5in; padding-bottom: 4pt; text-align: left">&#160;</td><td style="width: 0.5in; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; width: 0.5in; text-align: left">$</td><td style="border-bottom: Black 4pt double; width: 8%; text-align: right">30,210</td><td style="width: 0.5in; padding-bottom: 4pt; text-align: left">&#160;</td>
    <td style="border-left: Black 1.5pt solid">&#160;</td><td style="width: 0.5in; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; width: 0.5in; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; width: 8%; text-align: right">1,000</td><td style="width: 0.5in; padding-bottom: 4pt; text-align: left">&#160;</td><td style="width: 0.5in; padding-bottom: 4pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td>
    <td style="border-left: Black 1.5pt solid">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,310</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,310</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(499</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,809</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial non-controlling interests <sup>(1)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td>
    <td style="border-left: Black 1.5pt solid">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(48</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">Amortization on payment to acquire non-controlling interest</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(183</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(183</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(183</td><td style="text-align: left">)</td></tr>
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    <td style="text-indent: -10pt; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series A redeemable preferred units, net of issuance costs <sup>(2)</sup></span></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td>
    <td style="border-left: Black 1.5pt solid">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(267</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(267</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(267</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt; text-align: left">Stock-based compensation</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td>
    <td style="border-left: Black 1.5pt solid">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">320</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,435</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents partner&#8217;s
contribution towards a newly formed joint venture Emerald RNG LLC. See Note.12 <i>Variable Interest Entities</i> for additional information.</span></td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company issued
1,000,000 redeemable preferred units to NextEra Energy(&#8220;<b><i>NextEra</i></b>&#8221;) for aggregate proceeds of $100,000. The issuance
costs of $267 were reduced from retained earnings. Please see Note.13 <i>Redeemable preferred units</i> for additional information.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 185 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
    <td style="text-indent: -10pt; padding-left: 10pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">18,375</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">18,375</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">6,174</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,171</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Contributions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,522</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,695</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Stock-based compensation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">986</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents partner&#8217;s
contribution from sale of non-controlling interest in an RNG facility.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 186 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="F3_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands of U.S. dollars)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Unaudited)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(41</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,255</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(328</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,111</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,549</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,029</td><td style="text-align: left">)</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,295</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,242</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">251</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,551</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,626</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(54,298</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(54,298</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,216</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,221</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(6,444</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(105</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="F3_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
Description of Business</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPAL
Fuels LLC (including its subsidiaries, the &#8220;<b><i>Company</i></b>,&#8221; &#8220;<b><i>we</i></b>,&#8221; &#8220;<b><i>us</i></b>&#8221;
or &#8220;<b><i>our</i></b>&#8221;) is engaged in the business of producing and distributing renewable natural gas (&#8220;<b><i>RNG</i></b>&#8221;)
to power transportation throughout the United States. The Company owns RNG production facilities that are in operation, under construction,
and in late-stage development. OPAL Fuels LLC also constructs, owns, and services fueling stations that dispense RNG and compressed natural
gas (&#8220;<b><i>CNG</i></b>&#8221;) for vehicle fleets across the country that use RNG and CNG to displace diesel as their transportation
fuel. RNG is derived from landfill gas (&#8220;<b><i>LFG</i></b>&#8221;) and dairy digester gas. In addition, the Company owns LFG fueled
power plants that sell renewable power to public utilities. The Company is a subsidiary of Opal Holdco LLC which, in turn, is an indirect
subsidiary of Fortistar LLC (the &#8220;<b><i>Ultimate Parent</i></b>&#8221;).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise expressly stated, all dollar amounts set forth in these notes are presented in thousands of dollars except per share data.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COVID-19
Impact</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2020, the World Health Organization categorized the coronavirus disease 2019 (&#8220;<b><i>COVID-19</i></b>&#8221;) as a pandemic
and the President of the United States declared the COVID-19 outbreak as a national emergency. Management considered the impact of COVID-19
on the assumptions and estimates used and determined that, because the Company was deemed to be an essential business by the U.S. government
and incurred neither layoffs of personnel nor a decline in its customer base or business operations, there was no material adverse impact
on the Company&#8217;s statement of position and result of operations as of, and for the six months ended June&#160;30, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
future impact of the COVID-19 pandemic on the Company&#8217;s business will depend on a number of factors, including, but not limited
to, the duration and severity of the pandemic and its impact on our customers, all of which are uncertain and cannot be predicted.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June&#160;30, 2022, our liquidity consisted of cash and cash equivalents including restricted cash of $100,279.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June&#160;30, 2022, we had total indebtedness excluding the deferred financing costs of $244,113 in principal amount which primarily
consists of $80,132 under the Senior secured credit facility, $60,820 under the Convertible note payable, $83,556 under the OPAL term
loan, $174 under the Municipality loan, and $19,431 under the Sunoma loan. The outstanding debt under the Senior secured credit facility
is due to be paid in December 2022 and therefore has been classified as a current liability.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We completed the Business
Combination (further described in Note 16 below) in July 2022 which resulted in additional cash infusion of $123,363. The Company received
the remaining $5,000 subscribed for pursuant to the PIPE Investment (defined below in Note 16) from one of the PIPE Investors (defined
below in Note 16) subsequent to the Closing. Additionally, on August 4, 2022, we entered into a senior secured credit facility for $105,000
which will be used to fund a portfolio of RNG projects currently in, or going into, construction. In July 2022, we received a redemption
notice from Biotown for the Note receivable and the Company subsequently received $11,555 including the payment of the principal balance
of $10,915, prepayment penalty of $546 and accrued interest of $94. We would have an additional $35,000 available under the OPAL term
loan in second half of 2022 upon the commencement of operations of three additional RNG facilities.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that our available cash following the consummation of the Business Combination and PIPE Investment, together with our other assets,
expected cash flows from operations, and available lines of credit under various debt facilities will be sufficient to meet our existing
commitments for a period of at least twelve months following the date of this prospectus.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
fuel future growth, we may seek additional capital through equity offerings or debt financings. The amount and timing of our future funding
requirements will depend on many factors, including the pace and results of our project development efforts. We may be unable to obtain
any such additional financing on acceptable terms or at all. Our ability to access capital when needed is not assured and, if capital
is not available when, and in the amounts, needed, we could be required to delay, scale back, or abandon some or all of our development
programs and other operations, which could materially harm our business, prospects, financial condition, and operating results.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business. The accompanying condensed consolidated financial statements
do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts
and classification of liabilities that may result from uncertainty related to our ability to continue as a going concern.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
Summary of Significant Accounting Policies</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
of Presentation and Principles of Consolidation</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These unaudited condensed
consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (&#8220;<b><i>U.S.
GAAP</i></b>&#8221;). In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all
normal and recurring adjustments, which are necessary in order to make the financial statements not misleading and to provide a fair presentation
of the Company&#8217;s financial position, operating results, and cash flows for the interim periods presented. The results of operations
for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year. The information
herein should be read in conjunction with the Company&#8217;s audited consolidated financial statements and notes thereto.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The unaudited condensed consolidated
financial statements include the accounts of the Company and all other entities in which the Company has a controlling financial interest:
Fortistar Methane 3 LLC (&#8220;<b><i>FM3</i></b>&#8221;), Fortistar Methane 4 LLC, Sunoma Holdings, LLC (&#8220;<b><i>Sunoma</i></b>&#8221;),
Emerald RNG LLC (&#8220;<b><i>Emerald</i></b>&#8221;), Sapphire RNG LLC (&#8220;<b><i>Sapphire</i></b>&#8221;), New River LLC (&#8220;<b><i>New
River</i></b>&#8221;), Reynolds NRG LLC (&#8220;<b><i>Reynolds</i></b>&#8221;), Beacon RNG LLC (&#8220;<b><i>Beacon</i></b>&#8221;), Central
Valley LLC (&#8220;<b><i>Central Valley</i></b>&#8221;), Fortistar Contracting LLC, Fortistar RNG LLC, and TruStar Energy LLC (&#8220;<b><i>TruStar</i></b>&#8221;).
The Company&#8217;s condensed consolidated financial statements include the assets and liabilities of these subsidiaries. All intercompany
transactions and balances have been eliminated in consolidation. The non-controlling interest attributable to the Company&#8217;s variable
interest entities (&#8220;<b><i>VIE</i></b>&#8221;) are presented as a separate component from OPAL Fuels LLC members&#8217; equity in
the condensed consolidated balance sheets and as a non-controlling interest in the condensed consolidated statements of changes in redeemable
preferred units and members&#8217; equity.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying condensed consolidated financial statements reflect the activities of the Company, its subsidiaries, and its equity method
investments for the six months ended June&#160;30, 2022 and 2021. Investments in unconsolidated entities in which the Company can influence
the operating or financial decisions are accounted for under the equity method. As of June&#160;30, 2022 and December 31, 2021, the Company
accounted for its ownership interests in Pine Bend RNG LLC (&#8220;<b><i>Pine Bend</i></b>&#8221;), Noble Road RNG LLC (&#8220;<b><i>Noble
Road</i></b>&#8221;) and GREP BTB Holdings LLC (&#8220;<b><i>GREP</i></b>&#8221;) under the equity method. The Company&#8217;s interests in
Beacon for the period between January 1, 2021 and April 30, 2021 were accounted for under the equity method. Please see Note 3. <i>Investment
in other entities, </i>for additional information. Beacon was consolidated after acquisition of remaining ownership interests increasing
the ownership interest from 44.3% to 100% on May 1, 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The preparation of condensed
consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
The significant estimates and assumptions of the Company include the residual value of the useful lives of our property, plant and equipment,
the fair value of stock-based compensation, the estimated losses on our trade receivables, the fair value of the Convertible note payable
(as defined below), the impairment assessment of goodwill, and the fair value of derivatives. Actual results could differ from those estimates.
The Company&#8217;s estimates and assumptions are subject to uncertainties, including those associated with market conditions, risks and
trends and the ongoing COVID-19 pandemic.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire
year.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain financial information
or footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed
or omitted, pursuant to the rules and regulations of the Securities Exchange Commission for interim financial reporting. Accordingly,
it does not include all the information and notes necessary for a complete presentation of financial position, results of operations,
or cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounting
Pronouncements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2022, the Financial Accounting Standards Board (&#8220;<b><i>FASB</i></b>&#8221;) issued Accounting Standards Update (&#8220;<b><i>ASU</i></b>&#8221;)
2022-03, <i>Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions </i>which states that a contractual
restriction on the sale of an equity security is not considered part of the unit of account of the equity security and therefore, is
not considered in measuring fair value. The ASU clarifies that an entity cannot, as a separate unit of account, recognize and measure
a contractual sale restriction. The ASU requires an entity to disclose (i) the fair value of equity securities subject to contractual
sale restrictions reflected in the balance sheet (ii) the nature and remaining duration of the restriction and (iii) the circumstances
that could cause a lapse in the restriction. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023,
and interim periods within those fiscal years for public entities and fiscal year beginning December 15, 2024 for all other entities.
The Company is currently evaluating the impact on its financial statements of adopting this standard.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash,
Cash Equivalents, and Restricted Cash</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash,
cash equivalents, and restricted cash consisted of the following as of June&#160;30, 2022 and December&#160;31, 2021</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
cash held as collateral represents the collateral requirements on our debt facilities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounts
Receivable, Net</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s allowance for doubtful accounts was $100 and $0 at June&#160;30, 2022 and December&#160;31, 2021, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Asset
Retirement Obligation</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for asset retirement obligations in accordance with FASB Accounting Standards Codification (&#8220;<b><i>ASC</i></b>&#8221;)
410, <i>Asset Retirement and Environmental Obligations,</i> which requires entities to record the fair value of a liability for an asset
retirement obligation in the period in which it is incurred and when a reasonable estimate of fair value can be made. The fair value
of the estimated asset retirement obligations is recorded as a long-term liability, with a corresponding increase in the carrying amount
of the related asset. The discounted asset retirement costs capitalized amount are accreted over the life of the sublease or site lease
agreement. Asset retirement obligations are deemed Level 3 fair value measurements as the inputs used to measure the fair value are unobservable.
The Company estimates the fair value of asset retirement obligations by calculating the estimated present value of the cost to retire
the asset. This estimate requires assumptions and judgments regarding the existence of liabilities, the amount and timing of cash outflows
required to settle the liability, inflation factors, credit adjusted discount rates, and consideration of changes in legal, regulatory,
environmental, and political environments. In addition, the Company determines the Level 3 fair value measurements based on historical
information and current market conditions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June&#160;30, 2022 and December&#160;31, 2021, the Company estimated the value of its total asset retirement obligations to be $5,887
and $5,738, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
changes in the asset retirement obligations were as follows as of June&#160;30, 2022:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,738</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Write off of Asset retirement obligation</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: right">(6</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accretion expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">155</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 17.35pt">Total asset retirement obligation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,887</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,301</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue
Recognition</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s revenue arrangements generally consist of a single performance obligation to transfer goods or services. Revenue from
the sale of RNG, CNG and, electricity is recognized by applying the &#8220;right to invoice&#8221; practical expedient within the accounting
guidance for <i>Revenue from Contracts with Customers</i> that allows for the recognition of revenue from performance obligations in
the amount of consideration to which there is a right to invoice the customer and when the amount for which there is a right to invoice
corresponds directly to the value transferred to the customer. For some public CNG fueling stations where there is no contract with the
customer, the Company recognizes revenue at the point in time that the customer takes control of the fuel.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also performs maintenance services throughout the country. Maintenance consists of monitoring equipment and replacing parts as
necessary to ensure optimum performance. Revenue from service agreements is recognized over time as services are provided. Capacity payments
fluctuate based on peak times of the year and revenues from capacity payments are recognized monthly as earned.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreements with two natural gas producers (&#8220;<b><i>Producers</i></b>&#8221;) to transport Producers&#8217; natural gas
using the Company&#8217;s RNG gathering system (&#8220;<b><i>System</i></b>&#8221;). The performance obligation is the delivery of Producers&#8217;
natural gas to an agreed delivery point on an interstate gas pipeline. The quantity of natural gas transported for the Producers is measured
at a certain specified meter. The price is fixed at contracted rates and the Producers pay approximately 30 days after month-end. As
such, transportation sales are recognized over time, using the output method to measure progress.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company provides credit monetization services to customers that own renewable gas generation facilities. The Company recognizes revenue
from these services as the credits are minted on behalf of the customer. The Company receives non-cash consideration in the form of RINs
or LCFSs for providing these services and recognizes the RINs or LCFSs received as a current asset based on their estimated fair value
at contract inception. When the Company receives RINs or LCFSs as payment for providing credit monetization services, it records the
non-cash consideration in inventory based on the fair value of RINs or LCFSs at contract commencement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November 29, 2021, the
Company entered into a purchase and sale agreement with NextEra for the environmental attributes generated by the RNG Fuels business.
Under this agreement, the Company plans to sell a minimum of 90% of the environmental attributes generated and will receive net proceeds
based on the agreed upon price less a specified discount. A specified volume of environmental attributes sold per quarter will incur a
fee per environmental attribute in addition to the specified discount. The agreement was effective beginning first quarter of 2022. During
the six months ended June&#160;30, 2022, the Company earned net revenues after discount and fees of $29,688 under this contract which
was recorded as part of Revenues - RNG fuel.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
of environmental attributes such as RINs, RECs, and LCFS are generally recorded as revenue when the certificates related to them are
delivered to a buyer. However, the Company may recognize revenue from the sale of such environmental attributes at the time of the related
RNG or renewable power sales when the contract provides that title to the environmental attributes transfers at the time of production,
the Company&#8217;s price to the buyer is fixed, and collection of the sales proceeds occurs within 60 days after generation of the renewable
power.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
operating fees are earned for the operation, maintenance, and repair of the gas collection system of a landfill site. Revenue is calculated
on the volume of per million British thermal units (&#8220;<b><i>MMBtu</i></b>&#8221;) of LFG collected and the megawatt hours (&#8220;<b><i>MWhs</i></b>&#8221;)
produced at that site. This revenue is recognized when LFG is collected and renewable power is delivered.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 191 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has various fixed price contracts for the construction of fueling stations for customers. Revenues from these contracts, including
change orders, are recognized over time, with progress measured by the percentage of costs incurred to date compared to estimated total
costs for each contract. This method is used as management considers costs incurred to be the best available measure of progress on these
contracts. Costs capitalized to fulfill certain contracts were not material in any of the periods presented.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company owns fueling stations for use by customers under fuel sale agreements. The Company bills these customers at an agreed upon price
for each gallon sold and recognizes revenue based on the amounts invoiced in accordance with the &#8220;right to invoice&#8221; practical
expedient. For some public stations where there is no contract with the customer, the Company recognizes revenue at the point-in-time
that the customer takes control of the fuel.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company from time-to-time enters into fuel purchase agreements with customers whereby the Company is contracted to design and build a
fueling station on the customer&#8217;s property in exchange for the Company providing CNG/RNG to the customer for a determined number
of years. In accordance with the standards of ASC 840, <i>Leases</i>, the Company has concluded these agreements meet the criteria for
a lease and are classified as operating leases. Typically, these agreements do not require any minimum consumption amounts and, therefore,
no minimum payments. Included in &#8220;RNG fuel&#8221; revenues are $1,050 and $950 related to the lease portion of these agreements
for the six months ended June&#160;30, 2022 and 2021. In addition, the Company has assessed all PPAs and concluded that certain PPAs
contain a lease element requiring lease accounting. Included in &#8220;Renewable power&#8221; revenues are $630 and $877 related to the
lease element of these PPAs for the six months ended June&#160;30, 2022 and 2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disaggregation
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,726</td><td style="text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the six months ended June&#160;30, 2022 and 2021, approximately 22.3% and 16.0%, respectively, of revenue was recognized over time, and
the remainder was for products and services transferred at a point in time.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contract
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides information about receivables, contract assets, and contract liabilities from contracts with customers:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended June&#160;30, 2022, the Company recognized revenue of $9,785 that was included in &#8220;Contract liabilities&#8221;
at December&#160;31, 2021. During the six months ended June&#160;30, 2021, the Company recognized revenue of $4,678 that was included
in &#8220;Contract liabilities&#8221; at December&#160;31, 2020.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Backlog</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s remaining performance obligations (&#8220;<b><i>backlog</i></b>&#8221;) represent the unrecognized revenue value of its
contract commitments. The Company&#8217;s backlog may significantly vary each reporting period based on the timing of major new contract
commitments. At June&#160;30, 2022, the Company had a backlog of $46,028 with out of which $44,691 of its backlog is anticipated to be
recognized as revenue in the next 12 months.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
Taxes</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and most of its subsidiaries are disregarded entities for federal income tax purposes and for certain states, with the results
of its operations included with the consolidated federal and applicable state tax returns of its member. Some subsidiaries are partnerships
for federal income tax purposes. Accordingly, tax liabilities are the responsibility of the member except for the minimum state tax requirements.
Minimum state tax requirements are immaterial.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
Customers and Concentration of Credit Risk</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the six months ended June&#160;30, 2022 and 2021, two customers accounted for 45% and 41% of revenue, respectively. At June&#160;30,
2022, two customers accounted for 38% of accounts receivable. At December&#160;31, 2021, one customer accounted for 11%, of accounts
receivable.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, and
trade receivables. The Company places its cash with high credit quality financial institutions located in the United States of America.
The Company performs ongoing credit evaluations of its customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
Investment in Other Entities</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses the equity method to account for investments in affiliates that it does not control, but in which it has the ability to
exercise significant influence over operating and financial policies. The Company&#8217;s investments in these nonconsolidated affiliates
are reflected in the Company&#8217;s condensed consolidated balance sheets under the equity method, and the Company&#8217;s proportionate
net (loss) income, if any, is included in the Company&#8217;s condensed consolidated statements of operations as (loss) income from equity
method investments.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
equity method investments were as follows as of June&#160;30, 2022 and December&#160;31, 2021:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Pine Bend</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">25,140</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Note
receivable</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><sup>&#160;</sup></i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In August 2021, the Company
acquired 100% ownership interests in Reynolds RNG LLC (&#8220;<b><i>Reynolds</i></b>&#8221;) which held a note receivable of $10,450 to
Biotown Bio Gas LLC (&#8220;<b><i>Biotown</i></b>&#8221;). The Note receivable was set to mature on July 15, 2027 and carries an interest
of 12.5% out of which 8% is payable in cash on a quarterly basis from the inception of the loan and 4.5% payment-in-kind interest adding
to the outstanding debt balance until the facility becomes operational. The Company recorded $746 as a reduction to interest and financing
expense, net in its condensed consolidated statement of operations for the six months ended June&#160;30, 2022. The Note receivable also
entitled Reynolds to receive 4.25% of any revenue based distributions made with a cap of $4,500 over the term of the debt. The Company
recorded the fair value of the Note receivable &#8212; variable fee component of $1,538 as an allocation of the initial investment balance
of $10,450 and recorded an payment-in-kind interest income of $136 as a reduction to interest and financing expense, net in the condensed
consolidated statement of operations for the six months ended June&#160;30, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note receivable of $9,518 has been recorded as a current asset as the repayment was received in July 2022 and Note receivable - variable
fee component of $1,792 have been recorded as long-term asset on its condensed consolidated balance sheet as of June&#160;30, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the net (loss) income from equity method investments:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>&#160;</sup></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income from
equity method investments represents our portion of the net income from equity method investments in Pine Bend, Noble Road and GREP for
the six months ended June&#160;30, 2022 and Beacon for the six months ended June&#160;30, 2021.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June&#160;30, 2022, there has been an increase in property, plant, and equipment as a result of the increase in construction of RNG
generation facilities including, but not limited to Central Valley, Emerald, New River, and RNG dispensing facilities. The majority of
these facilities, for which costs are in construction-in-progress as of June&#160;30, 2022, are expected to be operational within the
next year.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense on property, plant, and equipment for the six months ended June&#160;30, 2022 and June&#160;30, 2021 was $6,005 and $3,723, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.
Intangible Assets, Net</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
assets, net, consisted of the following at June&#160;30, 2022 and December 31, 2021:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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  <tr style="vertical-align: bottom">
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Amortization</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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Assets, <br/>
Net</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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Average<br/>
Amortization<br/>
Period<br/>
(Years)</b></span></p></td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transmission/distribution interconnection represents an interconnector for one of the Company&#8217;s LFG recovery facilities. The interconnection
construction was initially funded by a municipality. The Company is scheduled to repay the funding for the construction through April
1, 2023. The remaining liability of $174 under the Municipality loan is shown as part of current liabilities on its condensed consolidated
balance sheet as of June 30, 2022. Please see Note 7. <i>Borrowings, </i>for additional information.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
expense for the six months ended June&#160;30, 2022 and 2021 was $398 and $231, respectively. At June&#160;30, 2022, estimated future
amortization expense for intangible assets is as follows:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">824</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,463</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.
Goodwill</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the changes in goodwill, if any, by reporting segment from the beginning of the period to the end of the period:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RNG Fuel</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fuel Station<br/>
 Services</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; font-weight: bold; text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Balance December 31, 2021</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">51,155</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">3,453</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">54,608</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Balance June 30, 2022</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">51,155</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,453</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">54,608</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.
Borrowings</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the borrowings under the various debt facilities as of June&#160;30, 2022 and December&#160;31, 2021:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">June 30, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">72,632</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Less: unamortized debt issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(236</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(724</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(72,396</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(73,145</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 17.35pt">Senior secured facility, term loan, net of debt issuance costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Senior secured facility, working capital facility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,500</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,500</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 17.35pt">Senior secured facility, working capital facility</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">OPAL term loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">83,556</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">75,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Less: unamortized debt issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,211</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,485</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(19,332</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,425</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 17.35pt">OPAL term loan, net of debt issuance costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">62,013</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">59,090</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Sunoma loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">19,431</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17,524</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(544</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(569</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,418</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(756</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 17.35pt">Sunoma loan, net of debt issuance costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,469</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,199</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 17.35pt">Convertible note payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">60,820</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Municipality loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">174</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">278</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(174</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(194</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 17.35pt">Municipality loan</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">84</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 4pt; text-indent: -10pt; padding-left: 27.35pt">Non-current borrowings total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">140,302</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of June&#160;30, 2022, principal maturities of debt are expected as follows, excluding any subsequent refinancing transactions:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Senior
secured credit facility</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 21, 2015, FM3, entered into a senior secured credit facility as a borrower and Investec Bank PLC and MUFG Union Bank N.A.,
as joint lead arranger and book runners and CoBank ACB as documentation agent and LC issuing bank, which provides for an aggregate principal
amount of $150,000, which consists of (i) a term loan of $125,000 ( &#8220;<b><i>Term Loan Facility</i></b>&#8221;) and a (ii) working
capital letter of credit facility (&#8220;<b><i>Working Capital Facility</i></b>&#8221;) of up to $19,000 and a (iii) Debt service reserve
and liquidity facility (&#8220;<b><i>Debt Reserve and Liquidity Facility</i></b>&#8221;) of up to $6,000. The Company paid $14,300 to
the lenders in connection with the transaction. As of June&#160;30, 2022 and December 31, 2021, $72,632 and $73,869, respectively, was
outstanding under the Senior secured facility, term loan.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 196 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
borrowings under the Senior secured credit facility bear an interest rate of a fixed margin plus LIBOR for the relevant interest period.
The fixed margin is 2.75% for the first four years, then 3.0% until October 8, 2021, and 3.25% thereafter. Pursuant to the terms of facility,
FM3 is required to repay 1% of the outstanding debt under the Term Loan Facility amounting to $125,000 on a quarterly basis which is
then adjusted based on available cash and a target debt balance that declines each quarter. The Working Capital Facility contains a provision
whereby the Company is obligated to reduce the amount borrowed to $7,500 or less for a period of 10 consecutive business days annually.
As of June&#160;30, 2022 and December&#160;31, 2021, the total amount outstanding under the Working Capital Facility was $7,500. Additionally,
the Company pays commitment fee of 0.75% on unused portion of the facility.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 8, 2021, the Company entered into the Amendment to Second Amended and Restated Credit Agreement (the &#8220;<b><i>Amendment</i></b>&#8221;)
which extended the maturity date of the credit facility that supports the Renewable Power business to December 20, 2022. In addition,
the minimum required debt service coverage ratio was reduced from 1.1 to 1.0 and the calculation of the Cash Flows Available for Debt
Service was amended to exclude the proceeds of working capital loans deposited into the operating account going forward. Additionally,
the Company is not allowed to make any distributions or restricted payments. In exchange for these accommodations, the Company agreed
to repay $5,182 as a permanent reduction of the Working Capital Facility and to increase the interest rate on the credit facility by
25 basis points.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
June&#160;30, 2022 and December&#160;31, 2021, the Company had outstanding letters of credit that support obligations of the Company
and its subsidiaries of $7,971 and $7,823, respectively. The Senior secured credit facility is collateralized by substantially all the
assets of FM3 and assignment of FM3&#8217;s rights, title, and interests in purchase and sale agreements and landfill gas rights agreements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
debt agreement contains certain warranties and financial covenants including but not limited to debt service coverage ratio to not be
less than 1.0 and restrictions on distributions and additional indebtedness. The lenders only have recourse to the assets of FM3. For
the six months ended June&#160;30, 2022, FM3 was in compliance with all debt covenants. The Company received a waiver granting exemption
from certain non-financial covenants as per the terms of the debt agreement.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Patronage
dividends</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is eligible to receive annual patronage dividends from one of its lenders, Cobank ACB under a profit sharing program made available
to the borrowers. For the six months ended June&#160;30, 2022 and 2021, the Company received cash dividend of $126 and $139, respectively,
which was recorded as a credit to interest expense in its condensed consolidated statements of operations. Additionally, the Company
recorded $489 as long-term asset on its condensed consolidated balance sheets at June&#160;30, 2022 and December 31, 2021, which represents
the Company&#8217;s equity interest in Cobank SCB which will be redeemed for cash beginning 2024.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TruStar
revolver credit facility</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 27, 2021, TruStar renewed the existing revolving credit arrangement with JP Morgan Chase Bank, N.A., for an aggregate amount
of $10,000. This revolver credit facility was secured by marketable securities pledged by the Ultimate Parent. The amounts outstanding
under this credit facility had an interest rate of 1.00% plus one month LIBOR. In the fourth quarter of 2021, the outstanding balance
under this credit facility was fully repaid and the revolver credit facility was cancelled.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sunoma
loan</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 27, 2020, Sunoma entered into a debt agreement with Live Oak Banking Company (&#8220;<b><i>Lender</i></b>&#8221;) for an aggregate
principal amount of $20,000. At June&#160;30, 2022, the total amount outstanding under the Sunoma Loan Agreement, including accrued interest
of $1,615, was $19,431 and the loan proceeds were used for the construction of the subsidiary&#8217;s dairy digester-to-RNG project.
Sunoma paid $635 as financing fees. The loan bears interest at the greater of Prime plus 3.50%, or 7.75%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts outstanding under the Sunoma loan are secured by the assets of Sunoma.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 197 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sunoma loan agreement contains certain financial covenants which require Sunoma to maintain (i) maximum debt to worth ratio cannot exceed
5:1 (ii) the minimum current ratio cannot be less than 1.0 (iii) minimum debt service coverage ratio of trailing four quarters cannot
be less than 1.25. These covenants apply after the construction is complete and the facility meets certain predetermined operational
standards and documentation criteria and the loan converts to a term loan which is expected to be in third quarter of 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The construction loan had
an original maturity date of April 27, 2022. During the first quarter of 2022, the Company received an extension to the original maturity
date until July 27, 2022. At maturity, the construction loan outstanding under the Sunoma loan is convertible to a permanent loan guaranteed
by the United States Department of Agriculture (&#8220;<b><i>USDA</i></b>&#8221;). The loan was converted into a permanent loan in July
2022. The Permanent USDA loan will consist of an 11-year term and bear interest at the then-current 10-year LIBOR Swap rate plus 5.45%,
fixed for the term of the loan. The floor rate of the USDA loan will be equal to 6.75%. The Permanent USDA loan will be secured by the
assets of Sunoma. The accrued interest is payable after the conversion to a permanent loan.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
significant assets of Sunoma are parenthesized in the condensed consolidated balance sheets as June&#160;30, 2022 and December&#160;31,
2021. Refer to Note 12, <i>Variable Interest Entities</i>, to the condensed consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
term loan</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 22, 2021, the Company executed a term loan at a newly formed entity, OPAL Fuels Intermediate Holding Company LLC (&#8220;<b><i>OPAL
Intermediate Holdco</i></b>&#8221;) as the borrower and Bank of America N.A., Customers Bank, Citi Bank N.A., Barclays Bank PLC as lenders
(&#8220;<b><i>Lenders</i></b>&#8221;), Bank of America as administrative agent and Customers Bank as Syndication Agent, which permitted
borrowings of up to $125,000. Of the $125,000, the Company had $90,000 available for borrowing upon closing and the remaining $35,000
to be made available as three more RNG facilities become operational. The facility is secured by a pledge in the equity interest of the
following subsidiaries of the Company at the time the loan was executed: Beacon Holdco LLC, OPAL Environmental Credit Marketing LLC,
TruStar Energy LLC, and OPAL Fuels Services LLC along with cash bank accounts and a security interest in the Company&#8217;s environmental
credits. A portion of the proceeds of this loan were used to pay off the outstanding balance under the TruStar revolver credit facility
in October 2021 and the remainder will be used for general corporate purposes, including investments in RNG projects being developed
by the Company. As of June&#160;30, 2022, the Company expects that the three additional RNG facilities will be operational in the third
quarter of 2022 at which time the additional $35,000 would be made available to the Company.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the above, the Company borrowed $75,000 in October 2021 and an another $15,000 in February 2022 pursuant to an amendment allowing
the Company to drawdown later than the original commitment date. As of June&#160;30, 2022 and December 31, 2021, $83,556 and $75,000,
respectively, were outstanding under this term loan.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The loan matures April 22,
2025 and bears interest at 3.0% plus LIBOR. In accordance to the terms of the facility, OPAL Intermediate Holdco is required to repay
1.79% or $1,611 per month beginning March 2022 and an additional $700 per month beginning after the additional drawdown of the $35.0 million
in September 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
OPAL term loan contains certain financial covenants which require OPAL Intermediate Holdco to maintain a (i) minimum liquidity of $15,000
until March 31, 2022 and $10,000 thereafter and (ii) leverage ratio not to exceed 4:1. As of June&#160;30, 2022, the Company is in compliance
with the financial covenants under this debt facility. Additionally, the debt agreement contains certain customary warranties and representations
including but not limited to restrictions on distributions and additional indebtedness.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convertible
note payable</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 1, 2021, the Company acquired the remaining ownership interests in Beacon and signed an unsecured, contingently convertible note
(the &#8220;<b><i>Note</i></b>&#8221;) for a total aggregate amount for $50,000 at an interest rate of 8.00% per annum. The Company has
the option to pay the interest in cash on a quarterly basis or payment-in-kind interest. The Company chose the option of payment-in-kind
interest.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Convertible note payable matures the earlier of December 31, 2026 or the date on which a change in control occurs as defined in the terms
of the Note. Upon the consummation of the BCA, the counterparty may choose to convert the total amount outstanding under the Note to
common shares based on a certain pre-determined conversion formula. If the BCA is not complete by September 30, 2022, the Company can
redeem the Note by repaying the amounts outstanding in full plus a 10.00% penalty. After September 30, 2022, there is no prepayment penalty.
If the BCA is consummated prior to September 30, 2022, the counterparty may elect not to take common shares and require the Company to
redeem the Note in cash. On July 21, 2022, 50% of the Convertible note payable was converted to equity upon consummation of the Business
Combination. Please see Note 16, <i>Subsequent Events</i> for additional information.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company elected to account for the Note using the fair value option in accordance with ASC 820, <i>Fair Value Measurement</i>, on May
1, 2021, which was determined to be $55,410. The fair value was subsequently remeasured on each reporting date and the change in fair
value recorded as interest expense in the condensed consolidated statement of operations for each reporting period. At June&#160;30,
2022 and December 31,2021, the Note was classified as non-current liability in the condensed consolidated balance sheets at a fair value
of $60,820 and $58,710, respectively. The Company recorded $2,110 and $888 as payment-in-kind interest expense in the condensed consolidated
statement of operations for the six months ended June&#160;30, 2022 and 2021, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Municipality
loan</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FM3
entered into a loan agreement for the construction of an interconnection that was initially funded by the municipality. The Company is
scheduled to make payments to a municipality of the amount of $1,600 plus interest at a fixed annual rate of 3.00% through April 1, 2023.
At June&#160;30, 2022 and December&#160;31, 2021, $174 and $278, respectively, were outstanding on the loan.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
rates</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2022</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the six months ended June&#160;30, 2022, the weighted average effective interest rate including amortization of debt issuance costs on
Senior secured facility was 4.25% including a margin plus LIBOR.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the six months ended June&#160;30, 2022, the weighted average effective interest rate including amortization of debt issuance costs on
OPAL term loan was 4.93%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For six months ended June
30, 2022, the interest rate on the Sunoma loan was 7.75%.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the six months ended June&#160;30, 2022, the payment-in-kind interest rate on Convertible note payable was 8.00%. The change in fair
value of the Note recorded as interest expense between May 1, 2021 and June&#160;30, 2022 was $5,410.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the six months ended June&#160;30, 2022, the weighted average interest rate on Municipality loan was 3.00%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>2021</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the six months ended June&#160;30, 2021, the weighted average effective interest rate for this period was 4.23%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the six months ended June&#160;30, 2021, the interest rate on TruStar revolver credit facility was 3.34%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the six months ended June&#160;30, 2021, the weighted average interest rate on Municipality loan was 3.00%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Company&#8217;s total interest expense for the six months ended June&#160;30, 2022 and 2021:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Six Months Ended <br/>
June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Senior secured credit facility</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,440</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,334</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Municipality loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">OPAL term loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,743</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Sunoma loan <sup>(1)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">911</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">TruStar revolver credit facility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">334</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Convertible note payable mark-to-market</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,110</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">888</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Commitment fees and other finance fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">204</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">279</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Amortization of deferred financing cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">898</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">477</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Interest income on Note receivable</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(900</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(12</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Total interest expense</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">6,408</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,305</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup></span></td><td style="width: 5pt"></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The interest on
the Sunoma loan was capitalized during the construction phase of the RNG facility. Sunoma became operational in December 2021. Therefore,
the interest for the six months ended June&#160;30, 2022 has been expensed.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.
Leases</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2018, the Company renewed a lease for office and warehouse space that became effective upon the termination of the original lease term
on January 31, 2018. The term of the lease renewal was 36 months and contained an option to renew for an additional 24 months. In September
2020, the Company exercised this option. In March, 2022, the Company entered into an amendment to the lease which extended the lease
term till January 2026. In addition, the Company maintains a fleet of vehicles under lease with terms ranging from 48 to 60 months and
with lease expiration dates ranging from April 2021 to June 2026.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
minimum lease payments are as follows:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 87%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Six months ending December 31, 2022</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">339</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">2023</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">675</td><td style="text-align: left">&#160;</td></tr>
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    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company incurred rent expense of $690 and $403 for the six months ended June&#160;30, 2022 and 2021, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></p><div>

</div><!-- Field: Page; Sequence: 200 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.
Derivative Financial Instruments and Fair Value Measurements</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
rate swaps</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has various interest rate swap agreements, including swaps entered into in early 2020. The average annual fixed rate ranges from
2.38% in 2020 to 2.50% in 2022. These transactions involved the exchange of fixed and floating rate interest payment obligations without
the exchange of the underlying principal amounts. The Company has accounted for these instruments as economic hedges and has included
changes in their fair market value in the condensed consolidated statements of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
location and amounts of derivatives fair values in the condensed consolidated balance sheets are:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Location of <br/>
Fair Value <br/>
Recognized in <br/>
Balance Sheet</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 4pt; padding-left: 2.65pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(38</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(992</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effect of derivative instruments on the condensed consolidated statement of operations were as follows:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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(Loss) Gain<br/>
 Recognized in <br/>
Operations<br/>
 from Derivatives</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may be exposed to credit risk on any of the derivative financial instruments that are in an asset position. Credit risk relates
to the risk of loss that the Company would incur because of nonperformance by counterparties pursuant to the terms of their contractual
obligations. To mitigate this risk, management monitors counterparty credit exposure on an annual basis, and the necessary credit adjustment
have been reflected in the fair value of financial derivative instruments. There are no credit-risk-related contingent features that
could be triggered in derivative financial instruments that are in a liability position.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company enters into interest rate swap contracts with counterparties that allow for net settlement of derivative assets and derivative
liabilities. The Company has made an accounting policy election to offset recognized amounts relating to these interest swaps within
the condensed consolidated balance sheets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables summarize the fair value of derivative instruments on the Company&#8217;s condensed consolidated balance sheets and
the effect of netting arrangements and collateral on its financial position:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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<br/>
Amounts<br/>
of Recognized<br/>
Assets/<br/>
(Liabilities)</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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Amounts<br/>
Offset in <br/>
the<br/>
Balance<br/>
 Sheet</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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of<br/>
Assets/<br/>
(Liabilities)<br/>
in the<br/>
Balance<br/>
 Sheet</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no collateral balances with counterparties outstanding as of the period-end dates.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Commodity
swap contracts</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company utilizes commodity swap contracts to hedge against the unfavorable price fluctuations in market prices of electricity. The Company
does not apply hedge accounting to these contracts. As such, unrealized and realized gain (loss) is recognized as component of Renewable
Power revenues in the condensed consolidated statement of operations and Derivative financial asset &#8212; current and non-current in
the condensed consolidated balance sheets. These are considered to be Level 2 instruments in the fair value hierarchy. By using commodity
swaps, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counter party to perform under the
terms of the swap contract. When the fair value of the swap contract is positive, the counter party owes the Company creating a credit
risk. The Company manages the credit risk by entering into contracts with financially sound counter parties. To mitigate this risk, management
monitors counterparty credit exposure on an annual basis, and the necessary credit adjustments have been reflected in the fair value
of financial derivative instruments. When the fair value of the swap contract is negative, the Company owes the counterparty creating
a market risk that the market price is higher the contract price causing loss of higher revenues.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2018, the Company signed an amendment that converted an existing power purchase agreement (&#8220;<b><i>PPA</i></b>&#8221;)
into a commodity swap contract to allow the Company flexibility to sell the capacity separately and schedule sale of electricity to independent
third parties. Post the amendment, the Company agreed to net settle the contract in cash on a monthly basis based on the difference between
the contract price and market price. The contract has a default minimum of 34,554 MWh per year. Additionally, the Company entered into
an ISDA agreement with a counterparty in November 2019. Pursuant to the agreement, the Company entered into swaps with contract prices
ranging between $35.75 and $51.25 per MWh.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the commodity swaps in place as of June&#160;30, 2022 and December&#160;31, 2021. There were no new commodity
swap contracts entered in the six months ended June&#160;30, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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 From</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">December 27, 2021</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the effect of commodity swaps on the condensed consolidated statements of operations for the six months ended
June&#160;30, 2022 and 2021:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 202 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the derivative assets and liabilities related to commodity swaps as of June&#160;30, 2022 and December&#160;31,
2021:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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Fair&#160;value<br/>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair
value measurements</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of financial instruments, including long-term debt and derivative instruments is defined as the amount at which the instruments
could be exchanged in a current transaction between willing parties. The carrying amount of cash and cash equivalents, accounts receivable,
net, and accounts payable and accrued expenses approximates fair value due to their short-term maturities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying value of the Company&#8217;s long-term debt of $140,302 and $134,083 as of June&#160;30, 2022 and December&#160;31, 2021, respectively,
represents the total amount to be repaid if the debt has to be discharged in full and therefore approximates its fair value.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows ASC 820, <i>Fair Value Measurement</i>, regarding fair value measurements which establishes a three-tier fair value hierarchy
and prioritizes the inputs used in valuation techniques that measure fair value. These tiers include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 &#8212; defined as observable inputs such as quoted prices for identical instruments in active markets;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 &#8212; defined as quoted prices for similar instruments in active market, quoted prices for identical or similar instruments in markets
that are not active, or model-derived valuations for which all significant inputs are observable market data;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 &#8212; defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The Company&#8217;s assessment of the significance of an input to the fair value measurement requires judgment and may affect the valuation
of fair value assets and liabilities and their placement within the fair value hierarchy levels.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s interest rate swap contracts are valued with pricing models commonly used by the financial services industry using discounted
cash flows of forecast future swap settlements based on projected three-month LIBOR rates. The Company does not consider these models
to involve significant judgment on the part of management and corroborated the fair value measurements with counterparty valuations.
The Company&#8217;s interest rate swaps are classified within Level 2 of the valuation hierarchy based on the observable market rates
used to determine its fair value. The Company does not expect to change its valuation techniques and therefore does not anticipate any
transfers into or out of different levels of hierarchy. These interest rate swaps are accounted for as derivative financial instrument
liabilities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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Company values its energy commodity swap contracts based on the applicable geographical market energy forward curve. The forward curves
are derived based on the quotes provided by New York Mercantile Exchange (&#8220;<b><i>NYMEX</i></b>&#8221;), Amerex Energy Services
(&#8220;<b><i>Amerex</i></b>&#8221;) and Tradition Energy (&#8220;<b><i>Tradition</i></b>&#8221;). The Company does not consider that
the pricing index used involves significant judgement on the part of management. Therefore, the Company classifies these commodity swap
contracts within Level 2 of the valuation hierarchy based on the observable market rates used to determine fair value.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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period in which it is incurred and when a reasonable estimate of fair value can be made. The Company estimates the fair value of asset
retirement obligations by calculating the estimated present value of the cost to retire the asset. This estimate requires assumptions
and judgments regarding the existence of liabilities, the amount and timing of cash outflows required to settle the liability, inflation
factors, credit adjusted discount rates, and consideration of changes in legal, regulatory, environmental, and political environments.
In addition, the Company determines the Level 3 fair value measurements based on historical information and current market conditions.
These assumptions represent Level 3 inputs, which can regularly change. As such, the fair value measurement of asset retirement obligations
is subject to changes in these unobservable inputs as of the measurement date. The Company used a discounted cash flow (&#8220;<b><i>DCF</i></b>&#8221;)
model in which cash outflows estimated to retire the asset are discounted to their present value using an expected discount rate. A significant
increase (decrease) in the discount rate in isolation could result in a significantly lower (higher) fair value measurement. The Company
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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with the arrangement. A synthetic credit rating model is utilized to estimate the Company&#8217;s credit rating based on the Company&#8217;s
financial condition and the Company&#8217;s forecasts and plans with respect to debt service, which is then used as input to perform
a comparable yield analysis with similarly rated companies to obtain an appropriate discount rate. Other significant inputs include the
principal amount, the stated coupon rate, the maturity date of the note and the conversion multiple, all of which are directly observable
from the contract. This estimate also requires assumptions and judgements regarding the probability and the timing of the event occurring
that would lead to automatic conversion. Certain significant assumptions used to determine the fair value of the convertible note represent
Level 3 inputs and can regularly change. As such, the fair value measurement of the convertible note is subject to changes in these unobservable
inputs as of the measurement date. A significant increase (decrease) in the discount rate in isolation could result in a significantly
lower (higher) fair value measurement. The Company estimated the fair value of the convertible note based on discount rates ranging from
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of changes in the fair values of the Company&#8217;s Level 3 instruments, attributable to asset retirement obligations, for the
six months ended June&#160;30, 2022 is included in Note 2, <i>Summary of Significant Accounting Policies</i>.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.
Related Parties</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
parties are represented by our Ultimate Parent and other affiliates, subsidiaries and other entities under common control with the Ultimate
Parent.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Capital
contributions and distribution from and to members</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the six months ended June&#160;30, 2022 and 2021, the Company received contributions from its Ultimate Parent of $0 and $7,522, respectively.
Additionally, the Company made distributions to its Ultimate Parent of $0 and $3,695 for the six months ended June&#160;30, 2022 and
2021, respectively.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sale
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 29, 2021, as part of an exchange agreement (&#8220;<b><i>Hillman exchange</i></b>&#8221;), the Company issued 14 newly authorized
common units and 300,000 Series A-1 preferred units to Hillman in return for Hillman&#8217;s non-controlling interest in four RNG project
subsidiaries for total consideration of $30,000. The Company recorded paid-in-kind preferred dividend of $1,207 for the six months ended
June&#160;30, 2022. Please see Note 13, <i>Redeemable Preferred Units and Equity,</i> for additional information.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Purchase
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In August 2021, the Company
acquired a 100% ownership interests in Reynolds RNG LLC (&#8220;<b><i>Reynolds</i></b>&#8221;), an RNG production facility for $12,020
which was funded with cash on hand. Reynolds held an equity investment of 1,570 Class B units in GREP BTB Holdings LLC (&#8220;<b><i>GREP</i></b>&#8221;)
representing 20% interest for a cash consideration of $1,570 which owns 50% of BioTown Biogas LLC (&#8220;<b><i>Biotown</i></b>&#8221;),
a power generation facility under development to convert to an RNG facility. The Reynolds transaction was an asset acquisition from an
affiliate under common control. The Company accounts for its 20% equity investment in GREP under the equity method. The Company recorded
a loss of $556 as its share of net loss for the six months ended June&#160;30, 2022 and reduced its investment in GREP as of June&#160;30,
2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity
commitment letters</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, the Ultimate Parent entered into two equity commitment agreements with third-party investors which established the amount of capital
contributions to be made by these investors in four RNG projects being developed by the Company in exchange for which the third-party
investor would acquire a specified ownership percentage in the RNG project. In conjunction with this, for the purpose of satisfying the
Engineering, Procurement, and Construction Agreements under which these RNG projects would be built, the Ultimate Parent issued four
equity commitment letters to the contractor hired to construct these RNG projects. As of June 30, 2022, the equity commitments for three
RNG facilities have been fulfilled and only one equity commitment letter is outstanding which is shown below:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 Commitment<br/>
 Letters</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 Under the<br/>
 Equity<br/>
 Commitment<br/>
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 Outstanding<br/>
 Yet to be<br/>
 Fulfilled</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales
contracts with Related Parties</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2020, TruStar, a wholly-owned subsidiary of the Company, contracted with Beacon to dispense Beacon&#8217;s RNG, generate and market
the resulting RINs created on behalf of Beacon. The term of this contract is September 1, 2020 through October 31, 2030. The Company
receives non-cash consideration in the form of RINs or LCFSs for providing these services and recognizes the RINs or LCFSs received as
inventory based on their estimated fair value at contract inception. During 2021, the Company acquired the remaining interests in Beacon.
Therefore, all environmental fees earned is eliminated in the condensed consolidated statements of operations for the six months ended
June&#160;30, 2022. During 2021, the Company accounted Beacon under equity method for the period between January 1, 2021 and April 30,
2021 and consolidated Beacon for the remaining part of the year. Therefore, all environmental fees earned after May 1, 2021 is eliminated
in the condensed consolidated statement of operations. For the period between January 1, 2021 and April 30, 2021, the company earned
environmental processing fees of $632, net of intersegment elimination.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2021, TruStar, a wholly-owned subsidiary of the Company, contracted with Noble Road to dispense Noble Road&#8217;s RNG, generate and
market the resulting RINs created on behalf of Noble Road The term of this contract is November 1, 2021 through June 30, 2032. The Company
receives non-cash consideration in the form of RINs or LCFSs for providing these services and recognizes the RINs or LCFSs received as
inventory based on their estimated fair value at contract inception. The facility came online in first quarter of 2022. For the six months
ended June&#160;30, 2022 and 2021, the Company earned environmental processing fees of $242 and $0, net of intersegment elimination,
under this agreement which are included in Fuel Station Services revenues in the condensed consolidated statements of operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Service
agreements with Related Parties</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2020, the Company signed a management, operations, and maintenance services agreement (&#8220;<b><i>Administrative services
agreement</i></b>&#8221;) with the Ultimate Parent, pursuant to which the Ultimate Parent provides management, operations, and maintenance
services to the Company. The agreement expires on December 31, 2023, unless the termination occurs earlier due to dissolution of the
Company or terminated by the Company&#8217;s secured lenders in certain circumstances. The agreement provides for payment of service
fees based on actual time incurred at contractually agreed rates provided for in the Administrative services agreement and a fixed annual
payment of $580,000 per year adjusted annually for inflation. Additionally, the agreement provides for the Company to receive credits
for any services provided by the Company&#8217;s employees to its Ultimate Parent. For the six months ended June&#160;30, 2022 and 2021,
there have been no material services by the Company&#8217;s employees to its Ultimate Parent.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2021, the company entered into an management services agreement with Costar Partners LLC (&#8220;<b><i>Costar</i></b>&#8221;), an
affiliate of the Ultimate Parent. As per the agreement, Costar provides information technology (&#8220;<b><i>IT&#8217;</i></b>) support
services, software use, licensing services, management of third party infrastructure and security services and additional IT services
as needed by the Company. The agreement provides for Costar to be compensated based on actual costs incurred and licensing fees per user
for certain software applications. The agreement expires in June 2024 unless the termination occurs earlier due to dissolution of the
Company or terminated by the Company&#8217;s secured lenders in certain circumstances.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes
the various fees recorded under the agreements described above which are included in &#8220;Selling, general, and administrative&#8221;
expenses except for $1,516 which was recorded as part of &#8220;Deferred financing costs&#8221; as of June&#160;30, 2022:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of June&#160;30, 2022
and December 31, 2021, the Company had Accounts payable, related party in the amounts of $1,141 and $166, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><b>11. Reportable
Segments and Geographic Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is organized
into four operating segments based on the characteristics of its renewable power generation, dispensing portfolio, and the nature of other
products and services. During the second quarter of 2022, the Company changed its internal reporting to its Chief Operating Decision Makers.
We aligned our reportable segments disclosure to align with the information and internal reporting that is provided to our Chief Operating
Decision Makers. Therefore, the Company reassessed its reportable segments and revised all the prior periods to make the segment disclosures
comparable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><b>Renewable Power Portfolio. </b>The Renewable Power 3 (&#8220;<b><i>RP3</i></b>&#8221;) portfolio generates
renewable power through methane-rich landfills and digester gas collection systems primarily located in Southern California. RP3 sells
renewable power to public utilities throughout the United States. The Renewable Power 4 (&#8220;<b><i>RP4</i></b>&#8221;) portfolio generates
renewable power through methane-rich landfills and digester gas collection systems. RP4 sells renewable power to public utilities throughout
the United States.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify; text-indent: -9pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><b>RNG Fuel. </b>This division relates to all RNG supply and dispensing related activities directly related
to the generation and sale of brown gas and environmental credits.</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9702;</td><td style="text-align: justify">Development and construction &#8211; RNG facilities in which long term gas right contracts have been or
in the process of being ratified and the building of RNG generation facilities.</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9702;</td><td style="text-align: justify">RNG supply operating facilities &#8211; This includes the generation, extraction, and sale of RNG - (plus
associated RINs and LCFSs from landfills (includes Beacon, Emerald, Reynolds, Sapphire, Noble Road, Central Valley New River, and Pine
Bend) and dairy farms (Sunoma).</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9702;</td><td style="text-align: justify">RNG and CNG fuel dispensing stations for vehicle fleets - This includes both dispensing/sale of brown
gas and the environmental credit generation and monetization. This company operates fueling stations that dispense gas into transportation
vehicles. Also includes the development and construction of these facilities.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The RNG Fuel portfolio consists
of the Company&#8217;s interests in Beacon, Noble Road, Pine Bend, New River, Central Valley, Emerald, Reynolds, Sapphire, and Sunoma.
For the six months ended June&#160;30, 2022, the Company has accounted for its interests in Pine Bend, Reynolds and Noble Road under the
equity method of accounting and the results of operations of Beacon, New River, Central Valley, Emerald, Sapphire, and Sunoma were consolidated
in its condensed consolidated statement of operations. The Company has accounted for its interest in Beacon under the equity method of
accounting for the period between January 1, 2021 and April 30, 2021 and had consolidated for the period May 1, 2021 and June 30, 2021.
The results of operations of Noble Road, Pine Bend and Sunoma for the period between January 1, 2021 and June 30, 2021 were consolidated
in its condensed consolidated statement of operations. As of June 30, 2022, Pine Bend, Central Valley, Emerald, and Sapphire are not operational.
Sunoma became operational in December 2021, Noble Road in January 2022 and New river in April 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 9pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify"><b>Fuel Station Services. </b>The Company also provides maintenance services to third-party owners of
vehicle fueling stations. It includes</td></tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in">&#9702;</td><td style="text-align: justify">Service and maintenance contracts for RNG/CNG fueling sites across the US. Includes a manufacturing division
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -9pt">&#160;</p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company determined that
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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June 30,</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">202</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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June 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in">(2)</td><td style="text-align: justify">The Net Income for Corporate segment for the six months ended June 30, 2021, includes certain payroll
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in">(1)</td><td style="text-align: justify">Other includes total assets associated with Fortistar Contracting LLC as the Company does not maintain
segment-level records for these balances.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Geographic Information: The
Company&#8217;s assets and revenue generating activities are domiciled in the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><b>12. Variable Interest
Entities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We determine whether we are
the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a
VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances
for each VIE and requires judgment. Our considerations in determining the VIE&#8217;s most significant activities and whether we have
power to direct those activities include, but are not limited to, the VIE&#8217;s purpose and design and the risks passed through to investors,
the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE&#8217;s initial design,
and the existence of explicit or implicit financial guarantees. If we are the party with the power over the most significant activities,
we meet the &#8220;power&#8221; criteria of the primary beneficiary. If we do not have the power over the most significant activities
or we determine that all significant decisions require consent of a third-party, we do not meet the &#8220;power&#8221; criteria of the
primary beneficiary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 209 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We assess our variable interests
in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits
from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the
VIE requires judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the
variable interests, the design and characteristics of the VIE, our involvement in the VIE, and our market-making activities related to
the variable interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of June&#160;30, 2022
and December 31, 2021, the Company held equity interests in five VIEs &#8212; Sunoma, GREP, Emerald, Sapphire, and Central Valley.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">GREP has been presented as
an equity method investment and the remaining four VIEs Sunoma, Emerald, Sapphire, and Central Valley are consolidated by the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In 2020, the Company acquired
a variable interest in Sunoma in a joint venture with a third-party who does not have any equity at risk but participates in proportionate
share of income or losses, which may be significant. Additionally, the assets in Sunoma are collateralized under the Sunoma loan, the
proceeds of which are used for partial financing of the construction of the facility. Therefore, the significant assets and liabilities
of Sunoma are parenthesized in the condensed consolidated balance sheets as of June&#160;30, 2022 and December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company determined that
each of these entities are VIEs and in its capacity as a managing member except for Emerald and Sapphire, the Company is the primary beneficiary.
The Company is deemed as a primary beneficiary based on two conditions</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The Company, as a managing member, has the power to order the activities that significantly impact the
economic performance of the four entities including establishment of strategic, operating, and capital decisions for each of these entities;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The Company has the obligation to absorb the potential losses for the right to receive potential benefits,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a primary beneficiary,
the Company consolidates these entities in accordance with the variable interest entity model guidance under ASC 810, <i>Consolidation</i>.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The VIEs, Emerald and Sapphire
are organized as 50/50 joint ventures managed by an independent board consisting of four members appointed by the Company and the joint
venture partner. The board of managers has sole power and authority to conduct, direct and exercise control over the joint venture&#8217;s
activities except with respect to certain terms under certain operating agreements. The Company determined that it is the primary beneficiary
as a result of its economic exposure and incremental power to direct certain key economic activities of the joint venture and therefore
consolidated the VIEs in its condensed consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our variable interests in
each of our VIEs arise primarily from our ownership of membership interests, construction commitments, our provision of operating and
maintenance services, and our provision of environmental credit processing services to VIEs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes
the major condensed consolidated balance sheet items for consolidated VIEs as of June&#160;30, 2022 and December&#160;31, 2021. The VIE
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with the VIEs, such as:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">All of the VIEs are RNG facilities and they are reported under the RNG Fuel Supply segment;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">The nature of our interest in these entities is primarily equity based and therefore carry similar risk
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The amount of assets that
can only be used to settle obligations of the VIEs are parenthesized in the condensed consolidated balance sheets and are included in
the asset totals listed in the table below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">939</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,722</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,418</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">756</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,469</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,227</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0in; text-align: justify">Equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">24,412</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,692</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">17,638</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,188</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">42,050</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,880</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">62,277</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">31,101</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>13. Redeemable Preferred Units and Equity</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November 29, 2021, as
part of an exchange agreement (&#8220;<b><i>Hillman exchange</i></b>&#8221;), the Company issued the 14 newly authorized common units
and 300,000 <span style="font-family: Times New Roman, Times, Serif">Series A-1 preferred units</span> to Hillman in return for Hillman&#8217;s
non-controlling interest in four RNG project subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November 29, 2021, Mendocino
Capital LLC (&#8220;<b><i>NextEra</i></b>&#8221;) subscribed for up to 1,000,000 Series A preferred units, which are issuable (in whole
or in increments) at the Company&#8217;s discretion prior to June 30, 2022. As of June&#160;30, 2022, the Company issued 1,000,000 units
for total proceeds of $100,000. The Company incurred issuance costs of $267 in third-party legal fees in the fourth quarter of 2021, which
was presented as Deferred financing costs in the condensed consolidated balance sheet as of December 31, 2021. The Company has elected
to adjust the carrying value of the preferred units to the redemption value at the end of each reporting period by immediately amortizing
the issuance costs in the first reporting period after issuance of the preferred units. Therefore, the Company amortized the $267 to Retained
earnings component of Members&#8217; equity as of June&#160;30, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes
the changes in the redeemable preferred units from December&#160;31, 2021 to June&#160;30, 2022:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Series A-1 Preferred Units</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Series A Preferred Units</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; font-weight: bold; text-align: justify">Balance, December 31, 2021</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">300,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">30,210</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Series A units issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">100,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Paid-in kind dividends on issued and outstanding units</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,207</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,228</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">300,000</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">31,417</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">1,000,000</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">101,228</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>14. Net (Loss) Income Per Unit</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Basic loss per unit attributable
to members of OPAL Fuels LLC for the six months ended June&#160;30, 2022 and 2021 is computed by dividing the net loss attributable to
OPAL Fuels LLC by the weighted-average number of common units outstanding during the period. Diluted net loss for the six months ended
June&#160;30, 2022 and 2021 does not include 1,000,000 Series A redeemable preferred units and 300,000 Series A-1 redeemable preferred
units because the substantive contingency for conversion has not been met as of June&#160;30, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Six Months Ended</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>June 30,</b></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: justify">Net (loss) income attributable to OPAL Fuels LLC</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(6,745</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">18,375</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Weighted average units - Basic</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">986</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,000</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">986</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify">Basic net (loss) income per unit</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(6,745</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">18,636</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Diluted (net loss) income per unit</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(6,745</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">18,636</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><b>15. Commitments
and Contingencies</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Letters of Credit</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of June&#160;30, 2022
and December&#160;31, 2021, the Company was required to maintain eight standby letters of credit totaling $9,348 and $9,023, respectively,
to support obligations of Company subsidiaries. These letters of credit were issued in favor of a lender, utilities, a governmental agency,
and an independent system operator under PPA electrical interconnection agreements, and in place of a debt service reserve. There have
been no draws to date on these letters of credit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Purchase Options</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has two contracts
with customers to provide CNG for periods of seven and ten years, respectively. The customers have an option to terminate the contracts
and purchase the Company&#8217;s CNG fueling station at the customers&#8217; sites for a fixed amount that declines annually.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In July 2015, the Company
entered into a 10-year fuel sales agreement with a customer that included the construction of a CNG fueling station owned and managed
by the Company on the customer&#8217;s premises. At the end of the contract term, the customer has an option to purchase the CNG fueling
station for a fixed amount. The cost of the CNG fueling station was recorded to Property, plant, and equipment and is being depreciated
over the contract term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Legal Matters</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is engaged in
a dispute with a municipality relating to the proceeds from a Section 1603 Treasury grant. The municipality has filed a claim for one-half
of the proceeds, plus interest. While it is not possible to determine the outcome at this time, the Company could be liable for an amount
ranging from $0 to $1,500 in this proceeding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On June 26, 2020, Richmond
Energy LLC (&#8220;<b><i>Richmond</i></b>&#8221;) declared a Force Majeure event under its PPA with Old Dominion Electric Cooperative
(&#8220;<b><i>ODEC</i></b>&#8221;), dated as of November 3, 2010. The Force Majeure declaration stated that inspections of its Old Dominion
landfill gas-to-electric facility (the &#8220;<b><i>OD Facility</i></b>&#8221;) under a scheduled maintenance outage revealed extensive
damage to the engine generator sets. Richmond is currently undertaking significant capital expenditures, in cooperation with the landfill
owner, to prepare the OD Facility to restart during calendar year 2022. On January 7, 2022, Richmond received an invoice and associated
correspondence from ODEC asserting aggregated liquidated damages under the PPA for calendar years 2020 and 2021, reflecting the cover
value of renewable energy certificates that would have been generated in those years, in the amount of $467. Richmond and ODEC entered
into a settlement agreement whereby Richmond would pay ODEC the specified damages for calendar years 2020 and 2021, as well as those to
be assessed for calendar year 2022 (&#8220;<b><i>Settlement Agreement</i></b>&#8221;). On February 8, 2022, Richmond paid ODEC $467 pursuant
to the Settlement Agreement; liquidated damages for calendar year 2022, if any, will be assessed by ODEC during the first quarter of 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is also involved
in various claims arising in the normal course of business. Management believes that the outcome of these claims will not have a material
adverse effect on the Company&#8217;s financial position, results of operations or cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><b>16. Subsequent
Events</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As previously announced,
ArcLight Clean Transition Corp. II (&#8220;<b><i>ArcLight</i></b>&#8221; and, after the Domestication as described below, (&#8220;<b><i>OPAL</i></b>&#8221;),
a Cayman Islands exempted company, entered into that certain Business Combination Agreement, dated December 2, 2021 (the &#8220;Business
Combination Agreement&#8221;), by and among ArcLight, Opal Holdco LLC (&#8220;<b><i>OPAL Holdco</i></b>&#8221;), and OPAL Fuels LLC, a
Delaware limited liability company (&#8220;<b><i>Opco</i></b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On July 21, 2022 (the &#8220;<b><i>Domestication
Date</i></b>&#8221;), Arclight completed the Business Combination as contemplated by the Business Combination Agreement. In connection
therewith, ArcLight filed a notice of deregistration with the Cayman Islands Registrar of Companies, together with the necessary accompanying
documents, and filed a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State
of Delaware, under which ArcLight was domesticated and continued as a Delaware corporation (the &#8220;<b><i>Domestication</i></b>&#8221;).
Pursuant to the Domestication, (i) each outstanding Class B ordinary share, par value $0.0001 per share (the &#8220;<b><i>Class B ordinary
shares</i></b>&#8221;), of ArcLight was automatically converted, on a one-for-one basis, into a Class A ordinary share, par value $0.0001
per share (the &#8220;<b><i>Class A ordinary shares</i></b>&#8221;), of ArcLight; (ii) each issued and outstanding Class A ordinary share
(including Class A ordinary shares resulting from the conversion of Class B ordinary shares into Class A ordinary shares) was automatically
converted, on a one-for-one basis, into a share of Class A common stock, par value $0.0001 per share (the &#8220;<b><i>Class A common
stock</i></b>&#8221;); (iii) each issued and outstanding whole warrant to purchase Class A ordinary shares of ArcLight automatically converted
into a warrant to acquire one share of Class A common stock at an exercise price of $11.50 per share (each an &#8220;<b><i>OPAL warrant</i></b>&#8221;);
and (iv) each issued and outstanding unit of ArcLight that had not been previously separated into the underlying Class A ordinary shares
of ArcLight and the underlying warrants of ArcLight upon the request of the holder thereof prior to the Domestication was cancelled and
entitled the holder thereof to one share of Class A common stock and one-fifth of one OPAL warrant.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On July 21, 2022 (the &#8220;<b><i>Closing
Date</i></b>&#8221;), as contemplated by the Business Combination Agreement:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 27pt">&#9679;</td><td style="text-align: justify">Opco and its existing members caused Opco&#8217;s existing limited liability company agreement to be amended
and restated and in connection therewith, all of the common units of Opco issued and outstanding immediately prior to the closing were
re-classified into 144,399,037 Class B common units of Opco (collectively, the &#8220;<b><i>Opco Common Units</i></b>&#8221;);</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 27pt">&#9679;</td><td style="text-align: justify">OPAL contributed to Opco $123,363 (representing (x) the amount of cash in the trust account established
by ArcLight with the proceeds from its initial public offering as of immediately prior to the Closing, after giving effect to the exercise
of redemption rights by any ArcLight shareholders and the set aside of funds in escrow to support a forward purchase agreement (described
further below), plus (y) the aggregate cash proceeds received in respect of the PIPE Investment (as defined below);</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 27pt">&#9679;</td><td style="text-align: justify">OPAL contributed to Opco, and Opco in turn distributed to pre-closing members of Opco, 144,399,037 shares
of Class D common stock, par value $0.0001 per share, of OPAL (the &#8220;<b><i>Class D common stock</i></b>&#8221;) (such shares of Class
D common stock do not have any economic value but entitle the holder thereof to five votes per share) with the number of such shares of
Class D common stock equal to the number of Opco Common Units held by each pre-closing member of Opco;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 27pt">&#9679;</td><td style="text-align: justify">OPAL issued directly to ARCC Beacon LLC, a Delaware limited liability company (&#8220;<b><i>Ares</i></b>&#8221;),
3,059,533 shares of Class A common stock; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 27pt">&#9679;</td><td style="text-align: justify">Opco issued to OPAL 25,171,390 Class A Units of Opco (the foregoing transactions being referred to as
the &#8220;<b><i>Business Combination</i></b>&#8221;).</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, pursuant to
subscription agreements entered into with certain investors (the &#8220;<b><i>PIPE Investors</i></b>&#8221;) in connection with the Business
Combination (the &#8220;<b><i>PIPE Investment</i></b>&#8221;), concurrently with the closing of the Business Combination (the &#8220;<b><i>Closing</i></b>&#8221;),
OPAL received $105,806 in proceeds from the PIPE Investors, in exchange for which it issued 10,580,600 shares of Class A common stock
to the PIPE Investors. OPAL received the remaining $5,000 subscribed for pursuant to the PIPE Investment from one of the PIPE Investors
subsequent to the Closing and issued 500,000 shares of Class A common stock.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Holders of 27,364,124 Class
A ordinary shares sold in ArcLight&#8217;s initial public offering (the &#8220;public shares&#8221;) properly exercised their right to
have their public shares redeemed for a full pro rata portion of the trust account holding the proceeds from ArcLight&#8217;s initial
public offering, calculated as of two business days prior to the Closing, which was approximately $10.00 per share, or $274,187 in the
aggregate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to a forward share
purchase agreement (the &#8220;<b><i>Forward Purchase Agreement</i></b>&#8221;) entered into between ArcLight and Meteora Capital Partners
and its affiliates (collectively, &#8220;<b><i>Meteora</i></b>&#8221;), prior to the closing of the Business Combination Meteora purchased
2,000,000 Class A ordinary shares of ArcLight from shareholders which had previously tendered such shares for redemption but agreed to
reverse their redemption and sell such shares to Meteora at the redemption price, resulting in Meteora holding a total of 2,000,000 Class
A ordinary shares, which Meteora agreed not to redeem in connection with the Business Combination. Additionally, ArcLight placed $20,040
in escrow at the closing of the Business Combination to secure its purchase obligations to Meteora under the Forward Purchase Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">After giving effect to the
Business Combination, the redemption of public shares as described above, the consummation of the PIPE Investment, and the separation
of the former ArcLight units, there are currently (i) 25,171,390 shares of Class A common stock issued and outstanding, (ii) 144,399,037
shares of Class D common stock issued and outstanding, (iii) no shares of Class B common stock, par value $0.0001 per share, of OPAL (&#8220;<b><i>Class
B common stock</i></b>&#8221;) issued and outstanding (shares of Class B common stock do not have any economic value but entitle the holder
thereof to one vote per share) and (iv) no shares of Class C common stock, par value $0.0001 per share, of OPAL (&#8220;<b><i>Class C
common stock</i></b>&#8221;) issued and outstanding (shares of Class C common stock entitle the holder thereof to five votes per share).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Class A common stock
and OPAL warrants commenced trading on Nasdaq under the symbols &#8220;OPAL&#8221; and &#8220;OPALW,&#8221; respectively, on July 22,
2022, subject to ongoing review of OPAL&#8217;s satisfaction of all listing criteria following the Business Combination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As noted above, an aggregate
of $274,187 was paid from the trust account to holders that properly exercised their right to have their public shares redeemed, and the
remaining balance immediately prior to the Closing of $37,597 remained in the trust account. The remaining amount in the trust account,
together with the proceeds from the PIPE Investment, were contributed by OPAL to Opco after the set aside of funds in escrow to support
the Forward Purchase Agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On July 19, 2022, Sunoma
completed the conversion of the construction loan into a permanent loan and increased the commitment from $20,000 to $23,000.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On July 15, 2022, the Company
received a redemption notice from Biotown for the Note receivable and the Company subsequently received $11,555 including the prepayment
penalty of $546 and accrued interest.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On August 4, 2022, OPAL Fuels
Intermediate Holdco 2 LLC (&#8220;<b><i>OPAL Intermediate Holdco 2</i></b>&#8221;), a wholly-owned subsidiary of the Company, as borrower,
together with its direct and indirect subsidiaries, as guarantors, entered into a new senior secured credit facility (the &#8220;<b><i>Credit
Agreement</i></b>&#8221;) with Bank of Montreal, as the administration agent, Wilmington Trust, as collateral and depositary agent, and
the other lenders a party thereto. The Credit Agreement provides for an approximately two year delayed term loan facility (the &#8220;DDTL
Facility&#8221;) of up to a maximum aggregate principal amount of $100.0 million and Debt Service Reserve facility (the &#8220;<b><i>DSR
Facility</i></b>&#8221;) of up to a maximum aggregate principal amount of $5.0 million. The proceeds of the DDTL Facility are to be used
to fund a portion of the construction of the RNG projects owned, either in full or through a joint venture with a third party, by the
subsidiary guarantors and the proceeds of the DSR Facility are to be used solely to satisfy the balance to be maintained in the debt service
reserve account.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The outstanding borrowings
under the Credit Agreement bear interest at the benchmark rate of adjusted Term SOFR plus (i) for the period from closing to the earlier
of the date of conversion of the construction loan to a term loan (the &#8220;<b><i>Conversion Date</i></b>&#8221;) or September 30, 2024,
a spread of 3.5%, and (ii) thereafter a spread of 3.75%. Accrued interest on amounts outstanding under the DDTL Facility must be paid
on the last day of each applicable interest period. The outstanding principal amount of the DDTL Facility is subject to quarterly amortization
payments commencing September 30, 2024 equal to 2.5% of the aggregate principal amount of the outstanding term loan balance as of the
Conversion Date, subject to adjustment based on certain mandatory prepayments, with the balance due at maturity. The DSR Facility is due
at maturity. The Credit Agreement matures on August 4, 2027.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"></p><div>

</div><div><a id="h_001"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Report
of Independent Registered Public Accounting Firm</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
and Board of Directors<br/>
OPAL Fuels LLC<br/>
White Plains, NY</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Consolidated Financial Statements</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of OPAL Fuels LLC (the &#8220;Company&#8221;) as of December 31, 2021 and 2020,
the related consolidated statements of operations, changes in members&#8217;(deficit) equity, and cash flows for each of the three years
in the period ended December 31, 2021, and the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;).
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
at December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December
31, 2021, in conformity with accounting principles generally accepted in the United States of America.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restatement
of 2020 and 2019 Consolidated Financial Statements</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed in Note 2 to the consolidated financial statements, the accompanying consolidated financial statements as of December 31, 2020
and for each of the two years in the period ended December 31, 2020 have been restated to correct a misstatement.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
Parties</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed in Note 10 &#8220;Related Parties&#8221; to the consolidated financial statements, OPAL Fuels LLC and its subsidiaries have
entered into significant transactions with Fortistar, LLC, which is a related party. Our opinion is not modified with respect to this
matter.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have,
nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain
an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of
the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
BDO USA, LLP</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2016.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stamford,
CT</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
15, 2022</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="h_002"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
CONSOLIDATED BALANCE SHEETS<br/>
(in thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding: 0 0 1.5pt; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding: 0 0 1.5pt; font-weight: bold; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; padding-top: 0; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="padding: 0 0 1.5pt; font-weight: bold; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0 0 1.5pt; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding: 0 0 1.5pt; font-weight: bold; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; padding-top: 0; padding-right: 0; padding-left: 0; font-weight: bold; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding: 0 0 1.5pt; font-weight: bold; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding: 0 0 1.5pt; font-weight: bold; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding: 0; font-weight: bold; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="padding: 0; font-weight: bold; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Restated)<sup>(1)</sup></b></span></td><td style="padding: 0; font-weight: bold; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0; font-weight: bold; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    assets:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    and cash equivalents (includes $1,991 and $5,088 at December&#160;31, 2021 and December&#160;31, 2020, respectively, related to consolidated
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39,314</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,823</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    receivable, net (includes $40 and $&#8211;&#160;at December&#160;31, 2021 and December&#160;31, 2020, respectively, related to consolidated
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,391</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,002</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,393</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,276</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    assets</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,484</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,524</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86,975</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,205</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,025</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,014</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    plant, and equipment, net (includes $27,359 and $18,834 at December&#160;31, 2021 and December&#160;31, 2020, respectively, related
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">169,770</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79,492</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,573</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    financing costs</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,370</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">489</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible
    assets, net</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,861</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,437</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
    financial asset, non-current portion</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">719</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
    cash (includes $1,163 and $2,199 at December&#160;31, 2021 and December&#160;31, 2020, respectively, related to consolidated VIEs)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,740</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,565</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,453</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities,
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    liabilities:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,579</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,945</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,220</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,323</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,785</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,678</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability
    under power sales agreement, current portion</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">260</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73,145</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,900</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    secured credit facility&#160;&#8211;&#160;working capital facility, current portion</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,182</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPAL
    term loan,&#160;current portion</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,425</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
CONSOLIDATED BALANCE SHEETS &#8212;&#160;(Continued)<br/>
(in thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Restated)<sup>(1)</sup></b></span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; width: 76%; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sunoma
    loan,&#160;current portion (includes $756 and $&#8212; at December&#160;31, 2021 and December&#160;31, 2020, respectively, related
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">756</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Municipality
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">194</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">992</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,689</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">374</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">348</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42,862</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,537</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TruStar
    revolver credit facility</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72,256</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    secured credit facility&#160;&#8211;&#160;working capital facility</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPAL
    term loan</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59,090</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
    note payable</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58,710</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Municipality
    loan</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">278</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sunoma
    loan, net of debt issuance costs (includes $16,199 and $470 at December&#160;31, 2021 and December&#160;31, 2020, respectively, related
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,199</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">470</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    long-term liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,781</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
    financial liability, non-current portion</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,096</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.5in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">285,887</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">138,999</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commitments
    and contingencies (Note&#160;20)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redeemable
    preferred units:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series
    A-1 preferred units, subject to redemption, $100 par value, 600,000 and 0 units authorized, and 300,000 and 0 units issued and outstanding
    at December 31, 2021 and 2020, respectively</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,210</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series
    A preferred units, subject to redemption, $100 par value, 2,000,000 and 0 units authorized, and 0 and 0 units issued and outstanding
    at December 31, 2021 and 2020, respectively, $100,000 subscription for units unissued</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Members&#8217;
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    units, without par value, 1,000 and 986 units authorized, and 1,000 and 986 units issued and outstanding at December 31, 2021 and
    2020, respectively</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47,592</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49,170</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained
    earnings (accumulated deficit)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,967</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25,396</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63,559</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,774</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling
    interest in subsidiaries</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,188</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,685</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    members&#8217; equity</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64,747</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,459</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.375in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities, redeemable preferred units and members&#8217; equity</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">380,844</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">169,458</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">____________</span></td><td style="text-align: justify"></td></tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            described in Note 2, <i>Restatement of financial statements</i> to these consolidated financial
                                            statements, we have restated the consolidated financial statements for the year ended December
                                            31, 2020 and 2019.</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div><a id="h_003"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
                                            FUELS LLC<br/>
                                            CONSOLIDATED STATEMENTS OF OPERATIONS<br/>
                                            (In thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal
    Years Ended <br/> December 31,</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Restated)<sup>(1)</sup></b></span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Restated)<sup>(1)</sup></b></span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; width: 64%; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RNG
    fuel</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70,360</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,545</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,977</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renewable
    power</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45,324</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,250</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,682</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuel
    station service</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,440</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54,911</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,043</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    revenues, net</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">166,124</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">117,706</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">119,702</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    expenses:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,474</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,653</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,338</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,031</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,689</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
    on termination of PPA</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,292</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    on sale/disposal of assets</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">165</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,051</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    expenses</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">135,542</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114,747</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    income (loss)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,026</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17,836</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,955</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    income (expenses):</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,467</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,655</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,026</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Realized
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,197</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,691</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,818</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(487</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25,371</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,249</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paid-in-kind
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(804</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    income (loss) attributable to OPAL Fuels LLC</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,363</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,249</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted average
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic<sup>(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">987</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">986</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">986</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted<sup>(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">987</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">986</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">986</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per unit amounts:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,908</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25,718</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,324</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Diluted</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,908</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25,718</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,324</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">____________</span></td><td style="text-align: justify"></td></tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            described in Note&#160;2 <i>Restatement of Financial Statements</i> to these consolidated
                                            financial statements, we have restated the consolidated financial statements for the&#160;years
                                            ended December&#160;31, 2020 and 2019.</span></td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            described in Note&#160;1 <i>Description of Business</i> to these consolidated financial statements,
                                            the Company amended its limited liability agreement on November&#160;29, 2021 to convert
                                            its outstanding membership interests into 986&#160;units. The Earnings per unit have been
                                            presented retrospectively for all periods presented.</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="h_004"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED UNITS AND MEMBERS&#8217; EQUITY (DEFICIT)<br/>
(In thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Series&#160;A-1
    <br/> Preferred Units</span></td><td style="border-right: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">Common
    Units</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Retained</b></span><br/>
Earnings</td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Total</b></span><br/>
Members&#8217;</td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Non-</td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Number&#160;of <br/> Units</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number&#160;of <br/> Units<sup>(1)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
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    Equity</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>(Accumulated<br/> deficit)</b></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><b>Equity<br/> (deficit)</b></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b><br/>
    controlling<br/> interest</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Total<br/>
    Equity</b></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif">Balance, December&#160;31, 2018</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-right: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 18%; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">As
    previously reported</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 8%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">986</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7,418</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,285</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 7%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,285</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments<sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,078</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,078</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,078</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">As restated</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">986</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(7,418</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,207</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,207</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    loss<sup>(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,249</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,249</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(5,249</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Contributions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,057</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,057</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,057</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Distribution
    to members</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(404</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(404</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(404</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Stock-based
    compensation</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">315</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">315</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">315</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Balance,
    December&#160;31, 2019</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">986</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,550</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(38</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,512</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,512</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    loss<sup>(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(25,358</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(25,358</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(13</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(25,371</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
    non-controlling interests<sup>(2)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,834</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,834</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,698</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,532</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Contributions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,128</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,128</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,128</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Distributions
    to members</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(852</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(852</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(852</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Stock-based
    compensation</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">510</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">510</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">510</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Assignment
    of related party loan and line of credit</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,000</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Balance,
    December&#160;31, 2020</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">986</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">49,170</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(25,396</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">23,774</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,685</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,459</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Net
    income (loss)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">41,573</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">41,573</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(804</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">40,769</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Initial
    non-controlling interests</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(715</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(715</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">38,939</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">38,224</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Contributions
    from non-controlling interests</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,873</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">3,873</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">17,292</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">21,165</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Series&#160;A-1
    redeemable preferred units and common units issued in exchange for non-controlling interests<sup>(4)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">300,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,000</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">14</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(87</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(87</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(29,913</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(30,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Acquisition
    of non-controlling interest</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(9,124</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(9,124</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(332</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(9,456</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Contributions</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,531</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,531</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">7,531</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Distributions
    to members</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,695</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,695</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(3,695</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Stock-based
    compensation</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">639</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">639</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">639</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deconsolidation
    of entities<sup>(3)</sup></span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="border-right: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(30,679</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif">(30,679</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paid-in-kind
    preferred dividends<sup>(4)</sup></span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">210</span></td><td style="border-right: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(210</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(210</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(210</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -0.125in; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif">Balance,
    December&#160;31, 2021</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">300,000</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">30,210</span></td><td style="border-right: Black 1.5pt solid; padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,000</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">47,592</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">15,967</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">63,559</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,188</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">64,747</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            described in Note&#160;1, <i>Description of Business</i> to these consolidated financial
                                            statements, the Company amended its limited liability agreement on November&#160;29, 2021
                                            to convert its outstanding membership interests into 986&#160;units. The earnings (deficit)
                                            per unit have been presented retrospectively for all periods presented.</span></td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            described in Note&#160;2, <i>Restatement of Financial Statements,</i> to these consolidated
                                            financial statements, we have restated the consolidated financial statements for the&#160;years
                                            ended December&#160;31, 2020 and 2019.</span></td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            of December&#160;31, 2021, two of our RNG facilities, Pine Bend and Noble Road (defined below)
                                            were deconsolidated and accounted for under equity method as per ASC&#160;323. Please refer
                                            to Note&#160;6, Investment in <i>Other Entities</i> and Note&#160;17, Variable Interest Entities
                                            for additional information.</span></td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            November&#160;29, 2021, the Company issued 300,000 redeemable preferred units to Hillman
                                            RNG Investments LLC (&#8220;Hillman&#8221;) in exchange for its contributions as non-controlling
                                            interests in four RNG facilities. Please see Note&#160;1, <i>Description of Business </i>for
                                            additional information.</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><div><a id="h_005"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
CONSOLIDATED STATEMENTS OF CASH FLOWS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding: 0 0 0 0.125in; text-align: center; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0 0 0 0.125in; text-align: center; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0 0 0 0.125in; text-align: center; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Restated)<sup>(1)</sup></b></span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Restated)<sup>(1)</sup></b></span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0 0 0 0.125in; font-weight: bold; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    flows from operations:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; width: 64%; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    income (loss)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,769</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25,371</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,249</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments
    to reconcile Net income (loss) to net cash provided by operating activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Income)
    loss from equity method investments</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,268</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">475</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">487</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Recovery)
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(600</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">600</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(30</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,078</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,150</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,854</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    of deferred financing costs</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,085</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">877</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">820</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    of PPA liability</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(260</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(295</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(294</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
    expense related to asset retirement obligations</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">575</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">188</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">177</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock-based
    compensation</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">639</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">510</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">315</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paid-in-kind
    interest income</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(406</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paid-in-kind
    interest expense</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unrealized
    (gain) loss on derivative financial instruments</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(645</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,226</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,249</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
    on acquisition of equity method investment</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19,818</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15,025</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Write-off
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">165</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,052</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    on PPP loan forgiveness</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Noncash
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
    in operating assets and liabilities:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    receivable</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,944</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,169</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,651</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuel
    tax credits receivable</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(117</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,642</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,917</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
    spares</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">155</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">197</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parts
    inventory</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(899</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(513</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(702</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
    credits held for sale</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">159</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(545</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
    expense and other current assets</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,928</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(896</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
    assets</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,960</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">548</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(350</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,559</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">744</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,160</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable, related party</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,413</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,207</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(505</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuel
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(712</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,686</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,287</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; font-weight: bold; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(89,646</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24,940</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,469</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
    of intellectual property</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
    of capital spares</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(50</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(128</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    paid for investment in other entity</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,570</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27,791</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,450</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table><div>


</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 221 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
CONSOLIDATED STATEMENTS OF CASH FLOWS &#8212;&#160;(Continued)<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding: 0 0 0 0.125in; text-align: center; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0 0 0 0.125in; text-align: center; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; width: 64%; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deconsolidation
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from termination of PPA</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from disposal of plant and equipment</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
    received from equity method investment</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,695</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">852</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">404</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(117,204</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; font-weight: bold; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    flows from financing activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from line of credit</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,200</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(500</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,200</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,679</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">674</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financing
    costs paid to other third parties</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,607</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(221</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,901</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,106</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7,906</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
    of Senior secured facility&#160;&#8211;&#160;working capital facility</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,182</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
    of Municipality loan</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(194</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(194</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(194</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment
    of Trustar revolver facility</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from PPP loan</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,792</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquisition
    of non-controlling interest</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from sale of non-controlling interest</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,579</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,532</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contributions
    from non-controlling interest</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,804</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    from sale of non-controlling interest, related party</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,639</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contributions
    from non-controlling interest, related party</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,361</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
    to member</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,695</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(852</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(404</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contributions
    from member</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,531</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,128</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,057</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash provided by financing activities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,561</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(857</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash,
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  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash,
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; font-weight: bold; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplemental
    disclosure of cash flow information:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,339</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,243</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,622</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; font-weight: bold; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Noncash
    investing and financing activities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,456</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paid-in-kind
    dividend on redeemable preferred units</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">210</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
    of notes payable related to business acquisition, excluding paid-in-kind interest</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,410</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrual
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,205</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrual
    for deferred financing costs included in Accrued expenses and other current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,379</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assignment
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">____________</span></td><td style="text-align: justify"></td></tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            described in Note&#160;2, <i>Restatement of financial statements</i> to these consolidated
                                            financial statements, we have restated the consolidated financial statements for the&#160;years
                                            ended December&#160;31, 2020 and 2019.</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><div><a id="h_006"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
Description of Business</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPAL
Fuels LLC (including its subsidiaries, (the <b>&#8220;Company&#8221;</b>) is engaged in the business of producing and distributing renewable
natural gas (<b>&#8220;RNG&#8221;</b>) to power transportation throughout the United&#160;States. The Company owns RNG production facilities
that are in operation, under construction, and in late-stage development. OPAL Fuels LLC also constructs, owns and services fueling stations
that dispense RNG and compressed natural gas (<b>&#8220;CNG&#8221;</b>) for vehicle fleets across the country that use RNG and CNG to
displace diesel as their transportation fuel. RNG is derived from landfill gas (&#8220;LFG&#8221;) and dairy digester gas. In addition,
the Company owns LFG fueled power plants that sell renewable electricity to public utilities. The Company is a wholly owned subsidiary
of OPAL HoldCo LLC (the <b>&#8220;Parent&#8221;</b>) which, in turn, is an indirect subsidiary of Fortistar LLC (the <b>&#8220;Ultimate
Parent&#8221;</b>).</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May&#160;1, 2021, we completed the acquisition Beacon Acquisition of Beacon RNG LLC (&#8220;Beacon&#8221;). Beacon extracts and converts
methane gas to RNG from two landfills located in western Pennsylvania and sells the extracted gas to public utilities and separately
monetizes environmental attributes through sales to third parties. Prior to the acquisition, the Company accounted for its 44.3% interest
in Beacon as an equity method investment as the Company had the ability to exercise significant influence, but not control, over the
operating and financial policies of Beacon&#8217;s operations. See Note&#160;5 Acquisition, for more information.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November&#160;29, 2021, the Company amended its limited liability agreement (&#8220;LLCA&#8221;) which converted the outstanding membership
interests into 986 common units. Therefore, the earnings per unit has been presented retrospectively for all periods presented in the
consolidated financial statements. See Note 3, <i>Summary of Significant Accounting Policies, </i>for additional information.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hillman
RNG Investments LLC (&#8220;Hillman&#8221;), an affiliate of the Ultimate Parent, made a combined $30,000 of capital contributions from
August to November&#160;2021 in four individual RNG projects that the Company is developing and constructing. On November&#160;29, 2021,
the Company entered into an exchange agreement with Hillman whereby Hillman exchanged its ownership interests in the four RNG projects
of $30,000 into 300,000 series A-1 preferred units at par value of $100 per unit and 1.4% of the common units in the Company. See Note
3, <i>Summary of Significant Accounting Policies</i>, and Note 18 <i>Redeemable Preferred Units and Equity</i>, for additional information.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November&#160;29, 2021, we signed two agreements with NextEra Energy (&#8220;NextEra&#8221;). NextEra agreed to invest up to $100,000
in Series&#160;A preferred units of the Company. The Company is allowed to draw down the $100,000 in whole or in increments until June
30, 2022. The Company did not issue any preferred units as of December&#160;31, 2021. Additionally, the Company also entered into a purchase
and sale agreement with NextEra for the environmental attributes generated by the RNG Fuels business. Under this agreement, the Company
will sell a minimum of 90% of the environmental attributes generated and will receive net proceeds based on the ultimate sale price to
a third party less a specified discount. A specified volume of environmental attributes sold per quarter will incur a small fee per environmental
attribute in addition to the specified discount. The agreement is effective beginning first quarter of 2022.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December&#160;2, 2021, the Company signed a business combination agreement (&#8220;BCA&#8221;) with ArcLight Clean Transition Corp.&#160;II,
a NASDAQ publicly traded special purpose acquisition company. The business combination agreement values OPAL at an enterprise value of
$1.75&#160;billion. Upon closing, the Company is expected to be listed on the NASDAQ exchange under the ticker symbol &#8220;OPL&#8221;.
The transaction includes a $125,000 fully committed common stock PIPE (private investment in public equity) at $10.00 per share anchored
by a $25,000 investment by NextEra.</span></p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
Description of Business</b> (cont.)</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December&#160;10, 2021, the Company entered into a settlement agreement with the landfill owner of one of the Company&#8217;s RNG projects
involving the timing of RIN royalty payments amounting to $10,951 as of October&#160;31, 2021. As part of this agreement, the Company
agreed to pay the accrued and outstanding balance of royalty payments of $10,951 to the landfill owners and the landfill owner reimbursed
the Company $6,253 as a reimbursement towards costs the Company previously incurred to purchase equipment at the landfill site. The Company
recorded $4,740 as a reduction of the Property, plant and equipment which represents the net book value of the equipment and $1,513 as
a reduction of Selling, general and administrative expenses in the consolidated statement of operations for the year ended December&#160;31,
2021. In addition, a new gas rights agreement was negotiated which is not subordinated to any debt service and under which RIN royalty
payments would be made on a monthly basis going forward. As part of the settlement, the Company and GFL Renewables LLC have also entered
into a new 50/50 joint venture through the formation of Emerald RNG LLC and Sapphire RNG LLC and this joint venture is planning to convert
an existing electric facility into an RNG facility. and build a new RNG facility, respectively.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>COVID-19
Impact</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March&#160;2020, the World Health Organization categorized the Coronavirus Disease 2019 (<b>&#8220;COVID-19&#8221;</b>) as a pandemic
and the President of the United&#160;States declared the COVID-19 outbreak as a national emergency. Management considered the impact
of COVID-19 on the assumptions and estimates used and determined that, because the Company was deemed to be an essential business by
the U.S.&#160;government and incurred neither layoffs of personnel nor a decline in its customer base or business operations, there was
no material adverse impact on the Company&#8217;s statement of position and result of operations as of, and for the year ended December&#160;31,
2021.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March&#160;27, 2020, the &#8220;Coronavirus Aid, Relief, and Economic Security (CARES) Act&#8221; was signed into law. The CARES Act
appropriated funds for the Small Business Administration Paycheck Protection Program (<b>&#8220;PPP&#8221;</b>) loans that are forgivable
in certain situations to promote continued employment. In May&#160;2020, the Company received a loan of $1,792 under the PPP.&#160;At
the time the Company applied for this loan, there was considerable uncertainty as to the impact of the pandemic on the Company&#8217;s
operations as well as the U.S.&#160;economy in general. The full amount of this PPP loan was forgiven in November&#160;2020. As of December&#160;31,
2021, no amounts were outstanding.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
future impact of the COVID-19 pandemic on the Company&#8217;s business will depend on a number of factors, including, but not limited
to, the duration and severity of the pandemic and its impact on our customers, all of which are uncertain and cannot be predicted. As
of the date of issuance of these consolidated financial statements, the extent to which the COVID-19 pandemic may impact the Company&#8217;s
financial condition, liquidity, or results of operations is uncertain.</span></p><div>

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</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August&#160;2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued ASU&#160;2014-15, Presentation of Financial Statements-Going
Concern (Subtopic&#160;205-40): Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern. Under the
new standard, management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt
about the Company&#8217;s ability to continue as a going concern within one year after the date that the financial statements are issued.
This evaluation initially does not take into consideration the potential mitigating effect of management&#8217;s plans that have not
been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management
evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company&#8217;s ability to continue
as a going concern. The mitigating effect of management&#8217;s plans, however, is only considered if both (1)&#160;it is probable that
the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2)&#160;it is
probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity&#8217;s
ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered
probable of being effectively implemented, the plans must have been approved before the date that the financial statements are issued.</span></p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
Description of Business</b> (cont.)</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
performing the first step of this assessment, we concluded that the following conditions raise substantial doubt about our ability to
meet our financial obligations as they come due within one year after the date that the financial statements are issued.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have history of net losses from our operations excluding certain non-cash gains related to
                                            the Beacon step acquisition and deconsolidation of VIEs. We have retained earnings of $15,967
                                            as of December&#160;31, 2021 and cash provided by operating activities of $18,856 for the
                                            year ended December&#160;31, 2021.</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            cash balance as of December&#160;31, 2021 was $42,054, out of which $2,740 is restricted.</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have $94,988 of our outstanding debt excluding interest repayment due on Sunoma loan coming
                                            due in 2022 which is reflected in our working capital deficit of $55,141.</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            also considered our projected capital expenditures to fund our growth plans.</span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
performing the second step of this assessment, we are required to evaluate whether our plans to mitigate the above conditions alleviate
the substantial doubt about our ability to meet our obligations as they become due within one year after the date of financial statements
are issued. We list below our plans to alleviate the substantial doubt</span></p><div>

</div><p style="text-align: justify; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                            existing below-market contract for the sale of environmental credits generated by Beacon
                                            RNG LLC ended in August&#160;2020. In addition, in May&#160;2021, we acquired the remaining
                                            interests in Beacon RNG LLC by issuing a $50,000 convertible note to our joint venture partner.
                                            Beginning in 2022 and beyond, we anticipate a significant increase in revenues and resulting
                                            cash flows from operating activities from the operation of this facility.</span></td>
</tr></table><div>

</div><p style="font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have closed on a delayed draw term loan, OPAL term loan for an aggregate amount of $125,000
                                            with a syndicate of lenders, led by Bank of America as book runner and agent. $90,000 was
                                            available at closing and the remaining $35,000 becomes available in third quarter of 2022
                                            as three more facilities become operational. Pursuant to the closing of the facility, we
                                            drew down $75,000 in October&#160;2021 and an additional $15,000 in February, 2022. The three
                                            RNG facilities are expected to be operational by July&#160;2022 at which time we will have
                                            remaining $35,000 available for us to draw from this term loan.</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have closed a preferred equity investment of $100,000 with NextEra. The $100,000 is available
                                            for us at our discretion to be drawn in $10,000 minimum increments through June&#160;30,
                                            2022. We have drawn $25.0&#160;million under this capital raise in March&#160;2022.</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have announced a business combination with ArcLight Clean Transition Corp II, a SPAC that
                                            trades on the NASDAQ under the ticker &#8220;ACTD&#8221;. We expect to raise net proceeds
                                            of approximately $391,352, after associated transaction costs, assuming no redemptions and
                                            $105,364 assuming maximum redemptions in which maximum 28,698,800 Arclight Clean Transition
                                            Corp II Class A ordinary shares are redeemed.. Additionally, we raised a PIPE investment
                                            of $125,000 which would be available for us upon the closing of the proposed business combination.</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                            significant portion of our projected revenues for 2022 are already under existing fixed contract
                                            arrangements.</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have ability to postpone our uncommitted capital expenditures without significantly impacting
                                            our revenue generation capabilities for the upcoming 12&#160;months from the date of the
                                            financial statements are issued.</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin: 0pt 0 0pt 48pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            believe that we would be able to pay the debt coming due in 2022 with the availability under
                                            the existing facilities together with the cash on hand and cash flows from operations.</span></td>
</tr></table><div>


</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/></b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
Description of Business</b> (cont.)</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
acknowledge that we face a challenging competitive environment and we continue to focus on our overall profitability and manage our extensive
growth plans. We believe that the actions taken in 2021 with capital raises, the proposed business combination and significant growth
in the projected cash flows from operating activities are probable of occurring and mitigate the substantial doubt raised and we believe
we will be able to satisfy our liquidity needs 12&#160;months from the date of the issuance of the financial statements. However, we
cannot predict, with certainty, the outcomes of our actions to generate liquidity including consummation of the contemplated business
combination. Further, any decrease in demand for our products or our ability to manage our production facilities, could impact our ability
to fund our operations and meet the obligations under the existing debt facilities as they come due and meet the debt covenants.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
fuel future growth, we may seek additional capital through equity offerings or debt financings. The amount and timing of our future funding
requirements will depend on many factors, including the pace and results of our project development efforts. We may be unable to obtain
any such additional financing on acceptable terms or at all. Our ability to access capital when needed is not assured and, if capital
is not available when, and in the amounts, needed, we could be required to delay, scale back or abandon some or all of our development
programs and other operations, which could materially harm our business, prospects, financial condition, and operating results.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification
of liabilities that may result from uncertainty related to our ability to continue as a going concern.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
Restatements of Financial Statements</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
consolidated balance sheet as of December 31, 2020, consolidated statements of operations for the years ended December 31, 2020 and 2019,
consolidated statements of changes in members&#8217; equity (deficit) as of December 31, 2020, 2019 and 2018 and consolidated statements
of cash flows for the years ended December 31, 2020 and 2019 have been restated for certain errors made with regard to accounting for
certain commodity swap agreements which the Company entered into in December 2018 and November 2019, recording of certain invoices related
to construction in progress in the wrong period and for the gross up of revenue for certain federal and state taxes collected by the
Company on behalf of the customer, which the Company subsequently remitted to the government.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restatement
relating to commodity swap contracts</i></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December&#160;2018, the Company signed an amendment to an existing power purchase agreement (&#8220;PPA&#8221;) which converted the PPA
into a swap structure whereby the Company was able to sell the capacity separately and schedule the sale of electricity independent of
the PPA.&#160;Post the amendment and conversion to a swap, the counterparty agreed to pay the Company the difference between the market
price collected from the sale of the electricity and the contract price in the PPA.&#160;The contract was expected to be net settled
in cash on a monthly basis. Please see Note&#160;12 Derivative Financial Instruments for additional information.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November&#160;2019, the Company entered into an International Swaps and Derivatives Association(&#8220;ISDA&#8221;) agreement pursuant
to which, the Company entered into a commodity swap contract for a notional quantity of 87,720 MWh at 5MWh per hour for a period of two&#160;years
&#8212; 2020 and 2021 at a fixed contract price of $35.75 per MWh. The swap was expected to be net settled in cash on a monthly basis.
Please see Note&#160;12 Derivative Financial Instruments for additional information.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded $1,382, $1,129 and nil of realized gain on the above swap arrangements as part of Revenues in its consolidated statements
of operations for the&#160;years ended December&#160;31, 2020, 2019 and 2018. The Company previously reported this gain as part of Revenues
in the Statement of Operations but the gain was not properly disclosed in the notes to the financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
Restatements of Financial Statements</b> (cont.)</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company concluded that these two contracts were economic hedges against market price volatility and are considered as derivatives under
ASC&#160;815 <i>Derivatives and Hedging,</i> which required the Company to record mark to market unrealized gain (loss) in its consolidated
statements of operations and a corresponding asset or liability for the remaining contract period on the consolidated balance sheets
as of and for the&#160;years ended December&#160;31, 2020, 2019 and 2018.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company did not record an unrealized loss of $1,175 and $373 for the&#160;years ended December&#160;31, 2020 and 2019 respectively and
unrealized gain of $3,078 for the year ended December&#160;31, 2018 in its consolidated statements of operations and a corresponding
asset on its consolidated balance sheets of $1,529, $2,705 and $3,078 as of December&#160;31, 2020, 2019 and 2018. Additionally, the
Company did not make the relevant footnote disclosures for the swap arrangements in its financial statements for the&#160;years ended
December&#160;31, 2020 and 2019.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restatement
relating to taxes collected on behalf of customers</i></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company collects federal and state taxes on its revenues generated from customers in our RNG Fuel Dispensing segment and remits the same
to the government subsequently. The Company concluded that these taxes should be presented on a net basis in Revenues-RNG fuel in its
consolidated statements of operations. Therefore, the Company restated its revenues and cost of sales by $1,172 and $460 for the&#160;years
ended December&#160;31, 2020 and 2019. This adjustment did not have any impact on net loss reported for both the&#160;years.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restatement
relating to recording of invoices in the wrong period</i></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded certain invoices from the contractor of a construction project in the first quarter of 2021 for which the services were
performed in December 2020. The total amount that should have been recorded as part of its Property, plant and equipment as of December
31, 2020 was $3,300 and a corresponding increase in accrued capital expenses. The missing accrual also resulted in incorrect disclosures
related to non-controlling interest, supplementary cash flow information and VIEs. This adjustment did not have any impact on net loss
reported for the year ended December 31, 2020.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information in the following tables shows the effect of the restatement on each affected financial statement line item:</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
BALANCE SHEET</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December&#160;31, 2020</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">719</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79,492</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    assets</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">164,629</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,829</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">169,458</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained
    deficit</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26,925</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,529</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25,396</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    members&#8217; equity</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,930</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,529</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,459</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities and members&#8217; equity</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">164,629</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,829</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">169,458</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>



</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
Restatements of Financial Statements</b> (cont.)</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
BALANCE SHEET</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December&#160;31, 2019</span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    previously reported</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,001</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,704</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,704</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">165,713</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,705</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168,418</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,743</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,705</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(38</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    members&#8217; equity</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,807</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,705</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,512</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities and members&#8217; equity</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">165,713</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,705</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">168,418</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENT OF OPERATIONS</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal
    Year Ended December&#160;31, 2020</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    previously reported</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renewable
    power</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,426</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,176</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,250</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RNG
    fuel</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,717</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,172</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,545</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    revenues</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120,054</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,348</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">117,706</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,548</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,172</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,376</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">136,714</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,172</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">135,542</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    loss</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16,660</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,176</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17,836</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24,195</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,176</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25,371</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENT OF OPERATIONS</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Year Ended December&#160;31, 2019</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    previously reported</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renewable
    power</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56,055</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(373</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,682</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RNG
    fuel</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,437</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(460</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,977</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    revenues</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120,535</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(833</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">119,702</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
    of sales&#160;&#8211;&#160;RNG fuel</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,616</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(460</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,156</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">115,207</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(460</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">114,747</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    income</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,328</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(373</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,955</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    loss</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,876</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(373</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,249</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED UNITS AND MEMBERS&#8217; EQUITY (DEFICIT)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December&#160;31, 2020</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    previously reported</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained
    deficit</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26,925</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,529</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25,396</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">343</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,685</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    equity</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28,930</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,529</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,459</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>



</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
Restatements of Financial Statements</b> (cont.)</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED UNITS AND MEMBERS&#8217; EQUITY (DEFICIT)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0; padding-bottom: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December&#160;31, 2019</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0; padding-bottom: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    previously reported</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Adjustment<sup>(1)</sup></b></span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0; width: 64%; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained
    deficit</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,743</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,705</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(38</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 0; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    equity</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19,807</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,705</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,512</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">____________</span></td><td style="text-align: justify"></td></tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
                                            $3,078 adjustment to opening retained earnings as of December&#160;31, 2018.</span></td>
</tr></table><div>

</div><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENT OF CASH FLOWS</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0; padding-bottom: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal
    Year Ended December&#160;31, 2020</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0; padding-bottom: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    previously reported</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restated<sup>(1)</sup></b></span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0; width: 64%; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    loss</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24,195</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,176</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25,371</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 0; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments
    to reconcile net loss to net cash provided by operating activities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unrealized
    loss on derivative financial instruments</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,050</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,176</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,226</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">____________</span></td><td style="text-align: justify"></td></tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restatement
                                            also includes $3,300 included in the Supplementary cash flow information as accrued expenses
                                            for purchase of Plant, property and equipment.</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONSOLIDATED
STATEMENT OF CASH FLOWS</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0; padding-bottom: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fiscal
    Year Ended December&#160;31, 2019</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0; padding-bottom: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0; width: 64%; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,249</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unrealized
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">373</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,249</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>VIE
DISCLOSURE ON THE BALANCE SHEET (in parenthesis)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0; padding-bottom: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December&#160;31, 2020</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0; padding-bottom: 0; text-align: center; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0; width: 64%; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,088</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 0; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
    plant, and equipment, net</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,534</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,834</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
    cash</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,199</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,199</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 0; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">864</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">864</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    expenses and other current liabilities</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">776</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">776</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 0; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    capital expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,300</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 0; text-align: left; text-indent: 0; padding-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sunoma
    loan</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">470</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">470</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>



</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
Summary of Significant Accounting Policies</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
of Presentation and Principles of Consolidation</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was formed in December 2020 as a wholly owned subsidiary of the Parent. On December 31, 2020, the Ultimate Parent and certain
of its affiliated entities contributed their ownership interests in the following legal entities to the Company in a common control reorganization:
TruStar Energy Holdings LLC (&#8220;Trustar&#8221;), Fortistar RNG LLC (&#8220;Fortistar RNG&#8221;), Fortistar Methane 3 Holdings LLC
(&#8220;FM3 Holding&#8221;), Fortistar Methane 3 LLC (&#8220;FM3&#8221;), Fortistar Contracting LLC ( &#8220;Fortistar Contracting&#8221;)
and Fortistar Methane 4 LLC (&#8220;FM4&#8221;). The Company accounted for the transfer of ownership interests in accordance with ASC
805-50, Transaction Between Entities Under Common Control. The Company&#8217;s receipt of these interests were recognized at the Ultimate
Parent&#8217;s historical basis of accounting at the date of transfer. For presentation purposes, the consolidated financial statements
of the Company have been adjusted to combine the previously separate entities to reflect the transaction as if it had occurred as of
the earliest period presented under common control.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United&#160;States
(&#8220;U.S.&#160;GAAP&#8221;) and include the accounts of the Company and all other entities in which the Company has a controlling
financial interest: FM3 Holding, FM3,FM4, Sunoma Holdings, LLC (&#8220;Sunoma&#8221;), New River LLC (&#8220;New River&#8221;), Central
Valley LLC (&#8220;Central Valley&#8221;), Fortistar Contracting, Fortistar RNG, and TruStar. The Company&#8217;s consolidated financial
statements include the assets and liabilities of these subsidiaries. All intercompany transactions and balances have been eliminated
in consolidation. The non-controlling interest attributable to the Company&#8217;s variable interest entities (&#8220;VIE&#8221;) are
presented as a separate component from OPAL Fuels LLC members&#8217; equity in the consolidated balance sheets and as a non-controlling
interest in the consolidated statements changes in members&#8217; equity. The Company&#8217;s consolidated financial statements reflect
the activities of the Company, its subsidiaries, and its equity method investments for the&#160;years ended December&#160;31, 2021 and
December&#160;31, 2020.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Variable
Interest Entities</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate
entities that meet the definition of a variable interest entity (&#8220;VIE&#8221;) for which we are the primary beneficiary. The Company
applies the VIE model from ASC 810 when the Company has a variable interest in a legal entity not subject to a scope exception and the
entity meets any of the five characteristics of a VIE. The primary beneficiary of a VIE is considered to be the party that both possesses
the power to direct the activities of the entity that most significantly impact the entity&#8217;s economic performance and has the obligation
to absorb losses or the rights to receive benefits of the VIE that could be significant to the VIE. To the extent a VIE is not consolidated,
the Company evaluates its interest for application of the equity method of accounting. Equity method investments are included in the
consolidated balance sheets as &#8220;Investments in other entities.&#8221; As of December 31, 2021, the Company held equity interests
in five VIEs: Sunoma, GREP BTB Holdings LLC (&#8220;GREP&#8221;), Emerald RNG LLC (&#8220;Emerald&#8221;), Sapphire RNG LLC (&#8220;Sapphire&#8221;)
and Central Valley. GREP has been presented as an equity method investment and the remaining four VIEs Sunoma, Emerald, Sapphire and
Central Valley are consolidated by the Company. As of December 31, 2021, there was no activity in Emerald and Sapphire. As of December
31, 2020, the Company held equity interests in two VIEs, Sunoma and Pine Bend RNG LLC (&#8220;Pine Bend) both of which were consolidated
by the Company. As of December 31, 2019, the Company did not hold interest in a VIE.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of Estimates</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with accounting principles generally accepted in the United&#160;States requires management
to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements. Actual results could differ from those estimates.</span></p><div>


</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
Summary of Significant Accounting Policies</b> (cont.)</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging
Growth Company Status</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
JOBS Act permits an emerging growth company (&#8220;EGC&#8221;) to make an election to adopt new or revised financial accounting standards
on either a public company requirement timeframe or private company requirement timeframe during a five year transition period while
EGC status remains in effect, and so long as the company has not &#8220;opt-out&#8221; of the private company option. As a qualified
EGC, the Company has elected to adopt financial accounting standards on a private company requirement timeframe.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounting
Pronouncements</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August&#160;2020, the Financial Accounting Standards Board (<b>&#8220;FASB&#8221;</b>) issued Accounting Standards Update (<b>&#8220;ASU&#8221;</b>)&#160;2020-06,
<i>Debt with Conversion and Other Options and Derivatives and Hedging&#160;&#8212;&#160;Contracts in Entity&#8217;s Own Equity </i>which
simplified the accounting for convertible instruments. ASU&#160;2020-06 was effective January&#160;1, 2020 for public companies or fiscal&#160;years
beginning after December&#160;15, 2023 for private companies and those filing under EGC status, with early adoption permitted beginning
on January&#160;1, 2021. The Company adopted ASU&#160;2020-06 on January&#160;1, 2021, which did not have a material impact on the consolidated
financial statements.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August&#160;2018, the FASB issued ASU&#160;2018-13, <i>Fair Value Measurement,</i> which modified the disclosure requirements on fair
value measurements. In January&#160;2017, the FASB issued ASU&#160;2017-04, <i>Intangibles&#160;&#8212;&#160;Goodwill and Other</i>,
which simplified the test for goodwill impairment. Neither of these standards have a significant impact on the Company.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June&#160;2018, the FASB issued ASU&#160;2018-07, <i>Compensation&#160;&#8212;&#160;Stock Compensation (Topic&#160;718): Improvements
to Nonemployee Share-Based Payment Accounting</i>, which simplifies the accounting for share-based payments to non-employees by aligning
it with the accounting for share-based payments to employees subject to certain exceptions. ASU&#160;2018-07 expands the scope of ASC
Topic&#160;718, Compensation-Stock Compensation (<b>&#8220;</b>ASC&#160;718<b>&#8221;</b>) to include share-based payment transactions
for acquiring goods and services from non-employees. This amendment was effective beginning January&#160;1, 2019 for public companies
or January&#160;1, 2020 for private companies and those filing under emerging growth company status, with early adoption permitted. The
Company adopted ASU&#160;2018-07 on January&#160;1, 2020, which did not have a material impact on our consolidated financial statements.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June&#160;2016, the FASB issued ASU&#160;2016-13, <i>Financial Instruments&#160;&#8212;&#160;Credit Losses</i>, with the objective of
providing financial statement users information about the credit risk inherent in an entity&#8217;s financial statements as well as to
explain management&#8217;s estimate of expected credit losses and the changes in the allowance for such losses. This standard is not
yet effective for the Company.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February&#160;2016, the FASB issued <i>Leases</i> (Topic&#160;842) requiring lessees to record the assets and liabilities for operating
leases on the balance sheet. This standard is effective for fiscal&#160;years beginning after December&#160;15, 2020, with early adoption
permitted. In April&#160;2020, the FASB voted to defer the effective date for <i>Leases</i> for private companies and certain not-for-profit
entities for one year. For companies filing under emerging growth company status and private not-for-profits, the leasing standard will
be effective for fiscal&#160;years beginning after December&#160;15, 2021. The Company is currently evaluating the impact on its financial
statements of adopting this standard.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
and Cash Equivalents</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents consist of highly liquid investments with original maturities of three&#160;months or less which are readily convertible
to cash when purchased. At times, the Company&#8217;s cash investments exceed the levels insured by the Federal Deposit Insurance Corporation.
The Company has not experienced any loss in such accounts, and it manages this risk by maintaining cash and other highly liquid investments
in high quality financial institutions.</span></p><div>



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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPAL
FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
Summary of Significant Accounting Policies</b> (cont.)</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restricted
Cash</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
cash held as collateral represents the collateral requirements on our debt facilities. Restricted cash held for standby letters of credit
represents cash held for letters of credit on the Company&#8217;s Credit Program and PPAs.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December&#160;31,</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current assets:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39,314</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,823</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,855</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    assets:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounts
Receivable and Allowance for Doubtful Accounts</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable represent amounts due from the sale of RNG, natural gas, gas transportation, construction contracts, service contracts, environmental
attributes, electricity, capacity, and LFG.&#160;The accounts receivable are the net estimate realizable value between the invoiced accounts
receivable and allowance for doubtful accounts. The Company performs ongoing credit evaluations of its customers&#8217; financial condition
to determine and estimate the allowance for doubtful accounts. The accounts receivable are the net estimate of the realizable value between
the invoiced accounts receivable and allowance for doubtful accounts. The Company performs ongoing credit evaluations of its customers&#8217;
financial condition to determine and estimate the allowance for doubtful accounts. The Company&#8217;s allowance for doubtful accounts
was $0 and $0 at December&#160;31, 2021 and 2020, respectively.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fuel
Tax Credit Receivable/Payable</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December&#160;20, 2019, the President signed the Taxpayer Certainty and Disaster Relief Act&#160;of&#160;2019, which temporarily renewed
approximately two dozen credits that previously expired or were set to expire at the end of 2019, including the alternative fuel tax
credit. This included the alternative fuel tax credit for fiscal 2018 which had not been renewed previously. This legislation was renewed
for the&#160;years ended December&#160;30, 2021 and 2020.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December&#160;31, 2021, the Company accrued federal fuel tax credits of $0.50 per gasoline gallon equivalent of CNG that the Company
sold as vehicle fuel in 2021. At December&#160;31, 2021 and 2020, fuel tax credits receivable were $2,393 and $2,276, respectively. Under
the terms of its fuel sales agreements with certain of its customers, the Company is obligated to share portions of these tax credits.
At December&#160;31, 2021 and 2020, the amounts of fuel tax credits owed to customers were $1,978 and $1,945, respectively. The Company
recorded its portion of tax credits earned as a reduction to cost of sales&#160;&#8212;&#160;RNG fuel in the consolidated statements
of operations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Contract
Assets</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract
assets consist primarily of costs and estimated earnings in excess of billings and retainage receivables. Costs and estimated earnings
in excess of billings represent unbilled amounts earned and reimbursable under construction contracts and arise when revenues have been
recognized but amounts are conditional and have yet to be billed under the terms of the contract. Included in costs and estimated earnings
in excess of billings are amounts the Company will collect from customers, changes in contract specifications or design, costs associated
with contract change orders in dispute or unapproved as to scope or price, or other customer-related causes of unanticipated contract
costs. Amounts become billable according to contract terms, which consider the progress on the contracts as well as achievement of certain
milestones and completion of specified units of work. Except for claims, such amounts will be billed over the remaining life of the contract.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

</div><!-- Field: Page; Sequence: 232 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Summary of Significant Accounting Policies</b>
(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Contract Liabilities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Contract liabilities consist of billings in excess
of costs and estimated earnings, other deferred construction revenue and general provisions for losses, if any. Billings in excess of
costs and estimated earnings represent cash collected from customers and billings to customers in advance of work performed. Such unearned
project-related costs will be incurred over the remaining life of the contract.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Parts Inventory</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Parts inventory, also referred to as supplies inventory,
consists of shop spare parts inventory and construction site parts inventory. Inventory is stated at the lower of cost or net realizable
value. The substantial amount of inventory is identified, tracked and treated as finished goods. An annual review of inventory is performed
to identify obsolete items. The Company&#8217;s inventory reserves were $&#8212;&#160;and $58 as of December&#160;31, 2021 and 2020, respectively.
Cost is determined using the average cost method.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Capital Spares</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Capital spares consist primarily of large replacement
parts and components for the RNG facilities and power plants. These parts, which are vital to the continued operation of the RNG facilities
and power plants and require a substantial lead time to acquire, are maintained on hand for emergency replacement. Capital spares are
recorded at cost and expensed when placed into service as part of a routine maintenance project or capitalized when part of a plant improvement
project.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Property, Plant, and Equipment, net</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Property, plant, and equipment are recorded at cost,
except for the portion related to asset retirement obligations, which are recorded at estimated fair value at the time of inception. Direct
costs related to the construction of assets and renewals and betterments that materially improve or extend the life of the assets are
capitalized. Additionally, any interest expense incurred on any outstanding construction loans such as interest on our Sunoma loan is
capitalized to the specific project. Replacements, maintenance, and repairs that do not improve or extend the life of the respective assets
are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 69%; text-align: left; text-indent: -10pt; padding-left: 10pt">Plant and equipment</td><td style="width: 1%">&#160;</td>
    <td style="width: 30%; text-align: right">5 &#8211; 30 years</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">CNG/RNG Fueling stations</td><td>&#160;</td>
    <td style="text-align: right">10 &#8211; 20 years</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Construction in progress</td><td>&#160;</td>
    <td style="text-align: right">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt">Buildings</td><td>&#160;</td>
    <td style="text-align: right">40&#160;years</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Land</td><td>&#160;</td>
    <td style="text-align: right">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Service equipment</td><td>&#160;</td>
    <td style="text-align: right">5 &#8211; 10 years</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Leasehold improvements</td><td>&#160;</td>
    <td style="text-align: right">Shorter&#160;of&#160;lease&#160;term&#160;or&#160;useful&#160;life</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt">Vehicles</td><td>&#160;</td>
    <td style="text-align: right">7 years</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Office furniture and equipment</td><td>&#160;</td>
    <td style="text-align: right">5 &#8211; 7 years</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Computer software</td><td>&#160;</td>
    <td style="text-align: right">3&#160;years</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Other</td><td>&#160;</td>
    <td style="text-align: right">7&#160;years</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">When plant and equipment are retired or otherwise
disposed of, the related cost and accumulated depreciation or amortization is removed, and a gain or loss is recognized in the consolidated
statements of operations.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 233 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Summary of Significant Accounting Policies</b>
(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company capitalizes costs related to the development
and construction of new projects when there is a significant likelihood that the project will be constructed for its intended use. This
is determined based on the attainment of certain milestones, including, but not limited to, the receipt of permits; final negotiation
of major contracts including gas rights agreements, gas transportation and EPC contracts. Costs incurred prior to this time are expensed.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Equity-Based Compensation Awards</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Ultimate Parent granted equity-based awards
to employees in 2020 and 2019 in the form of residual equity interests (<b>&#8220;</b>Profits Interests<b>&#8221;</b>) in its ownership
in various Company subsidiaries. Compensation costs relating to the Profits Interests are recognized in the consolidated statements of
operations using a straight-line expense recognition method over a five-year service vesting period based on the fair value of such awards
on the grant date. The fair value of the Profit Interests is determined by using the Black-Scholes valuation model and includes assumptions
as to the fair value of the stock price, volatility, the expected term of the awards, a risk-free interest rate, a discount for the lack
of marketability, and dividend yield. In valuing the award, judgment is required in determining the expected volatility of the Profit
Interests and the expected term of the awards. Expected volatility is based on an average of peer group of public companies and the expected
term of the Profit Interests is derived from the Company&#8217;s historical experience with similar companies for each of the project
investments. While volatility and estimated term are assumptions that do not bear the risk of change subsequent to the grant date of the
Profit Interests, these assumptions may be difficult to measure, as they represent future expectations which may change in the future.
An offsetting contribution to the Company over the same time period is also recognized. The Company estimated the fair value of the awards
on the grant date using an option pricing model. To determine volatility, the Company uses the historical closing values of comparable
publicly held companies to estimate volatility. The model also uses other objective and subjective factors, such as the estimated time
to an exit event, the risk-free rate, and a discount for the lack of marketability. Forfeitures are recognized when they occur. The awards
have no maximum term.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Profits Interests were restructured in December&#160;2020,
at which time the residual equity interests are now based on a portion of the Ultimate Parent&#8217;s ownership in the Company, rather
than in the Ultimate Parent&#8217;s ownership interest in Company subsidiaries. In accordance with ASC&#160;718, since the fair value
of the residual interest award immediately following the modification was not greater than the fair value of the residual interest award
immediately prior to the modification, the Company did not recognize incremental stock based compensation expense on the date of the modification.
The Company estimated the fair value of the awards on the modification date using an option pricing model. There were no changes to the
service vesting period or other terms of the awards as a result of this modification.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There were no new awards granted during the year
ended December&#160;31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Major Maintenance</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Major maintenance is a component of maintenance
expense and encompasses overhauls of internal combustion engines, gas compressors and electrical generators. Major maintenance is expensed
as incurred. Major maintenance expense was $5,946, $8,309, and $6,028 in 2021, 2020 and 2019, respectively, and is included in cost of
sales&#160;&#8212;&#160;renewable power in the consolidated statements of operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Goodwill</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Goodwill represents the excess of purchase price
of an acquisition over the fair value of net assets acquired in a business combination subject to ASC 805, <i>Business Combinations</i>.
Goodwill is not amortized, but the potential impairment of goodwill is assessed at least annually and on an interim basis whenever events
or changes in circumstances indicate that the carrying value may not be fully recoverable. Accounting rules require that the Company test
at least annually, or more frequently when a triggering event occurs that indicates that the fair value of the reporting unit may be below
its carrying amount, for possible goodwill impairment in accordance with the provisions of ASC&#160;350-10. The Company performs its annual
test on October 1 of each year.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Summary of Significant Accounting Policies</b>
(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During 2020, the Company has adopted the provisions
of the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU)&#160;2017-04, <i>Intangibles</i>&#160;<i>&#8212;&#160;Goodwill
and Other (Topic&#160;350): Testing Goodwill for Impairment. </i>Under this guidance, the Company performed qualitative test for goodwill
on Beacon and Trustar for the year ended December&#160;31, 2021. The Company performed quantitative test for Trustar for the year ended
December&#160;31, 2020. As a result of these tests, the Company determined that the fair value of its reporting unit exceeded its carrying
value and, thus, the Company determined that goodwill was not impaired.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Intangible Assets and Liabilities</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Identifiable intangible assets consist of three
PPAs, one fueling station contract, one transmission/distribution interconnection, and the cost of intellectual property all of which
are amortized using the straight-line method over the underlying applicable contract periods or useful lives which range from five to
twenty&#160;years.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Identifiable intangible liabilities consist of an
RNG gas sales agreement and two PPAs. The RNG gas sales agreement intangible liability was amortized using the straight-line method over
an 18-month contract period and was fully amortized as of December&#160;31, 2020. The PPA intangible liabilities are amortized using the
straight-line method over their contract life. Amortization related to these intangible liabilities is included in RNG fuel revenue and
Renewable power revenue, respectively, in the consolidated statements of operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Deferred Financing Costs</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Deferred financing costs include bank loan origination
and legal fees, and costs directly related to the Company&#8217;s financing activities. These costs have been deferred and will be charged
to interest expense using the effective interest method over the term of the loan. These costs are presented as a reduction of long-term
debt. At December&#160;31, 2021, the Company recorded $2,370 as deferred financing costs related to business combination contemplated
by the BCA, which is presented a non-current Deferred financing costs within its consolidated balance sheet.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Shipping and Handling Costs</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Shipping and handling costs are expensed as incurred.
Shipping and handling costs are included in cost of sales and were $1,431, $1,001, and $1,005 for the&#160;years ended December&#160;31,
2021, 2020, and 2019, respectively.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Advertising Costs</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Advertising costs are expensed as incurred. Advertising
costs are accounted for in selling, general and administrative expense and were $455, $528, and $281 for the&#160;years ended December&#160;31,
2021, 2020, and 2019, respectively.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Impairment of Long-Lived Assets</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Long-lived assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Recoverability of long-lived
assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected
to be generated by the asset. If such assets are impaired, the impairment to be recognized is measured by the amount that the carrying
amounts of the assets exceed the fair value of the assets. Assets disposed of are reported at the lower of the carrying amount or fair
value less selling costs. Impairment expense was $0, $17,689, and $0 for the&#160;years ended December&#160;31, 2021, 2020, and 2019,
respectively, impacting the Renewable Power 3 Portfolio segment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Fair value is generally determined by considering
(i)&#160;internally developed discounted cash flows for the asset group, and/or (ii)&#160;information available regarding the current
market value for such assets. We use our best estimates in making these evaluations and consider various factors, including future pricing
and operating costs. However, actual future market prices and project costs could vary from the assumptions used in our estimates and
the impact of such variations could be material.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Summary of Significant Accounting Policies</b>
(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Derivative Instruments</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company estimates the fair value of its derivative
instruments using available market information in accordance with ASC&#160;820 for fair value measurements and disclosures of derivatives.
Derivative instruments are measured at their fair value and recorded as either assets or liabilities unless they qualify for an exemption
from derivative accounting measurement such as normal purchases and normal sales. All changes in the fair value of recognized derivatives
are recognized currently in earnings.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company enters into electricity forward sale
agreements. Some of these electricity forward sale agreements meet the definition of a derivative but qualify for the normal purchases
and normal sales exception from derivative accounting treatment. In accordance with authoritative guidance for derivatives, the Company
considers both qualitative and quantitative factors when determining whether a contract qualifies for the normal purchases and normal
sales exception. The electricity forward sales agreements were recorded under the normal purchases and normal sales exception and, therefore,
fair value adjustments were not required in 2021 and 2020.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company enters into commodity swap arrangements
as economic hedges against market price volatility of Renewable power sales. These commodity swap agreements do not qualify for the normal
purchases and normal sales exception and therefore are accounted for as derivatives under ASC&#160;815, <i>Derivatives and Hedging</i>.
The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, these commodity swap agreements
are measured at their fair value and recorded as either current or non-current assets or liabilities and any changes in fair value are
recorded as part of Revenues in its consolidated statements of operations for the&#160;years ended December&#160;31, 2021, 2020 and 2019.
Please see Note&#160;2, <i>Restatement of Financial Statements</i>, and Note&#160;12, Derivative Financial Instruments for additional
information.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company maintains a risk management strategy
that incorporates the use of interest rate swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by
interest rate volatility. Fair value adjustments were required in 2021, 2020, and 2019 in connection with these interest rate swaps which
were recorded as realized and unrealized gain (loss) on derivative financial instruments, net in its consolidated statements of operations
for the&#160;years ended December&#160;31, 2021, 2020, and 2019.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Redeemable Preferred Units</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In accordance with guidance in ASC 480, <i>Distinguishing
Liabilities from Equity</i>, the Company classifies the redeemable preferred units outside of permanent equity because the units contain
a redemption feature which is contingent upon the occurrence of (i) the Company&#8217;s actual dissolution, (ii) a change in control,
or (iii) approximately four years following unit issuance, the occurrences of which are not solely within the control of the Company.
The Company records the redeemable preferred units at fair value on the date of issuance. The Company has elected to adjust the carrying
value to equal the redemption value at the end of each reporting period. The Company will accrue dividends each quarter as cash or paid-in-kind
at the option of the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Asset Retirement Obligation</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts
for asset retirement obligations (<b>&#8220;</b>ARO<b>&#8221;</b>) in accordance with ASC&#160;410 that requires entities to record
the fair value of a liability for an asset retirement obligation in the period in which it is incurred and when a reasonable
estimate of fair value can be made<i>.</i> The fair value of the estimated ARO is recorded as a long-term liability, with a
corresponding increase in the carrying amount of the related asset. The capitalized amount is depreciated over the life of the
sublease or site lease agreement. The liability amount is increased each reporting period due to the passage of time and the amount
of accretion is charged to operations expense in the period. Revisions, if any, to the estimated timing of cash flows or to the
original estimated undiscounted cost, if any, also result in an increase or decrease to the ARO and the related asset. Actual costs
incurred upon settlement of the ARO are charged against the ARO to the extent of the liability recorded. Any difference between the
actual costs incurred upon settlement of the ARO and the recorded liability is recognized as a gain or loss in the Company&#8217;s
earnings in the period in which the settlement occurs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Summary of Significant Accounting Policies</b>
(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Asset retirement obligations are deemed Level 3
fair value measurements as the inputs used to measure the fair value are unobservable. The Company estimates the fair value of asset retirement
obligations by calculating the estimated present value of the cost to retire the asset. This estimate requires assumptions and judgments
regarding the existence of liabilities, the amount and timing of cash outflows required to settle the liability, inflation factors, credit
adjusted discount rates, and consideration of changes in legal, regulatory, environmental, and political environments. In addition, the
Company determines the Level 3 fair value measurements based on historical information and current market conditions.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At December&#160;31, 2021 and 2020, the Company
estimated the value of its total asset retirement obligations to be $5,738 and $4,885 respectively, based on a total future liability
of $8,017. These payments are expected to be made between 2022 and 2035.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following summarizes the changes in the asset
retirement obligations were as follows for the&#160;years ended December&#160;31, 2021 and 2020:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt">Beginning balance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,885</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,697</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt">Additions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">278</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accretion expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">575</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">188</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Total asset retirement obligation</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">5,738</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">4,885</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(831</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(348</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">4,907</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Revenue Recognition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Effective January&#160;1, 2019, the Company adopted
ASU&#160;2014-09, <i>Revenue from Contracts with Customers</i>. The adoption of this ASU did not have a significant impact on the Company&#8217;s
financial statements. Most of the Company&#8217;s revenue arrangements generally consist of a single performance obligation to transfer
goods or services. Revenue from the sale of RNG, CNG and electricity is recognized by applying the &#8220;right to invoice&#8221; practical
expedient within the accounting guidance for <i>Revenue from Contracts with Customers</i> that allows for the recognition of revenue from
performance obligations in the amount of consideration to which there is a right to invoice the customer and when the amount for which
there is a right to invoice corresponds directly to the value transferred to the customer. For some public CNG fueling stations where
there is no contract with the customer, the Company recognizes revenue at the point in time that the customer takes control of the fuel.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The purpose of the right to invoice practical expedient
is to depict an entity&#8217;s measure of progress toward completion of the performance obligation within a contract and can only be applied
to performance obligations that are satisfied over time and when the invoice is representative of service provided to date. The Company
elected to apply the right to invoice practical expedient to recognize revenue for performance obligations satisfied over time as the
invoices from the respective revenue streams are representative of services or goods provided to date to the customer.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company also performs maintenance services throughout
the country. Maintenance consists of monitoring equipment and replacing parts as necessary to ensure optimum performance. Revenue from
service agreements is recognized over time as services are provided. Capacity payments fluctuate based on peak times of the year and revenues
from capacity payments are recognized monthly as earned.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Summary of Significant Accounting Policies</b>
(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has agreements with two natural gas
producers (&#8220;Producers<b>&#8221;</b>) to transport Producers&#8217; natural gas using the Company&#8217;s RNG gathering system (<b>&#8220;</b>System<b>&#8221;</b>).
The performance obligation is the delivery of Producers&#8217; natural gas to an agreed delivery point on an interstate gas pipeline.
The quantity of natural gas transported for the Producers is measured at a certain specified meter. The price is fixed at contracted rates
and the Producers pay approximately 30&#160;days after month-end. As such, transportation sales are recognized over time, using the output
method to measure progress.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company provides credit monetization services
to customers that own renewable gas generation facilities. The Company recognizes revenue from these services as the credits are minted
on behalf of the customer. The Company receives non-cash consideration in the form of Renewable Identification Numbers (&#8220;RINs&#8221;)
or low-carbon fuel standard (&#8220;LCFSs&#8221;) for providing these services and recognizes the RINs or LCFSs received as inventory
based on their estimated fair value at contract inception. When the Company receives RINs or LCFSs as payment for providing credit monetization
services, it records the non-cash consideration in inventory based on the fair value of RINs or LCFSs at contract commencement.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Sales of RINs, RECs, and LCFS environmental attributes
are generally recorded as revenue when the certificates related to them are delivered to a buyer. However, the Company may recognize revenue
from the sale of such environmental attributes at the time of the related RNG or electricity sales when the contract provides that title
to the environmental attributes transfers at the time of production, the Company&#8217;s price to the buyer is fixed and collection of
the sales proceeds occurs within 60&#160;days after generation of the electricity.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&#8217;s policy is to account for RINs
as government incentives and, therefore, it does not allocate costs to the credits it generates. Accordingly, the Company does not capitalize
these costs in inventory. In accordance with ASC&#160;610-20, the Company accounts for its payment to TruStar as a transfer of non-financial
assets. The Company expensed the costs of services incurred by Beacon to TruStar through April&#160;30, 2021 and reported this amount
in net loss attributable to equity in loss of affiliates within the consolidated statements of operations and, in addition, reported an
offsetting gain on the transfer of these RINs in net income (loss) from equity method investments within the consolidated statements of
operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Management operating fees are earned for the operation,
maintenance, and repair of the gas collection system of a landfill site. Revenue is calculated on the volume of per million British thermal
units (<b>&#8220;</b>MMBtu<b>&#8221;</b>) of LFG collected and the megawatt&#160;hours (<b>&#8220;</b>MWhs<b>&#8221;</b>) produced at
that site. This revenue is recognized when LFG is collected, and electricity is delivered.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has various fixed price contracts for
the construction of fueling stations for customers. Revenues from these contracts, including change orders, are recognized over time,
with progress measured by the percentage of costs incurred to date compared to estimated total costs for each contract. This method is
used as management considers costs incurred to be the best available measure of progress on these contracts. The accuracy of revenue and
profit recognition related to construction projects in a given period depends on the accuracy of the Company&#8217;s estimates of the
costs to complete each project. The Company believes its experience allows it to create materially reliable estimates. Costs capitalized
to fulfill certain contracts were not material in any of the&#160;years presented.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has provided certain assurance warranties
to customers under its various construction contracts for up to one year. A warranty reserve is established at the time of construction
completion. The Company monitors and analyzes warranty claims and maintains a reserve for the related warranty costs based on historical
experience and future assumptions. In 2021, 2020, and 2019, warranty expense of $202, $141, and, $180 respectively, was expensed to cost
of sales&#160;&#8212;&#160;fuel station services in the consolidated statements of operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company owns fueling stations for use by customers
under fuel sale agreements. The Company bills these customers at an agreed upon price for each gallon sold and recognizes revenue based
on the amounts invoiced in accordance with the &#8220;right to invoice&#8221; practical expedient. For some public stations where there
is no contract with the customer, the Company recognizes revenue at the point in time that the customer takes control of the fuel.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Summary of Significant Accounting Policies</b>
(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company from time-to-time enters into commodity
swap agreements as a means to hedge against the market volatility of prices of Renewable power sales. These are considered as economic
hedges and the Company made an accounting policy election to record the realized and unrealized gain (loss) on these derivatives as part
of Revenues &#8212; Renewable power in its consolidated statements of operations. The Company recorded realized and unrealized loss of
$1,170, $207, and $756 in connection with these commodity swap agreements as part of Revenues in its consolidated statement of operations
for the&#160;years ended December&#160;31, 2021, 2020, and 2019.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company from time-to-time enters into fuel purchase
agreements with customers whereby the Company is contracted to design and build a fueling station on the customer&#8217;s property in
exchange for the Company providing CNG/RNG to the customer for a determined number of&#160;years. In accordance with the standards of
ASC&#160;840, Leases, the Company has concluded these agreements meet the criteria for a lease and are classified as operating leases.
Typically, these agreements do not require any minimum consumption amounts and, therefore, no minimum payments. Included in RNG fuel revenues
are $3,561, $3,460, and $2,981 related to the lease portion of these agreements for the&#160;years ended December&#160;31, 2021, 2020,
and 2019, respectively. In addition, the Company has assessed all PPAs and concluded that certain PPAs contain a lease element requiring
lease accounting. Included in Renewable Power revenues are $1,890, $2,152, and $2,539 related to the lease element of these PPAs for the&#160;years
ended December&#160;31, 2021, 2020, and 2019, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Disaggregation of Revenue</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes the disaggregation
of revenue according to product line and segment:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Electricity sales, environmental credits, and total revenue
for the&#160;years ended December&#160;31, 2020, and 2019 have been restated to correct errors in previously issued financial statements.
See Note&#160;2, Restatement of <i>Financial Statements</i>, for additional information.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the&#160;years ended December&#160;31, 2021,
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and services transferred at a point in time.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Summary of Significant Accounting Policies</b>
(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Contract Balances</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

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assets and contract liabilities from contracts with customers:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The increase in contract assets for December&#160;31,
2021 versus December&#160;31, 2020 was primarily due to revenue recognition of satisfied performance obligations being greater than advance
payments and related billings during the year. The increase in contract liabilities December&#160;31, 2021 versus December&#160;31, 2020
was due to advance payments from customers and related billings exceeding revenue recognition as performance obligations were satisfied
during the year. During the&#160;years ended December&#160;31, 2021 and 2020, the Company recognized revenue of $4,678 and $2,501, respectively
from contract liabilities recorded at December&#160;31, 2020 and 2019, which represented 100% of the prior year balance for both&#160;years.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Backlog</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&#8217;s remaining performance obligations
(<b>&#8220;backlog&#8221;</b>) represent the unrecognized revenue value of its contract commitments. These contracts are firm contracts
unless terminated for certain causes by either party as defined by the contract. The Company&#8217;s backlog may significantly vary each
reporting period based on the timing of major new contract commitments. At December&#160;31, 2021, the Company had a backlog of $47,423
with 100% of its backlog anticipated to be recognized as revenue in the next 12&#160;months.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Intersegment Sales</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for intersegment sales and
transfers as if these sales and transfers were to third parties at current market prices.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Basic and Diluted Income (Loss) Per Unit</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November 29, 2021, the Company amended and restated
the LLCA to provide for the creation and issuance of multiple classes and series of units and admission of additional members to the Company
in connection with the proposed business combination. The outstanding membership interests were converted to 986 common units, all of
which were held by the Parent. Upon the conversion of membership interests into units, the Company presented the net income (loss) per
unit on a retrospective basis for all periods presented in the consolidated financial statements.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Summary of Significant Accounting Policies</b>
(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subsequently, on the same day and in contemplation
of the proposed BCA with ArcLight, the Company authorized an additional 14 common units, and authorized 600,000 Series A-1 preferred units
and 2,000,000 Series&#160;A preferred units. From November 29, 2021 through December 31, 2021, all 1,000 common units were issued&#160;and
outstanding, 300,000 Series A-1 preferred units were issued and outstanding, and no Series A preferred units had been issued. See Note
18, <i>Redeemable Preferred Units and Equity</i>, for additional information.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The basic income (loss) per unit attributable to
members of OPAL Fuels LLC is computed by dividing the net income (loss) attributable to OPAL Fuels LLC by the weighted-average number
of common units outstanding during the period. Diluted net income (loss) does not give effect to 300,000 Series&#160;A-1 preferred units
issued to Hillman as the conversion is based on achieving a substantive contingency that is not based on the Company&#8217;s stock price.
The conversion is based on the Company&#8217;s failure to redeem upon exercise. The diluted net income (loss) will reflect the contingently
issuable common units in the period the contingency is met. Additionally, the diluted net income (loss) does not include outstanding equity
awards since they are not denominated in common units and they cannot be converted to common units.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Income Taxes</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company and most of its subsidiaries are disregarded
entities for federal income tax purposes and for certain states, with the results of its operations included with the consolidated federal
and applicable state tax returns of its member. Some subsidiaries are partnerships for federal income tax purposes. Accordingly, tax liabilities
are the responsibility of the member except for the minimum state tax requirements. Minimum state tax requirements are immaterial.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Significant Customers and Concentration of Credit Risk</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In 2021, 2020, and 2019, one customer accounted
for 16%, 30% and 20% of revenues, respectively. At December&#160;31, 2021 and 2020, one customer accounted for 11% and 40%, respectively
of accounts receivable. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally
of cash and cash equivalents, and trade receivables. The Company places its cash with high credit quality financial institutions located
in the United&#160;States of America. The Company performs ongoing credit evaluations of its customers.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Significant Suppliers</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In 2021, one supplier of the Company accounted for
17% or more of total Company purchases. In 2020 and 2019, one supplier accounted for 9% and 16%, respectively of total Company purchases.
At December&#160;31, 2021 and 2020, two suppliers accounted for 61% and 37%, respectively, of accounts payable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment in other entities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Investment in other entities includes the Company&#8217;s
interests in certain investees which are accounted for under the equity method of accounting as the Company has determined that the investment
provides the Company with the ability to exercise significant influence, but not control, over the investee. The Company&#8217;s investments
in these nonconsolidated entities are reflected in the Company&#8217;s consolidated balance sheet at cost. The amounts initially recognized
are subsequently adjusted for the Company&#8217;s share of earnings (losses) which are recognized as income (loss) from equity method
investments in the consolidated statement of operations after adjustment for the effects of any basis differences. Investments are also
increased for contributions made to the investee and decreased by distributions from the investee and classified in the statement of cash
flows using the cumulative earnings approach.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Summary of Significant Accounting Policies</b>
(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company evaluates its equity method investments
for impairment whenever events or changes in circumstances indicate that a decline in value has occurred that is other than temporary.
Evidence considered in this evaluation includes, but would not necessarily be limited to, the financial condition and near-term prospects
of the investee, recent operating trends and forecasted performance of the investee, market conditions in the geographic area or industry
in which the investee operates and the Company&#8217;s strategic plans for holding the investment in relation to the period of time expected
for an anticipated recovery of its carrying value. If the investment is determined to have a decline in value deemed to be other than
temporary, it is written down to estimated fair value in the same period the impairment was identified. For the&#160;years ended December&#160;31,
2021, 2020, and 2019 the Company did not identify any impairments on its investments in other entities.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note receivable</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the third quarter of 2021, the Company acquired
the rights to a note purchase agreement (&#8220;Note receivable&#8221;) for $10,450 with an entity in which it holds 10% equity interest.
The note receivable bears an interest of 12.5% out of which 4.5% will be paid-in-kind until the facility is operational. Additionally,
the Company entered into a separate fee letter which entitles the Company to receive a portion of the distribution of counterparty&#8217;s
future revenues up to a maximum of $4,500. The Company accounted for the amounts to be received under the fee letter as a loan under ASC&#160;310
and allocated $1,538 out of the $10,450 to &#8220;Note receivable&#160;&#8212;&#160;variable fee component&#8221; on its consolidated
balance sheet as of the date of issuance of the Note receivable. The Company amortized $288 and $118 as the interest income which is added
to the principal balance in its consolidated balance of Note receivable and Note receivable &#8212; variable fee component, respectively,
sheet as of December&#160;31, 2021.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Recurring Fair Value Measurements</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The fair value of financial instruments, including
long term debt and derivative instruments is defined as the amount at which the instruments could be exchanged in a current transaction
between willing parties. The carrying amount of cash and cash equivalents, accounts receivable, net, and accounts payable and accrued
expenses approximates fair value due to their short-term maturities.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The carrying value of the Company&#8217;s long-term
debt of $134,083 and $90,504 as of December&#160;31, 2021 and 2020, respectively, represents the total amount to be repaid if the debt
has to be discharged in full and therefore approximates its fair value.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company follows ASC&#160;820 regarding fair
value measurements which establishes a three-tier fair value hierarchy and prioritizes the inputs used in valuation techniques that measure
fair value. These tiers include:</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Level 1 &#8212;&#160;defined as observable inputs
such as quoted prices for identical instruments in active markets.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Level 2 &#8212;&#160;defined as quoted prices for
similar instruments in active market, quoted prices for identical or similar instruments in markets that are not active, or model-derived
valuations for which all significant inputs are observable market data.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Level 3 &#8212;&#160;defined as unobservable inputs
in which little or no market data exists, therefore requiring an entity to develop its own assumptions.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets forth by level within the
fair value hierarchy the Company&#8217;s financial assets and liabilities that were accounted for at fair value on a recurring basis as
of December&#160;31, 2021 and 2020. Financial assets and liabilities are classified in their entirety based on the lowest level of input
that is significant to the fair value measurement. The Company&#8217;s assessment of the significance of an input to the fair value measurement
requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy
levels.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 242 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Summary of Significant Accounting Policies</b>
(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&#8217;s interest rate swap contracts
are valued with pricing models commonly used by the financial services industry using discounted cash flows of forecast future swap settlements
based on projected three-month LIBOR rates. The Company does not consider these models to involve significant judgment on the part of
management and corroborated the fair value measurements with counterparty valuations. The Company&#8217;s interest rate swaps are classified
within Level 2 of the valuation hierarchy based on the observable market rates used to determine its fair value. The Company does not
expect to change its valuation techniques and therefore does not anticipate any transfers into or out of different levels of hierarchy.
These interest rate swaps are accounted for as derivative financial instrument liabilities.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company values its energy commodity swap contracts
based on the applicable geographical market energy forward curve. The forward curve are derived based on the quotes provided by New&#160;York
Mercantile Exchange (&#8220;NYMEX&#8221;), Amerex Energy Services (&#8220;Amerex&#8221;) and Tradition Energy (&#8220;Tradition&#8221;).
The Company does not consider that the pricing index used involves significant judgement on the part of management. Therefore, the Company
classifies these commodity swap contracts within Level 2 of the valuation hierarchy based on the observable market rates used to determine
fair value.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for asset retirement obligations
by recording the fair value of a liability for an asset retirement obligation in the period in which it is incurred and when a reasonable
estimate of fair value can be made. The Company estimates the fair value of asset retirement obligations by calculating the estimated
present value of the cost to retire the asset. This estimate requires assumptions and judgments regarding the existence of liabilities,
the amount and timing of cash outflows required to settle the liability, inflation factors, credit adjusted discount rates, and consideration
of changes in legal, regulatory, environmental, and political environments. In addition, the Company determines the Level 3 fair value
measurements based on historical information and current market conditions. These assumptions represent Level 3 inputs, which can regularly
change. As such, the fair value measurement of asset retirement obligations is subject to changes in these unobservable inputs as of the
measurement date. The Company used a discounted cash flow (&#8220;DCF&#8221;) model in which cash outflows estimated to retire the asset
are discounted to their present value using an expected discount rate. A significant increase (decrease) in the discount rate in isolation
could result in a significantly lower (higher) fair value measurement. The Company estimated the fair value of its asset retirement obligations
based on discount rates ranging from 5.75% to 8.5%.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There were no transfers of assets between Level
1, Level 2, or Level 3 of the fair value hierarchy as of December&#160;31, 2021 or December&#160;31, 2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&#8217;s assets and liabilities that
are measured at fair value on a recurring basis include the following as of December&#160;31, 2021 and December&#160;31, 2020, set forth
by level, within the fair value hierarchy:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Interest rate swaps</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">58,710</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">382</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"></p><div>

</div><!-- Field: Page; Sequence: 243 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>3. Summary of Significant Accounting Policies</b>
(cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,529</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">The Company restated its consolidated balance sheet as of
December&#160;31, 2020 to record a Derivative financial asset&#160;&#8212;&#160;current portion of $1,529 relating to unrealized gain
on its commodity swap contracts. See Note&#160;2, Restatement of Financial Statements and Note&#160;12 Derivative Financial Instruments
for additional information.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A summary of changes in the fair values of the Company&#8217;s
Level 3 instruments, attributable to asset retirement obligations, for the&#160;years ended December&#160;31, 2021 and December&#160;31,
2020 is included in Note&#160;3, <i>Summary of Significant Accounting Policies</i>.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>4. Company Operations</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Power Purchase Agreements</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has PPAs with utilities to sell electricity
and receive capacity and energy payments. The PPAs expire from 2022 to 2036<b>.</b> The price per megawatt hour (&#8220;MWh&#8221;) varies
for each contract. For the&#160;years ended December&#160;31, 2021, 2020, and 2019, power sales revenues under long-term agreements totalled
$37,359, $40,547, and $45,421, respectively, and are recorded as a component of Revenues &#8212; Renewable power within the consolidated
statements of operations. In 2020, the Company terminated a PPA with landfill owner and recognized a gain on termination of PPA of $1,292
in the consolidated statements of operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain PPAs contain cash penalties or termination
options if the Company causes defaults that are not remedied or if agreements are terminated prior to expiration, as defined in the agreements.
The economic viability of the Company&#8217;s plants is dependent upon sufficient recoverable LFG and on merchant prices.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain PPAs contain a lease element requiring lease
accounting. Accordingly, revenue related to the lease element of these PPAs is also included within renewable power revenue in the consolidated
statements of operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Renewable Energy Credits</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain state laws require that a portion of retail
electricity sales must be generated by a renewable energy source. The Company markets and sells renewable energy credits (&#8221;RECs&#8221;)
associated with the renewable energy it produces at several plants.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Gas Purchase Agreements</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has LFG purchase agreements with certain
landfills which expire from 2023 to 2044, with renewal options for up to six&#160;years, and can generally be continued if recoverable
gas is available and neither party has terminated the agreement. The gas purchase agreements&#8217; start dates and expiration dates coincide
closely with the PPAs to which they relate. During 2021, 2020 and 2019, gas purchases under these agreements totalled $3,744, $3,741,
and $3,794, respectively, and are included in cost of sales&#160;&#8212;&#160;renewable power in the consolidated statements of operations.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>4. Company Operations</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company also has agreements with LFG site owners
whereby it pays royalties for the gas it captures under formulas which vary by contract but that are based upon a percent of gross revenues
from the sale of electricity, the quantity of LFG consumed, or some combination of the two. During 2021, 2020, and 2019, royalty expense
totaled $15,241, $6,159, and $6,403, respectively, and is included in cost of sales&#160;&#8212;&#160;Renewable Power in the consolidated
statements of operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Operating and Maintenance Agreements</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has an operating and maintenance agreement
(&#8220;O&amp;M Agreement&#8221;) pursuant to which the Company operates and maintains the site&#8217;s gas collection system for the
landfill owner. For the&#160;years ended December&#160;31, 2021, 2020 and 2019, revenue under the O&amp;M Agreement totaled $3,172, $3,400,
and $3,256, respectively, and is recorded in renewable power revenue in the consolidated statements of operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>5. Acquisition</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On May&#160;1, 2021, we acquired the remaining 55.7%
ownership interest in Beacon to increase our ownership interest from 44.3% to 100%. Beacon extracts and converts methane gas to RNG from
two landfills located in western Pennsylvania and sells the extracted gas to public utilities and separately monetizes environmental attributes
through sales to third parties.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to an exchange agreement with ARCC Beacon
LLC (&#8220;Ares&#8221;), the Company purchased the remaining ownership interests in Beacon for $50,000, which was paid with a note that
matures in 2026 but is convertible to equity in the Company under certain circumstances. The acquisition was determined to be a business
combination under ASC 805, Business Combinations. Acquisition-related costs incurred, including those related to the issuance of the convertible
note, were insignificant and expensed as incurred.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to closing on May&#160;1, 2021, our 44.3%
equity investment in Beacon was recorded at $24,270. Upon acquisition of the remaining 55.7% ownership interest, our existing equity investment
was remeasured to fair value resulting in the recognition of a non-cash $19,818 gain. The fair value measurement was estimated by applying
the income approach. With this approach, the fair value measurement is based on significant inputs that are not observable in the market
and thus the fair value measurement is categorized within Level 3 of the fair value hierarchy. Our assumptions include future cash flow
projections, a discount rate range of 17.0% to 19.1% based on the weighted average cost of capital, and a terminal value based on a range
of terminal earnings before interest, taxes, depreciation, and amortization.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The excess of the consideration transferred and
the estimated fair value of previously held equity interest over the estimated fair values of the identifiable assets acquired and liabilities
assumed totaled $51,155 and was reflected as goodwill in the RNG Fuel Supply reportable segment. The majority of goodwill reflects the
value paid primarily for the customer and service contract with a wholly owned subsidiary of the Company. There was no settlement gain
or loss recognized for the extinguishment of the preexisting relationship. Goodwill will not be amortized, but rather reviewed annually
for impairment or more frequently if indicators of impairment exist.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>5. Acquisition</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company completed its purchase price allocation
as of December 31, 2021. The following table summarizes the fair value of consideration transferred for Beacon, the fair value of previously
held equity interest, and the fair value of assets acquired and liabilities assumed as of the acquisition date, May&#160;1, 2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Fair value of consideration transferred</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt">Total consideration transferred</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">$</td><td style="text-align: right">44,069</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Cash</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">759</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">240</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts receivable, related party</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">205</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Prepaid expense and other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">185</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Restricted cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,196</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Other assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Parts inventory</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">166</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">50,726</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Accounts payable and accrued expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(690</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Asset retirement obligation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(279</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accrued royalties</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,196</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Total identifiable net assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Goodwill</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">51,155</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt">Total purchase consideration</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">99,479</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">*</td><td style="text-align: justify">Fair value of the note as of December&#160;31, 2021 is $58,710.
Refer to Note&#160;10, Borrowings, for additional information.</td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The results of operations for the Beacon Acquisition
since the acquisition date have been included on our consolidated financial statements for the period from May&#160;1, 2021 through December&#160;31,
2021 and include approximately $43,611, of total revenue, and $24,420 income from operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The excess of the purchase price paid over the estimated
fair values of the identifiable assets acquired and liabilities assumed totaled $51,155 and is reflected as goodwill in the RNG Fuel Supply
reportable segment. The goodwill reflects the value paid primarily for the long-term opportunity to improve operating results through
the efficient management of operating expenses and the deployment of capital. Goodwill is not amortized, but rather is reviewed annually
for impairment or more frequently if indicators of impairment exist.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Proforma Financial Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following proforma audited financial information
reflects the consolidated results of operations of the Company and the amortization of the purchase price adjustments assuming the acquisition
had taken place on January&#160;1, 2020, excluding non-recurring transaction costs incurred by the Company during 2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">179,436</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">132,745</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Net income (loss)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">43,776</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As described in Note&#160;2 to these consolidated financial
statements, we have restated the consolidated financial statements for the&#160;years ended December&#160;30, 2020 and 2019. See Note&#160;2
Restatement of financial statements for additional information.</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 246 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6. Investments in Other Entities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes our equity method
investments as of December&#160;31, 2021 and 2020:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center"></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%">Beacon</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">44.3</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Pine Bend</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21,188</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Noble Road</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">50.0</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">24,516</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">GREP</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">20.0</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Total investments in other entities</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">47,150</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Income on equity method investments, net reported
in the Company&#8217;s consolidated statements of operations consisted of the following for the&#160;years ended December&#160;31, 2021,
2020 and 2019</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31,<br/>
 2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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 2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">December 31,<br/>
2019</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; width: 64%; text-align: left">Income from equity method investments, net, before amortization of basis difference </td><td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">2,268</td><td style="padding-bottom: 1.5pt; width: 1%; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">(475</td><td style="padding-bottom: 1.5pt; width: 1%; text-align: left">)</td><td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">(487</td><td style="padding-bottom: 1.5pt; width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-align: left">Income on equity method investments, net </td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,268</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(475</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(487</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Beacon Step Acquisition</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As detailed in Note 5, <i>Acquisition</i>, we acquired
the remaining 55.7% ownership interest in Beacon RNG LLC (&#8220;Beacon&#8221;) and obtained a controlling financial interest on May 1,
2021. We recorded a $19,818 gain during the second quarter of 2021 to adjust our equity method investment to its estimated fair value.
The gain is included in gain on acquisition of equity method investment in our consolidated statement of operations for the year ended
December&#160;31, 2021. Upon the step acquisition the Company consolidated Beacon and no longer accounts for its interest in Beacon as
an equity method investment.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Deconsolidation of Pine Bend and Noble Road</i></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2021, the Company re-assessed
its equity interests in Pine Bend and Noble Road under ASC 810, <i>Consolidation</i> and determined the entities no longer meet any of
the characteristics of a variable interest entity primarily because the two projects are fully funded and there is sufficient equity at
risk as of December 31, 2021. The Company determined that it should account for its interests in both entities under the equity method
of accounting pursuant to ASC 323, <i>Investments Equity Method and Joint Ventures</i>, prospectively, as the Company has the ability
to exercise significant influence, but not control, over both entities.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to December 31, 2021, the Company consolidated
these entities in accordance with the variable interest entity model guidance under ASC 810, <i>Consolidation</i>. Upon deconsolidation,
the Company remeasured the fair value of the retained investment and recognized a gain of $3,145 on Pine Bend and $11,880 on Noble Road
in its consolidated statement of operations for the year ended December 31, 2021 and a corresponding increase in its basis in <i>Investment
in other entities</i> on its consolidated balance sheet as of December 31, 2021. The fair value of the retained investment was measured
based on discounted cash flows model in which the future net cash flows from the two RNG facilities were discounted to their present value
using a discount factor of 20%.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 247 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6. Investments in Other Entities</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The carrying value of assets and liabilities of
the two entities at the time of their deconsolidation was as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">Cash and cash equivalents</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">21,208</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Other current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">134</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Property, plant and equipment, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">44,250</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accounts payable and accrued expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,235</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Net assets deconsolidated</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">61,357</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Acquisition of Reynold RNG LLC</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In August&#160;2021, the Company acquired a 100%
ownership interests in Reynolds RNG LLC (&#8220;Reynolds&#8221;), an RNG production facility for $12,020 which was funded with cash on
hand. Reynolds held an equity investment of 1,570 Class&#160;B units in GREP BTB Holdings LLC (&#8220;GREP&#8221;) representing 20% interest
for a cash consideration of $1,570 which owns 50% of BioTown Biogas LLC (&#8220;Biotown&#8221;), a power generation facility under development
to convert to an RNG facility. The Reynolds transaction was an asset acquisition from an affiliate under common control and therefore
the assets consisting of the its investment in GREP and the Note receivable ( described below) were recorded at carryover basis. The Company
accounts for its 20% equity investment in GREP under the equity method. The Company recorded a loss of $124 as its share of net loss for
the year ended December&#160;31, 2021 and reduced its investment in GREP as of December&#160;31, 2021.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition to the equity investment, Reynolds held
a loan of $10,450 to Biotown. The Note receivable matures on July&#160;15, 2027. It carries an interest of 12.5% out of which 8% is payable
in cash on a quarterly basis from the inception of the loan and 4.5% payment-in-kind interest adding to the outstanding debt balance until
the facility becomes operational. The total amount of interest earned for the year ended December&#160;31, 2021 was $711 out of which
$288 was payment-in-kind interest increasing the Note receivable from Biotown. The interest earned was recorded as a reduction to interest
and financing expense, net in the consolidated statement of operations for the year ended December&#160;31, 2021. The Note receivable
also entitles Reynolds to receive 4.25% of any revenue based distributions made with a cap of $4,500 over the term of the debt. The Company
recorded the fair value of the Note receivable&#160;&#8212;&#160;variable fee component of $1,539 as an allocation of the initial investment
balance of $10,450 and recorded an payment-in-kind interest income of $118 as a reduction to interest and financing expense, net in the
consolidated statement of operations for the year ended December&#160;31, 2021.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The note receivable of $9,200 and Note receivable&#160;&#8212;&#160;variable
fee component of $1,656 have been recorded as a long term assets on its consolidated balance sheet as of December&#160;31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes financial information
of the unconsolidated entities:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">44,250</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,235</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,536</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">61,358</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 248 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>6. Investments in Other Entities</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes the net income (loss)
attributable to the Company from the unconsolidated entities:&#8217;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-indent: -10pt; padding-left: 10pt">Revenue</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14,181</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">15,039</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,368</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,331</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,255</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Income (loss) from operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,276</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,859</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,059</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5,276</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,072</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,099</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">2,268</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(475</td><td style="text-align: left">)</td><td>&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>7. Property, Plant, and Equipment, Net</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Property, plant, and equipment, net, consisted of
the following at December&#160;31:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plant and equipment<sup>(1)</sup></span></td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">98,881</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">27,892</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">25,430</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Construction in progress</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">62,616</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">20,424</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt">Buildings</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,544</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,475</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Land</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,303</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,303</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Service equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,521</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,133</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">815</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">571</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt">Vehicles</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">407</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">514</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Office furniture and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">302</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">299</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Computer software</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">277</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">240</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">289</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Property, plant, and equipment, net</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As of December&#160;31, 2021, the Company identified one
renewable power generating facility to be abandoned in June&#160;2023 and building an RNG facility in the same site. Accordingly, the
Company tested the facility for impairment under the held and used impairment guidance under ASC&#160;360-10. The Company concluded that
the net book value of the asset exceeded the remaining undiscounted cash flows over the remaining shortened useful life. The Company
revised the useful life of the asset and recorded accelerated depreciation of $600 thousand on the facility in its consolidated statement
of operations for the year ended December&#160;31, 2021.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&#160;31, 2021, there has been an
increase in property, plant and equipment as a result of the step acquisition of Beacon in May&#160;2021 offset by deconsolidation of
Pine bend and Noble Road and increase in construction of RNG generation facilities including, but not limited to Sunoma and Central Valley
RNG dispensing facilities. The majority of these facilities, for which costs are in construction in progress as of December&#160;31, 2021,
are expected to be operational within the next year.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Depreciation expense on property, plant, and equipment
in 2021, 2020 and 2019 was $9,501, $7,595 and $7,241, respectively. Property, plant, and equipment was reduced by $4,234, and $8,246 at
December&#160;31, 2021 and 2020, respectively, due to U.S.&#160;Treasury grants received in prior&#160;years for the construction of renewable
energy power plants.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 249 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>8. Intangible Assets, Net</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Intangible assets, net, consisted of the following
at December&#160;31:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power purchase agreements<sup>(1)</sup></span></td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(865</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">807</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(719</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">88</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">120</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Intellectual property</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">43</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total intangible assets</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Includes $114 of accelerated amortization of the power purchase
agreement associated with the renewable power generating facility to be abandoned in June&#160;2023.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">The transmission/distribution interconnection represents
an interconnector for one of the Company&#8217;s LFG recovery facilities. The interconnection construction was initially funded by a
municipality. The Company is scheduled to repay the funding for the construction through April&#160;1, 2023.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; border-bottom: Black 1.5pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt">Power purchase agreements</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,999</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(6,602</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: center">217</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Transmission/distribution interconnection</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,600</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: center">181</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">CNG sales contract</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">807</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(639</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">168</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: center">120</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Intellectual property</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(11</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">32</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">60</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total intangible assets</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">11,449</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(8,012</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">)</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
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    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Amortization expense for 2021, 2020 and 2019 was
$577, $555, and $613, respectively. At December&#160;31, 2021, estimated future amortization expense for intangible assets is as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Year ending December&#160;31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 87%; text-align: left">2022</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">793</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2023</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">465</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2024</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">275</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">2025</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">266</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">2026</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">238</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9. Goodwill</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes the changes in goodwill
by reporting segment from the beginning of the period to the end of the period:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; font-weight: bold; text-indent: -10pt; padding-left: 10pt">Balance December 31, 2019</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,453</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-indent: -10pt; padding-left: 10pt">Balance December&#160;31, 2020</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,453</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,453</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">51,155</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Balance December&#160;31, 2021</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">51,155</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,453</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">54,608</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Addition relates to the step acquisition of Beacon. See Note&#160;5,
Acquisition, for additional information.</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 250 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10. Borrowings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes the borrowings under
the various debt facilities as of December&#160;31, 2021 and December&#160;31, 2020:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
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 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt">Senior secured credit facility, term loan</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">73,869</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">78,770</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Less: Unamortized debt issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(724</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,614</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(73,145</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(4,900</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Senior secured credit facility, term loan, net of debt issuance costs</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Senior secured credit facility, working capital facility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,682</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,500</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,182</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Senior secured credit facility, working capital facility</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,500</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">TruStar revolver credit facility</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#8212;</td><td style="font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,000</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">TruStar revolver credit facility</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Sunoma loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17,524</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,089</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Less: Unamortized debt issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(569</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(619</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(756</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Sunoma loan, net of debt issuance costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,199</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">470</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">OPAL term loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">75,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Less: Unamortized debt discount and debt issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,485</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,425</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">OPAL term loan, net of debt discount and debt issuance costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">59,090</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Convertible note payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">58,710</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Convertible note payable</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">58,710</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Municipality loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">278</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">472</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(194</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(194</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Municipality loan</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">84</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">278</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Non-current borrowings total</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">134,083</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">90,504</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&#160;31, 2021, principal maturities
of debt are expected as follows, excluding any subsequent refinancing transactions. The below table excludes the outstanding debt of $17,524
under the Sunoma loan was not converted from a construction loan into a term loan with a duration of 11&#160;years:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Senior&#160;secured <br/> credit&#160;facility</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">OPAL&#160;term&#160;<br/> loan</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Convertible <br/> note payable</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">2022</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">16,110</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">29,355</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">58,710</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">88,065</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">81,369</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">75,000</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">58,710</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">278</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">215,357</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Senior secured credit facility</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On September&#160;21, 2015,
Fortistar Methane 3 LLC ( the &#8220;FM3) , a wholly-owned subsidiary of OPAL, entered into a senior secured credit facility as a borrower
and Investec Bank PLC and MUFG Union Bank N.A., as joint lead arranger and book runners and CoBank ACB as documentation agent and LC
issuing bank, which provides for an aggregate principal amount of $150.0&#160;million, which consists of (i)&#160;a term loan of $125,000
( &#8220;Term Facility Loan&#8221;) and a (ii)&#160;working capital letter of credit facility (&#8220;Working Capital Facility&#8221;)
of up to $19,000 and a (iii)&#160;Debt service reserve and liquidity facility ( Debt Reserve and Liquidity Facility&#8221;) of up to
$6,000. The Company paid $14,300 to the lenders in connection with the transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10. Borrowings</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The borrowings under the Senior Secured Credit Facility
bear an interest rate of a fixed margin plus LIBOR for the relevant interest period. The fixed margin is 2.75% for the first four&#160;years
and 3.0% until October&#160;8, 2021 and 3.25% thereafter. Pursuant to the terms of facility, FM3 is required to repay 1% of the outstanding
debt under the Term Loan Facility amounting to $1,250 on a quarterly basis which is then adjusted based on available cash and a target
debt balance that declines each quarter. The Working Capital Facility contains a provision whereby the Company is obligated to reduce
the amount borrowed to $7,500 or less for a period of ten consecutive&#160;business days annually. As of December&#160;31, 2021, the total
amount outstanding under the Working Capital Facility was $7,500. Additionally, the Company pays commitment fee of 0.75% on unused portion
of the facility.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On October&#160;8, 2021, the Company entered into
the Amendment to Second Amended and Restated Credit Agreement (the &#8220;Amendment&#8221;) which extended the maturity date of the credit
facility that supports the Renewable Power business to December&#160;20, 2022. In addition, the minimum required debt service coverage
ratio was reduced from 1.1 to 1.0 and the calculation of the Cash Flows Available for Debt Service was amended to exclude the proceeds
of working capital loans deposited into the operating account going forward. Additionally, the Company is not allowed to make any distributions
or restricted payments. In exchange for these accommodations, the Company agreed to repay $5,182 as a permanent reduction of the Working
Capital Facility and to increase the interest rate on the credit facility by 25 basis points<b>.</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At December&#160;31, 2021 and December&#160;31,
2020, the Company had outstanding letters of credit that support obligations of the Company and its subsidiaries of $7,823 and $8,552,
respectively. The Senior Secured Credit Facility is collateralized by substantially all the assets of FM3 and assignment of FM3&#8217;s
rights, title and interests in PSAs and landfill gas rights agreements.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The debt agreement contains certain warranties and
financial covenants including but not limited to debt service coverage ratio to be less than 1.0 and restrictions on distributions and
additional indebtedness. The lenders only have recourse to the assets of FM3. For the&#160;years ended December&#160;31, 2021 and 2020,
FM3 was in compliance with all debt covenants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Patronage dividends</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is eligible to receive annual patronage
dividends from one of its lenders, Cobank ACB under a profit sharing program made available to the borrowers. The Company accrued patronage
dividend based on an estimated percentage of its weighted average debt balance for the year. For the years ended December 31, 2021, 2020
and 2019 the Company received cash dividend of $139, $136 and $131 which was recorded as a credit to interest expense in the consolidated
statements of operations. Additionally, the Company received $489 as equity in Cobank SCB which will be redeemed for cash beginning 2024.
The Company recorded $489 as other income in the consolidated statement of operations for the year ended December 31, 2021 and a correspond
long-term asset on its balance sheet as of December 31, 2021.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>TruStar revolver credit facility</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On September&#160;27, 2021, TruStar, a wholly-owned
subsidiary of the Company renewed the existing revolving credit arrangement with JP Morgan Chase Bank, N.A., for an aggregate amount of
$10,000. This revolver credit facility was secured by marketable securities pledged by the Ultimate Parent. In the fourth quarter of 2021,
the outstanding balance under this credit facility was fully repaid and the revolver credit facility was cancelled.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The amounts outstanding under this credit facility
had an interest rate of 1.0% plus one month LIBOR.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>10. Borrowings</b> (cont.)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Sunoma loan</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On August&#160;27, 2020, Sunoma Renewable Biofuel
LLC (&#8220;Sunoma&#8221;), a wholly-owned subsidiary of the Company entered into a debt agreement with Live Oak Banking Company ( &#8220;Lender&#8221;)
for an aggregate principal amount of $20,000. Sunoma paid $600 as fees to the Lender. The loan matures on April&#160;27, 2022 and bears
interest at the greater of Prime plus 3.50%, or 7.75%.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The amounts outstanding under the Sunoma loan agreement
are secured by the assets of Sunoma.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Sunoma loan agreement contains certain financial
covenants which require Sunoma to maintain (i)&#160;Maximum debt to worth ratio cannot exceed 5 to 1 (ii)&#160;the minimum current ratio
cannot be less than 1.0 (iii)&#160;minimum debt service coverage ratio of trailing four quarters cannot be less than 1.25. These covenants
apply after the construction is complete and the facility meets certain predetermined operational standards and documentation criteria
and the loan converts to a term loan which is expected to be in third quarter of 2022. Additionally, the Company received a waiver from
compliance of certain non financial covenants.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At maturity, the loan outstanding under the Sunoma
loan agreement is convertible to a permanent loan guaranteed by the United&#160;States Department of Agriculture (&#8220;USDA&#8221;).
The Permanent USDA loan will consist of an 11-year term and bear interest at the then-current 10-year LIBOR Swap rate plus 5.45%, fixed
for the term of the loan. The floor rate of the USDA loan will be equal to 6.75%. The Permanent USDA loan will be secured by the assets
of Sunoma Renewable Biofuel, LLC.&#160;The accrued interest is payable after the conversion to a permanent loan.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The significant assets of Sunoma are parenthesized
in the consolidated balance sheets as December&#160;31, 2021 and December&#160;31, 2020. Refer to Note&#160;16 Variable Interest Entities
for additional information.</p><div>

</div><p style="text-align: justify; text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><b>OPAL term loan</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On October&#160;22, 2021, the Company executed a
Term Loan at a newly formed entity, OPAL Fuels Intermediate Holding Company LLC (&#8220;OPAL Intermediate Holdco&#8221;) as the borrower
and Bank of America N.A., Customers Bank, Citi Bank N.A., Barclays Bank PLC as lenders (&#8220;Lenders&#8221;), Bank of America as administrative
agent and Customers Bank as Syndication Agent, which permitted borrowings of up to $125,000. Of the 125,000, the Company had $90,000 available
for borrowing upon closing and the remaining $35,000 to be made available as three more RNG facilities become operational. The facility
is secured by a pledge in the equity interest of the following subsidiaries of the Company at the time the loan was executed: Beacon Holdco
LLC, OPAL Environmental Credit Marketing LLC, TruStar Energy LLC, and OPAL Fuels Services LLC along with cash bank accounts and a security
interest in the Company&#8217;s environmental credits. A portion of the proceeds of this loan were used to pay off the outstanding balance
under the Trustar revolver credit facility and the remainder will be used for general corporate purposes, including investments in RNG
projects being developed by the Company.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the above, the Company borrowed $75,000
in October&#160;2021 and an another $15,000 in February&#160;2022 pursuant to an amendment allowing the Company to drawdown later than
the original commitment date. The loan matures April&#160;22, 2025 and bears interest at 3.0% plus LIBOR.&#160;Pursuant to the terms of
the facility, OPAL Intermediate Holdco is required to repay 1.79% or $1,342 per month beginning March&#160;2022 and an additional $700
per month beginning September&#160;2022.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The OPAL term loan contains certain financial covenants
which require OPAL Intermediate Holdco to maintain a (i)&#160;minimum liquidity of $15.0&#160;million until March&#160;31, 2022 and $10.0&#160;million
thereafter and (ii)&#160;leverage ratio not to exceed 4 to 1. As of December&#160;31, 2021, the Company is in compliance with the financial
covenants under this debt facility. Additionally, the debt agreement contains certain customary warranties and representations including
but not limited to restrictions on distributions and additional indebtedness.</p><div>

</div><p style="text-align: justify; text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0; margin: 0pt 0"><b>Municipality loan</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">FM3 entered into a loan agreement for the construction
of an interconnection that was initially funded by the municipality. The Company is scheduled to make payments to a municipality of the
amount of $1,600 plus interest at a fixed annual rate of 3.00% through April&#160;1, 2023.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 253 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>10.</b></td><td style="text-align: justify"><b>Borrowings</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Loan from Affiliate and Line of Credit from Affiliate</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June&#160;2015, the Ultimate Parent made a $5,000
loan to the Company with an annual interest rate of 10% compounded monthly. This loan, which had an original maturity date of June&#160;26,
2016, was subsequently renewed annually. As of December&#160;31, 2019, the full amount of this loan was outstanding. On December&#160;31,
2020, the outstanding loan balance of $5,000 was assigned to the Ultimate Parent and the assignment of this loan to the related party
was accounted for as a capital contribution to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In April&#160;2017, the Ultimate Parent extended
a $5,000 revolving line of credit to the Company for general working capital. This loan, which had an original maturity date of September&#160;9,
2018, was subsequently renewed annually by the affiliate. Borrowings under the line of credit bore interest at an annual rate of 10% compounded
monthly. Additional drawings under this credit line were available once per month in minimum amounts of $250. The credit line included
a commitment fee of 2% on the loan amount and interest of 1% on the undrawn amount, due quarterly. As of December&#160;31, 2019, the full
amount of this line of credit was outstanding. On December&#160;31, 2020, the outstanding line of credit amount of $5,000 was assigned
to the Parent and the assignment of this loan to the related party was accounted for as a capital contribution to the Company.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Interest rates</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>2021</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&#160;31, 2021, the interest
rate on Senior Secured Facility included a margin plus LIBOR and commitment fees of 0.75% on unused portion of the Working Capital Facility.
The weighted average effective interest rate including the amortization of debt issuance costs for this period was 3.00%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&#160;31, 2021, the interest
rate on TruStar Revolver Credit Facility including a margin plus LIBOR was 1.52%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&#160;31, 2021, the paid-in-kind
interest rate on Convertible note payable was 8%. The change in fair value of the Note recorded as interest expense between May&#160;1,
2021 and December&#160;31, 2021 was $3,300.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year end December&#160;31, 2021, the interest
rate on OPAL term loan was 4% and commitment fees of 0.5% on the undrawn portion of the facility. The weighted average effective interest
rate including the amortization of debt issuance costs for this period was 4.9%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&#160;31, 2021, the weighted
average effective interest rate on the Sunoma Credit Facility was 7.75%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&#160;31, 2021, the weighted
average interest rate on Municipality Loan was 3.0%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>2020</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&#160;31, 2020, the interest
rate on Senior Secured Facility included a margin plus LIBOR and commitment fees of 0.75% on unused portion of the Working Capital Facility.
The weighted average effective interest rate including the amortization of debt issuance costs for this period was 3.25%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&#160;31, 2020, the interest
rate on TruStar Revolver Credit Facility including a margin plus LIBOR was 2.1%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&#160;31, 2020, the weighted
average effective interest rate on the Sunoma Credit Facility was 7.75%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&#160;31, 2020, the weighted
average interest rate on Municipality Loan was 3.0%.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 254 --><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>10.</b></td><td style="text-align: justify"><b>Borrowings</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the year ended December&#160;31, 2020, the weighted
average interest rate on Line of Credit and Loan from Affiliate was 10%.</p><div>

</div><p style="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>2019</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the year ended December&#160;31, 2019, the interest
rate on Senior Secured Facility included a margin plus LIBOR and commitment fees of 0.75 % on unused portion of the Working Capital Facility.
The weighted average effective interest rate including the amortization of debt issuance costs for this period was 4.94 %.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the year ended December&#160;31, 2019, the interest
rate on TruStar Revolver Credit Facility including a margin plus LIBOR was 2.1%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the year ended December&#160;31, 2019, the weighted
average interest rate on Municipality Loan was 3.0%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the year ended December&#160;31, 2019, the weighted
average interest rate on Line of Credit and Loan from Affiliate was 10%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table summarizes the Company&#8217;s
total interest and financing expense, net for</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Senior secured facility</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,777</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,655</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,074</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Municipality loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Trustar revolver credit facility</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">111</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">166</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">351</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Convertible note payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,300</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">800</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">OPAL term loan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">617</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Line of credit/Loan from Affiliate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,010</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Commitment fees and other finance fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">835</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">962</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">965</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Amortization of debt issuance costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,086</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">860</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">820</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Interest income</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(769</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Total interest expense</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">7,467</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">6,655</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 4pt double; font-weight: bold; text-align: right">8,026</td><td style="padding-bottom: 4pt; font-weight: bold; text-align: left">&#160;</td></tr>
  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Interest expense on Senior secured facility is presented net of
patronage dividends received of $628, $136 and $131 for the years ended December 31, 2021, 2020 and 2019, respectively.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>11.</b></td><td style="text-align: justify"><b>Leases</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">During 2018, the Company renewed a lease for office
and warehouse space that became effective upon the termination of the original lease term on January&#160;31, 2018. The term of the lease
renewal was thirty-six&#160;months and contained an option to renew for an additional twenty-four&#160;months. In September&#160;2020,
the Company exercised this option. In addition, the Company maintains a fleet of vehicles under lease with terms ranging from forty-eight
to sixty&#160;months and with lease expiration dates ranging from April&#160;2021 to February&#160;2025.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Future minimum lease payments are as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">December&#160;31, 2021</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td colspan="2" style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">2022</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">690</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2023</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">283</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">2024</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">163</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">2025</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">55</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,191</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company incurred rent expense of $1,098, $1,242
and $1,464, in 2021, 2020 and 2019, respectively.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 255 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>12.</b></td><td style="text-align: justify"><b>Derivative Financial Instruments</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><i>Interest rate swaps</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company has various interest rate swap agreements,
including swaps entered into in early 2020. The average annual fixed rate ranges from 2.38% in 2020 to 2.50% in 2022. These transactions
involved the exchange of fixed and floating rate interest payment obligations without the exchange of the underlying principal amounts.
The Company has accounted for these instruments as economic hedges and has included changes in their fair market value in the consolidated
statements of operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The location and amounts of derivatives fair values
in the balance sheet are:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center"><b>Location of<br/>
    Fair Value Recognized</b></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">December&#160;31,</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">in Balance Sheet</td></tr>
  <tr style="vertical-align: bottom">
    <td>Derivatives designated as economic hedges</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%; text-align: left">Current portion of interest rate swaps</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(992</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(1,689</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 40%; text-align: left">Derivative financial liability, current portion</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Interest rate swaps, net of current portion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,096</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: left; padding-bottom: 1.5pt">Derivative financial liability, non-current portion</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(992</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2,785</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The effect of interest rate
swaps on our consolidated statement of operations was:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold; text-align: center">(Loss)&#160;Gain&#160;Recognized&#160;in<br/> Operations&#160;from&#160;interest&#160;rate&#160;swaps</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center"><b>Location of (Loss)<br/>
Gain Recognized in Operations</b></td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">December&#160;31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">from Derivatives</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 20%; text-align: justify">Interest rate swaps</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,793</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(1,050</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(1,876</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 43%; text-align: justify">Change in value of derivative financial instruments</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: justify; padding-bottom: 1.5pt">Net periodic settlements</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,694</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,147</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">185</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: justify; padding-bottom: 1.5pt">Change in value of derivative financial instruments</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">99</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2,197</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(1,691</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: justify; padding-bottom: 4pt">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Company may be exposed to
credit risk on any of the derivative financial instruments that are in an asset position. Credit risk relates to the risk of loss that
the Company would incur because of non-performance by counterparties pursuant to the terms of their contractual obligations. To mitigate
this risk, management monitors counterparty credit exposure on an annual basis, and the necessary credit adjustments have been reflected
in the fair value of financial derivative instruments. There are no credit-risk-related contingent features that could be triggered in
derivative financial instruments that are in a liability position.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company enters into interest rate swap contracts
with counterparties that allow for net settlement of derivative assets and derivative liabilities. The Company has made an accounting
policy election to offset recognized amounts relating to these interest swaps within the consolidated balance sheets. The following tables
summarize the fair value of derivative instruments on the Company&#8217;s consolidated balance sheets and the effect of netting arrangements
and collateral on its financial position:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross Amounts&#160;<br/> of&#160;Recognized <br/> Assets/<span style="text-decoration:underline"><br/> </span>(Liabilities)</b></span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross Amounts<span style="text-decoration:underline"><br/> </span>Offset in the<span style="text-decoration:underline"><br/> </span>Consolidated<span style="text-decoration:underline"><br/> </span>Balance Sheet</b></span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net Amounts <br/>
of<span style="text-decoration:underline"><br/> </span>Assets/(Liabilities)<span style="text-decoration:underline"><br/> </span>Presented in the<span style="text-decoration:underline"><br/> </span>Consolidated<span style="text-decoration:underline"><br/> </span>Balance Sheet</b></span></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: justify">December&#160;31, 2021</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: justify">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="white-space: nowrap; text-align: justify">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: justify; text-indent: -10pt; padding-left: 10pt">Interest rate swap liability</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(992</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 9%; text-align: right">(992</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: justify; text-indent: -10pt; padding-left: 10pt">December&#160;31, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: left">&#160;</td><td style="white-space: nowrap; text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; text-indent: -10pt; padding-left: 10pt">Interest rate swap liability</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(2,785</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">(2,785</td><td style="text-align: left">)</td></tr>
  </table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There were no collateral balances with counterparties
outstanding as of the period-end dates.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 256 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>12.</b></td><td style="text-align: justify"><b>Derivative Financial Instruments</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Commodity swap contracts</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company utilizes commodity swap contracts to
hedge against the unfavorable price fluctuations in market prices of electricity. The Company does not apply hedge accounting to these
contracts. As such, unrealized and realized gain (loss) is recognized as component of Renewable Power Revenues in the consolidated statement
of operations and Derivative financial asset&#160;&#8212;&#160;current and non-current in the consolidated balance sheets. These are considered
to be Level 2 instruments in the fair value hierarchy. By using commodity swaps, the Company exposes itself to credit risk and market
risk. Credit risk is the failure of the counter party to perform under the terms of the swap contract. When the fair value of the swap
contract is positive, the counter party owes the Company creating a credit risk. The Company manages the credit risk by entering into
contracts with financially sound counter parties. To mitigate this risk, management monitors counterparty credit exposure on an annual
basis, and the necessary credit adjustments have been reflected in the fair value of financial derivative instruments. When the fair value
of the swap contract is negative, the Company owes the counter party creating a market risk that the market price is higher the contract
price causing loss of higher revenues.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In December&#160;2018, the Company signed an amendment
that converted an existing PPA into a commodity swap contract to allow the Company flexibility to sell the capacity separately and schedule
sale of electricity to independent third parties. Post the amendment, the Company agreed to net settle the contract in cash on a monthly
basis based on the difference between the contract price and market price. The contract has a default minimum of 34,554 Mwh per year.
Additionally, the Company entered into an ISDA agreement with a counter party in November&#160;2019. Pursuant to the agreement, the Company
entered into swaps with contract prices ranging between $35.75 and $51.25 per Mwh.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table summarizes the commodity swaps
in place as of December&#160;31, 2021 and 2020:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Trade date</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Period From</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Period to</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-indent: -10pt; padding-left: 10pt">December&#160;14, 2018</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: center">&#160;</td><td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2019</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: center">&#160;</td><td style="width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
                                                       30,2022</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">34,554</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">66.12</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt">November&#160;22, 2019</td><td>&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2021</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">43,860</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">35.75</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">October&#160;28, 2021</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 1, 2021</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2022</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,660</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">48.75</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt">December&#160;27, 2021</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2022</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2022</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,280</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">50.75</td><td style="text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The effect of commodity swaps on the consolidated
statements of operations for the&#160;years ended December&#160;31, 2021, 2020 and 2019.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: left; font-weight: bold"></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 1.5pt; white-space: nowrap; text-align: center; font-weight: bold"></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Fiscal&#160;Years
    <br/> Ended<br/> December&#160;31,</b></span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><b>Derivatives
    not designated as <br/> hedging instruments</b></span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Location
    of (loss) gain <br/> recognized</b></span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>2020</b></span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>2019</b></span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Restated)<sup>(1)</sup></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;(Restated)<sup>(1)</sup></span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 43%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Commodity
    swaps&#160;&#8211;&#160;realized (loss) gain</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 20%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Renewable Power Revenues</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(22</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,383</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,129</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Commodity
    swaps&#160;&#8211;&#160;unrealized (loss)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Renewable Power Revenues</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,148</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,176</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(373</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif">Total
    realized and unrealized(loss) gain</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="text-align: left; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">Renewable Power Revenues</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,170</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">207</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">756</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">The Revenues for the&#160;years ended December&#160;31, 2020 and
2019 were restated to record unrealized loss of $1,176 and $373, respectively. Please see Note&#160;2 Restatement of financial statements
for additional information.</td>
</tr></table><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 257 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>12.</b></td><td style="text-align: justify"><b>Derivative Financial Instruments</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table shows the derivative assets
and liabilities related to commodity swaps as of December&#160;31, 2021 and 2020:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Fair
    Value</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>Location
    of<br/>
    Fair Value Recognized</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in; border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">December&#160;31,</span></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">in
    Balance Sheet</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif">Derivatives designated
    as economic hedges</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Current
    portion of unrealized gain on commodity swaps</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">382</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Unrealized
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    <td style="text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Derivative financial
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">382</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,529</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>13.</b></td><td style="text-align: justify"><b>Related Parties</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Related parties are represented by our Ultimate
Parent and other affiliates, subsidiaries and other entities under common control with the Ultimate Parent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Capital contributions and distribution from and to members</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the&#160;years ended December&#160;31, 2021,
2020 and 2019, the Company received contributions from its Ultimate Parent of $7,531, $15,128 and $30,057, respectively. Additionally,
the Company made distributions to its Ultimate Parent of $3,695, $852 and $404 for the&#160;years ended December&#160;31, 2021, 2020 and
2019.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Sale of non-controlling interests to Related Parties</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the year ended December&#160;31, 2021, the
Company sold non-controlling interests in four RNG projects to Hillman for total proceeds of $30,000. On November&#160;29, 2021, as part
of an exchange agreement (&#8220;Hillman exchange&#8221;), the Company issued 14 newly authorized common units and 300,000 Series&#160;A-1
preferred units to Hillman in return for Hillman&#8217;s non-controlling interest in four RNG project subsidiaries. Please see Note&#160;18,
<i>Redeemable Preferred Units&#160;and Equity</i> for additional information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Purchase of investments from Related Parties</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In August 2021, the Company acquired a 100% ownership
interests in Reynolds RNG LLC (&#8220;Reynolds&#8221;), an RNG production facility for $12,020 which was funded with cash on hand. Reynolds
held an equity investment of 1,570 Class B units in GREP BTB Holdings LLC (&#8220;GREP&#8221;) representing 20% interest for a cash consideration
of $1,570 which owns 50% of BioTown Biogas LLC (&#8220;Biotown&#8221;), a power generation facility under development to convert to an
RNG facility. The Reynolds transaction was an asset acquisition from an affiliate under common control and therefore the assets consisting
of the its investment in GREP and the Note receivable (described below) were recorded at carryover basis. The Company accounts for its
20% equity investment in GREP under the equity method. The Company recorded a loss of $124 as its share of net loss for the year ended
December 31, 2021 and reduced its investment in GREP as of December 31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><b>&#160;</b></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 258 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>13.</b></td><td style="text-align: justify"><b>Related Parties </b>(cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Equity commitment letters</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During 2021 and 2020, the Ultimate Parent entered
into three equity commitment agreements totaling $57,066 with third-party investors which established the amount of capital contributions
to be made by these investors in four RNG projects being developed by the Company in exchange for which the third-party investor would
acquire a specified ownership percentage in the RNG project. In conjunction with this, for the purpose of satisfying the Engineering, Procurement and Construction Agreements under which these
RNG projects would be built, the Ultimate Parent issued three equity commitment letters to the contractor hired to construct these RNG
projects. The equity commitments for Pine Bend and Noble Road have been fulfilled during 2021 and there is no outstanding commitment amounts
on these projects as of December&#160;31, 2021.</p><div>





</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount <br/> outstanding&#160;yet <br/> to
    be fulfilled</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold">December&#160;31, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Noble Road RNG</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">19,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">19,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Pine Bend RNG</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21,504</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21,504</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">New River RNG</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,562</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,789</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7,773</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">57,066</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">49,293</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,773</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Sales contracts with Related Parties</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June&#160;2020, Trustar, a wholly-owned subsidiary
of the Company contracted with Beacon to dispense Beacon&#8217;s RNG, generate and market the resulting RINs created on behalf of Beacon.
The term of this contract is September&#160;1, 2020 through October&#160;31, 2030. The Company receives non-cash consideration in the
form of RINs or LCFSs for providing these services and recognizes the RINs or LCFSs received as inventory based on their estimated fair
value at contract inception. During the period from September&#160;1, 2020 to December&#160;31, 2020, the Company earned environmental
processing fees of $428, net of intersegment elimination, under this agreement which are included in fuel station service revenues in
the consolidated statements of operation. During 2021, the Company acquired the remaining interests in Beacon. Therefore, all environmental
fees earned after May&#160;1, 2021 is eliminated in the consolidated statements of operations. For the period between January 1 and April
30, 2021, the company earned environmental processing fees of $632, net of intersegment elimination.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Service agreements with Related Parties</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In 2020, Trustar and FM3, two wholly-owned subsidiaries
of the Company had two management service agreements with the Ultimate Parent to provide for management, operations and maintenance services.
The agreement provided for a pass-through of the actual costs incurred.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On December 31, 2020, the Company terminated the
above two agreements and signed a new management, operations, and maintenance services agreement (&#8220;Administrative services agreement&#8221;)
with the Ultimate Parent, pursuant to which the Ultimate Parent provides management, operations, and maintenance services to the Company.
The agreement expires on December&#160;31, 2023, unless the termination occurs earlier due to dissolution of the Company or terminated
by the Company&#8217;s secured lenders in certain circumstances. The agreement provides for a pass-through of actual costs incurred and
a fixed annual payment of $580,000 per year adjusted annually for inflation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June&#160;2021, the company entered into an management
services agreement with Costar Partners LLC (&#8220;Costar&#8221;), an affiliate of the Ultimate Parent. As per the agreement, Costar
provides IT support services, software use, licensing services, management of third party infrastructure and security services and additional
IT services as needed by the Company. The agreement provides for Costar to be compensated based on actual costs incurred and licensing
fees per user for certain software applications. The agreement expires in June 2024 unless the termination occurs earlier due to dissolution
of the Company or terminated by the Company&#8217;s secured lenders in certain circumstances.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 259 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>13.</b></td><td style="text-align: justify"><b>Related Parties </b>(cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table summarizes the various fees
recorded under the agreements described above which are included in our Selling, general administrative expenses:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/>
2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Staffing and management services</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,393</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,866</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,091</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">IT services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,497</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">269</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">403</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the&#160;years ended December&#160;31, 2021
and December&#160;31, 2020 the company had accounts payable, related party in the amounts of $166 and $1,579, respectively. As of December
31, 2021, the Company recorded $676 payable to Costar as part of accrued expenses in its consolidated balance sheet</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>14.</b></td><td style="text-align: justify"><b>Benefit Plan</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company maintains a qualified 401(k)&#160;benefit
plan (the &#8220;Plan&#8221;) covering substantially all its employees who meet the eligibility requirements. All employees are eligible
to participate in the Plan starting with the first&#160;day of the month following three&#160;months of service. Eligible employees may
contribute up to 50% of their compensation on a pre-tax basis to the Plan, up to statutory limits. The Company matches 100% on the first
3% and 50% of the next 2% of eligible employees&#8217; contributions. The Company&#8217;s contributions vest immediately. The Company&#8217;s
contributions to the Plan were $374, $293 and $276 in 2021, 2020 and 2019, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>15. Reportable Segments and Geographic Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is organized into six operating segments
based on the characteristics of its Renewable Power generation and dispensing portfolio and the nature of other products and services:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>Renewable Power 3 Portfolio.&#160;&#160;&#160;&#160;</b>The
Renewable Power 3 (&#8220;RP3&#8221;) portfolio generates electricity through methane-rich landfills and digester gas collection systems
primarily located in Southern California. RP3&#160;sells renewable electricity to public utilities throughout the United&#160;States.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>Renewable Power 4 Portfolio.&#160;&#160;&#160;&#160;</b>The
Renewable Power 4 (&#8220;RP4&#8221;) portfolio generates electricity through methane-rich landfills and digester gas collection systems.
RP4 sells renewable electricity to public utilities throughout the United&#160;States.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify"><b>RNG Fuel Supply.&#160;&#160;&#160;&#160;</b>The RNG Fuel
portfolio consists of the Company&#8217;s interests in Beacon, Noble Road, Sunoma, GREP and other RNG projects under construction. Beacon
captures and converts methane gas to RNG from two landfills located in western Pennsylvania and sells the captured gas to public utilities
and separately monetizes environmental attributes through sales to third parties. For the year ended December&#160;31, 2020 and for the
period from March&#160;11, 2019 through December&#160;31, 2019, the Company accounted for its interest in Beacon under the equity method
of accounting. In May&#160;2021, the Company acquired the remaining interests in Beacon and consolidated Beacon&#8217;s results for the
period between May and December&#160;31, 2021. The Company accounted for its interests in Pine Bend and Noble Road on a fully consolidated
basis for the first nine&#160;months of 2021 and converted to equity method of accounting in December and November, 2021, respectively.
The Company accounted for its interest in Sunoma on a consolidated basis for the year ended December&#160;31, 2021. Please see note 17
Variable Interest Entities for additional information.</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>15.</b></td><td style="text-align: justify"><b>Reportable Segments and Geographic Information</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>&#9679;</b></td><td style="text-align: justify"><b>RNG Fuel Dispensing.&#160;&#160;&#160;&#160;</b>The Company
owns and operates CNG fueling stations that are strategically located to supply fuel to third-party vehicle fleets throughout the United&#160;States.
CNG Fueling Operations also supplies CNG vehicle fuel to stations owned by third parties.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>Fuel Construction Services.&#160;&#160;&#160;&#160;</b>The
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b>Fuel Station Services.&#160;&#160;&#160;&#160;</b>The
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Co-Chief Executive Officers serve as the Company&#8217;s
chief operating decision maker (&#8220;CODM&#8221;) and jointly manage the six operating segments based on regular reviews of the segment
information presented below. This information is used by the CODM to evaluate the performance of each operating segment and allocate the
Company&#8217;s resources among segments. The Company determined that each of the six operating segments meets the characteristics of
a reportable segment in U.S.&#160;GAAP.&#160;The Company activities and assets that are not associated with the six reportable segments
are summarized in the &#8220;Other&#8221; category below. These include corporate investment income, interest income and interest expense,
income tax expense and other non-allocated costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With the exception of the Beacon Portfolio, segment
disclosures are prepared on the same basis described in the summary of significant accounting policies. The CODM reviews the Beacon Portfolio
segment based on its standalone, consolidated financial reports. As such, a reconciliation is provided below of the Beacon Portfolio segment
information to the Company&#8217;s equity method accounting for its interest in Beacon under U.S.&#160;GAAP.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Revenues in Renewable Power 3 and RNG Fuel Dispensing segments
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Other includes revenues of Fortistar Contracting LLC.</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>15.</b></td><td style="text-align: justify"><b>Reportable Segments and Geographic Information</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Renewable Power 3</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,595</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,960</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Renewable Power 4</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">17</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Other includes interest expense associated with RNG Fuel Dispensing,
Fuel Construction Services, and Fuel Station Services, as the Company does not maintain segment-level records for these balances.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Depreciation, Amortization, and Accretion:</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Renewable Power 3</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,630</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,093</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Renewable Power 4</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">442</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">203</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">267</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">RNG Fuel Supply</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,306</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,112</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,369</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">RNG Fuel Dispensing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,662</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,468</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,178</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Fuel Construction Services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">137</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">57</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">44</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Fuel Station Services</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">408</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">393</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">181</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">128</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">124</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">96</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Other includes amortization of intangible assets and depreciation
expense not allocated to any segment.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, <br/> 2021</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, <br/> 2020</td><td style="white-space: nowrap; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
    <td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(26,447</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(1,422</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,603</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(754</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">RNG Fuel Supply</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,821</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,265</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">6,298</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,950</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,622</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">2,708</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,700</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">4,441</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,723</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,367</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(23,103</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(8,247</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(9,181</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(5,249</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Net loss for the Renewable Power 3 segment has been restated to
record unrealized losses on commodity swap contracts. Please see Note&#160;2 Restatement of financial statements for additional information.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Other includes Fortistar Contracting LLC as well as interest expense
and selling, general and administrative expenses associated with RNG Fuel Dispensing, Fuel Construction Services, and Fuel Station Services,
as the Company does not maintain segment-level records for these balances.</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 262 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>15.</b></td><td style="text-align: justify"><b>Reportable Segments and Geographic Information</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
    <td colspan="2" style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Total Assets:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Renewable Power 3</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">40,901</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">54,860</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Renewable Power 4</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,827</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,116</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">RNG Fuel Supply</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">191,464</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">26,238</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other<sup>(2)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">98,502</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">59,671</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Equity Method Investment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">47,150</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">25,573</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">380,844</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">169,458</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">The total assets for Renewable Power 3 as of December&#160;31,
2020 have been restated to record Derivative financial asset &#8212; current and Derivative financial asset&#160;&#8212;&#160;non-current
of $810 and $719, respectively. Please see Note&#160;2, <i>Restatement of Financial Statements</i> for additional information.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Other includes total assets associated with Fortistar Contracting
LLC, RNG Fuel Dispensing, Fuel Construction Services, and Fuel Station Services, as the Company does not maintain segment-level records
for these balances.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fiscal Years Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31, <br/> 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Cash Paid for Purchases of Property, Plant and Equipment:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Renewable Power 3</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">29</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">14</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Renewable Power 4</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">123</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">23</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">RNG Fuel Supply</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">78,854</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">17,886</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,001</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">RNG Fuel Dispensing</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,792</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,902</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,431</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">89,646</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">24,940</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">5,469</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Geographic Information:&#160;&#160;&#160;&#160;The
Company&#8217;s assets and revenue generating activities are domiciled in the United&#160;States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>16.</b></td><td style="text-align: justify"><b>Stock-Based Compensation</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">During the&#160;years ended December&#160;31, 2020
and 2019, the Ultimate Parent granted certain equity-based awards to certain employees of the Company in the form of residual equity interests
(&#8220;Profit interests&#8221;) in four wholly-owned subsidiaries of the Company. The Profit Interests do not have voting rights and
shall participate in the income distributions when the subsidiaries achieve certain financial targets. These Profits Interests were restructured
in December&#160;2020, at which time they became based on a portion of the Ultimate Parent&#8217;s indirect ownership in the Company,
rather than in the Ultimate Parent&#8217;s ownership interest in Company subsidiaries. There were no new residual equity interest grants
during the year ended December&#160;31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">During the&#160;years ended December&#160;31, 2020
and 2019, the percentage of Profit Interests issued in the investment entities that were established to grant the incentive units ranged
between 34%-37% in the four wholly-owned subsidiaries. These Profit Interests vest ratably over a period of five&#160;years from the grant
date. In accordance with ASC&#160;718 <i>Compensation&#160;&#8212;&#160;Stock Compensation</i>, the Profits Interests are valued at their
fair value when issued and such fair value is expensed over the service vesting period.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 263 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>16.</b></td><td style="text-align: justify"><b>Stock-Based Compensation</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">In accordance with ASC&#160;718 &#8220;&#160;Stock-compensation&#8221;,
the expense for the above Profit Interests was amortized on a straight-line basis over the five year period. For the&#160;years ended
December&#160;31, 2021, 2020 and 2019, , the Company incurred compensation costs of $639, $510 and $315, respectively, which was recorded
as a component of Selling, General and Administrative expenses within the consolidated statements of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">As of December&#160;31, 2021, 46% of the Profit
Interests issued vested and there were 54% of Profit Interests unvested. There were no forfeitures during the year ended December&#160;31,
2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">As of December&#160;31, 2020, 25% of the Profit
Interests issued vested and there were 75% of Profit Interests unvested. There were 0 forfeitures during the year ended December&#160;31,
2020.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">The future compensation to be recognized for the
above grants as of December&#160;31, 2021 is $1,731 and will be recognized the remaining vesting period which ranges from one to four&#160;years.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>17.</b></td><td style="text-align: justify"><b>Variable Interest Entities</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">We determine whether we are the primary beneficiary
of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis.
Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires
judgment. Our considerations in determining the VIE&#8217;s most significant activities and whether we have power to direct those activities
include, but are not limited to, the VIE&#8217;s purpose and design and the risks passed through to investors, the voting interests of
the VIE, management, service and/or other agreements of the VIE, involvement in the VIE&#8217;s initial design and the existence of explicit
or implicit financial guarantees. If we are the party with the power over the most significant activities, we meet the &#8220;power&#8221;
criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that all significant
decisions require consent of a third party, we do not meet the &#8220;power&#8221; criteria of the primary beneficiary.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">We assess our variable interests in a VIE both individually
and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could
potentially be significant to the VIE.&#160;The determination of whether our variable interest is significant to the VIE requires judgment.
In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the
design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Our variable interests in each of our VIEs arise
primarily from our ownership of membership interests, construction commitments, our provision of operating and maintenance services, and
our provision of environmental credit processing services to VIEs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">During 2021, the Company held equity interests in
six VIEs&#160;&#8212;&#160;Sunoma, Pine Bend, Noble Road, Emerald, Sapphire and Central Valley as the Company sold non-controlling interests
ranging between 11% to 50% in each of these entities. The Company determined that each of these entities are VIEs and in its capacity
as a managing member, the Company is the primary beneficiary. These entities do not have any employees and the Company conducts the operations
under specific operations and maintenance contracts with third parties and other affiliates of the Company. The Company is deemed as a
primary beneficiary based on two conditions</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The Company, as a managing member, has the power to order
the activities that significantly impact the economic performance of the four entities including establishment of strategic, operating
and capital decisions for each of these entities;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The Company has the obligation to absorb the potential losses
for the right to receive potential benefits, which could be significant to the VIE;</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 264 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>17.</b></td><td style="text-align: justify"><b>Variable Interest Entities</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December 31, 2021, there was no activity in
Emerald and Sapphire.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In Pine Bend, and Noble Road, the Company had equity
commitment letters that were not fully funded during the year 2021 which allowed for step funding as the construction progresses. As of
December&#160;31, 2021, the two entities were fully funded, are no longer thinly capitalized, and have sufficient equity at risk.These
entities do not have any employees and the Company conducts the operations in these entities under specific operations and maintenance
contracts with third parties and other affiliates of the Company. Therefore, the two entities did not meet the variable interest entities
criteria under ASC&#160;810, <i>Consolidation</i>. As the Company has the ability to exercise significant influence, but not control,
over the two entities, they were accounted for under the equity method of accounting under ASC&#160;323<i>, Investments Equity Method
and Joint Ventures. See Note 6, Investment in Other Entities for additional information</i>.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">During the third and fourth quarters of 2021, Hillman,
a related party, invested $30,000 in the four VIEs mentioned above which represented non-controlling interests ranging between 11% to
50% in those entities. On November&#160;29, 2021, the Company entered into an exchange agreement with Hillman whereby Hillman exchanged
its ownership interests in the four RNG projects into 300,000 Series A-1 preferred units at a par value of $100 and 1.4% of the common
units in the Company. On the date of the exchange, the Company reversed the book value of the non-controlling interests of $29,913 attributable
to Hillman and recorded the fair value of the preferred units of $30,000 as Redeemable Preferred Units and $87 to member&#8217;s equity
in the consolidated statement of changes in member&#8217;s equity for the fiscal year ended December&#160;31, 2021.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Central Valley owns three RNG facilities which are
currently under construction. In November&#160;2021, the Company acquired 10% outstanding non-controlling interests in two entities directly
owned by Central Valley from the joint venture partner for $9,456 and became 100% owner of the two entities. $5,000 of the total consideration
has been paid in cash and the Company recorded the fair value of the contingent consideration of $4,456 as a component of Other long-term
liabilities in its consolidated balance sheet as of December&#160;31, 2021. As of December&#160;31, 2021, the joint venture partner owns
10% of the third RNG facility owned by Central Valley. As a primary beneficiary, the Company consolidated Central Valley in accordance
with the variable interest entity model guidance under ASC&#160;810, <i>Consolidation.</i></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In 2020, the Company acquired a variable interest
in Sunoma in a joint venture with a third party who does not have any equity at risk but participates in proportionate share of income
or losses, which may be significant. Additionally, the assets in Sunoma are collateralized under the Sunoma loan, the proceeds of which
are used for partial financing of the construction of the facility. Therefore, the significant assets and liabilities of Sunoma are parenthesized
in the consolidated balance sheets as December&#160;31, 2021 and December&#160;31, 2020.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table summarizes the major consolidated
balance sheet items for consolidated VIEs as of December&#160;31, 2021 and 2020. The VIE information below is presented on an aggregate
basis based on similar risk and reward characteristics and the nature of our involvement with the VIEs such as</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">All of the VIEs are RNG facilities under construction except
Sunoma and they are reported under RNG fuel supply segment;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The nature of our interest in these entities is primarily
equity based and therefore carry similar risk and reward characteristics;</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 265 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>17.</b></td><td style="text-align: justify"><b>Variable Interest Entities</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The amount of assets that can only be used to settle
obligations of the VIEs, and the amount of VIE liabilities with lack of recourse against the Company&#8217;s general credit, are parenthesized
in the consolidated balance sheets and are included in the asset totals listed in the table below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&#160;31,</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
    <td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
    <td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Restated)<sup>(1)</sup></b></span></td><td style="text-align: center"><b>&#160;</b></td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 4pt">Total assets</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Liabilities and equity (deficit)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Current liabilities:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Accounts payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,266</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">864</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-align: left">Sunoma loan&#160;&#8211;&#160;current portion</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">756</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Accrued expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,076</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Total current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">3,022</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,940</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Sunoma loan, net of debt issuance costs</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">16,199</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">470</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Total liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">19,221</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,410</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-align: left">Members&#8217; equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">OPAL Fuels LLC&#160;&#8211;&#160;equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,692</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14,356</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Non controlling interest in subsidiaries</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,188</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,355</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Total members&#8217; equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,880</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,711</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Total liabilities and members&#8217; equity</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">31,101</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">26,121</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As described in Note&#160;2, <i>Restatement of Financial Statements
</i>to these consolidated financial statements, we have restated the consolidated financial statements for the year ended December&#160;31,
2020 and 2019.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>18.</b></td><td style="text-align: justify"><b>Redeemable Preferred Units&#160;and Equity</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Conversion of membership interests</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As described in Note&#160;1, <i>Description of Business</i>
and Note&#160;3, <i>Summary of Significant Accounting Policies</i>, on November&#160;29, 2021, the Company amended its LLCA which converted
the outstanding membership interest into 986 common units without par value. The total 986 common units were held by the Parent. Upon
the conversion of membership interest into common units, the Company presented the net income (loss) per unit on a retrospective basis
for all periods presented in the consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Authorization and Issuance of Common Units&#160;and Preferred
Units</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subsequently, on the same&#160;day and in contemplation
of the proposed Business Combination with ArcLight, the Company authorized an additional 14 common units without par, and authorized 600,000
Series&#160;A-1 preferred units with par value of $100 and 2,000,000 Series&#160;A preferred units with par value of $100.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 266 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>18.</b></td><td style="text-align: justify"><b>Redeemable Preferred Units&#160;and Equity</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On November&#160;29, 2021, as part of an exchange
agreement (&#8220;Hillman exchange&#8221;), the Company issued the 14 newly authorized common units and 300,000 Series&#160;A-1 preferred
units to Hillman in return for Hillman&#8217;s non-controlling interest in four RNG project subsidiaries.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On November&#160;29, 2021, Mendocino Capital LLC
(&#8220;NextEra&#8221;) subscribed for up to 1,000,000 Series&#160;A preferred units, which are issuable (in whole or in increments) at
the Company&#8217;s discretion prior to June&#160;30, 2022. As of December&#160;31, 2021, no Series&#160;A preferred units were issued.
In March 2022, the Company had drawn 250,000 units out of the 1,000,000 units subscribed to, for $25,000.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table summarizes the changes in the
redeemable preferred units from the December&#160;31, 2020 to December&#160;31, 2021:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Series&#160;A-1<br/> preferred&#160;units</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Series&#160;A<br/> preferred&#160;units</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Balance December&#160;31, 2020</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">&#160;&#160;&#160;&#160;&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Hillman exchange &#8211; 300,000 Series&#160;A-1&#160;units issued</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">30,000</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Paid-in-kind dividends on issued and outstanding units</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">210</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt">Balance December&#160;31, 2021</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">30,210</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">&#8212;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Terms of Redeemable Preferred Units</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Series&#160;A and Series&#160;A-1&#160;preferred
units (together the &#8220;Preferred Units&#8221;) have substantially the same terms and features which are listed below:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Voting:&#160;</i></b>The
Series&#160;A-1 preferred units to Hillman do not have any voting rights. The Series&#160;A preferred units issued to NextEra have limited
rights to prevent the Company from taking certain actions including (i)&#160;major issuances of new debt or equity (ii)&#160;executing
transactions with affiliates which are not at arm-length basis (iii)&#160;major disposition of assets and (iv)&#160;major acquisition
of assets outside of the Company&#8217;s primary business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Dividends:&#160;</i></b>The
Preferred Units are entitled to receive dividends at the rate of 8% per annum. Dividends begin accruing for each unit from the date of
issuance and are payable each quarter end regardless of whether they are declared. The dividends are mandatory and cumulative. The Company
is allowed to elect to issue additional Preferred Units ( paid-in-kind) in lieu of cash for the first eight dividend payment dates. The
Company elected to pay the dividends to be paid-in-kind for the period November&#160;29, 2021 to December&#160;31, 2021 on Series&#160;A-1
preferred units. In the occurrence of certain events of default, the annual dividend rate increases to 12%. Additionally, the dividend
rate increases by 2% for each unrelated uncured event of default up to a maximum of 20%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Liquidation preference:&#160;</i></b>In
the event of liquidation of the Company, each holder of a unit of Series&#160;A and Series&#160;A-1 is entitled to be paid on pro-rata
basis the original issue price of $100 per unit plus any accrued and unpaid dividends out of the assets of the Company available for distribution
after payment of the Company&#8217;s debt and liabilities and liquidation expenses, payments to holders of any senior units senior to
the Preferred Units, of which none are existing as of December&#160;31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Redemption:&#160;</i></b>At
any time after issuance, the Company may redeem the Redeemable preferred units for a price equal to original issue price of $100 per unit
plus any accrued and unpaid dividends. Holders of the Preferred Units may redeem for an amount equal to original issue price of $100 per
unit plus any accrued and unpaid dividends upon (i)&#160;occurrence of certain change in control event (ii)&#160;at the end of four&#160;years
from the date of issuance, except the Preferred Units issued to Hillman can only be redeemed 30&#160;days after the fourth year anniversary
of the first issuance of Preferred Units to NextEra. The maturity date is determined to be the date at which the holder&#8217;s redemption
option becomes exercisable as this is the date in which both the Company and the holder may redeem the preferred units. The maturity date
could be as early as November 29, 2025 but no later than June 30, 2026, depending on when the Series A units to NextEra are issued as
previously detailed herein.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 267 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>18.</b></td><td style="text-align: justify"><b>Redeemable Preferred Units&#160;and Equity</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b><i>Conversion:&#160;&#160;&#160;&#160;</i></b>Holder&#8217;s
may elect to convert Preferred Units&#160;into common units in the limited chance that the Company fails to redeem the Preferred Units&#160;under
an optional redemption, the annual dividend rate increases to 12% and is further increased to 14% after one year, and thereafter by 2%
every 90&#160;days up to a cap of 20%. The Company must also redeem all NextEra Series&#160;A preferred units on which the redemption
option has been exercised prior to redeeming any Hillman Series&#160;A-1 preferred units. If elected, the holder may convert all or a
portion of its Preferred Units&#160;into a number of common units equal to: (i)&#160;number of Preferred Units, multiplied by, (ii)&#160;$100
plus accrued and unpaid cash dividends, divided by, (iii)&#160;conversion price. The conversion price is equal to the value of the Company&#8217;s
common units determined as follows, and reduced by a 20% discount if conversion occurs during the first year of delayed redemption, a
25% discount during the 2<sup>nd</sup> year, and a 30% discount thereafter:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">1.</td><td style="text-align: justify">Using 20-day volume-weighted average price (&#8220;VWAP&#8221;)
if common units are publicly traded</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">2.</td><td style="text-align: justify">Using 20-day VWAP of public company common shares if the
common units are exchangeable into public company shares</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">3.</td><td style="text-align: justify">Otherwise the estimated proceeds to be received by the holder
of a common unit if the net assets of the Company were sold at fair market value and distributed</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company&#8217;s common units received by any
holder upon conversion will be &#8220;paired&#8221; with an equivalent number of non-economic voting shares of the Company&#8217;s public
registrant, as applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span style="text-decoration:underline">Non-Controlling Interests</span></i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table discloses the effects of changes
in the Company&#8217;s ownership interest in its subsidiaries on the Members&#8217; equity:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
    <td colspan="2" style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td><td style="text-align: center"><b>&#160;</b></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 10pt">Net income (loss) attributable to OPAL Fuels LLC</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">41,363</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(25,358</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(5,249</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Transfers (to) from the non-controlling interest:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(715</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,834</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,873</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decrease in OPAL Fuels LLC Member&#8217;s Equity for purchase of&#160;non-controlling interest<sup>(2)</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(9,211</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Net transfers (to) from non-controlling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(6,053</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,834</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Change from net income attributable to OPAL Fuels LLC Member&#8217;s and transfers (to) from non-controlling interest</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">35,310</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(23,524</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(5,249</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0; margin-bottom: 0; width: 25%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">As described in Note&#160;2 <i>Restatement of Financial Statements
</i>to these consolidated financial statements, we have restated the consolidated financial statements for the&#160;years ended December&#160;31,
2020 and 2019.</td>
</tr>
<tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Includes $87 decrease in Members&#8217; equity relating to the
Hillman exchange and $9,124 relating to redemption of non-controlling interest in one RNG project.</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 268 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>19.</b></td><td style="text-align: justify"><b>Net Income (Loss) Per Unit</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November&#160;29, 2021, the Company amended and
restated the limited liability agreement (&#8220;A&amp;R LLCA&#8221;) to provide for the creation and issuance of multiple classes and
series of units and admission of additional members to the Company in connection with the proposed business combination. Accordingly,
the membership interests were converted to 1000 common units which include the 14&#160;units issued to Hillman and authorizing 600,000
Series&#160;A-1 preferred units and 300,000 Series&#160;A preferred units. As of December 31, 2021, only 300,000 Series A preferred units
are issued and outstanding. Upon the conversion of membership interests into units, the Company presented the net income (loss) per unit
on a retrospective basis for all periods presented in the consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Basic income (loss) per unit attributable to
members of OPAL Fuels LLC for the&#160;years ended December&#160;31, 2021,2020 and 2019 is computed by dividing the net income (loss)
attributable to OPAL Fuels LLC by the weighted-average number of common units outstanding during the period. Diluted net income for the
year ended December&#160;31, 2021 does not include 300,000 Series&#160;A preferred units because the substantive contingency for conversion
has not been met as of December&#160;31, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fiscal Years Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31, <br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December&#160;31,<br/> 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left; text-indent: -10pt; padding-left: 10pt">Net income (loss) attributable to OPAL Fuels LLC</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">41,363</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(25,358</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(5,249</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt">Weighted average units&#160;&#8211;&#160;Basic</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">987</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">986</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">986</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Weighted average units&#160;&#8211;&#160;Diluted</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">987</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">986</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">986</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Basic net income (loss) per unit</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">41,908</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(25,718</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(5,324</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Diluted net income (loss) per unit</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">41,908</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(25,718</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(5,324</td><td style="text-align: left">)</td></tr>
  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>20.</b></td><td style="text-align: justify"><b>Commitments and Contingencies</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Letters of Credit</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of December&#160;31, 2021 and 2020, the Company
was required to maintain eight standby letters of credit totaling $9,023, and $8,552, respectively, to support obligations of Company
subsidiaries. These letters of credit were issued in favor of a lender, utilities, a governmental agency, and an independent system operator
under PPA electrical interconnection agreements, and in place of a debt service reserve. There have been no draws to date on these letters
of credit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Purchase Options</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has two contracts with customers to
provide CNG for periods of seven and ten&#160;years, respectively. The customers have an option to terminate the contracts and purchase
the Company&#8217;s CNG fueling station at the customers&#8217; sites for a fixed amount that declines annually.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In July&#160;2015, the Company entered into a 10-year
fuel sales agreement with a customer that included the construction of a CNG fueling station owned and managed by the Company on the customer&#8217;s
premises. At the end of the contract term, the customer has an option to purchase the CNG fueling station for a fixed amount. The cost
of the CNG fueling station was recorded to plant and equipment and is being depreciated over the contract term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Legal Matters</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is also involved in various claims arising
in the normal course of business. Management believes that the outcome of these claims will not have a material adverse effect on the
Company&#8217;s financial position, results of operations or cash flows.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OPAL FUELS LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars except unit and per unit data)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"></td><td style="width: 0.25in; text-align: left"><b>20.</b></td><td style="text-align: justify"><b>Commitments and Contingencies</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On December&#160;10, 2021, the Company entered into
a settlement agreement with the landfill owner of one of the Company&#8217;s RNG projects involving the timing of RIN royalty payments
amounting to $10,951 as of October&#160;31, 2021. As part of this agreement, the Company agree to pay the accrued and outstanding balance
of royalty payments of $10,951 to the landfill owners and the landfill owner reimbursed the Company $6,253 as a reimbursement towards
costs the Company previously incurred to purchase equipment at the landfill site. The Company recorded $4,740 as a reduction of the Property,
plant and equipment which represents the net book value of the equipment and $1,513 as a reduction of Selling, general and administrative
expenses in the consolidated statements of operations for the year ended December&#160;31, 2021. In addition, a new gas rights agreement
was negotiated which is not subordinated to any debt service and under which RIN royalty payments would be made on a monthly basis going
forward. As part of the settlement, the Company and GFL Renewables LLC have also entered into a new 50/50 joint venture through the formation
of Emerald RNG LLC and Sapphire RNG LLC and this joint venture is planning to convert an existing electric facility into an RNG facility
and build a new RNG facility, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On June&#160;26, 2020, Richmond Energy LLC (&#8220;<b>Richmond</b>&#8221;)
declared a Force Majeure event under its Power Purchase Agreement with Old Dominion Electric Cooperative (&#8220;<b>ODEC</b>&#8221;),
dated as of November&#160;3, 2010 (the &#8220;<b>PPA</b>&#8221;). The Force Majeure declaration stated that inspections of its Old Dominion
landfill gas-to-electric facility (the &#8220;<b>OD Facility</b>&#8221;) under a scheduled maintenance outage revealed extensive damage
to the engine generator sets. Richmond is currently undertaking significant capital expenditures, in cooperation with the landfill owner,
to prepare the OD Facility to restart during calendar year 2022. On January&#160;7, 2022, Richmond received an invoice and associated
correspondence from ODEC asserting aggregated liquidated damages under the PPA for calendar&#160;years 2020 and 2021, reflecting the cover
value of renewable energy certificates that would have been generated in those&#160;years, in the amount of $467,320.74. Richmond and
ODEC entered into a settlement agreement whereby Richmond would pay ODEC the specified damages for calendar&#160;years 2020 and 2021,
as well as those to be assessed for calendar year 2022 (&#8220;<b>Settlement Agreement</b>&#8221;). On February&#160;8, 2022, Richmond
paid ODEC $467,320.74 pursuant to the Settlement Agreement; liquidated damages for calendar year 2022, if any, will be assessed by ODEC
during the first quarter of 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is engaged in a dispute with a municipality
relating to the proceeds from a Section 1603 Treasury grant. The municipality has filed a claim for one-half of the proceeds, plus interest.
While it is not possible to determine the outcome at this time, the Company could be liable for an amount ranging from $0 to $1,500 in
this proceeding.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Environmental Matters</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is subject to certain environmental
laws and regulations. In March 2020, the Company received an enforcement letter from a governmental agency pertaining to emissions exceedances
at one of the Company&#8217;s facilities. In May 2021, the Company settled the issues raised in the enforcement letter via consent decree.
The settlement includes a penalty of $750 payable in three installments over two years and requires the Company to install a sulfur treatment
system. In December 2021, the consent decree was formally entered by the court and the Company recorded $325 to accrued expenses and other
current liabilities and $325 as a component of other long term liabilities in the consolidated balance sheet. The Company believes its
other operations comply, in all material respects, with applicable environmental laws and regulations.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p><div>

</div><div><a id="e_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Independent Auditor&#8217;s Report</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors and Members of Beacon RNG LLC</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Beacon RNG LLC</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">White Plains, NY</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Opinion</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">We have audited the consolidated financial statements
of Beacon RNG LLC and its subsidiaries (the Company), which comprise the consolidated balance sheets as of April&#160;30, 2021, December&#160;31,
2020 and December&#160;31, 2019, and the related consolidated statement of operations, changes in members&#8217; equity, and cash flows
for the four-month&#160;period ended April&#160;30, 2021 and for the year ended December&#160;31, 2020 and for the period from March&#160;11,
2019 (Inception) through December&#160;31, 2019, and the related notes to the consolidated financial statements.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">In our opinion, the accompanying consolidated financial
statements present fairly, in all material respects, the financial position of the Company as of April&#160;30, 2021 and as of December&#160;31,
2020 and December&#160;31, 2019 and the results of its operations and its cash flows for the four-month&#160;period ended April&#160;30,
2021 and for the year ended December&#160;31, 2020 and for the period from March&#160;11, 2019 (Inception) through December&#160;31, 2019
in accordance with accounting principles generally accepted in the United&#160;States of America.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Emphasis of Matter&#160;&#8212;&#160;Related Parties</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">As discussed in Note&#160;7 &#8220;Ownership and
Related Parties&#8221; to the consolidated financial statements, the Company has entered into significant transactions with Fortistar
Beacon LLC, its managing member. Our opinion is not modified with respect to this matter.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Basis for Opinion</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">We conducted our audits in accordance with auditing
standards generally accepted in the United&#160;States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor&#8217;s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Responsibilities of Management for the Financial Statements</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Management is responsible for the preparation and
fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United&#160;States
of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation
of consolidated financial statements that are free from material misstatement, whether due to fraud or error.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">In preparing the consolidated financial statements,
management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about
the Company&#8217;s ability to continue as a going concern within one year after the date that the consolidated financial statements are
issued or available to be issued.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Auditor&#8217;s Responsibilities for the Audit of the Financial
Statements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">Our objectives are to obtain reasonable
assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditor&#8217;s report that includes our opinion. Reasonable assurance is a high level of assurance but is
not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a
material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate,
they would influence the judgment made by a reasonable user based on the consolidated financial statements.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">In performing an audit in accordance with GAAS,
we:</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Exercise professional judgment and maintain professional
skepticism throughout the audit.</td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Identify and assess the risks of material misstatement of
the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.</td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control. Accordingly, no such opinion is expressed.</td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Evaluate the appropriateness of accounting policies used
and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated
financial statements.</td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Conclude whether, in our judgment, there are conditions or
events, considered in the aggregate, that raise substantial doubt about the Company&#8217;s ability to continue as a going concern for
a reasonable period of time.</td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">We are required to communicate with those charged
with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related&#160;matters that we identified during the audit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ BDO USA, LLP</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stamford, Connecticut</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&#160;15, 2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="e_002"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
CONSOLIDATED BALANCE SHEETS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of <br/> April 30,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0; font-weight: bold; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding: 0; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current Assets:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; width: 88%; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">238</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">390</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current assets</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,502</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
    and equipment, net</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56,119</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    cash</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,208</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
    spares</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">166</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    assets</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
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  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
    royalties</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,196</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    current liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
    retirement obligation</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,280</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commitments
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Members&#8217;
    equity:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Members&#8217;
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,487</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.125in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Retained
    Earnings</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,228</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    members&#8217; equity</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53,715</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding: 0 0 0 0.25in; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities and members&#8217; equity</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59,995</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="e_003"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
CONSOLIDATED STATEMENTS OF OPERATIONS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Four
    Months<br/> Ended <br/> April 30,<br/> 2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating revenue</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Renewable
    gas sales</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,137</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RIN
    sales</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,101</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transportation
    sales</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    operating revenue</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,312</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
    expenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operations</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repairs
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 274 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->135<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="e_004"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS&#8217; EQUITY<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARCC
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fortistar<br/>

    Beacon LLC</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
    December&#160;31, 2020</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,208</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,573</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">57,781</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,770</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,695</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,465</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Income</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,008</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,391</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,399</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
    April&#160;30, 2021</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,446</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">53,715</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 275 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->136<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="e_005"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
CONSOLIDATED STATEMENTS OF CASH FLOWS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Four
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash flows from operating
    activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,399</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,049</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accretion
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    flows from investing activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
    of capital spares inventory</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    flows from financing activities:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
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    to members</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,465</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    cash used in financing activities</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,465</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    increase in cash and restricted cash</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and restricted cash, beginning of period</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,983</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and restricted cash, end of period</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="e_006"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organization
                                            and Business</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beacon
RNG LLC (the &#8220;Company&#8221;) was formed in January&#160;2019 as a Delaware limited liability company. The Company owns two facilities
in Pennsylvania that convert methane gas extracted from landfills to renewable natural gas (&#8220;RNG&#8221;) and then sells the RNG.&#160;The
Company acquired the two facilities on March&#160;11, 2019. Along with the two facilities, the Company acquired landfill gas rights,
a gas sales agreement, and other agreements. The Company&#8217;s managing member is Fortistar Beacon LLC (&#8220;Managing Member&#8221;).</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
                                            of Significant Accounting Policies</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principles
of Consolidation and Presentation</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United&#160;States
(U.S.&#160;GAAP) and include the accounts of the Company and all other entities in which the Company has a controlling financial interest:
Beacon RNG Acquisition LLC, Beacon Landfill Gas Holdings, LLC (&#8220;BLGH&#8221;), Greentree Landfill Gas Company, LLC (&#8220;Greentree&#8221;),
and Imperial Landfill Gas Company, LLC (&#8220;Imperial&#8221;). Each RNG facility is owned by a separate limited liability company that
is an indirect, wholly owned subsidiary of the Company. The Company&#8217;s consolidated financial statements include the assets and
liabilities of these subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
and Uncertainties</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March&#160;2020, the World Health Organization classified the Coronavirus Disease 2019 (&#8220;COVID-19&#8221;) a pandemic, and the President
declared the COVID-19 outbreak a national emergency. Management considered the impact of COVID-19 on the assumptions and estimates used
and determined that, because the Company was deemed to be an essential business by the U.S.&#160;government and incurred neither layoffs
of personnel nor a decline in its customer base or business operations, there was no material adverse impact on the Company&#8217;s statement
of position and results of operations for the four&#160;months ended April&#160;30, 2021.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
future impact of the COVID-19 pandemic on the Company&#8217;s business will depend upon a number of factors, including, but no limited
to, the duration and severity of the pandemic and its impact on the Company&#8217;s customers, all of which are uncertain and cannot
be predicted. As of the date of the issuance of these financial statements, the extent to which the COVID-19 pandemic may impact the
Company&#8217;s financial condition, liquidity, or results of operations is uncertain.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company periodically maintains cash in bank accounts more than the established limits insured by the Federal Deposit Insurance Corporation.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restricted
Cash</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s restricted cash as of April&#160;30, 2021 was $1.2&#160;million. This certificate of deposit serves as collateral for
a letter of credit issued by a financial institution on behalf of the Company. The letter of credit provides credit support for the Company
relating to a gas transportation contract.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
                                            of Significant Accounting Policies</b> (cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounts
Receivable and Allowance for Doubtful Accounts</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable represent unconditional amounts due from the sale of RNG, gas transportation, and renewable identification numbers (&#8220;RINs&#8221;)
and are recorded at the invoiced amount. The Company performs ongoing credit evaluations of its customers&#8217; financial condition.
The Company&#8217;s allowance for doubtful accounts was zero at April&#160;30, 2021.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capital
Spares</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
spares consist primarily of replacement parts and components for the RNG facilities. These parts, which are vital to the continued operation
of the facilities, are maintained on hand for emergency replacement. Capital spares are recorded at cost and expensed when placed into
service as part of a routine maintenance project or capitalized when part of a plant improvement project.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plant
and Equipment</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plant
and equipment are recorded at cost, except for the portion related to the acquisition and the asset retirement obligations, which are
recorded at estimated fair value at the time of the acquisition. Direct costs incurred related to the construction of assets and renewals
and betterments that materially extend the life of the assets are capitalized. Equipment overhauls and maintenance and repairs are expensed
when incurred. Depreciation of property and equipment is computed using the straight-line method over the expected useful life of the
asset. The estimated service lives of property and equipment is ten and twenty&#160;years. When plant and equipment are retired or otherwise
disposed of, the related cost and accumulated depreciation or amortization is removed, and a gain or loss is recognized in the consolidated
statements of operations.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Accounts
Payable and Accrued Expenses</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
payable and accrued expenses are costs related to the Company, which are due to vendors, for goods or services received or incurred as
of April&#160;30, 2021.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Impairment
of Long-Lived Assets</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not
be fully recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an
asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are impaired, the impairment to be
recognized is measured by the amount that the carrying amounts of the assets exceed the fair value of the assets. Assets to be disposed
of are reported at the lower of the carrying amount or fair value less selling costs. There was no impairment for the period ended April&#160;30,
2021.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
                                            of Significant Accounting Policies</b> (cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Asset
Retirement Obligation</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>



</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for asset retirement obligations (&#8220;ARO&#8221;) in accordance with ASC&#160;410, &#8220;Asset Retirement and Environmental
Obligations,&#8221; that requires entities to record the fair value of a liability for an asset retirement obligation in the period in
which it is incurred and when a reasonable estimate of fair value can be made. The fair value of the estimated ARO is recorded as a long-term
liability, with a corresponding increase in the carrying amount of the related asset. The capitalized amount is depreciated over the
estimated life of the RNG facility. The liability amount is increased each reporting period due to the passage of time and the amount
of accretion is charged to operations in the period. Revisions, if any, to the estimated timing of cash flows or to the original estimated
undiscounted cost, if any, also result in an increase or decrease to the ARO and the related asset. Actual costs incurred upon settlement
of the ARO will be charged against the ARO to the extent of the liability recorded. Any difference between the actual costs incurred
upon settlement of the ARO and the recorded liability is recognized as a gain or loss in the Company&#8217;s earnings in the period in
which the settlement occurs.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
April&#160;30, 2021, the Company estimated the value of its total asset retirement obligations to be $279 based on a projected future
liability of $2,095. Changes in the asset retirement obligations were as follows for the periods ended April&#160;30, 2021:</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">April&#160;30,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left; text-indent: -10pt; padding-left: 10pt">Beginning balance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">268</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Accretion expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">11</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Ending balance</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">279</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue
Recognition</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period March&#160;11, 2019 (inception) through August&#160;31, 2020, RNG and environmental renewable identification numbers (&#8220;RIN&#8221;)
sales were contracted with a third-party gas marketer. The two performance obligations of this contract were: (1)&#160;the Company delivered
RNG produced from Greentree and Imperial to the gas marketer at certain specified locations, and (2)&#160;the gas marketer generated
RINs from RNG produced from Greentree. The gas marketer accepted the RNG and was obligated to pay a certain fixed contract amount per
unit of RNG delivered. RNG sales revenue was recorded by the Company at the point in time of delivery of RNG, which was simultaneous
with the RNG production. In addition, the gas marketer paid the Company a portion of proceeds from the sale of RINs. Such RIN sales typically
occurred several&#160;months after the RNG delivery and, so, the market value of such RIN sales varied. Accordingly, the Company recognized
the RIN sales portion of revenue at the point in time when the gas marketer sold the RINs and advised the Company of the RINs sale price.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June&#160;2020, the Company contracted with Trustar Energy LLC (&#8220;Trustar&#8221;), a related party, to generate and market RINs
from RNG produced by Company. The contract term is September&#160;1, 2020, through October&#160;31, 2030. Upon generation of environmental
credits, the Company pays Trustar for environmental credit processing services in the form of non-cash RINs. The Company&#8217;s policy
is to account for RINs as government incentives and, therefore, it does not allocate costs to the credits it generates. Accordingly,
the Company does not capitalize these costs in inventory. In accordance with ASC&#160;610-20, the Company accounts for its payment to
Trustar as a transfer of non-financial assets. The Company expenses the costs of services provided by Trustar to environmental credit
processing services in the consolidated statements of operations and, in addition, records an offsetting gain on the transfer of these
RINs to other income.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company sells RIN credits to third parties that utilize these credits in order to comply with federal and state requirements. In accordance
with ASC&#160;606, revenue is recognized on these credits when there is an agreement in place to monetize the credits at the point in
time when the credits are transferred to the third party.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreements with two natural gas producers (&#8220;Producers&#8221;) to transport Producers&#8217; natural gas using the Company&#8217;s
RNG gathering system. The performance obligation is the delivery of Producers&#8217; natural gas to an agreed upon delivery point on
an interstate gas pipeline. The quantity of natural gas transported for the Producers is measured at a certain specified meter. The price
is fixed at contracted rates and the Producers pay approximately 30&#160;days after month-end. As such, transportation sales are recognized
over time, using the output method to measure progress.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
                                            of Significant Accounting Policies</b> (cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use
of Estimates</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with accounting principles generally accepted in the Unites States requires management
to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements. Actual results could differ from those estimates.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recurring
Fair Value Measurements</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has cash, accounts receivable, and accounts payable for which the carrying value approximates fair value due to the short-term
nature of these instruments.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Income
Taxes</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiaries are disregarded entities for federal income tax purposes and for certain states. As such, income taxes have
not been provided for in the accompanying financial statements because income taxes are the responsibility of the partners.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentrations</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the four&#160;months ended April&#160;30, 2021, one customer accounted for 92% of revenue. There were no individual customers which accounted
for more than 10% of total Account Receivable as of April&#160;30, 2021.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the four&#160;months ended April&#160;30, 2021, no vendors accounted for more than 10% of overall purchases. Six vendors accounted for
84% of the accounts payable and accrued expenses balance as of April&#160;30, 2021.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company deposits its cash in high credit quality financial institutions located in the United&#160;States of America. Deposits with one
financial institution exceeded federally insured limits as of April&#160;30, 2021.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Company
                                            Operations</b></span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RNG
and RIN Sales Agreement</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September&#160;2020, the Company commenced an arrangement with a gas marketer to sell only RNG.&#160;Under this arrangement, RNG is sold
at the pipeline index price, less a fixed per MMBtu fee. In June&#160;2020, the Company contracted with (&#8220;TruStar&#8221;), a related
party, to generate and market RINs from RNG produced by Company starting with September&#160;2020 operations. During April&#160;2021,
RNG and the share received from the gas marketer&#8217;s RIN sales under the new agreements were $1,137 for RNG sales and $12,101 for
RIN sales.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the four&#160;months ended April&#160;30, 2021, the Company recorded $1,134 of environmental credit processing services to operating
expenses and an offsetting gain on non-monetary RINs transferred to TruStar in payment for these services to other income within the
statements of operations.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Company
                                            Operations</b> (cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gas
Transportation Sales Agreement</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has agreements to transport counter-parties&#8217; gas using the Company&#8217;s RNG gathering system and interconnection with
an interstate pipeline for fixed fees per MMBtu. The agreements expire in 2020 and 2024 and have automatic extensions, month-to-month,
unless terminated by either party. The Company uses some of this gas to support its operations. Transportation sales under these agreements
for the four&#160;months ending April&#160;30, 2021 was $74.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Landfill
Gas Rights</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has two agreements with landfill owners whereby the Company obtains rights to the landfill gas in exchange for an amount per
MMBtu of gas delivered at Imperial and a royalty based on the percentage of net RNG revenue at Greentree. Please see legal matters below
for more information.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has accrued $4,196 for these royalties as of April&#160;30, 2021 which are included in the consolidated balance sheet. The Company
has expensed $3,500 for these royalties as of April&#160;30, 2021 which are included in the consolidated statements of operations under
&#8220;Operations&#8221;.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gas
Transportation Fee</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period ending April&#160;30, 2021, the Company had seven agreements with the gas pipeline to transport RNG and blending gas at regulated
tariff rates. Most of these contracts were year-to-year with 6 &#8211;&#160;to &#8211; 12-month termination notice provisions. Of the
seven contracts remaining, three contracts were terminated in Q3 2021, two were extended until 2024 but with a reduction in contracted
volumes starting in 2021, one contract&#8217;s term ends in 2032, and one contract&#8217;s term is indefinite.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operations
and Maintenance Agreements</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has two operations and maintenance agreements with third-party providers who provide operating services at the two facilities.
These agreements were terminated July&#160;2021 and work was moved in house. For the four&#160;months ended April&#160;30, 2021, costs
related to these contracts were $601 and are recorded in the consolidated statements of operations under &#8220;Operations&#8221;.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plant
                                            and Equipment</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plant
and equipment consisted of the following:</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April<br/>
    2021</span></td><td style="padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment</span></td><td style="width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52,048</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H2S
    removal system</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,117</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wellfield</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,921</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pipeline</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,828</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">839</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greentree
    membranes</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">301</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
    retirement cost</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">217</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plant
    and equipment, gross</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62,271</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    accumulated depreciation</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,530</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction-in-progress</span></td><td style="padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">378</span></td><td style="padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plant
    and equipment, net</span></td><td style="padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 4pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 4pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">56,119</span></td><td style="padding-bottom: 4pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>


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    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->142<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/></b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(In
thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plant
                                            and Equipment</b> (cont.)</span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
April&#160;30, 2021, construction in progress consisted of costs related to the thermal oxidizer. The project was completed in December
of 2021. Depreciation expense on plant and equipment for the period ending April&#160;30, 2021 was $1,049.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ownership
                                            and Related Parties</b></span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is owned 55.74% by ARCC Beacon LLC and 44.26% by the managing member Fortistar Beacon LLC.&#160;Distributions to the owners are
made pro rata until such time as the owners have received both a threshold internal rate of return and a multiple of invested capital,
after which time the Managing Member receives a priority distribution of 25% of distributable cash. On May&#160;1 2021, the managing
member purchased all the interest in the company. Please see subsequent events for more information.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company compensates and reimburses the Managing Member for all expenses actually and reasonably incurred by the Managing Member in connection
with the management of the Company or its subsidiaries, with certain limits on management time charges (&#8220;Management Costs&#8221;).
For the period ended April&#160;30, 2021, the Company incurred $262 of Management Costs of which $218 was expensed in operations and
$44 was capitalized in plant and equipment.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June&#160;2020, the Company contracted with (&#8220;TruStar&#8221;), a related party, to generate and market RINs from RNG produced by
Company. The contract term is September&#160;1, 2020, through October&#160;31, 2030. Upon generation of environmental credits, the Company
pays TruStar for environmental credit processing services in the form of non-cash RINs. The Company&#8217;s policy is to account for
RINs as government incentives and, therefore, it does not allocate costs to the credits it generates. Accordingly, the Company does not
capitalize these costs in inventory. In accordance with ASC&#160;610-20, the Company accounts for its payment to TruStar as a transfer
of non-financial assets. The Company expenses the costs of services provided by TruStar to environmental credit processing services in
the consolidated statements of operations and, in addition, records an offsetting gain on the transfer of these RINs to other income.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0in"></td><td style="width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commitment
                                            and Contingencies</b></span></td>
</tr></table><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Matters</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 10, 2021, the Company entered into a settlement agreement with the landfill owner of one of the Company&#8217;s RNG projects
involving the timing of RIN royalty payments amounting to $10,951 as of October 31, 2021. As part of this agreement, the Company agreed
to pay the accrued and outstanding balance of royalty payments of $10,951 to the landfill owners and the landfill owner reimbursed the
Company $6,253 as a reimbursement towards costs the Company previously incurred to purchase equipment at the landfill site. The Company
recorded $4,740 as a reduction of the Property, plant and equipment which represents the net book value of the equipment and $1,513 as
a reduction of Selling, general and administrative expenses in the consolidated statements of operations for the year ended December
31, 2021. In addition, a new gas rights agreement was negotiated which is not subordinated to any debt service and under which RIN royalty
payments would be made on a monthly basis going forward. As part of the settlement, the Company and GFL Renewables LLC have also entered
into a new 50/50 joint venture through the formation of Emerald RNG LLC and Sapphire RNG LLC and this joint venture is planning to convert
an existing electric facility into an RNG facility and build a new RNG facility, respectively.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is also involved in various claims arising in the normal course of business. Management believes that the outcome of these claims
will not have a material adverse effect on the Company&#8217;s financial position, results of operations or cash flows.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>





</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsequent
                                            Events</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
May&#160;1, 2021, the Managing Member purchased all the interests in the Company that it did not already own for $50,000, which was paid
with a note that matures in five&#160;years but is convertible to equity in an indirect parent of the Managing Member under certain circumstances.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
events were considered through April 15, 2022, the date on which the Company&#8217;s consolidated financial statements were available
to be issued, for events requiring recording or disclosure in the consolidated financial statements for the four&#160;months ended April&#160;30,
2021.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><div><a id="j_001"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
CONSOLIDATED BALANCE SHEETS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">256</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,110</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,343</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">67</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">29</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 283 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->144<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><div><a id="j_002"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
CONSOLIDATED STATEMENTS OF OPERATIONS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">14</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#8212;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(1,072</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


</div><!-- Field: Page; Sequence: 284 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->145<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="j_003"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS&#8217; EQUITY<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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 Beacon LLC</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,074</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,926</td><td style="text-align: left">)</td></tr>
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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="j_004"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
CONSOLIDATED STATEMENTS OF CASH FLOWS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(4,361</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,330</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,314</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><div><a id="j_005"></a></div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BEACON
RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organization
and Business</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beacon
RNG LLC (the &#8220;Company&#8221;) was formed in January&#160;2019 as a Delaware limited liability company. The Company owns two facilities
in Pennsylvania that convert methane gas extracted from landfills to renewable natural gas (&#8220;RNG&#8221;) and then sells the RNG.&#160;The
Company acquired the two facilities on March&#160;11, 2019 (see Note&#160;3). Along with the two facilities, the Company acquired landfill
gas rights, a gas sales agreement, and other agreements. Prior to August&#160;31, 2020, substantially all the Company&#8217;s revenues
were generated from one customer contract (see Note&#160;4). The Company&#8217;s managing member is Fortistar Beacon LLC (&#8220;Managing
Member&#8221;).</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
of Significant Accounting Policies</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Principles
of Consolidation and Presentation</b></span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United&#160;States
(U.S.&#160;GAAP) and include the accounts of the Company and all other entities in which the Company has a controlling financial interest:
Beacon RNG Acquisition LLC, Beacon Landfill Gas Holdings, LLC (&#8220;BLGH&#8221;), Greentree Landfill Gas Company, LLC (&#8220;Greentree&#8221;),
and Imperial Landfill Gas Company, LLC (&#8220;Imperial&#8221;). Each RNG facility is owned by a separate limited liability company that
is an indirect, wholly owned subsidiary of the Company. The Company&#8217;s consolidated financial statements include the assets and
liabilities of these subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.&#160;In
accordance with Accounting Standards Codification (&#8220;ASC&#8221;) 805, the Company&#8217;s consolidated financial statements reflect
the activities of the Company and its subsidiaries for the year ended December&#160;31, 2020 and the period from March&#160;11, 2019
(inception) to December&#160;31, 2019.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
and Uncertainties</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March&#160;2020, the World Health Organization classified the Coronavirus Disease 2019 (&#8220;COVID-19&#8221;) a pandemic, and the President
declared the COVID-19 outbreak a national emergency. Management considered the impact of COVID-19 on the assumptions and estimates used
and determined that, because the Company was deemed to be an essential business by the U.S.&#160;government and incurred neither layoffs
of personnel nor a decline in its customer base or business operations, there was no material adverse impact on the Company&#8217;s statement
of position and results of operations as of, and for the year ended, December&#160;31, 2020.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
future impact of the COVID-19 pandemic on the Company&#8217;s business will depend upon a number of factors, including, but no limited
to, the duration and severity of the pandemic and its impact on the Company&#8217;s customers, all of which are uncertain and cannot
be predicted. As of the date of the issuance of these financial statements, the extent to which the COVID-19 pandemic may impact the
Company&#8217;s financial condition, liquidity, or results of operations is uncertain.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company periodically maintains cash in bank accounts more than the established limits insured by the Federal Deposit Insurance Corporation.</span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restricted
Cash</b></span></p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s restricted cash includes a $1.2&#160;million certificate of deposit which serves as collateral for a letter of credit
issued by a financial institution on behalf of the Company. The letter of credit provides credit support for the Company relating to
a gas transportation contract.</span></p><div>

</div><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BEACON RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>2.</b></td><td style="text-align: justify"><b>Summary of Significant Accounting Policies</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Accounts Receivable and Allowance for Doubtful Accounts</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.25in">Accounts receivable represent unconditional amounts
due from the sale of RNG, gas transportation, and renewable identification numbers (&#8220;RINs&#8221;) and are recorded at the invoiced
amount. The Company performs ongoing credit evaluations of its customers&#8217; financial condition. The Company&#8217;s allowance for
doubtful accounts was zero at December&#160;31, 2020 and 2019.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Capital Spares</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Capital spares consist primarily of replacement
parts and components for the RNG facilities. These parts, which are vital to the continued operation of the facilities, are maintained
on hand for emergency replacement. Capital spares are recorded at cost and expensed when placed into service as part of a routine maintenance
project or capitalized when part of a plant improvement project.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Plant and Equipment</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Plant and equipment are recorded at cost, except
for the portion related to the acquisition and the asset retirement obligations, which are recorded at estimated fair value at the time
of the acquisition. Direct costs incurred related to the construction of assets and renewals and betterments that materially extend the
life of the assets are capitalized. Equipment overhauls and maintenance and repairs are expensed when incurred. Depreciation of property
and equipment is computed using the straight-line method over the expected useful life of the asset. The estimated service lives of property
and equipment is ten and twenty&#160;years. When plant and equipment are retired or otherwise disposed of, the related cost and accumulated
depreciation or amortization is removed, and a gain or loss is recognized in the consolidated statements of operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Accounts Payable and Accrued Expenses</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accounts payable and accrued expenses are costs
related to the Company, which are due to vendors, for goods or services received or incurred as of December&#160;31, 2020 and 2019.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Liability Under Gas Sales Agreement</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The liability under gas sales agreement is related
to a gas sales agreement, obtained at acquisition of the RNG facilities, pursuant to which the Company sells RNG.&#160;This intangible
liability was amortized using the straight-line method over an 18-month contract period and was fully amortized as of December&#160;31,
2020. Amortization related to this intangible liability is included in gas sales agreement liability reduction in the consolidated statements
of operations.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Impairment of Long-Lived Assets</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Long-lived assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Recoverability of long-lived
assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected
to be generated by the asset. If such assets are impaired, the impairment to be recognized is measured by the amount that the carrying
amounts of the assets exceed the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or
fair value less selling costs. There was no impairment for the year ended December&#160;31, 2020 and for the period from March&#160;11,
2019 (inception) to December&#160;31, 2019.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Asset Retirement Obligation</b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for asset retirement obligations
(&#8220;ARO&#8221;) in accordance with ASC&#160;410, &#8220;Asset Retirement and Environmental Obligations,&#8221; that requires entities
to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and when a reasonable
estimate of fair value can be made. The fair value of the estimated ARO is recorded as a long-term
liability, with a corresponding increase in the carrying amount of the related asset. The capitalized amount is depreciated over the estimated
life of the RNG facility. The liability amount is increased each reporting period due to the passage of time and the amount of accretion
is charged to operations in the period. Revisions, if any, to the estimated timing of cash flows or to the original estimated undiscounted
cost, if any, also result in an increase or decrease to the ARO and the related asset. Actual costs incurred upon settlement of the ARO
will be charged against the ARO to the extent of the liability recorded. Any difference between the actual costs incurred upon settlement
of the ARO and the recorded liability is recognized as a gain or loss in the Company&#8217;s earnings in the period in which the settlement
occurs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BEACON RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>2.</b></td><td style="text-align: justify"><b>Summary of Significant Accounting Policies</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At December&#160;31, 2020 and 2019, the Company
estimated the value of its total asset retirement obligations to be $268 and $239, respectively, based on a projected future liability
of $2,095. Changes in the asset retirement obligations were as follows for the year ended December&#160;31, 2020 and the period from March&#160;11,
2019 (inception) to December&#160;31, 2019:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Beginning balance</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">239</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">217</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Accretion expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">29</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">22</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">Ending balance</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">268</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">239</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Revenue Recognition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company adopted ASU&#160;2014-19, &#8220;<i>Revenue
from Contracts with Customers</i>&#8221; as of the beginning of the 2019 period. During the period March&#160;11, 2019 (inception) through
August&#160;31, 2020, RNG and environmental renewable identification numbers (&#8220;RIN&#8221;) sales were contracted with a third-party
gas marketer. The two performance obligations of this contract were: (1)&#160;the Company delivered RNG produced from Greentree and Imperial
to the gas marketer at certain specified locations, and (2)&#160;the gas marketer generated RINs from RNG produced from Greentree. The
gas marketer accepted the RNG and was obligated to pay a certain fixed contract amount per unit of RNG delivered. RNG sales revenue was
recorded by the Company at the point in time of delivery of RNG, which was simultaneous with the RNG production. In addition, the gas
marketer paid the Company a portion of proceeds from the sale of RINs. Such RIN sales typically occurred several&#160;months after the
RNG delivery and, so, the market value of such RIN sales varied. Accordingly, the Company recognized the RIN sales portion of revenue
at the point in time when the gas marketer sold the RINs and advised the Company of the RINs sale price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June&#160;2020, the Company contracted with TruStar
Energy LLC (&#8220;TruStar&#8221;), a related party, to generate and market RINs from RNG produced by Company. The contract term is September&#160;1,
2020 through October&#160;31, 2030. Upon generation of environmental credits, the Company pays TruStar for environmental credit processing
services in the form of non-cash RINs. The Company&#8217;s policy is to account for RINs as government incentives and, therefore, it does
not allocate costs to the credits it generates. Accordingly, the Company does not capitalize these costs in inventory. In accordance with
ASC&#160;610-20, the Company accounts for its payment to TruStar as a transfer of non-financial assets. The Company expenses the costs
of services provided by TruStar to environmental credit processing services in the consolidated statements of operations and, in addition,
records an offsetting gain on the transfer of these RINs to other income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company sells RIN credits to third parties that
utilize these credits in order to comply with federal and state requirements. In accordance with ASC&#160;606, revenue is recognized on
these credits when there is an agreement in place to monetize the credits at the point in time when the credits are transferred to the
third party.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has agreements with two natural gas
producers (&#8220;Producers&#8221;) to transport Producers&#8217; natural gas using the Company&#8217;s RNG gathering system. The performance
obligation is the delivery of Producers&#8217; natural gas to an agreed upon delivery point on an interstate gas pipeline. The quantity
of natural gas transported for the Producers is measured at a certain specified meter. The price is fixed at contracted rates and the
Producers pay approximately 30&#160;days after month-end. As such, transportation sales are recognized over time, using the output method
to measure progress.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BEACON RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>2.</b></td><td style="text-align: justify"><b>Summary of Significant Accounting Policies</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Estimates</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The preparation of financial statements in conformity
with accounting principles generally accepted in the Unites States requires management to make estimates and assumptions that affect the
reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements.
Actual results could differ from those estimates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Business Combination</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company accounts for business combinations in
accordance with ASC&#160;805, &#8220;Business Combinations.&#8221; ASC&#160;805 requires business combinations to be accounted for using
the acquisition method of accounting and includes specific criteria for recording intangible assets separate from goodwill. Results of
operations of acquired businesses are included in the Company&#8217;s consolidated financial statements from the effective date of acquisition.
Net assets of the acquired company are recorded at their fair value at the date of acquisition. Fair value adjustments after the acquisition
date, that are not measurement period adjustments, are recognized in earnings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Recurring Fair Value Measurements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has cash, accounts receivable, and accounts
payable for which the carrying value approximates fair value due to the short-term nature of these instruments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Income Taxes</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company and its subsidiaries are disregarded
entities for federal income tax purposes and for certain states. As such, income taxes have not been provided for in the accompanying
financial statements because income taxes are the responsibility of the partners.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Concentrations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For the year ended December&#160;31, 2020, two customers
accounted for 95% of revenue. For the period from March&#160;11, 2019 (inception) to December&#160;31, 2019, one customer accounted for
97% of revenue. As of December&#160;31, 2020, one customer accounted for 89% of the accounts receivable balance. As of December&#160;31,
2019, three customers accounted for 96% of the accounts receivable balance.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company deposits its cash in high credit quality
financial institutions located in the United&#160;States of America. Deposits with one financial institution exceeded federally insured
limits as of December&#160;31, 2020 and 2019, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Reclassifications</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Certain prior year amounts have been reclassified
to conform to current year presentation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>3.</b></td><td style="text-align: justify"><b>Acquisition</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On March&#160;11, 2019, the Company acquired BLGH,
owner of the Greentree and Imperial facilities. Pursuant to a purchase and sale agreement, the Company purchased 100% of the equity interests
in BLGH, for a $53,111 net cash payment. This included an initial cash payment of $53,948 on March&#160;11, 2019 less a $837 working capital
true-up payment from the seller on June&#160;20, 2019.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BEACON RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>3.</b></td><td style="text-align: justify"><b>Acquisition</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The purchase price allocation was performed in accordance
with ASC&#160;805 <i>Business Combinations</i>. The assets acquired and the liabilities assumed were:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>Estimated fair value of assets acquired:</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-indent: -10pt; padding-left: 20pt">Cash</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">618</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 20pt">Receivables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,262</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">56,853</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Restricted cash</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total assets acquired</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">58,745</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Estimated fair value of liabilities assumed or incurred:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 20pt">Payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,302</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Asset retirement obligation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">217</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 20pt">Gas sales agreement</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,115</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Total liabilities assumed or incurred</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,634</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Purchase price</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">53,111</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The allocations of purchase price to the assets
acquired and liabilities assumed or incurred in connection with the acquisition are based upon estimates of fair values as of the acquisition
date. The Company incurred $1,013 of acquisition&#160;&#8212;&#160;related costs consisting of legal, accounting, due diligence, and other
consulting and advisory services. These costs were expensed as incurred.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>4.</b></td><td style="text-align: justify"><b>Company Operations</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>RNG and RIN Sales Agreement</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company had an agreement with a gas marketer
to sell all RNG produced by the Company. Under this agreement, which expired on August&#160;31, 2020, RNG was sold at a fixed price per
million British Thermal Units&#160;(&#8220;MMBtu&#8221;) and the gas marketer&#8217;s associated RINs were sold at average monthly spot
market prices. During 2020, RNG and the share received from the gas marketer&#8217;s RIN sales under this agreement was $9,910 compared
to $9,778 for the period from March&#160;11, 2019 (inception) to December&#160;31, 2019.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In September&#160;2020, the Company commenced an
arrangement with another gas marketer to sell only RNG.&#160;Under this arrangement, RNG is sold at the pipeline index price, less a fixed
per MMBtu fee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During 2020, the Company recorded $773 of environmental
credit processing services to operating expenses and an offsetting gain on non-monetary RINs transferred to TruStar in payment for these
services to other income within the statements of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Gas Transportation Sales Agreement</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has agreements to transport counter-parties&#8217;
gas using the Company&#8217;s RNG gathering system and interconnection with an interstate pipeline for fixed fees per MMBtu. The agreements
expire in 2020 and 2024 and have automatic extensions, month-to-month, unless terminated by either party. The Company uses some of this
gas to support its operations. Transportation sales under these agreements for the year ended December&#160;31, 2020 and the period from
March&#160;11, 2019 to December&#160;31, 2019 were $238 and $302, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 291 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BEACON RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>4.</b></td><td style="text-align: justify"><b>Company Operations</b> (cont.)</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Landfill Gas Rights</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has two agreements with landfill owners
whereby the Company obtains rights to the landfill gas in exchange for an amount per MMBtu of gas delivered at Imperial and a royalty
based on the percentage of net RNG revenue at Greentree. In addition, royalties related to RINs at Greentree are deferred until the Company
first receives a certain level of distributions from the two facilities. As a result, Greentree RIN royalties are projected to begin being
paid in 2026.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has accrued $1,268 and $259 for these
royalties as of December&#160;31, 2020 and 2019 which are included in operations in the consolidated statements of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Gas Transportation Fee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the period March&#160;11, 2019 (inception)
through December&#160;31, 2019, the Company had eight agreements with the gas pipeline to transport RNG and blending gas at regulated
tariff rates. Most of these contracts were year-to-year with 6 -&#160;to &#8211;12-month termination notice provisions.&#160;One contract
was terminated effective August&#160;31, 2020, and three others were terminated on various dates in 2021. Of the four contracts remaining,
two were extended until 2024 but with a reduction in contracted volumes starting in 2021, one contract&#8217;s term ends in 2032, and
one contract&#8217;s term is indefinite.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Operations and Maintenance Agreements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company has two operations and maintenance agreements
with third-party providers who provide operating services at the two facilities. The agreements expire in 2027 and have an option for
early termination. In 2020 and for the period March&#160;11, 2019 (inception) to December&#160;31, 2019, the costs related to these contracts
were $2.1&#160;million and $1.5&#160;million, respectively, and are recorded in operations and repairs and maintenance in the consolidated
statements of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>5.</b></td><td style="text-align: justify"><b>Plant and Equipment</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Plant and equipment consisted of the following at
December&#160;31:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-indent: -10pt; padding-left: 10pt">Equipment</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">52,048</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">52,048</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">H2S removal system</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,117</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Wellfield</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,921</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,921</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -10pt; padding-left: 10pt">Pipeline</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,828</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,828</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 10pt">Building</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">839</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">839</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Greentree membranes</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">301</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Asset retirement cost</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Plant and equipment, gross</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">62,271</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">56,853</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,481</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,369</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Construction-in-progress</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">32</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,361</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt">Plant and equipment, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">56,822</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">58,845</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At December&#160;31, 2019, construction in progress
consisted of costs related to a hydrogen sulfide removal system. Additional costs totaling $756 were incurred at the beginning of 2020
for the hydrogen sulfide removal system and the Company placed this asset, which had a total cost of $5.1&#160;million, into service in
February&#160;2020. Depreciation expense on plant and equipment for 2020 and the period from March&#160;11, 2019 (inception) to December&#160;31,
2019 was $3,112 and $2,369, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>


</div><!-- Field: Page; Sequence: 292 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->153<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BEACON RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>6.</b></td><td style="text-align: justify"><b>Liability Under Gas Sales Agreement</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The liability under gas sales agreement consisted
of the following at December&#160;31, 2020 and 2019:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -10pt; padding-left: 10pt">Gas Sales Agreement</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,829</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,115</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Less: accumulated amortization</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,829</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,286</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 20pt">Liability under gas sales agreement, net</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">&#8212;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,829</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Amortization income for 2020 and the period from
March&#160;11, 2019 (inception) to December&#160;31, 2019 was $1,829 and $2,286, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>7.</b></td><td style="text-align: justify"><b>Ownership and Related Parties</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is owned 55.74% by ARCC Beacon LLC and
44.26% by the managing member Fortistar Beacon LLC.&#160;Distributions to the owners are made pro rata until such time as the owners have
received both a threshold internal rate of return and a multiple of invested capital, after which time the Managing Member receives a
priority distribution of 25% of distributable cash.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company compensates and reimburses the Managing
Member for all expenses actually and reasonably incurred by the Managing Member in connection with the management of the Company or its
subsidiaries, with certain limits on management time charges (&#8220;Management Costs&#8221;). In 2020, the Company incurred $629 of Management
Costs of which $612 was expensed in operations and $17 was capitalized in plant and equipment. In 2019, the Company incurred $1,364 of
Management Costs of which $561 was expensed in operations, $450 was expensed for costs associated with the acquisition of the RNG facilities,
and $353 was capitalized in plant and equipment. Of these amounts, zero and $25 were unpaid as of December&#160;31, 2020 and 2019, respectively,
and are included in accounts payable&#160;&#8212;&#160;affiliate on the balance sheet.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In June&#160;2020, the Company contracted with TruStar,
a related party, to generate and market RINs from RNG produced by Company. The contract term is September&#160;1, 2020 through October&#160;31,
2030.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>8.</b></td><td style="text-align: justify"><b>Commitment and Contingencies</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Legal Matters</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The landfill owner of one of the Company&#8217;s
RNG projects has disputed the Company&#8217;s interpretation of contracts governing the timing of payment of RIN royalties. The Company
records a royalty expense accrual at the time RINs are sold and maintains that payment of these royalties is subordinated to the Company
receiving a series of payments due the Company as part of its March&#160;2019 acquisition of the Greentree and Imperial RNG projects.
On April&#160;9, 2021, the landfill owner filed an arbitration demand against the Company to adjudicate this matter. While the outcome
is not yet determinable, an unfavorable outcome may require the Company to pay royalties at a date earlier than 2026.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Prior to the acquisition, BLGH, along with numerous
other parties, was named in a civil action in the alleged wrongful death of an employee of one of the landfills. The Company has been
fully indemnified by EDF Renewables LFG Holdings, the prior owner, for this matter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company is from time-to-time party to disputes
and claims arising in the normal course of its business. Management does not believe that the resolution of such claims and disputes will
have a material adverse effect on the Company&#8217;s financial position, results of operations or cash flows.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>


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    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->154<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>BEACON RNG LLC<br/>
NOTES&#160;TO CONSOLIDATED FINANCIAL STATEMENTS<br/>
(In thousands of dollars)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>9.</b></td><td style="text-align: justify"><b>Subsequent Events</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Effective May&#160;1, 2021, the Managing Member
purchased all the interests in the Company that it did not already own for $50,000, which was paid with a note that matures in five&#160;years
but is convertible to equity in an indirect parent of the Managing Member under certain circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subsequent events were considered through October&#160;11,
2021, the date on which the Company&#8217;s consolidated financial statements were available to be issued, for events requiring recording
or disclosure in the consolidated financial statements for the year ended December&#160;31, 2020.</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 294 --><div>
    </div><div style="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->155<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 24pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OPAL FUELS INC.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>175,541,507 Shares of
Class A common stock</b></p><div>

</div><p style="text-align: center; font: 24pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 24pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 24pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 24pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 24pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 24pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PROSPECTUS</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin: 0pt auto; width: 100%"><div style="font-size: 1pt; border-top: Black 1.5pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>August 10,
2021</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b>You should rely only on the information contained or incorporated
by reference in this prospectus. We have not authorized anyone to provide you with different information. You should not assume that the
information contained or incorporated by reference in this prospectus is accurate as of any date other than the date of this prospectus.
We are not making an offer of these securities in any state where the offer is not permitted.</b></p><div>

</div><p style="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 295 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration:underline;text-decoration: none">&#160;</span></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INFORMATION NOT REQUIRED IN PROSPECTUS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;13. Other Expenses of Issuance and Distribution.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following table sets
forth the estimated expenses to be borne by us in connection with the issuance and distribution of the shares of common stock being registered
hereby. <span>All amounts shown are estimates except for the SEC registration fee.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span>We
will bear all costs, expenses and fees in connection with the registration of the securities. Selling Holders, however, will bear all
underwriting commissions and discounts, if any, attributable to their respective sales sale of the securities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">166,245</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Accounting fees and expenses</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-size: 10pt"><br/>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 4pt">Total</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">166,245</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><b>*</b></td><td style="text-align: justify">T<span>hese fees are calculated
based on the securities offered and the number of issuances and accordingly cannot be defined at this time.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item&#160;14. Indemnification of Directors
and Officers.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">OPAL is governed by the DGCL,
as the same exists or may hereafter be amended. Section&#160;145 of the DGCL (&#8220;<b><i>Section&#160;145</i></b>&#8221;) provides that
a Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right
of such corporation) by reason of the fact that such person is or was a director, officer, employee or agent of such corporation, or is
or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The
indemnification may include expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by such person in connection with such action, suit or proceeding, provided such person acted in good faith and in a manner he
or she reasonably believed to be in or not opposed to the corporation&#8217;s best interests and, with respect to any criminal action
or proceeding, had no reasonable cause to believe that his or her conduct was unlawful. Section&#160;145 also provides that a Delaware
corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed
action or suit by or in the right of such corporation, under the same conditions, except that such indemnification is limited to expenses
(including attorneys&#8217; fees) actually and reasonably incurred by such person, and except that no indemnification is permitted without
judicial approval if such person is adjudged to be liable to such corporation. Where an officer or director of a corporation is successful,
on the merits or otherwise, in the defense of any action, suit or proceeding referred to above, or any claim, issue or matter therein,
the corporation must indemnify that person against the expenses (including attorneys&#8217; fees) which such officer or director actually
and reasonably incurred in connection therewith.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Section&#160;145 further
authorizes a corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent
of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation
or enterprise, against any liability asserted against such person and incurred by such person in any such capacity, or arising out of
such person&#8217;s status as such, whether or not the corporation would otherwise have the power to indemnify such person against such
liability under Section&#160;145.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Charter and Bylaws provide
that we shall indemnify, to the fullest extent permitted by law, any person made or threatened to be made a party to an action or proceeding,
whether criminal, civil, administrative or investigative, by reason of the fact that he or she is or was our director or executive officer
(as defined in the Bylaws) or serves or served at any other corporation, partnership, joint venture, trust or other enterprise as a director
or executive officer at our request.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our Charter eliminates the
liability of a director to the fullest extent permitted by the DGCL. Pursuant to Section&#160;102(b)(7) of the DGCL, a corporation may
eliminate the personal liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty
as a director, except for liabilities arising (i)&#160;from any breach of the director&#8217;s duty of loyalty to the corporation or its
stockholders, (ii)&#160;from acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law,
(iii)&#160;under Section&#160;174 of the DGCL, or (iv)&#160;from any transaction from which the director derived an improper personal
benefit.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These provisions may be held
not to be enforceable for certain violations of the federal securities laws of the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Furthermore, on July 21, 2022,
we entered into the Indemnification Agreements with each of our directors and executive officers which provide that we shall indemnify
such directors and executive officers under the circumstances and to the extent provided for therein, from and against all losses, claims,
damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements
or other amounts arising from any and all threatened, pending or completed claim, demand, action, suit or proceeding, whether civil, criminal,
administrative or investigative, and whether formal or informal, and including appeals, in which he or she may be involved, or is threatened
to be involved, as a party or otherwise, to the fullest extent permitted under Delaware law and our by-laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, <span>we
have purchased a policy of directors&#8217; and officers&#8217; liability insurance that insures our officers and directors against the
cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers
and directors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item&#160;15. Recent Sales of Unregistered
Securities.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the three years preceding
the filing of this registration statement, the Registrant has granted or issued the following securities of the Registrant which were
not registered under the Securities Act of 1933, as amended (the &#8220;<b><i>Securities Act</i></b>&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Ordinary Shares of OPAL</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">On
January 20, 2021, the Sponsor paid $25,000, or approximately $0.003 per share, to cover certain expenses on our behalf in consideration
of 7,187,500 Class B ordinary shares, par value $0.0001. The per share price of the founder shares was determined by dividing the amount
contributed to the company by the number of founder shares issued.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">On
February 2, 2021, the Sponsor transferred 35,000 founder shares to each of Arno Harris, Ja-Chin Audrey Lee, Brian Goncher and Steven Berkenfeld,
our independent director nominees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">The
Sponsor was an accredited investor for purposes of Rule&#160;501 of Regulation&#160;D. Each of the equity holders in the Sponsor was an
accredited investor under Rule&#160;501 of Regulation&#160;D. The sole business of the Sponsor was to act as OPAL&#8217;s sponsor in connection
with its initial public offering.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; ">The
Sponsor purchased an aggregate of 9,223,261 private placement warrants, each exercisable to purchase one ordinary share at $11.50 per
share, subject to adjustment, at a price of $1.00 per warrant in connection with OPAL&#8217;s initial public offering. Such issuance was
made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No underwriting discounts
or commissions were paid with respect to such sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Business Combination Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with the Business
Combination, we issued 25,171,390 shares of Class A common stock, zero shares of Class B common stock, no shares of Class C common stock
and 144,399,037 shares of Class D common stock to Ares and the Opco Common Equityholders pursuant to Section&#160;4(a)(2) and/or Regulation&#160;D
promulgated under the Securities Act. No underwriting discounts or commissions were paid with respect to such sales.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Private Placement</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with entering
into the Business Combination Agreement, ArcLight entered into subscription agreements, each dated as of December&#160;2, 2021, with the
PIPE Investors, pursuant to which, among other things, the PIPE Investors party thereto agreed to purchase an aggregate of 10,580,600
shares of Class A common stock immediately prior to the Closing at a cash purchase price of $10.00 per share, resulting in aggregate gross
proceeds of $105,806,000 in the Private Placement. The shares issued to the PIPE Investors in the Private Placement were issued pursuant
to and in accordance with the exemption from registration under the Securities Act pursuant to Section&#160;4(a)(2) and/or Regulation
D promulgated under the Securities Act. All of the PIPE Investors were accredited investors. No underwriting discounts or commissions
were paid with respect to such sales.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Forward Purchase Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the Forward Purchase
Agreement entered into between ArcLight and Meteora,&#160;prior to the closing of the Business Combination, Meteora purchased 2,000,000
Class A ordinary shares of ArcLight from shareholders that had previously tendered such shares for redemption but agreed to reverse their
redemption and sell such shares to Meteora at the redemption price, which Meteora agreed not to redeem in connection with the Business
Combination. Additionally, ArcLight placed $20,040,000 in escrow at the closing of the Business Combination to secure its purchase obligations
to Meteora under the Forward Purchase Agreement. The terms of the Forward Purchase Agreement were previously announced by ArcLight in
its Current Report dated July 18, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item&#160;16. Exhibits and Financial Statements.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&#160;<i>Exhibits</i>. The following exhibits
are being followed herewith:&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.1pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit<br/>
    Number</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 89%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&#8224;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000119312521347023/d270539dex21.htm">Business Combination Agreement, dated as of December&#160;2, 2021, by and among ArcLight, OPAL Fuels and OPAL Holdco (incorporated by reference to Exhibit 2.1 of the Company&#8217;s Current Report on Form 8-K, filed with the SEC on December 3, 2021).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top"><a href="ea164040ex3-1_opalfuelsinc.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restated
    Certificate of Incorporation of OPAL Fuels Inc.</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000121390022042020/ea163248ex3-2_opal.htm">Bylaws of OPAL Fuels Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by the Company on July 27, 2022)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000119312521073580/d118209dex43.htm">Specimen Warrant Certificate (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form&#160;S-1 (File No. 333-252730) filed by the Registrant on March&#160;8, 2021).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000119312521096722/d167128dex41.htm">Warrant Agreement between Continental Stock Transfer&#160;&amp; Trust Company and ArcLight Clean Transition Corp.&#160;II, dated March&#160;22, 2021 (incorporated by reference to Exhibit 4.1 to the Current Report on Form&#160;8-K filed by the Company on March&#160;26, 2021).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ea164040ex5-1_opalfuelsinc.htm">Opinion of Sheppard, Mullin, Richter &amp; Hampton LLP</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000121390022024612/fs42022a3ex10-1_arclight2.htm">Form of OPAL Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-4 (File No. 333-262583), filed on May 6, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000121390022042020/ea163248ex10-2_opal.htm">2022 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by the Company on July 27, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000121390022025716/ea159809ex10-1_arclight2.htm">Form of Amendment No. 1 to the Subscription Agreement (incorporated by reference to Exhibit 10.1 of the Company&#8217;s Current Report on Form 8-K, filed with the SEC on May 12, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000121390022015221/ea157420ex10-9_arclight2.htm">Amendment No. 1 to Delayed Draw Term Loan and Guaranty Agreement and Waiver, dated February 1, 2022 (incorporated by reference to Exhibit 10.9 to the Registration Statement on Form S-4 (File No. 333-262583), filed on March 25, 2022)</a>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000121390022015221/ea157420ex10-10_arclight2.htm">Environmental Attributes Purchase and Sale Agreement, dated November 29, 2021, by and between, on the one hand, NextEra Energy Marketing, LLC and, on the other hand, TruStar Energy LLC and OPAL Fuels LLC (incorporated by reference to Exhibit 10.10 to the Registration Statement on Form S-4 (File No. 333-262583), filed on March 25, 2022)</a>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000121390022015221/ea157420ex10-11_arclight2.htm">Administrative Services Agreement, dated December 31, 2021, by and between OPAL Fuels and Fortistar Services 2 LLC (incorporated by reference to Exhibit 10.11 to the Registration Statement on Form S-4 (File No. 333-262583), filed on March 25, 2022)</a>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000121390022015221/ea157420ex10-12_arclight2.htm">Indemnification and Hold Harmless Agreement, dated December 31, 2020, by and between OPAL Fuels LLC and Fortistar LLC (incorporated by reference to Exhibit 10.12 to the Registration Statement on Form S-4 (File No. 333-262583), filed on March 25, 2022)</a>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.14#</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000121390022015221/ea157420ex10-13_arclight2.htm">Flue Gas Offtake and Preferred Partner Agreement, dated November 29, 2021, by and between CarbonFree Chemicals Holdings, LLC and OPAL Fuels LLC (incorporated by reference to Exhibit 10.13 to the Registration Statement on Form S-4 (File No. 333-262583), filed on March 25, 2022)</a>.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1842279/000121390022042020/ea163248ex21-1_opal.htm">List of subsidiaries (incorporated by reference to Exhibit 21.1 to the Current Report on Form 8-K filed by the Company on July 27, 2022).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; ">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.4*</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; ">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table><div>
</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0pt"></td><td style="width: 20pt; text-align: left">*</td><td style="text-align: justify">Filed herewith.</td>
</tr></table><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">&#8224;</span></td><td style="text-align: justify"><span style="font-size: 10pt">Schedules and exhibits to this
Exhibit omitted pursuant to Regulation&#160;S-K&#160;Item&#160;601(b)(2). The Company agrees to furnish supplementally a copy of any
omitted schedule or exhibit to the SEC upon request.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0%"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">#</span></td><td style="text-align: justify"><span style="font-size: 10pt">Pursuant to Item 601(b)(10)
of Regulation S-K, certain confidential portions of this exhibit were omitted by means of marking such portions with an asterisk because
the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 0.25in">(b)&#160;<i>Financial Statements</i>.
The financial statements filed as part of this registration statement are listed in the index to the financial statements immediately
preceding such financial statements, which index to the financial statements is incorporated herein by reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"></p><div>

</div><!-- Field: Page; Sequence: 298; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><b>Item&#160;17. Undertakings.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.1pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.1pt"><i>The undersigned registrant hereby undertakes:</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 55.1pt"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 299; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-size: 10pt">To file, during any period in
which offers or sales are being made, a post-effective amendment to this registration statement: (i)&#160;to include any prospectus required
by Section&#160;10(a)(3) of the Securities Act of 1933; (ii) to reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent
a fundamental change in the information set forth in the registration statement (notwithstanding the foregoing, any increase or decrease
in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with
the SEC pursuant to Rule&#160;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the
maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement);
and (iii)&#160;to include any material information with respect to the plan of distribution not previously disclosed in the registration
statement or any material change to such information in the registration statement.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-size: 10pt">That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial&#160;<i>bona
fide</i>&#160;offering thereof.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-size: 10pt">To remove from registration by
means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(4)</span></td><td style="text-align: justify"><span style="font-size: 10pt">That, for the purpose of determining
liability of the registrant under the Securities Act to any purchaser in the initial distribution of securities, in a primary offering
of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell
the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications,
the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i)&#160;any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule&#160;424; (ii)&#160;any free</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; margin-left: 0.25in; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-size: 10pt">writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; (iii)&#160;the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and (iv)&#160;any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(5)</span></td><td style="text-align: justify"><span style="font-size: 10pt">That, for the purpose of determining
liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration
statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance
on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.
Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made
in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was
made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such date of first use.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(6)</span></td><td style="text-align: justify"><span style="font-size: 10pt">That, prior to any public reoffering
of the securities registered hereunder through use of a prospectus which is a part of this registration statement, by any person or party
who is deemed to be an underwriter within the meaning of Rule 145(c), the registrant undertakes that such reoffering prospectus will
contain the information called for by the applicable registration form with respect to reofferings by persons who may be deemed underwriters,
in addition to the information called for by the other items of the applicable form.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(7)</span></td><td style="text-align: justify"><span style="font-size: 10pt">That every prospectus (i)&#160;that
is filed pursuant to the immediately preceding paragraph, or (ii)&#160;that purports to meet the requirements of Section&#160;10(a)(3)
of the Securities Act and is used in connection with an offering of securities subject to Rule 415, will be filed as a part of an amendment
to the registration statement and will not be used until such amendment has become effective, and that for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial&#160;<i>bona
fide</i>&#160;offering thereof.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(8)</span></td><td style="text-align: justify"><span style="font-size: 10pt">To respond to requests for information
that is incorporated by reference into the prospectus pursuant to Items 4, 10(b), 11 or 13 of this Form, within one business day of receipt
of such request, and to send the incorporated documents by first-class mail or other equally prompt means. This includes information
contained in documents filed subsequent to the effective date of the registration statement through the date of responding to the request.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(9)</span></td><td style="text-align: justify"><span style="font-size: 10pt">To supply by means of a post-effective
amendment all information concerning a transaction, and the company being acquired involved therein, that was not the subject of, and
included in, this registration statement when it became effective.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt">(10)</span></td><td style="text-align: justify"><span style="font-size: 10pt">Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding)
is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will,
unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed
by the final adjudication of such issue.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><!-- Field: Page; Sequence: 300; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements
of the Securities Act, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the White Plains, New York, on August 10, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
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  <tr>
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each person whose signature
appears below constitutes and appoints Jonathan Maurer, Adam Comora, Ann Anthony and John Coghlin, acting alone or together with another&#160;attorney-in-fact,&#160;as
his or her true and lawful&#160;attorney-in-fact&#160;and agent, with full power of substitution and resubstitution, for such person and
in his or her name, place and stead, in any and all capacities, to sign any or all further amendments (including post-effective amendments)
to this registration statement (and any additional registration statement related hereto permitted by Rule 462(b) promulgated under the
Securities Act of 1933 (and all further amendments, including post-effective amendments, thereto)), and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said&#160;attorneys-in-fact&#160;and
agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that
said&#160;attorney-in-fact&#160;and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td>
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    <td style="text-align: center">&#160;</td></tr>
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  <tr>
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    <td style="vertical-align: bottom">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">August 10, 2022</span></td></tr>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
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    <td style="text-align: center"><span style="font-size: 10pt">August 10, 2022</span></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td style="text-align: center"><span style="font-size: 10pt">August 10, 2022</span></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: center"><span style="font-size: 10pt">August 10, 2022</span></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">II-6</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>









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As
filed with the Securities and Exchange Commission on August 10, 2022
Registration
No. 333-
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM S-1
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
OPAL
FUELS INC.
(Exact
name of registrant as specified in its charter)
Delaware
4932
98-1578357
(State
or other jurisdiction of
incorporation or organization)
(Primary
Standard Industrial
Classification Code Number)
(I.R.S.
Employer
Identification No.)
One
North Lexington Avenue
Suite
1450
White
Plains, New York 10601
(914) 705-4000
(Address,
including zip code, and telephone number, including area code, of registrant's principal executive offices)
Ann
Anthony
Chief
Financial Officer
c/o
OPAL Fuels Inc.
One
North Lexington Avenue
Suite
1450
White
Plains, New York 10601
(914) 705-4000
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
of all communications, including communications sent to agent for service, should be sent to:
T. Allen
    McConnell, P.C.
Edward
    M. Welch, Esq.
Sheppard, Mullin,
Richter & Hampton LLP
30 Rockefeller Plaza
New
    York, New York 10112
Tel: (212) 653-8700
Approximate
date of commencement of proposed sale to the public
: From time to time after this Registration Statement becomes effective.
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933 check the following box: ☒
If
this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting
company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
"smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
☐
The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement shall become effective on such
date as the SEC, acting pursuant to said Section 8(a), may determine.
The information in
this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT TO COMPLETION,
DATED AUGUST 10, 2022
PRELIMINARY PROSPECTUS
OPAL FUELS INC.
Up to 175,541,507 SHARES OF CLASS A COMMON STOCK
This prospectus relates to the offer and sale
from time to time by the selling securityholders named in this prospectus (the "
Selling Holders
") of up to 175,541,507
shares of Class A common stock, par value $0.0001 per share ("
Class A common stock
"), consisting of:
(i) 10,838,609
shares of Class A common stock issued under the Business Combination Agreement, dated as of December 2, 2021 (as the same has been
or may be amended, modified, supplemented or waived from time to time, the "
BCA
" or the "
Business
Combination Agreement
"), by and among ArcLight Clean Transition Corp. II ("
ArcLight
"), Opal Fuels
LLC ("
Opco
") and Opal Holdco LLC ("
OPAL Holdco
") to ARCC Beacon LLC ("
Ares
"),
ArcLight CTC Holdings II, L.P. ("
Sponsor
") and certain former directors of ArcLight;
(ii) 144,399,037
shares of Class A common stock issuable upon the conversion of Class C common stock issuable to Opal Holdco and Hillman RNG Investments,
LLC (the "
Opco Common Equityholders
") upon the exchange of Opco Common Units (as defined below) and the cancellation
of an equal number of shares of Class D common stock (as defined below);
(iii) 9,223,261
shares of Class A common stock underlying the OPAL Private Placement Warrants (defined below); and
(iv) 11,080,600
shares of Class A common stock issued to the Selling Holders pursuant to subscription agreements dated as of December 2, 2021 (collectively,
the "
PIPE Investors
").
We will not receive any proceeds from the sale
of shares of Class A common stock by the Selling Holders pursuant to this prospectus; however, we will bear all costs, expenses and fees
in connection with the registration of the securities. The Selling Holders will bear all commissions and discounts, if any, attributable
to their respective sales of the securities.
Our registration of the securities covered by
this prospectus does not mean that either we or the Selling Holders will issue, offer or sell, as applicable, any of the Class A common
stock. The Selling Holders may offer and sell the securities covered by this prospectus in a number of different ways and at varying
prices. We provide more information about how the Selling Holders may sell the shares in the section entitled "
Plan of Distribution
."
You should read this prospectus and any prospectus
supplement or amendment carefully before you invest in our Class A common stock.
Our shares of Class A common
stock are listed on the Nasdaq Capital Market ("
Nasdaq
") under the symbol "OPAL." On August 9, 2022,
the closing price of our Class A common stock was $11.50 per share. Our public warrants are listed on Nasdaq under the symbol "OPALW."
On August 9, 2022, the closing price of our public warrants was $1.55 per warrant.
We are an "emerging growth company,"
as that term is defined under the federal securities laws and, as such, are subject to certain reduced public company reporting requirements.
Investing in our securities involves risks
that are described in the "Risk Factors" section beginning on page 10 of this prospectus.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of the securities to be issued under this prospectus or determined if
this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is August 10,
2022.
TABLE OF CONTENTS
TRADEMARKS
ii
SELECTED DEFINITIONS
ii
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
vi
SUMMARY
1
SELECTED HISTORICAL CONSOLIDATED FINANCIAL INFORMATION
8
MARKET PRICE, TICKER SYMBOL, AND DIVIDEND INFORMATION
9
RISK FACTORS
10
USE OF PROCEEDS
42
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
43
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
57
BUSINESS
72
MANAGEMENT
90
EXECUTIVE COMPENSATION
95
DESCRIPTION OF SECURITIES
98
BENEFICIAL OWNERSHIP
111
SELLING HOLDERS
113
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
116
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
121
PLAN OF DISTRIBUTION
127
LEGAL MATTERS
131
EXPERTS
131
WHERE YOU CAN FIND MORE INFORMATION
131
INDEX TO FINANCIAL STATEMENTS
F-1
You should rely only
on the information contained in this prospectus. No one has been authorized to provide you with information that is different from that
contained in this prospectus. This prospectus is dated as of the date set forth on the cover hereof. You should not assume that the information
contained in this prospectus is accurate as of any date other than that date.
i
TRADEMARKS
This
document contains references to trademarks and service marks belonging to other entities. Solely for convenience, trademarks and trade
names referred to in this prospectus may appear without the
®
or
™
symbols,
but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under
applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies' trade names,
trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.
SELECTED DEFINITIONS
When used in this prospectus, unless the context
otherwise requires:
"ArcLight" refers to ArcLight
Clean Transaction Corp. II, a blank check company incorporated as a Cayman Islands exempt company, and our previous name prior to the
Closing.
"Ares" refers to ARRC
Beacon LLC, a Delaware limited liability company.
"BCA" or "Business
Combination Agreement" refers to the Business Combination Agreement dated as of December 2, 2021 (as the same has been or may
be amended, modified, supplemented or waived from time to time), by and among ArcLight, Opco and OPAL Holdco.
"Business Combination"
refers to the transaction contemplated by the BCA.
"Bylaws"
refers to the bylaws of OPAL.
"Charter" refers to certificate
of incorporation of OPAL.
"Class A common stock"
refers to the shares of Class A common stock, par value $0.0001 per share, of OPAL.
"Class B common stock"
refers to the shares of Class B common stock, par value $0.0001 per share, of OPAL.
"Class C common stock"
refers to the shares of Class C common stock, par value $0.0001 per share, of OPAL.
"Class D common stock"
refers to the shares of Class D common stock, par value $0.0001 per share, of OPAL.
"Class A Units" refers
to the Class A Units as defined in the Second A&R LLC Agreement.
"Class B Units" refers
to the Class B Units as defined in the Second A&R LLC Agreement.
"Closing" refers to the
closing of the Business Combination.
"Closing Date" refers
to July 21, 2022.
"Common Stock" refers
to the collective shares of Class A common stock, Class B common stock, Class C common stock and Class D common stock.
"Company", "we",
"our", "us" or similar terms refers to OPAL Fuels Inc. individually or on a consolidated basis, as the context
may require.
"Exchange Act" refers
to the Securities Exchange Act of 1934, as amended.
"FASB" refers to the Financial
Accounting Standards Board.
"Fortistar" refers to
Fortistar LLC, a Delaware limited liability company.
"Fueling Stations" refers
to facilities where (i) natural gas is dispensed into fuel tanks of vehicles for use as transportation fuel, and (ii) transactional
data from the dispensing of the fuel is recorded so that Environmental Attributes can be subsequently reported, matched with the dispensed
fuel to the extent sourced from RNG, and generated under the federal or state RFS or LCFS programs and other current and potential future
programs aimed at providing support for RNG into the transportation market. At the Fueling Stations, the natural gas is pressurized using
compressor systems and, in this state, is referred to as compressed natural gas ("
CNG
"). Because Environmental Attributes
associated with RNG are nominated/assigned to the physical quantity of CNG dispensed at the Fueling Station, when the CNG is dispensed
into to fuel tanks for use as transportation fuel and subsequently reported to the EPA and/or state environmental agency and matched with
the production of RNG, the respective RINs and LCFS credits are generated. Some of these stations are designed, developed, constructed,
operated and maintained by us while others are third party stations where we may only provide maintenance services.
ii
"Hillman" refers to Hillman
RNG Investments, LLC, a Delaware limited liability company.
"
Investment Company Act
"
refers to the Investment Company Act of 1940, as amended.
"Investor
Rights Agreement" refers to the Investor Rights Agreement, dated July 21, 2022, by and among OPAL Fuels Inc., each of the Sellers
named therein, the Sponsor and the Sponsor Principals as included in Exhibit 10.7 to the Current Report on Form 8-K, filed with the SEC
on July 27, 2021, as the same may be amended, modified, supplemented or waived from time to time in accordance with its terms.
"IPO" refers to ArcLight's
initial public offering of its Class A ordinary shares and ArcLight Public Warrants pursuant to the IPO Registration Statement and completed
on March 25, 2021.
"IPO Registration Statement"
refers to ArcLight's Registration Statement on Form S-1, filed with the SEC (File No. 333-252730), on March 22, 2021.
"Meteora" refers to Meteora
Capital Partners and its affiliates.
"Nasdaq" refers to the
Nasdaq Capital Market.
"NextEra" refers to Mendocino
Capital, LLC, a Delaware limited liability company.
"OPAL" and "OPAL
Fuels" refers to OPAL Fuels Inc., a Delaware corporation.
"our Board" refers to
our board of directors.
"OPAL Holdco" refers to
OPAL Holdco LLC, a Delaware limited liability.
"OPAL Preferred Stock"
refers to our shares of preferred stock, par value $0.0001 per share.
"OPAL Private Placement Warrants"
refers to the 9,223,261 redeemable warrants that were exchanged for the ArcLight Private Placement Warrants in connection with the Closing,
entitling the holder thereof to purchase Class A common stock.
"OPAL Public Warrants"
refers to the 6,223,261 redeemable warrants exchanged for the ArcLight Public Warrants in connection with the Closing, , entitling the
holder thereof to purchase Class A common stock.
"OPAL Warrants" refers
collectively to the OPAL Private Placement Warrants together with the OPAL Public Warrants.
"Opco" refers to OPAL
Fuels LLC, a Delaware limited liability company.
"Opco Common Equityholders"
refers to OPAL Holdco and Hillman.
"Opco Common Units" refers
to the Class B Units resulting from the re-classification of the collective Opco common units existing immediately prior
to the Closing.
"Series A Preferred Units"
refers to the 1,000,000 Series A preferred units of Opco held by NextEra.
"Series A-1 Preferred Units"
refers to the 300,000 Series A-1 preferred units of Opco held by Hillman.
"
Organizational
Documents
"
refers to the Charter and the Bylaws
;
"Person" means an individual,
partnership, corporation, limited liability company, joint stock company, unincorporated organization or association, trust, joint venture
or other similar entity, whether or not a legal entity.
"PIPE Investment" refers
to the PIPE Investors that purchased a total of 11,080,600 shares of Class A common stock in connection with the Closing at a cash
purchase price of $10.00 per share pursuant to the Subscription Agreements.
"PIPE Investors" refers,
collectively, to the institutional and accredited investors that entered into Subscription Agreements with ArcLight.
"Sarbanes-Oxley Act"
refers to the Sarbanes-Oxley Act of 2002.
"SEC" refers to the U.S. Securities
and Exchange Commission.
iii
"Second A&R LLC Agreement"
refers to the Second Amended and Restated Limited Liability Company Agreement of Opco.
"Securities Act" refers
to the Securities Act of 1933, as amended.
"Sponsor" refers to ArcLight
CTC Holdings II, L.P., a Delaware limited partnership.
"Subscription Agreements"
refer to the subscription agreements (as amended from time to time) that ArcLight entered into in connection with the Business Combination
Agreement, each dated as of December 2, 2021.
"Tax
Receivable Agreement" refers to the Tax Receivable Agreement, dated July 21, 2022, by and among OPAL Fuels Inc, Opal Holdco LLC
and the TRA Parties named therein as included in Exhibit 10.6 to the Current Report on Form 8-K, filed with the SEC on July 29, 2021,
as the same may be amended, modified, supplemented or waived from time to time in accordance with its terms.
In addition, the following is a glossary of key
industry terms used herein:
"Advanced Clean Trucks Regulation"
refers to the rules adopted by the California Air Resources Board on June 25, 2020 requiring the sale of zero-emission heavy-duty trucks.
"ADG" refers to anaerobic
digester gas.
"Biogas Conversion Projects"
refers to projects derived from the recovery and processing of biogas from landfills and other non-fossil fuel sources, such
as livestock and dairy farms, for beneficial use as a replacement to fossil fuels.
"BOD" refers to biochemical
oxygen demand.
"Btu" refers to British
thermal units.
"CARB" refers to the California
Air Resources Board.
"CO₂" refers to
Carbon dioxide.
"CNG" refers to compressed
natural gas.
"CI" refers to carbon
intensity.
"D3" refers to cellulosic
biofuel with a 60% GHG reduction requirement.
"EHS" refers to environment,
health and safety.
"EISA" refers to Energy
Independence and Security Act of 2007.
"EPA" refers to the U.S. Environmental
Protection Agency.
"EPACT 2005" refers
to the Energy Policy Act of 2005.
"Environmental Attributes"
refer to federal, state and local government incentives in the United States, provided in the form of RINs, RECs, LCFS credits, rebates,
tax credits and other incentives to end users, distributors, system integrators and manufacturers of renewable energy projects, that promote
the use of renewable energy.
"FERC" refers to the U.S. Federal
Energy Regulatory Commission.
"GHG" refers to greenhouse
gases.
"ISOs" refers to Independent
System Operators.
"LCFS" refers to Low Carbon
Fuel Standard or similar types of federal and state programs.
"LFG" refers to landfill
gas.
"MBR Authority" refers
to (a) authorization by FERC pursuant to the Federal Power Act to sell electric energy, capacity and/or ancillary services at market-based rates,
(b) acceptance by FERC of a tariff providing for such sales, and (c) granting by FERC of such regulatory waivers and blanket
authorizations as are customarily granted by FERC to holders of market-based rate authority, including blanket authorization
under section 204 of the Federal Power Act to issue securities and assume liabilities.
iv
"Obligated Parties" means
refiners or importers of gasoline or diesel fuel under the RFS program.
"QFs" refers to qualifying
small power production facilities under the Federal Power Act and the Public Utility Regulatory Policies Act of 1978, as amended
"RECs" refers to Renewable
Energy Credits.
"Renewable Power" refers
to electricity generated from renewable sources.
"RFS" refers to the EPA's
Renewable Fuel Standard.
"RINs" refers to Renewable
Identification Numbers.
"RNG" refers to renewable
natural gas.
"RPS" refers to Renewable
Portfolio Standards.
"RTOs" refers to Regional
Transmission Organizations.
"RVOs" refers to renewable
volume obligations.
"September 2020 Executive
Order" refers to Executive Order N-79-20 issued by the Governor of the State of California in September 2020.
v
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements made in
this prospectus are "forward-looking statements." Words such as "estimates," "projected," "expects,"
"estimated," "anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "may," "will," "would," "future," "propose," "target,"
"goal," "objective," "outlook" and variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements
are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions
and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include:
●
the failure to realize the benefits of the Business Combination,
which may be affected by, among other things, competition, our ability to grow and manage growth profitably, maintain relationships with
customers and suppliers and retain key employees;
●
our success in retaining or recruiting, our principal officers,
key employees or directors;
●
intense competition and competitive pressures from other
companies in the industry in which we operate;
●
increased costs of, or delays in obtaining, key components
or labor for the construction and completion of landfill gas and livestock waste projects that generate electricity and renewable natural
gas ("
RNG
") and compressed natural gas ("
CNG
") and hydrogen dispensing stations;
●
factors relating to our business, operations and financial
performance, including market conditions and global and economic factors beyond our control;
●
macroeconomic conditions related to the global COVID-19 pandemic;
●
the reduction or elimination of government economic incentives
to the renewable energy market;
●
factors associated with companies, such as us, that are engaged
in the production and integration of RNG, including (i) anticipated trends, growth rates and challenges in those businesses and
in the markets in which they operate (ii) contractual arrangements with, and the cooperation of, landfill and livestock biogas conversion
project site owners and operators and operators, on which we operate our landfill gas and livestock waste projects that generate electricity
and (iii) RNG prices for Environmental Attributes, low carbon fuel standard credits and other incentives;
●
the ability to identify, acquire, develop and operate renewable
projects and Fueling Stations;
●
our ability to issue equity or equity-linked securities
or obtain debt financing;
●
the demand for renewable energy not being sustained;
●
impacts of climate change, changing weather patterns and
conditions and natural disasters;
●
the effect of legal, tax and regulatory changes; and
●
other factors detailed under the section entitled "
Risk
Factors.
"
The forward-looking statements
contained in this prospectus are based on current expectations and beliefs concerning future developments and their potential effects
on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements
involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or
performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties
include, but are not limited to, those factors described under the heading "
Risk Factors
" in this prospectus. Should
one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in
material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
vi
SUMMARY
This summary highlights
selected information contained elsewhere in this prospectus and does not contain all of the information you should consider when making
your investment decision.
Before investing in our securities, you should carefully read this entire
prospectus, including our financial statements and the related notes included in this prospectus and the information set forth under the
headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."
See also the section entitled "Where You Can Find More Information." The definition of some of the terms used in this prospectus
are set forth under the section "Selected Definitions."
Business
Overview
We are a renewable energy company
specializing in the capture and conversion of biogas for the (i) production of RNG for use as a vehicle fuel for heavy and medium-duty trucking
fleets, (ii) generation of Renewable Power for sale to utilities, (iii) generation and sale of Environmental Attributes associated
with RNG and Renewable Power, and (iv) sales of RNG as pipeline quality natural gas. We have been an established biogas-to-energy producer
in the United States, having participated in the landfill gas to energy industry for over 20 years.
Biogas is comprised of non-fossil waste
gas, with high concentrations of methane, which is the primary component of RNG and the source for combustion utilized by Renewable Power
plants to generate Renewable Power. Biogas can not only be collected and processed to remove impurities for use as RNG (a form of high-Btu fuel)
and injected into existing natural gas pipelines as it is fully interchangeable with fossil natural gas, but partially treated biogas
can be used directly in heating applications (as a form of medium-Btu fuel) or in the production of Renewable Power. The biogas
is generated by microbes as they break down organic matter in the absence of oxygen. Our principal sources of biogas are (i) landfill
gas, which is produced by the decomposition of organic waste at landfills and (ii) dairy manure, which is processed through anaerobic
digesters to produce the biogas.
We also design, develop, construct,
operate and service Fueling Stations for trucking fleets across the country that use natural gas to displace diesel as their transportation
fuel. We have participated in the alternative vehicle fuels industry for approximately 12 years and have established an expanding
network of Fueling Stations for dispensing RNG. In addition, we have recently begun implementing design, development, and construction
services for hydrogen fueling stations, and we are pursuing opportunities to diversify its sources of biogas to other waste streams.
Capture and Conversion Business
We typically secure our Biogas
Conversion Projects through a combination of long-term gas rights, manure supply agreements, and property lease agreements with biogas
site hosts. Our Biogas Conversion Projects provide our landfill and dairy farm partners with a variety of benefits, including (i) a
means to monetize biogas from their sites, (ii) regulatory compliance for landfills, (iii) a source of environmentally beneficial
waste management practices for dairy farms and (iv) a valuable revenue stream. Once we have negotiated gas rights or manure supply
agreements, we then design, develop, build, own and operate facilities that convert the biogas into RNG or uses the processed biogas to
produce Renewable Power. We sell the RNG produced by the Biogas Conversion Projects through RNG marketing and dispensing agreements and
generate associated Environmental Attributes. These Environmental Attributes are then sold to obligated parties as defined under the RFS
promulgated by the U.S. federal government and Low Carbon Fuel Standard Programs established by several states. We also sell Renewable
Power to public utilities through long-term power purchase agreements.
Dispensing and Monetization Business
We are a leading provider
of RNG marketing and dispensing in the alternative vehicle fuels market for heavy and medium-duty trucking fleets throughout the
United States. In this sector, we focus on dispensing RNG through Fueling Stations that serve fleets that use natural gas instead
of diesel fuel. These Fueling Stations and dispensing services are key for our business because Environmental Attributes are generated
through dispensing RNG at these stations for use as vehicle fuel for transportation, and, once generated, the Environmental Attributes
can then be monetized. During 2021, we dispensed 19.9 million GGEs of RNG to the transportation market, generating corresponding
Environmental Attributes, utilizing our current network of 75 Fueling Stations in 18 states in the United States, including more
than 20 stations in California.
In November 2021, we signed
a purchase and sale agreement with NextEra providing for the exclusive purchase by NextEra of 90% of our Environmental Attributes (RINs
and LCFS credits). Under the agreement, we will receive the net proceeds paid to NextEra by NextEra customers for the purchase of such
Environmental Attributes (or in certain circumstances an index-based or pre-negotiated price) less a specified discount.
1
Hydrogen Fuel
In the coming years,
we believe we will be able to provide hydrogen fuel to vehicle fleets by constructing and servicing hydrogen fueling stations as well
as providing RNG for hydrogen production. As fleet operators deploy more hydrogen powered vehicles, we anticipate constructing and servicing
stations that use hydrogen derived from RNG to deliver low carbon hydrogen fuel to customers. We are currently in the design and engineering
phase of the first several of these hydrogen fueling stations.
Our Projects
As of July 31, 2022, we owned
and operated 25 projects, six of which are RNG projects and 19
of which are Renewable Power Projects. As of that date,
our RNG projects in operation had a design capacity of 2.8 million MMBtus per year and our Renewable Power Projects in operation had a
nameplate capacity of 123.7 MW per hour. In addition to these projects in operation, we are actively pursuing expansion of our RNG-generating
capacity and, accordingly, have a portfolio of RNG projects in construction or in development, with ten of our current Renewable Power
Projects being considered candidates for conversion to RNG projects in the foreseeable future. See "
Business—Our Projects
"
for further detail of our projects.
Our Strategy
We aim to (i) maintain and
grow our position as a leading producer and dispenser of RNG in the United States and (ii) maintain and increase our position as a leading
provider of RNG to the heavy and medium-duty commercial vehicle market in the U.S. We support these objectives through a multi-pronged strategy
of:
●
Promoting the reduction of methane and GHG emissions
and expanding the use of renewable fuels to displace fossil-based fuels
: We share the renewable fuel industry's commitment
to providing sustainable renewable energy solutions and offering products with high economic and ecological value. By simultaneously
replacing fossil-based fuels and reducing overall methane emissions, our projects have a positive environmental impact. We are committed
to the sustainable development, deployment, and utilization of RNG to reduce the country's dependence on fossil fuels. We strive
to optimize the economics of capturing biogas from our host landfills and dairy farms for conversion to RNG by balancing the capital
and operating costs with the current and future quality and quantity of biogas.
●
Expanding our industry position as a full-service partner
for development opportunities, including through strategic transactions
: Throughout our over 20 years of biogas conversion
experience, we have developed the full range of biogas conversion project related capabilities from landfill gas collection system expertise,
to engineering, construction, management and operations, through EHS oversight and Environmental Attributes management. Our full suite
of capabilities allows us to serve as a multi-project partner, including through strategic transactions.
●
Expanding our capabilities to new feedstock sources
and technologies
: We believe we will be able to enter new markets for our products, such as providing fuel for the production
of renewable energy sources. With our experience and industry expertise, we believe we are well-positioned to take advantage of
opportunities to meet the clean energy needs of other industries looking to use renewable energy in their operations. We are actively
reviewing opportunities beyond our core LFG and dairy RNG business. Specifically, we intend to diversify our project portfolio beyond
landfill biogas through the expansion into additional methane producing assets.
●
Empowering our customers to achieve their sustainability
and carbon reduction objectives
: We are well positioned to empower our customers to achieve their sustainability and carbon reduction
goals, including significantly reducing GHG emissions from their commercial transportation activities, at a cost to customers that is
competitive to other fuels like diesel. We also assist our customers in their transition to cleaner transportation fuels by helping them
obtain federal, state and local tax credits, grants and incentives, vehicle financing, and facilitating customer selection of vehicle
specifications to meet their needs.
Recent
Developments
On
July 21, 2022, ArcLight completed the Business Combination as contemplated by the Business Combination Agreement. In connection with this,
ArcLight was domesticated and continued as a Delaware corporation (the "
Domestication
"). Pursuant to the Domestication,
(i) each outstanding Class B ordinary share, par value $0.0001 per share (the "
Class B ordinary shares
"), of
ArcLight was automatically converted, on a one-for-one basis, into a Class A ordinary share, par value $0.0001 per share (the "
Class
A ordinary shares
"), of ArcLight; (ii) each issued and outstanding Class A ordinary share (including Class A ordinary shares
resulting from the conversion of Class B ordinary shares into Class A ordinary shares) was automatically converted, on a one-for-one basis,
into a share of our Class A common stock; (iii) each issued and outstanding warrant to purchase Class A ordinary shares of ArcLight automatically
converted into a warrant to acquire one share of our Class A common stock upon substantially the same economic terms; and (iv) each issued
and outstanding unit of ArcLight that had not been previously separated into the underlying Class A ordinary shares of ArcLight and the
underlying warrants of ArcLight upon the request of the holder thereof prior to the Domestication was cancelled and entitled the holder
thereof to one share of our Class A common stock and one-fifth of one OPAL Warrant.
2
On
July 21, 2022, as contemplated by the Business Combination Agreement:
●
OPAL Fuels LLC and its members caused the existing limited
liability company agreement to be amended and restated and in connection therewith, all of the common units of OPAL Fuels LLC issued
and outstanding immediately prior to the Closing were re-classified into 144,399,037 Class B Units;
●
We contributed to OPAL Fuels LLC $123,362,579 (representing
(x) the amount of cash in the trust account established by ArcLight with the proceeds from the IPO as of immediately prior to the Closing,
after giving effect to the exercise of redemption rights by any ArcLight shareholders and the set aside of funds in escrow to support
a forward purchase agreement, plus (y) the aggregate cash proceeds received in respect of the PIPE Investment;
●
We contributed to OPAL Fuels LLC, and it in turn distributed
to pre-closing members of Opco, 144,399,037 shares of our Class D common stock;
●
We issued directly to Ares, 3,059,533 shares of our Class
A common stock; and
●
OPAL Fuels LLC issued to us 25,171,390 Class A Units of OPAL
Fuels LLC.
In addition, pursuant to Subscription Agreements entered into with
certain accredited and institutional investors in connection with the Business Combination, concurrently with the Closing of the Business
Combination, we received $105,806,000 in proceeds from the PIPE Investors, in exchange for which we issued 10,580,600 shares of our Class
A common stock issued to the PIPE Investors. We received the remaining $5 million subscribed for pursuant to the PIPE Investment from
one of the PIPE Investors subsequent to the Closing and issued 500,000 shares of Class A common stock.
Holders
of 27,364,124 Class A ordinary shares of ArcLight properly exercised their right to have their ordinary shares redeemed for a full pro
rata portion of the trust account holding the proceeds from the IPO, calculated as of two business days prior to the Closing, which was
approximately $10.00 per share, or $274,186,522 in the aggregate.
Pursuant
to a forward share purchase agreement (the "
Forward Purchase Agreement
") entered into between ArcLight and Meteora
Capital Partners and its affiliates (collectively, "
Meteora
"), prior to the Closing of the Business Combination,
Meteora purchased 2,000,000 Class A ordinary shares of ArcLight from shareholders which had previously tendered such shares for redemption
but agreed to reverse their redemption and sell such shares to Meteora at the redemption price, resulting in Meteora holding a total of
2,000,000 Class A ordinary shares, which Meteora agreed not to redeem in connection with the Business Combination. Additionally, ArcLight
placed $20,040,000 in escrow at the Closing of the Business Combination to secure its purchase obligations to Meteora under the Forward
Purchase Agreement.
On
July 22, 2022, our Class A common stock and OPAL Public Warrants commenced trading on The Nasdaq Capital Market under the symbols "OPAL"
and "OPALW," respectively, subject to ongoing review of our satisfaction of all listing criteria following the Business Combination.
Corporation
Information
We
are a Delaware corporation. Our principal executive offices are located at
One North Lexington Avenue, Suite 1450, White Plains, New
York 10601 and our telephone number is (914) 705-4000
. Our website is
www.opalfuels.com
.
Our website and the information contained on, or accessed through, its website are not part of this prospectus, and you should rely only
on the information contained in this prospectus when making a decision as to whether to invest in our securities.
3
Risk
Factor Summary
You
should consider all of the information contained in this prospectus before investing in our securities which involves substantial risk.
Our business is subject to numerous risks and uncertainties, including those highlighted in the section entitled "
Risk
Factors
" beginning on p
age 10 of this prospectus, that represent
challenges
that we face in connection with the successful implementation of our strategy and the growth of our business. The occurrence of one or
more of the events or circumstances described in the section entitled "
Risk Factors
," alone or in combination with
other events or circumstances, may have a material adverse effect on our business, cash flows, financial condition and results of operations.
Important factors and risks that could cause actual results to differ materially from those in the forward-looking statements include,
among others, the following:
Risks Related to Our Third Party
Relationships and Government Regulation of Our Business
●
We are dependent on contractual arrangements with, and the
cooperation of, owners and operators of biogas project sites where our Biogas Conversion Projects are located for the underlying biogas
rights granted to us in connection with our Biogas Conversion Projects and for access to and operations on the biogas project sites where
we utilize those underlying biogas rights;
●
For the US transportation fuel market, we are dependent on
the production of vehicles and engines capable of running on natural gas and we have no control over these vehicle and engine manufacturers.
We are also dependent on the willingness of owners of truck fleets to adopt natural gas powered vehicles and to contract with Opco for
the provision of CNG to said fleets;
●
Failure of third parties to manufacture quality products
or provide reliable services in a timely manner could cause delays in developing, constructing and operating our Biogas Conversion Projects
and Fueling Stations, which could damage our reputation, adversely affect our partner relationships or adversely affect our growth;
●
Our operations are subject to numerous stringent EHS laws
and regulations that may expose us to significant costs and liabilities. From time to time, we have been issued notices of violations
from government entities that our operations have failed to comply with such laws and regulations, particularly in regards to the operation
of our landfill gas electric generating facilities. Failure to comply with such laws and regulations may result in the assessment of
sanctions, including administrative, civil or criminal penalties, the imposition of investigatory or remedial obligations, and the issuance
of orders limiting or prohibiting some or all of our operations;
●
Existing, and future changes to, federal, state and local
regulations and policies, including permitting requirements applicable to us, and enactment of new regulations and policies, may present
technical, regulatory and economic barriers to the generation, purchase and use of Renewable Power and RNG, and may adversely affect
the market for the associated Environmental Attributes. A failure on our part to comply with any laws, regulations or rules applicable
to us may adversely affect our business, investments and results of operations;
●
The financial performance of our business depends upon tax
and other government incentives for the generation of RNG and Renewable Power, any of which could change at any time and such changes
may negatively impact our growth strategy;
●
We are subject to risks associated with litigation or administrative
proceedings that could materially impact our operations, including proceedings in the future related to projects we subsequently acquire.
Market Risks Related to Our Business
●
The
volatility in the price of oil, gasoline, diesel, natural gas, RNG or Environmental Attributes could adversely affect our business
;
●
We
currently use, and may continue in the future to use, forward-sale and hedging arrangements, to mitigate certain risks, but the
use of such arrangements could have a material adverse effect on our results of operations.
4
Additional Risk Factors Relating
to Our Business in General
●
Our
contracts with government entities may be subject to unique risks, including possible termination of or reduction in the governmental
programs under which we operate, instances in which our contract provisions allow the government entity to terminate, amend or change
terms at their convenience, and competitive bidding processes for the award of contracts
;
●
In
accordance with applicable FASB standards, management has concluded there are conditions or events, considered in the aggregate, that
raise substantial doubt about the ability of Opco to continue as a going concern without the implementation of various mitigation steps
identified by management of Opco
;
●
Liabilities
and costs associated with hazardous materials and contamination and other environmental conditions may require us to conduct investigations
or remediation at the properties underlying our projects, may adversely impact the value of our projects or the underlying properties,
and may expose us to liabilities to third parties
;
●
We
have a history of accounting losses and may incur additional losses in the future
;
●
We
operate a capital-intensive business and are pursuing a business plan requiring significant access to capital. We may fail to get
access to said capital in a timely manner or obtain capital at unfavorable terms.
●
Some
relationships with our counterparties and suppliers may experience disruptions in connection with the Business Combination, which may
limit our business
; and
●
Our
failure to timely and effectively implement controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act
could have a material adverse effect on our business.
Implications
of Being an Emerging Growth Company and a Smaller Reporting Company
We qualify as an "emerging
growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). For so long as we remain
an emerging growth company, we are permitted, and currently intend, to rely on the following provisions of the JOBS Act that contain exceptions
from disclosure and other requirements that otherwise are applicable to public companies and file periodic reports with the SEC. These
provisions include, but are not limited to:
●
being permitted to present only two years of audited financial
statements and selected financial data and only two years of related "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in our periodic reports and registration statements, including this prospectus, subject to certain exceptions;
●
not being required to comply with the auditor attestation
requirements of Section 404 of the Sarbanes-Oxley Act;
●
reduced disclosure obligations regarding executive compensation
in our periodic reports, proxy statements, and registration statements, including in this prospectus;
●
not being required to comply with any requirement that may
be adopted by the Public Company Accounting Oversight Board (the "
PCAOB
") regarding mandatory audit firm rotation
or a supplement to the auditor's report providing additional information about the audit and the financial statements; and
●
exemptions from the requirements of holding a nonbinding
advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.
We will cease to be an "emerging
growth company" upon the earliest to occur of: (i) the last day of the fiscal year in which we have more than $1.07 billion
in annual revenue; (ii) the date we qualify as a large accelerated filer, with at least $700.0 million of equity securities
held by non-affiliates; (iii) the date on which we have, in any three-year period, issued more than $1.0 billion in non-convertible debt
securities; and (iv) December 31, 2026 (the last day of the fiscal year following the fifth anniversary of ArcLight becoming
a public company).
5
We have elected to take advantage
of certain of the reduced disclosure obligations in this prospectus and may elect to take advantage of other reduced reporting requirements
in our future filings with the SEC. As a result, the information that we provide to our stockholders may be different than what you might
receive from other public reporting companies in which you hold equity interests.
We have elected to avail ourselves of the provision of the JOBS Act that permits
emerging growth companies to take advantage of an extended transition period to comply with new or revised accounting standards applicable
to public companies. As a result, we will not be subject to new or revised accounting standards at the same time as other public companies
that are not emerging growth companies.
We are also a "smaller
reporting company" as defined in the Exchange Act. We may continue to be a smaller reporting company even after we are no longer
an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies until
the fiscal year following the determination that our voting and non-voting common stock held by non-affiliates is $250 million or more
measured on the last business day of our second fiscal quarter, or our annual revenues are less than $100 million during the most recently
completed fiscal year and our voting and non-voting common stock held by non-affiliates is $700 million or more measured on the last business
day of our second fiscal quarter.
For additional information,
see the section titled "
Risk Factors—Risks Related to the Company—
We
are an "emerging growth company," and our election to comply with the reduced disclosure requirements as a public company
may make our Common Stock less attractive to investors
."
6
The Offering
Issuer
OPAL Fuels Inc.
Class A common stock offered by the
Selling Holders
Up to 175,541,507 shares of Class A common stock, consisting of:
●
10,838,609 shares of Class A common stock issued under the Business Combination Agreement to Ares, Sponsor and certain former directors of ArcLight;
●
144,399,037 shares of Class A common stock issuable upon the conversion of Class C common stock issuable to the Opco Common Equityholders upon the exchange of Opco Common Units and the cancellation of an equal number of shares of Class D common stock;
●
9,223,261 shares of Class A common stock underlying the OPAL Private Placement Warrants; and
●
11,080,600 shares of Class A common stock issued to the PIPE Investors.
Class A common stock issuable upon
  the exchange
of all outstanding Opco Common Units
144,399,037
Use of proceeds
We will not receive any of the proceeds from the sale of the shares of Class A common stock by the Selling Holders.
Market for our shares of common
stock and warrants
Our Class A common stock and public warrants are listed for trading on Nasdaq under the symbols "OPAL" and "OPALW," respectively.
Risk factors
Any investment in the securities offered hereby is speculative and involves a high degree of risk. You should carefully consider the information set forth under "
Risk Factors
" and elsewhere in this prospectus.
7
SELECTED HISTORICAL CONSOLIDATED
FINANCIAL INFORMATION
The selected consolidated
historical statements of operations and of cash flows data of Opco for the years ended December 31, 2021, 2020 and 2019 and the historical
consolidated balance sheet data as of December 31, 2021 and 2020 are derived from Opco's audited consolidated financial statements
included elsewhere in this prospectus. The selected condensed consolidated historical statements of operations and of cash flows data
of Opco for the six months ended June 30, 2022 and 2021 and the condensed consolidated historical balance sheet data as of June 30, 2022
are derived from Opco's unaudited interim condensed consolidated financial statements included elsewhere in this prospectus. In
Opco's management's opinion, the consolidated historical financial statements include all adjustments necessary to state fairly
Opco's financial position, results of operations and cash flows as of and for the periods presented herein.
Opco's historical
results are not necessarily indicative of the results that may be expected in the future and Opco's results for the six months
ended June 30, 2022 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022 or
any other period. You should read the selected consolidated historical financial data together with the section titled "Management's
Discussion and Analysis of Financial Condition and Results of Operations" and Opco's audited consolidated and unaudited condensed
consolidated financial statements and related notes included elsewhere in this prospectus.
(In thousands of dollars except per unit data)
For the six months ended
Fiscal Years Ended
Consolidated Statements of Operations Data:
June 30,
2022
June 30,
2021
December 31,
2021
December 31,
2020
December 31,
2019
(Restated)
(1)
(Restated)
(1)
Revenues
$
102,264
$
57,784
$
166,124
$
117,706
$
119,702
Less:
Cost of sales
75,589
43,285
115,065
90,168
90,972
Selling, general and administrative
18,810
11,185
29,380
20,474
17,795
Depreciation, amortization, and accretion
6,558
4,059
10,653
8,338
8,031
Impairment of assets
—
—
—
17,689
—
Gain on termination of PPA
—
—
—
(1,292
)
—
Loss on sale/disposal of assets
—
—
—
165
(2,051
)
Interest and financing expense, net
(6,408
)
(3,305
)
(7,467
)
(6,655
)
(8,026
)
Realized and unrealized loss (gain) on interest rate swaps, net
328
17
99
(2,197
)
(1,691
)
Gain on acquisition of equity method investment
—
19,818
19,818
—
—
Gain on deconsolidation of VIEs
—
—
15,025
—
—
Gain on PPP loan forgiveness
—
—
—
1,792
—
(Loss) income from equity method investments
(36
)
2,392
2,268
(475
)
(487
)
Net (loss) income
(4,809
)
18,177
40,769
(25,371
)
(5,249
)
Paid-in-kind preferred dividends
2,435
—
210
—
—
Net loss attributable to non-controlling interests
(499
)
(198
)
(804
)
(13
)
—
Net (loss) income attributable to OPAL Fuels LLC
$
(6,745
)
$
18,375
$
41,363
$
(25,358
)
$
(5,249
)
Weighted average units outstanding:
Basic
(2)
1,000
986
987
986
986
Diluted
(2)
1,000
986
987
986
986
Per unit amounts:
Basic
$
(6,745
)
$
18,636
)
$
41,908
$
(25,718
)
$
(5,324
)
Diluted
$
(6,745
)
$
18,636
)
$
41,908
$
(25,718
)
$
(5,324
)
Consolidated Statement of Cash Flows Data:
Net cash (used in) provided by operating activities
$
(9,438
)
$
16,808
$
18,856
$
2,287
$
4,338
Net cash used in investing activities
(54,298
)
(28,752
)
(117,204
)
(22,179
)
(29,848
)
Net cash provided by financing activities
121,961
28,278
125,014
21,453
24,653
Net increase (decrease) in cash, cash equivalents and restricted cash
$
58,225
$
16,334
$
26,666
$
1,561
$
(857
)
(1)
As described in Note 2,
Restatement of Financials Statements
to Opco's audited consolidated financial statements, we have restated the consolidated financial statements for the years ended
December 31, 2020 and 2019.
(2)
As described in Note 1,
Description of Business
to
Opco's audited consolidated financial statements, the Company amended its limited liability company agreement on November 29, 2021
to convert its outstanding membership interests into 986 common units. The earnings per unit have been presented retrospectively for
all periods presented.
(In thousands of dollars)
As of
June 30,
As of December 31,
Consolidated Balance Sheets Data:
2022
2021
2020
(Restated)
(1)
Cash and cash equivalents
$
97,091
$
39,314
$
12,823
Property, plant and equipment, net
229,411
169,770
79,492
Total assets
$
512,242
$
380,844
$
169,458
Total Debt - current and non-current
$
241,122
$
229,103
$
100,780
Total liabilities
305,323
285,887
138,999
Redeemable preferred units
132,645
30,210
—
Total members' equity
74,274
64,747
30,459
Total liabilities, redeemable preferred units and members' equity
$
512,242
$
380,844
$
169,458
(1)
As described in Note 2,
Restatement of Financials Statements
to Opco's audited consolidated financial statements, we have restated the consolidated financial statements for the year ended
December 31, 2020.
8
MARKET PRICE, TICKER SYMBOL, AND DIVIDEND INFORMATION
OPAL's Class A common
stock and public warrants are listed for trading on Nasdaq under the symbols "OPAL" and "OPALW," respectively.
The closing price of the
Class A common stock and the warrants to purchase Class A common stock on August 9, 2022 was $11.50, and $1.55, respectively. Holders
of Class A common stock and warrants should obtain current market quotations for their securities.
OPAL has not paid any cash
dividends on shares of its Class A common stock or Class C common stock to date and has no current plans to pay dividends on its Class
A common stock or Class C common stock in the foreseeable future. Holders of OPAL's Class B common stock and Class D common stock
do not have any right to receive dividends. The payment of cash dividends in the future will be dependent upon OPAL's revenues and
earnings, if any, capital requirements and general financial condition. The payment of any dividends will be within the discretion of
our board.
9
RISK FACTORS
In addition to the other
information contained in this prospectus, the following risks have the potential to impact our business and operations, as well as the
market for our securities, including the Class A common stock offered hereby. These risk factors are not exhaustive and all investors
are encouraged to perform their own investigation with respect our business, financial condition and prospects.
Risks Related to Our Business
Risks Related to Our Third Party Relationships
and Government Regulation of Our Business
We are dependent on contractual arrangements
with, and the cooperation of, owners and operators of biogas project sites where our Biogas Conversion Projects are located for the underlying
biogas rights granted to us in connection with our Biogas Conversion Projects and for access to and operations on the biogas project sites
where we utilize those underlying biogas rights.
We do not own any of the landfill
or livestock waste sites, which we sometimes refer to in this prospectus as "biogas project sites," from which our Biogas
Conversion Projects collect biogas or on which we operate and manage our Biogas Conversion Projects, and therefore we depend on contractual
relationships with, and the cooperation of, the biogas conversion project site owners and operators for our operations. The invalidity
of, or any default or termination under, any of our gas rights agreements, leases, easements, licenses and rights-of-way may interfere
with our rights to the underlying biogas and our ability to use and operate all or a portion of certain of our Biogas Conversion Projects
facilities, which may have an adverse impact on our business, financial condition and results of operations. We obtain biogas rights to
utilize the biogas and the biogas project sites on which our projects operate under contractual arrangements, with the associated biogas
rights generally being for fixed terms of 20 years (or more) and certain additional renewal options. The gas rights associated with
our 30 projects in operation or under construction, 3 of which include Renewable Power projects that are in construction to be converted
to RNG, are due to expire at varying points over the next 25 years. See "
Business—Our Projects.
" In addition,
the biogas rights are typically specific to the right to produce electricity generated from renewable sources ("
Renewable
Power
") or RNG; and accordingly, when we pursue conversion of a project from the production of Renewable Power to the production
of RNG, which has been part of our strategy over recent periods, we must secure the associated biogas rights for the production of RNG. While
we have generally been successful in renewing biogas rights and in securing the additional rights necessary in connection with conversion
from production of Renewable Power to RNG on specific projects, we cannot guarantee that this success will continue in the future on commercial
terms that are attractive to us or at all, and any failure to do so, or any other disruption in the relationship with any of the biogas
conversion project site owners and operators from whose biogas project sites our Biogas Projects obtain biogas or for whom we operate
biogas facilities, may have a material adverse effect on our business operations, financial condition and operational results.
In addition, the ownership
interests in the land subject to these licenses, easements, leases and rights-of-way may be subject to mortgages securing loans or
other liens (such as tax liens) and other easements, lease rights and rights-of-way of third parties (such as leases of mineral rights).
As a result, certain of our Biogas Conversion Projects' rights under these licenses, easements, leases or rights-of-way may
be subject, and subordinate, to the rights of those third parties in certain instances. We may not be able to protect our operating projects
against all risks of loss of our rights to use the land on which our Biogas Conversion Projects are located, and any such loss or curtailment
of our rights to use the land on which our projects are located and any increase in rent due on such lands could adversely affect our
business, financial condition and results of operations.
The owners and operators of biogas project
sites generally make no warranties to us as to the quality or quantity of gas produced.
The biogas conversion project
site owners and operators generally do not make any representation or warranty to us as to the quality or quantity of biogas produced
at their sites. Accordingly, we may be affected by operational issues encountered by biogas conversion project site owners and operators
in operating their facilities, such as, among other things: (i) their ability to perform in accordance with their commitments to
third parties (other than us) under agreements and permits; (ii) transportation of source materials, (iii) herd health and labor
issues at the dairy farms generating the manure to be processed at our digester facilities; (iv) gas collection issues at landfill
projects such as broken pipes, ground water accumulation, inadequate landcover and labor issues, and (v) the particular character
and mix of trash received, at the biogas conversion project site facilities. We cannot guarantee that our production will be free from
operational risks, nor can we guarantee the production of a sufficient quantity and quality of biogas from the owners and operators of
biogas conversion project sites. However, our facilities are engineered and designed to process varying levels of biogas quantities and
varying levels of potential biogas impurities.
10
We from time to time face disputes or disagreements
with owners and operators of biogas project sites which could materially impact our ability to continue to develop and/or operate an existing
Biogas Conversion Project on its current basis, or at all, and could materially delay or eliminate our ability to identify and successfully
secure the rights to construct and operate other future Biogas Conversion Projects.
The success of our business
depends, in part, on maintaining good relationships with biogas conversion project site owners and operators. As a result, our business
may be adversely affected if we are unable to maintain these relationships.
Our economic interests in biogas
conversion project sites are not always aligned with the economic interests of the site owners and operators. We may disagree with owners
and operators about a number of concerns, including, without limitation, the operations of the biogas project sites, easement and access
rights, the renewal of gas and manure rights on favorable terms, and temporary shutdowns for routine maintenance or equipment upgrades.
Biogas conversion project site owners and operators may make unilateral decisions beneficial to them to address business concerns. They
may or may not consult with us, including in circumstances where they have a contractual obligation to do so, and unilateral decisions
made by the biogas conversion project site owners and operators regarding the operations or management of their business could impact
our ability to produce RNG or Renewable Power, and generate the associated Environmental Attributes. If we have a favorable relationship
with site owners and operators, we may be able to mitigate certain risks if given the opportunity to provide input into the owners'
and operators' decision-making process.
In addition, the financial
condition of the biogas conversion project sites may be affected in large part by conditions and events that are beyond our control. Significant
deteriorations in the financial condition of any biogas conversion project waste site could cause the biogas conversion project site owners
and operators to unilaterally decide to shut down or reduce their landfill or livestock waste operations. Any such closure or reduction
of operations at a waste site could impact our ability to produce RNG or Renewable Power, and generate the associated Environmental Attributes,
and we may not have an opportunity to propose a solution to protect our infrastructure in any existing Biogas Conversion Project.
If we are unable to maintain
good relationships with these site owners and operators, or if they take any actions that disrupt or halt production of RNG or Renewable
Power, our business, growth strategy, financial condition and results of operations could be materially and adversely affected.
For the US transportation fuel market, we
are dependent on the production of vehicles and engines capable of running on natural gas and we have no control over these vehicle and
engine manufacturers. We are also dependent on the willingness of owners of truck fleets to adopt natural gas powered vehicles and to
contract with us for the provision of CNG to said fleets.
Vehicle and engine manufacturers
control the development, production, quality assurance, cost and sales and marketing of their products, all of which shape the performance,
availability and reputation of such vehicles in the marketplace. We are dependent on these vehicle and engine manufacturers to succeed
in our target RNG fuel dispensing markets, and we have no influence or control over their activities.
These vehicle and engine manufacturers
may decide not to expand or maintain, or may decide to discontinue or curtail, their product lines for a variety of reasons, including,
without limitation, as a result of the adoption of governmental policies or programs such as the rules adopted by the California Air Resources
Board on June 25, 2020 requiring the sale of zero-emission heavy-duty trucks (the "
Advanced Clean Trucks Regulation
")
and Executive Order N-79-20 issued by the Governor of the State of California in September 2020 (the "
September 2020
Executive Order
"). The supply of engines or vehicle product lines by these vehicle and engine manufacturers may also be
disrupted due to delays, restrictions or other business impacts related to the COVID-19 pandemic and supply chain disruptions or
crises. The limited production of engines and vehicles that run on natural gas increases their cost and limits availability, which restricts
large-scale adoption, and may reduce resale value. These factors may also contribute to operator reluctance to convert their vehicles
to be compatible with natural gas fuel.
Failure of third parties to manufacture
quality products or provide reliable services in a timely manner could cause delays in developing, constructing, bringing online and operating
our Biogas Conversion Projects and Fueling Stations, which could damage our reputation, adversely affect our partner relationships
or adversely affect our growth.
Our success depends on our
ability to design, develop, construct, maintain and operate Biogas Conversion Projects and Fueling Stations in a timely manner, which
depends in part on the ability of third parties to provide us with timely and reliable products and services. In developing and operating
our Biogas Conversion Projects and Fueling Stations, we rely on products meeting our design specifications and components manufactured
and supplied by third parties, and on services performed by our subcontractors. We also rely on subcontractors to perform some of the
construction and installation work related to our Biogas Conversion Projects and Fueling Stations, and we sometimes need to engage subcontractors
with whom we have no prior experience in connection with these matters.
11
If our subcontractors are unable
to provide services that meet or exceed our counterparties' expectations or satisfy our contractual commitments, our reputation,
business and operating results could be harmed. In addition, if we are unable to avail ourselves of warranties and other contractual protections
with our suppliers and service providers, we may incur liability to our counterparties or additional costs related to the affected products
and services, which could adversely affect our business, financial condition and results of operations. Moreover, any delays, malfunctions,
inefficiencies or interruptions in these products or services could adversely affect our ability to timely bring a project online, the
quality and performance of our Biogas Conversion Projects and Fueling Stations, and may require considerable expense to find replacement
products and to maintain and repair these facilities. These circumstances could cause us to experience interruption in (i) our production
and distribution of RNG and Renewable Power, (ii) generation of related Environmental Attributes, (iii) meeting our obligations
to dispense RNG at Fueling Stations, and (iv) maintaining current relationships and attracting new relationships, in each case, potentially
harming our brand, reputation and growth prospects.
Our operations are subject to numerous stringent
EHS laws and regulations that may expose us to significant costs and liabilities. From time to time, we have been issued notices of violations
from government entities that our operations have failed to comply with such laws and regulations, particularly in regards to the operation
of our landfill gas electric generating facilities. Failure to comply with such laws and regulations may result in the assessment of sanctions,
including administrative, civil or criminal penalties, the imposition of investigatory or remedial obligations, and the issuance of orders
limiting or prohibiting some or all of our operations.
Our operations are subject
to stringent and complex federal, state and local EHS laws and regulations, including those relating to (i) the release, emission
or discharge of materials into the air, water and ground, (ii) the generation, storage, handling, use, transportation and disposal
of hazardous materials and wastes, and (iii) the health and safety of our employees and other persons.
These laws and regulations
impose numerous obligations applicable to our operations, including (i) the acquisition of permits before construction and operation
of our Biogas Conversion Projects and Fueling Stations; (ii) the restriction of types, quantities and concentration of materials
that can be released into the environment; (iii) the limitation or prohibition of our activities on certain lands lying within wilderness,
wetlands and other protected areas; (iv) the application of specific health and safety criteria addressing worker protection; and
(v) the imposition of substantial liabilities for pollution resulting from the operation of our Biogas Conversion Projects and Fueling
Stations. In addition, construction and operating permits issued pursuant to environmental laws are necessary to operate our business.
Such permits are obtained through applications that require considerable technical documentation and analysis, and sometimes require long
time periods to obtain or review. Delays in obtaining or renewing such permits, or denial of such permits and renewals, are possible,
and would have a negative effect on our financial performance and prospects for growth. These laws, regulations and permitting requirements
can necessitate expensive pollution control equipment or operational changes to limit actual or potential impacts to the environment.
Numerous government entities
have the power to enforce difficult and costly compliance measures or corrective actions pursuant to these laws and regulations and the
permits issued under them. We may be required to make significant capital and operating expenditures on an ongoing basis, or to perform
remedial or other corrective actions in connection with our Biogas Conversion Projects and Fueling Stations, to comply with the requirements
of these environmental laws and regulations or the terms and conditions of our permits. Failure to comply with these laws and regulations
or the terms or conditions of our permits may result in the assessment of sanctions, including administrative, civil or criminal penalties,
the imposition of investigatory or remedial obligations, and the issuance of orders limiting or prohibiting some or all of our operations.
In
addition, we may experience delays in obtaining or be unable to obtain required environmental regulatory permits, consents, waivers or
approvals, which may delay or interrupt our operations and limit our growth and revenue.
For example, our Arbor Hills
landfill gas facility in Northville, MI has entered into a Consent Decree, which was fully executed and submitted to the United States
District Court for the Eastern District of Michigan on September 9, 2021, with the US Department of Justice, the EPA, Michigan Attorney
General, Michigan Department of Environment, Great Lakes, and Energy and Michigan Department of Environmental Quality to resolve notices
of violation relating to sulfur oxide emissions exceedances, failure to timely perform source testing and improper use of diesel fuel
as an alternative to landfill gas for start-up combustion. The Company has agreed to pay total penalties of $750,000 and is required
to install pollution control equipment to reduce emissions from the facility. See
"Business—Legal Proceedings—Arbor
Hills Matter."
In addition, on July 30, 2021, Richmond Energy, a Company subsidiary, entered into a Consent Order
with the Virginia Department of Environmental Quality ("
VDEQ
") related to an October 31, 2019 notice of
violation for a failed source test conducted by VDEQ, which identified exceedances in total sulfur, volatile organic compounds and sulfur
dioxide emissions from the Old Dominion landfill gas facility in Henrico, VA. Pursuant to the Consent Order, Richmond Energy paid
a $99,000 penalty and is required to modify the facilities permit to account for these emissions. The facility has been shut down since
April 3, 2020 while the Richmond Energy modifies the facility's permit, which will require the installation of a chiller treatment
system at an estimated cost of $1.0 million. The facility is expected to be back online within the next six to twelve months.
12
Our operations inherently risk
incurring significant environmental costs and liabilities due to the need to manage waste and emissions from our Biogas Conversion Projects
and Fueling Stations. Spills or other releases of regulated substances, including spills and releases that may occur in the future, could
expose us to material losses, expenditures and liabilities under applicable environmental laws, rules and regulations. Under certain of
such laws, rules and regulations, we could be held strictly liable for the removal or remediation of previously released materials or
property contamination, regardless of whether we were responsible for the release or contamination and even if our operations met previous
standards in the industry at the time they were conducted. In connection with certain acquisitions of Biogas Conversion Projects and Fueling
Stations, we could acquire, or be required to provide indemnification against, environmental liabilities that could expose us to material
losses. In addition, claims for damages to persons or property, including natural resources, may result from the EHS impacts of our operations.
Our insurance may not cover all environmental risks and costs or may not provide sufficient coverage if an environmental claim is made
against us.
Environmental laws, rules and
regulations have changed rapidly in recent years and generally have become more stringent over time, and we expect this trend to
continue. The most material of these changes relate to the control of air emissions from the combustion equipment and turbine engines
we use to generate Renewable Power from landfill biogas. Such equipment, including internal combustion engines, are subject to stringent
federal and state permitting and air emissions requirements. California has taken an aggressive approach to setting standards for engine
emissions, and standards already in place have caused us to not be able to operate some of our electric generating equipment in areas
of that state. If other states were to follow California's lead, we could face challenges in maintaining our electric generating
operations and possibly, other operations in such jurisdictions.
Continued governmental and
public emphasis on environmental issues can be expected to result in increased future investments for environmental control compliance
at our facilities. Present and future environmental laws, rules and regulations, and interpretations of such laws, rules and regulations,
applicable to our operations, more vigorous enforcement policies and discovery of currently unknown conditions may require substantial
costs or expenditures that could have a material adverse effect on our business, results of operations and financial condition. In January 2021,
the current US presidential administration signed multiple executive orders related to the climate and environment. These executive orders
(i) direct federal agencies to review and reverse more than one hundred actions taken by the previous US presidential administration
on or relating to the environment, (ii) instruct the Director of National Intelligence to prepare a national intelligence estimate
on the security implications of the climate crisis and direct all agencies to develop strategies for integrating climate considerations
into their international work, (iii) establish the National Climate Task Force, which assembles leaders from across twenty one federal
agencies and departments, (iv) commit to environmental justice and new, clean infrastructure projects, (v) commence development
of emissions reduction targets and (vi) establish the special presidential envoy for climate on the National Security Council. At
this time, we cannot predict the outcome of any of these executive orders on our operations.
Existing, and future changes to, federal,
state and local regulations and policies, including permitting requirements applicable to us, and enactment of new regulations and policies,
may present technical, regulatory and economic barriers to the generation, purchase and use of Renewable Power and RNG, and may adversely
affect the market for the associated Environmental Attributes. A failure on our part to comply with any laws, regulations or rules, applicable
to us may adversely affect our business, investments and results of operations.
The markets for Renewable Power,
RNG and the associated Environmental Attributes are influenced by US federal and state governmental regulations and policies concerning
such resources. These regulations and policies are frequently modified, which could result in a significant future reduction in the potential
demand for Renewable Power, RNG and the associated Environmental Attributes. Any new governmental regulations applicable to our Biogas
Conversion Projects or markets for Renewable Power, RNG or the associated Environmental Attributes may result in significant additional
expenses or related development costs and, as a result, could cause a significant reduction in demand by our current and future counterparties.
Failure to comply with such requirements could result in (i) the disconnection and/or shutdown of the non-complying facility,
(ii) our inability to sell Renewable Power or RNG from the non-complying facility, (iii) penalties and defaults arising
from contracts that we have that contemplate production from the non-complying facility, (iv) the imposition of liens, fines,
refunds and interest, and/or civil or criminal liability, and (vi) delay or prevent new Biogas Conversion Projects and Fueling Stations
from being developed.
13
The U.S. Environmental
Protection Agency ("
EPA
") annually sets proposed and actual renewable volume obligations ("
RVOs
")
for the Renewable Identification Numbers ("
RIN
") market in accordance with the mandates established by the Energy
Independence and Security Act of 2007 (the "
EISA
"). The EPA's issuance of timely and sufficient
annual RVOs to accommodate the RNG industry's growing production levels may be needed to stabilize the RIN market. There can be
no assurance that the EPA will timely set annual RVOs or that the RVOs will continue to increase or be sufficient to satisfy the growing
supply of RNG which may be targeted for the US transportation fuel market. The EPA may set RVOs inaccurately or inconsistently, and the
manner in which the EPA sets RVOs may change under legislative or regulatory revisions. The current authorization for the EPA's
issuance of RVOs will expire beginning in 2023, and the EPA may issue RVOs under a modified system that has yet to be developed, which
creates additional uncertainty as to RIN pricing. Uncertainty as to how the Renewable Fuel Standard ("
RFS
")
program will continue to be administered and supported by the EPA under the current US presidential administration can create price volatility
in the RIN market. Given this regulatory uncertainty, we cannot assure that (i) we will be able to monetize RINs at the same price
levels as we have in the past, (ii) production shortfalls will not impact our ability to monetize RINs at favorable current pricing,
and (iii) the rising price environment for RINs will continue.
On the state level, the economics
of RNG are enhanced by low-carbon fuel initiatives, particularly a well-established Low Carbon Fuel Standard ("
LCFS
")
program in California and similar developing programs in Oregon and Washington (with several other states also actively considering similar
initiatives). In California's case, in 2009, the California Air Resource Board ("
CARB
") adopted LCFS regulations
aimed at reducing the Carbon Intensity ("
CI
") of transportation fuel sold and purchased in the state. A CI score
is calculated as grams of CO₂ equivalent per megajoule of energy by the fuel. Under the California and California-type LCFS
programs, the CI score is dependent upon a full lifecycle analysis that evaluates the greenhouse gases ("
GHG
")
emissions associated with producing, transporting, and consuming the fuel. LCFS credits can be generated in three ways: (i) fuel
pathway crediting that provides low carbon fuels used in California transportation, (ii) project-based crediting that reduces
GHG emissions in the petroleum supply chain, and (iii) zero emission vehicle crediting that supports the buildout of infrastructure.
CARB awards these credits to RNG projects based on such project's CI score relative to the targeted CI score for both gasoline and
diesel fuels. The number of monetizable LCFS credits per unit of fuel increases with a lower CI score. We cannot assure that we will be
able to maintain or reduce our CI score to monetize LCFS credits generated from our Biogas Conversion Projects. Moreover, the inability
to sell LCFS credits could adversely affect our business.
Our ability to generate revenue
from sales of RINs and LCFS credits depends on our strict compliance with such federal and state programs, which are complex and can involve
a significant degree of judgment. If the agencies that administer and enforce these programs disagree with our judgments, otherwise determine
that we are not in compliance, conduct reviews of our activities or make changes to the programs, then our ability to generate or sell
these credits could be temporarily restricted pending completion of reviews or as a penalty, permanently limited or lost entirely, and
we could also be subject to fines or other sanctions. Moreover, the inability to sell RINs and LCFS credits in general, or at unattractive
prices, could adversely affect our business.
Additionally, our business
is influenced by laws, rules and regulations that require reductions in carbon emissions and/or the use of renewable fuels, such as the
programs under which we generate Environmental Credits. These programs and regulations, which have the effect of encouraging the use of
RNG as a vehicle fuel, could expire or be repealed or amended for a variety of reasons. For example, parties with an interest in gasoline
and diesel, electric or other alternative vehicles or vehicle fuels, including lawmakers, regulators, policymakers, environmental or advocacy
organizations, producers of alternative vehicles or vehicle fuels or other powerful groups, may invest significant time and money in efforts
to delay, repeal or otherwise negatively influence programs and regulations that promote RNG. Many of these parties have substantial
resources and influence. Further, changes in federal, state or local political, social or economic conditions, including a lack of legislative
focus on these programs and regulations, could result in their modification, delayed adoption or repeal. Any failure to adopt, delay in
implementing, expiration, repeal or modification of these programs and regulations, or the adoption of any programs or regulations that
encourage the use of other alternative fuels or alternative vehicles over RNG, could reduce the market demand for RNG as a vehicle fuel
and harm our operating results, liquidity, and financial condition.
For instance, in certain states,
including California, lawmakers and regulators have implemented various measures designed to increase the use of electric, hydrogen and
other zero-emission vehicles, including establishing firm goals for the number of these vehicles operating on state roads by specified
dates and enacting various laws and other programs in support of these goals. Although the influence and applicability of these or similar
measures on our business remains uncertain, a focus on "zero tailpipe emissions" vehicles over vehicles such as those operating
on RNG that have an overall net carbon negative emissions profile, but some tailpipe emissions, could adversely affect the market for
our fuels.
14
All of our current electric
generating facilities are qualifying small power production facilities ("
QFs
")
under the Federal
Power Act and the Public Utility Regulatory Policies Act of 1978, as amended. We are permitted to make wholesale sales (that
is, sales for resale) of Renewable Electricity, capacity, and ancillary services from our QFs with a net generating capacity that does
not exceed 20 megawatts or that is an "eligible" facility as defined by section 3(17)(E) of the Federal Power Act without
obtaining (a) authorization by FERC pursuant to the Federal Power Act to sell electric energy, capacity and/or ancillary services
at market-based rates, (b) acceptance by FERC of a tariff providing for such sales, and (c) granting by FERC of such regulatory
waivers and blanket authorizations as are customarily granted by FERC to holders of market-based rate authority, including blanket
authorization under section 204 of the Federal Power Act to issue securities and assume liabilities ("
MBR Authority
")
or any other approval from the U.S. Federal Energy Regulatory Commission ("
FERC
"). A QF typically may not
use any fuel other than a FERC-approved alternative fuel, but for limited use of commercial-grade fuel for certain specified
start-up, emergency and reliability purposes. We are required to document the QF status of each of our facilities in applications or self-certifications filed
with FERC, which typically requires disclosure of upstream facility ownership, fuel and size characteristics, power sales, interconnection
matters, and related technical disclosures Congress could amend the FPA and eliminate QF status, in which case we would likely have to
obtain MBR Authority and sell competitively in the market. If this were to happen, in all likelihood our QFs would not be competitive
in the market place.
We currently do not intend
to develop, construct or operate electric generating facilities that would require us to apply for and receive MBR Authority from FERC. Nevertheless,
were we to do so, eligibility for MBR Authority is predicated on a variety of factors, primarily including the overall market power that
the power seller — together with all of its FERC-defined "affiliates" — has in the relevant
market. FERC defines affiliates as entities with a common parent that own, directly or indirectly, 10% or more of the voting securities
in the two entities. Accordingly, our eligibility and the eligibility of our affiliates to obtain and maintain MBR Authority for additional
facilities, were we or such affiliate required to obtain such authority, would require an evaluation of the energy assets owned directly
or indirectly by us and each of our affiliates, satisfying market-power limitations established by FERC. If our affiliates invest
heavily in generating or other electric facilities in a particular geographic market, their market presence could make it difficult for
us or our affiliates to obtain and maintain such MBR Authority, or to secure FERC authorization to acquire additional generating facilities,
in that market.
Our market-based sales
are subject to certain market behavior rules established by FERC, and if any of our Biogas Conversion Projects that generate Renewable
Power are deemed to have violated such rules, we will be subject to potential disgorgement of profits associated with the violation, penalties,
refunds of unlawfully collected amounts with interest, and, if a facility obtains MBR Authority, suspension or revocation of such MBR
Authority. If such projects that had MBR Authority were later to lose their MBR Authority, they would be required to obtain FERC's
acceptance of a cost-of-service rate schedule and could become subject to the significant accounting, record-keeping, and reporting
requirements that are typically imposed on vertically-integrated utilities with cost-based rate schedules. This could have a
material adverse effect on the rates we are able to charge for power from our facilities maintaining MBR Authority, if any, that generate
Renewable Power.
The regulatory environment
for electric generation has undergone significant changes in the last several years due to federal and state policies affecting wholesale
competition and the creation of incentives for the addition of large amounts of new renewable generation and, in some cases, transmission
assets. These changes are ongoing, and we cannot predict the future design of the wholesale power markets or the ultimate effect that
the changing regulatory environment will have on our business.
Our biogas conversion project site owners
and operators are also subject to extensive federal, state and local regulations and policies, including permitting requirements, on account
of their separate operations. Any failure on their part to comply with any laws, regulations, rules or permits, applicable to them may
also adversely affect our business, investments and results of operations.
The operations of biogas conversion
project site owners and operators are also subject to stringent and complex governmental regulations and policies at the federal, state
and local level in the United States. Many complex laws, rules, orders and interpretations govern environmental protection, health,
safety, land use, zoning, transportation and related matters. At times, such governmental regulations and policies may require biogas
conversion project site owners and operators to curtail their operations or close sites temporarily or permanently, which may adversely
impact our business, investments and results of operations.
Certain permits are required
to build, operate and expand sites owned by biogas conversion project site owners and operators, and such permits have become more difficult
and expensive to obtain and maintain. Permits may often take years to obtain as a result of numerous hearing and compliance requirements
with regard to zoning, environmental and other regulations. The permits required to be obtained and maintained by biogas conversion project
site owners and operations are commonly subject to resistance from citizen or other groups and other political pressures, including allegations
by such persons that a site is in violation of any applicable permits, laws or regulations. Failure by project site owners and operators
to obtain or maintain any required permit to operate its site would adversely affect our production of Renewable Power, RNG and generation
of the associated Environmental Attributes, as applicable.
15
A failure by biogas conversion
project site owners and operators to comply with extensive federal, state and local regulations and policies, including permitting requirements,
may result in the suspension or cessation of waste site operations, which would reduce or halt Renewable Power or RNG production and generation
of the Associated Environmental Attributes. Any such disruption could also damage the reputation of our brand. In the event our production
of Renewable Power or RNG is disrupted, we may fail to meet the contractual obligations to some of our counterparties to deliver Renewable
Power, RNG and the associated Environmental Attributes, in which case we would be subject to financial damage and/or penalty claims from
these counterparties.
The financial performance of our business
depends upon tax and other government incentives for the generation of RNG and Renewable Power, any of which could change at any time
and such changes may negatively impact our growth strategy.
Our financial performance and
growth strategy depend in part on governmental policies that support renewable generation and enhance the economic viability of owning
Biogas Conversion Projects or Fueling Stations. These projects currently benefit from various federal, state and local governmental incentives
such as investment tax credits, cash grants in lieu of investment tax credits, loan guarantees, Renewable Portfolio Standards ("
RPS
")
programs, modified accelerated cost-recovery system of depreciation and bonus depreciation. RNG specifically generates meaningful
revenue through generation and monetization of Environmental Attributes provided for under several different programs, most commonly,
RFS, LCFS and RPS.
Many states have adopted RPS
programs mandating that a specified percentage of electricity sales come from eligible sources of renewable energy. However, the regulations
that govern the RPS programs, including pricing incentives for renewable energy, or reasonableness guidelines for pricing that increase
valuation compared to conventional power (such as a projected value for carbon reduction or consideration of avoided integration costs),
may change. If the RPS requirements are reduced or eliminated, it could lead to fewer future power contracts or lead to lower prices for
the sale of power in future power contracts, which could have a material adverse effect on our future prospects. Such material adverse
effects may result from decreased revenues, reduced economic returns on Biogas Conversion Projects and other potential future investments
or joint ventures, increased financing costs, and/or difficulty obtaining financing.
If we are unable to utilize
various federal, state and local governmental incentives to acquire additional Biogas Conversion Projects or Fueling Stations in the future,
or the terms of such incentives are revised in a manner that is less favorable to us, we may suffer a material adverse effect on our business,
financial condition, results of operations and cash flows. In addition, we face similar risks with respect to the RFS program. See
—
"
Existing,
and future changes to, federal, state and local regulations and policies, including permitting requirements applicable to us, and enactment
of new regulations and policies, may present technical, regulatory and economic barriers to the generation, purchase and use of Renewable
Power and RNG, and may adversely affect the market for the associated Environmental Attributes. A failure on our part to comply with any
laws, regulations or rules, applicable to us may adversely affect our business, investments and results of operations."
We rely on interconnection, transmission
and pipeline facilities that we do not own or control and that are subject to constraints within a number of our regions. If these facilities
fail to provide us with adequate capacity or have unplanned disruptions, we may be restricted in our ability to deliver Renewable Power
and RNG to our counterparties and we may either incur additional costs or forego revenues.
We depend on electric interconnection
and transmission facilities and gas pipelines owned and operated by others to deliver the energy and fuel we generate at our Biogas Conversion
Projects to our counterparties. Some of our electric generating Biogas Conversion Projects may need to hold electric transmission rights
in order to sell power to purchasers that do not have their own direct access to our generators. Our access to electric interconnection
and transmission rights is subject to tariffs developed by transmission owners, ISOs and RTOs, which have been filed with and accepted
by FERC or the Public Utility Commission in the jurisdictions in question. These tariffs establish the price for transmission service,
and the terms under which transmission service is rendered. Under FERC's open access transmission rules, tariffs developed and implemented
by transmission owners, ISOs and RTOs must establish terms and conditions for obtaining interconnection and transmission services that
are not unduly discriminatory or preferential. However, as a generator and seller of power, we do not have any automatic right, in any
geographic market, to firm, long-term, grid-wide transmission service without first requesting such service, funding the construction
of any upgrades necessary to provide such service, and paying a transmission service rate. Physical constraints on the transmission system
could limit the ability of our electric generating projects to dispatch their power output and receive revenue from sales of Renewable
Power.
A failure or delay in the operation
or development of these distribution channels or a significant increase in the costs charged by their owners and operators could result
in the loss of revenues or increased operating expenses. Such failures or delays could limit the amount of Renewable Power our operating
facilities deliver or delay the completion of our construction projects, which may also result in adverse consequences under our power
purchase agreements and landfill gas rights agreements. Further, such failures, delays or increased costs could have a material adverse
effect on our business, financial condition and results of operations.
16
Our RNG production projects
are similarly interconnected with gas distribution and interstate pipeline systems that are necessary to deliver RNG. A failure or
delay in the operation or development of these distribution or pipeline facilities could result in a loss of revenues or breach of contract
because such a failure or delay could limit the amount of RNG that we are able to produce or delay the completion of our construction
projects. In addition, certain of our RNG transportation capacity may be curtailed without compensation due to distribution and pipeline
limitations, reducing our revenues and impairing our ability to capitalize fully on a particular project's potential. Such a failure
or curtailment at levels above our expectations could impact our ability to satisfy our contractual obligations and adversely affect our
business. Additionally, we experience work interruptions from time to time due to federally required maintenance shutdowns of distribution
and pipeline facilities.
We may acquire or develop RNG
projects that require their own pipeline interconnections to available interstate pipeline and distribution networks. In some cases, these
pipeline and distribution networks to which such projects are connected may cover significant distances. A failure in the construction
or operation of these pipeline and distribution networks that causes the RNG project to be out of service, or subject to reduced service,
could result in lost revenues because it could limit our production of RNG and the associated Environmental Attributes that we are able
to generate.
We rely on third-party utility
companies to provide our Biogas Conversion Projects with adequate utility supplies, including sewer, water, gas and electricity,
in order to operate our Biogas Conversion Project facilities. Any failure on the part of such companies to adequately supply our
facilities with such utilities, including any prolonged period of loss of electricity, may have an adverse effect on our business and
results of operations.
We are dependent on third-party utility
companies to provide sufficient utilities including sewer, water, gas and electricity, to sustain our operations and operate our Biogas
Conversion Projects. Any major or sustained disruptions in the supply of utilities, such as water, gas or electricity or any fire, flood
or other natural calamities, may disrupt our operations or damage our production facilities or inventories and could adversely affect
our business, financial condition and results of operations. In addition, we consume a significant amount of electricity in connection
with our Biogas Conversion Projects and any increases in costs or reduced availability of such utilities could have a negative impact
on our business, financial condition and results of operations.
We are subject to risks associated with
litigation or administrative proceedings that could materially impact our operations, including proceedings in the future related to our
projects we subsequently acquire.
We are subject to risks and
costs, including potential negative publicity, associated with lawsuits, in particular with respect to environmental claims and lawsuits
or claims contesting the construction or operation of our Biogas Conversion Projects and Fueling Station projects. The result of and costs
associated with defending any such lawsuit or claim, regardless of the merits and eventual outcome, may be material and could have a material
adverse effect on our operations. In the future, we may be involved in legal proceedings, disputes, administrative proceedings, claims
and other litigation that arise in the ordinary course of our business related to Biogas Conversion Projects or Fueling Stations. For
example, individuals and interest groups may sue to challenge the issuance of a permit for a Biogas Conversion Project or a Fueling Station
project, or seek to enjoin construction or operation of that facility. We may also become subject to claims from individuals who live
in the proximity of our Biogas Conversion Projects and Fueling Stations based on alleged negative health effects related to our operations.
In addition, we have been and may subsequently become subject to legal proceedings or claims contesting the construction or operation
of our Biogas Conversion Projects and Fueling Stations.
Any such legal proceedings
or disputes could delay our ability to complete construction of a Biogas Conversion Project or Fueling Station in a timely manner or at
all, or materially increase the costs associated with commencing or continuing commercial operations of such projects. Settlement of claims
and unfavorable outcomes or developments relating to such proceedings or disputes, such as judgments for monetary damages, injunctions
or denial or revocation of permits, could have a material adverse effect on our ability to implement our growth strategy and, ultimately,
our business, financial condition and results of operations. See
"Business—Legal Proceedings
."
17
We currently own, and in the future may
acquire, certain assets in which we have limited control over management decisions, including through joint ventures, and our interests
in such assets may be subject to transfer or other related restrictions.
We own, and in the future may
acquire, certain Biogas Conversion Projects and Fueling Stations through joint ventures. In the future, we may invest in other projects
with a joint venture or strategic partner. Joint ventures inherently involve a lesser degree of control over business operations, which
could result in an increase in the financial, legal, operational or compliance risks associated with a Biogas Conversion Project or Fueling
Station, including, but not limited to, variances in accounting internal control requirements. Our co-venture partners may not have
the level of experience, technical expertise, human resources management and other attributes necessary to operate these assets optimally.
To the extent we do not have a controlling interest in a Biogas Conversion Project or Fueling Station, our joint venture partners could
take actions that decrease the value of our investment and lower our overall return. In addition, conflicts of interest may arise in the
future with our joint venture partners, where our joint venture partners' business interests are inconsistent with our and our stockholders'
interests. Further, disagreements or disputes with our joint venture partners could result in litigation, resulting in increase of expenses
incurred and potentially limit the time and effort our officers and directors are able to devote to remaining aspects of our business,
all of which could have a material adverse effect on our business, financial condition and results of operations. The approval of our
joint venture partners also may be required for us to receive distributions of funds from assets or to sell, pledge, transfer, assign
or otherwise convey our interest in such assets. Alternatively, our joint venture partners may have rights of first refusal, rights of
first offer or other similar rights in the event of a proposed sale or transfer of our interests in such assets. In addition, we may have,
and correspondingly our joint venture partners may have, rights to force the sale of the joint venture upon the occurrence of certain
defaults or breaches by the other partner or other circumstances, and there may be circumstances in which our joint venture partner can
replace our affiliated entities that provide operation and maintenance and asset management services if they default in the performance
of their obligations to the joint venture. These restrictions and other provisions may limit the price or interest level for our interests
in such assets, in the event we want to sell such interests.
Our gas rights agreements, power purchase
agreements, fuel-supply agreements, interconnection agreements, RNG dispensing agreements and other agreements, including contracts
with owners and operators of biogas conversion project sites, often contain complex provisions, including those relating to price adjustments,
calculations and other terms based on gas price indices and other metrics, as well as other terms and provisions, the interpretation of
which could result in disputes with counterparties that could materially affect our results of operations and customer or other business
relationships.
Certain of our gas rights agreements,
power purchase agreements, fuel supply agreements, interconnection agreements, RNG dispensing agreements and other agreements, including
contracts with owners and operators of biogas conversion project sites, require us to make payments or adjust prices to counterparties
based on past or current changes in natural gas price indices, project productivity or other metrics and involve complex calculations.
Moreover, the underlying indices governing payments under such agreements are subject to change, may be discontinued or replaced. The
interpretation of these price adjustments and calculations and the potential discontinuation or replacement of relevant indices or metrics
could result in disputes with the counterparties with respect to such agreements. Any such disputes could adversely affect Biogas Conversion
Project revenues, including revenue from associated Environmental Attributes, profit margins, customer or supplier relationships, or lead
to costly litigation, the outcome of which we would be unable to predict.
Market Risks Related to Our Business
A reduction in the prices we can obtain
for the Environmental Attributes generated from RNG, which include RINs, LCFS credits, and other incentives, could have a material adverse
effect on our business prospects, financial condition and results of operations
.
A significant portion of our
revenues comes from the sale of RINs and LCFS credits, which exist because of legal and governmental regulatory requirements. A change
in law or in governmental policies concerning renewable fuels, landfill or animal waste site biogas or the sale of RINs and LCFS could
be expected to affect the market for, and the pricing of, the RINs and LCFS credits that we can generate through production at our Biogas
Conversion Projects. A reduction in the prices we receive for RINs and LCFS credits, or a reduction in demand for RINs or LCFS credits,
whether through market forces generally, through the actions of market participants generally, or through the consolidation or elimination
of participants competing in the market for the purchase and retirement of RINs or LCFS credits, could have a material adverse effect
on our results of operations.
18
The volatility in the price of oil, gasoline,
diesel, natural gas, RNG, or Environmental Attribute prices could adversely affect our business.
Historically, the prices of
Environmental Attributes, RNG, natural gas, crude oil, gasoline and diesel have been volatile and this volatility may continue to increase
in future. Factors that may cause volatility in the prices of Environmental Attributes, RNG, natural gas, crude oil, gasoline and diesel
include, among others, (i) changes in supply and availability of crude oil, RNG and natural gas; (ii) governmental regulations;
(iii) inventory levels; (iv) consumer demand; (v) price and availability of alternatives; (vi) weather conditions;
(vii) negative publicity about crude oil or natural gas drilling; (viii) production or transportation techniques and methods;
(ix) macro-economic environment and political conditions; (x) transportation costs; and (xi) the price of foreign
imports. Specifically, prices for crude oil, which is the commodity used to make gasoline and diesel, have been lower in recent years,
due in part to over-production and increased supply without a corresponding increase in demand, and oil prices decreased further
in 2020, hitting an all-time low due to the COVID-19 pandemic. More recently, that trend has reversed with oil prices rebounding
substantially. Nevertheless, if the prices of crude oil, gasoline and diesel decline again, or if the price of RNG or natural gas increases
without corresponding increases in the prices of crude oil, gasoline and diesel or Environmental Attributes, we may not be able to offer
our counterparties an attractive price advantage for our vehicle fuels. The market adoption of our vehicle fuels could be slowed or limited,
and/or we may be forced to reduce the prices at which we sell our vehicle fuels in order to try and attract new counterparties or prevent
the loss of demand from existing counterparties. In addition, we expect that natural gas and crude oil prices will remain volatile for
the near future because of market uncertainties over supply and demand, including but not limited to the current state of the world economies,
energy infrastructure and other factors. Fluctuations in natural gas prices affect the cost to us of the natural gas commodity. High natural
gas prices adversely affect our operating margins when we cannot pass the increased costs to our counterparties. Conversely, lower natural
gas prices reduce our revenue when the commodity cost is passed to our counterparties.
Pricing conditions may also
exacerbate the cost differential between vehicles that use our vehicle fuels and gasoline or diesel-powered vehicles, which may lead
operators to delay or refrain from purchasing or converting to vehicles running on our fuels. Generally, vehicles that use our fuels cost
more initially than gasoline or diesel-powered vehicles because the components needed for a vehicle to use our vehicle fuels add
to the vehicle's base cost. Operators then seek to recover the additional base cost over time through a lower cost to use alternative
vehicle fuels. Operators may, however, perceive an inability to timely recover these additional initial costs if alternative vehicle fuels
are not available at prices sufficiently lower than gasoline and diesel. Such an outcome could decrease our potential customer base and
harm our business prospects.
We face significant upward pricing pressure
in the market with respect to our securing the biogas rights necessary for proposed new Biogas Conversion Projects and our conversion
of existing Renewable Power rights to RNG rights on existing Biogas Conversion Projects that we plan to convert.
We must reach agreement with
the prospective biogas project site owner or developer in order to secure the biogas rights necessary for each proposed Biogas Conversion
Project. Additionally, each project typically requires a site lease, access easements, permits, licenses, rights of way or other similar
agreements. Historically, in exchange for the biogas rights and additional agreements, we have paid the site owner and/or developer a
royalty or other similar payment based on revenue generated by the project or volume of biogas used by the project. Over recent years,
as competition for development of biogas conversion project sites has increased and biogas project site owners and developers have become
more sophisticated, it has become increasingly common for the prospective biogas project site owners and developers to ask for or require
larger royalties or similar payments in order to secure the biogas rights. In addition, it is becoming increasingly common for some prospective
biogas project site owners or developers to ask for or require equity participation in the prospective project.
In addition, we face similar
pricing pressures when we attempt to renew our biogas rights on existing Biogas Conversion Projects at the end of their contractual periods
and in situations where we plan to convert existing Renewable Power projects to RNG projects.
These pricing pressures could
lead us to decide not to pursue certain prospective Biogas Conversion Projects or not to pursue the renewal or conversion of one or more
existing Renewable Power projects and, accordingly, negatively impact our overall financial condition, results of operations and prospects.
These pricing pressures could also impact the profitability of prospective Biogas Conversion Projects, and, accordingly, negatively impact
our overall financial condition, results of operations and prospects.
We currently face declining market prices
for LCFS credits specifically within California as well as significant upward pressure on the costs associated with dispensing RNG specifically
within California to generate the LCFS credits.
The market prices for LCFS
credits specifically within California have declined over the past twelve months, and the market for dispensing RNG with relatively
low CI scores in California has become increasingly competitive because of increasing supply of RNG with these relatively low CI scores.
As such, fleet operators using vehicles fueled by natural gas have been able to demand RNG marketers like us provide them with greater
economic incentives for allowing us to dispense the fuel at the Fueling Stations, typically in the form of a greater share of our marketing
fee or a greater share in the monetary value of the Environmental Attributes we generate when dispensing the fuel. The persistence of
the current California dynamic is dependent upon future market developments, and as such the LCFS credits that we generate and sell may
or may not produce future revenue that is comparable to historical LCFS revenue.
19
A prolonged environment of low prices or
reduced demand for Renewable Power could have a material adverse effect on our business prospects, financial condition and results of
operations
.
Long-term Renewable Power
and RNG prices may fluctuate substantially due to factors outside of our control. The price of Renewable Power and RNG can vary significantly
for many reasons, including: (i) increases and decreases in generation capacity in our markets; (ii) changes in power transmission
or fuel transportation capacity constraints or inefficiencies; (iii) power supply disruptions; (iv) weather conditions; (v) seasonal
fluctuations; (vi) changes in the demand for power or in patterns of power usage, including the potential development of demand-side management
tools and practices; (vi) development of new fuels or new technologies for the production of power; (vii) federal and state
regulations; and (viii) actions of the Independent System Operators ("
ISOs
") and Regional Transmission
Organizations ("
RTOs
") that control and administer regional power markets.
Increased rates of recycling and legislation
encouraging recycling, increased use of waste incineration, advances in waste disposal technology, decreased demand for meat and livestock
products could decrease the availability or change the composition of waste for biogas conversion project gas.
The volume and composition
of landfill gas ("
LFG
") produced at open landfill sites depends in large part on the volume and composition
of waste sent to such landfill sites, which could be affected by a number of factors. For example, increased rates of recycling or increased
use of waste incineration could decrease the volume of waste sent to landfills, while organics diversion strategies such as composting
can reduce the amount of organic waste sent to landfills. There have been numerous federal and state regulations and initiatives over
the recent years that have led to higher levels of recycling of paper, glass, plastics, metal and other recyclables, and there are
growing discussions at various levels of government about developing new strategies to minimize the negative environmental impacts of
landfills and related emissions, including diversion of biodegradable waste from landfills. Although many recyclable materials other than
paper do not decompose and therefore do not ultimately contribute to the amount of landfill gas produced at a landfill site, recycling
and other similar efforts may have negative effects on the volume and proportion of biodegradable waste sent to landfill sites across
the United States. As a consequence, the volume and composition of waste sent to landfill sites from which our Biogas Conversion
Projects collect LFG could change, which could adversely affect our business operations, prospects, financial condition and operational
results.
In addition, research and development
activities are currently ongoing to provide alternative and more efficient technologies to dispose of waste, to produce by-products from
waste and to produce energy, and an increasing amount of capital is being invested to find new approaches to waste disposal, waste treatment
and energy generation.
It is possible that this deployment of capital
may lead to advances which could adversely affect our sources of landfill gas or provide new or alternative methods of waste disposal
or energy generation that become more accepted, or more attractive, than landfills.
We currently use, and may continue in the
future to use, forward-sale and hedging arrangements, to mitigate certain risks, but the use of such arrangements could have
a material adverse effect on our results of operations.
We currently use, and may continue
in the future to use, forward sales transactions to sell Environmental Attributes and Renewable Power before they are generated. In addition,
we use interest rate swaps to manage interest rate risk. We may use other types of hedging contracts, including foreign currency hedges
if we expand into other countries. If we elect to enter into such hedges, the related asset could recognize financial losses on these
arrangements as a result of volatility in the market values of the underlying asset or if a counterparty fails to perform under a contract.
If actively quoted market prices and pricing information from external sources are not available, the valuation of such contracts would
involve judgment or the use of estimates. As a result, changes in the underlying assumptions or use of alternative valuation methods could
affect the reported fair value of such contracts. If the values of such contracts change in a manner that we do not anticipate, or if
a counterparty fails to perform under such a contract, it could harm our business, financial condition, results of operations and cash
flows.
20
Risks Related to Our Business and Industry
Additional Risk Factors Relating to Our Biogas
Capture Business
Our ability to acquire, convert, develop
and operate Biogas Conversion Projects, as well as expand production at current Biogas Conversion Projects, is subject to many
risks.
Our business strategy includes
(i) the conversion of LFG projects from Renewable Power to RNG production where we already controls biogas gas rights, (ii) growth
through the procurement of landfill gas rights and manure rights to develop new RNG projects, (iii) the acquisition and expansion
of existing Biogas Conversion Projects, and (iv) growth through the procurement of rights to other sources of biogas for production
of additional transportation fuels and generation of associated Environmental Attributes. This strategy depends on our ability to successfully
convert existing LFG projects and identify and evaluate acquisition opportunities and complete new Biogas Conversion Projects or acquisitions
on favorable terms. However, we cannot guarantee that we will be able to successfully identify new opportunities, acquire additional biogas
rights and develop new RNG projects or convert existing projects on favorable terms or at all. In addition, we may compete with other
companies for these development and acquisition opportunities, which may increase our costs or cause us to refrain from making acquisitions
at all.
We may also achieve growth
through the expansion of production at certain of our current Biogas Conversion Projects as the related landfills and dairy farms are
expanded or otherwise begin to produce more gas or manure, respectively, but we cannot guarantee that we will be able to reach or renew
the necessary agreements with site owners on economically favorable terms or at all. If we are unable to successfully identify and consummate
future Biogas Conversion Project opportunities or acquisitions of Biogas Conversion Projects, or expand RNG production at our current
Biogas Conversion Projects, it will impede our ability to execute our growth strategy. Further, we may also experience delays and cost
overruns in converting existing facilities from Renewable Power to RNG production. During the conversion of existing projects, there may
be a gap in revenue while the electricity project is offline until the conversion is completed and the new RNG facility commences operations,
which may adversely affect our financial condition and results of operations.
Our ability to acquire, convert,
develop and operate Biogas Conversion Projects, as well as expand production at current Biogas Conversion Projects, is subject to several
additional risks, including:
●
regulatory changes that affect the value of RNG and the associated
Environmental Attributes, which could have a significant effect on the financial performance of our Biogas Conversion Projects and the
number of potential Biogas Conversion Projects with attractive economics;
●
changes in energy commodity prices, such as natural gas and
wholesale electricity prices, which could have a significant effect on our revenues and expenses;
●
changes in pipeline gas quality standards or other regulatory
changes that may limit our ability to transport RNG on pipelines for delivery to third parties or increase the costs of processing RNG
to allow for such deliveries;
●
changes in the broader waste collection industry, including
changes affecting the waste collection and biogas potential of the landfill industry, which could limit the LFG resource that we currently
target for our Biogas Conversion Projects;
●
substantial construction risks, including the risk of delay,
that may arise due to forces outside of our control, such as those related to engineering and environmental problems, inclement weather,
inflationary pressures on materials and labor, and supply chain and labor disruptions;
●
operating risks and the effect of disruptions on our business,
including the effects of global health crises, such as the COVID-19 pandemic, weather conditions, catastrophic events, such as fires,
explosions, earthquakes, droughts and acts of terrorism, and other force majeure events that impact us, our counterparties, suppliers,
distributors and subcontractors;
●
accidents involving personal injury or the loss of life;
●
entering into markets where we have less experience, such
as our Biogas Conversion Projects for biogas recovery at livestock farms;
●
the ability to obtain financing for a Biogas Conversion Project
on acceptable terms or at all and the need for substantially more capital than initially budgeted to complete Biogas Conversion Projects
and exposure to liabilities as a result of unforeseen environmental, construction, technological or other complications;
●
failures or delays in obtaining desired or necessary land
rights, including ownership, leases, easements, zoning rights and building permits;
21
●
a decrease in the availability, increased pricing on, and
a delay in the timeliness of delivery of raw materials and components, necessary for the Biogas Conversion Projects to function or necessary
for the conversion of a Biogas Conversion Projects from Renewable Power to RNG production;
●
obtaining and keeping in good standing permits, authorizations
and consents from local city, county, state and US federal government agencies and organizations;
●
penalties, including potential termination, under short-term and
long-term contracts for failing to produce or deliver a sufficient quantity and acceptable quality of RNG in accordance with our
contractual obligations;
●
unknown regulatory changes related to the transportation
of RNG, which may increase the transportation cost for delivering under our contracts then in effect;
●
the consent and authorization of local utilities or other
energy development off-takers to ensure successful interconnection to energy grids to enable power and gas sales; and
●
difficulties in identifying, obtaining and permitting suitable
sites for new Biogas Conversion Projects.
Any of these factors could
prevent us from acquiring, developing, converting, operating or expanding our Biogas Conversion Projects, or otherwise adversely affect
our business, growth potential, financial condition and results of operations.
Acquiring Biogas Conversion Projects involves
numerous risks, including potential exposure to pre-existing liabilities, unanticipated costs in acquiring and implementing
the project, and lack of or limited experience in new geographic markets.
The acquisition of existing
Biogas Conversion Projects involves numerous risks, many of which may be indiscoverable through the due diligence process, including exposure
to previously existing liabilities and unanticipated costs associated with the pre-acquisition period; difficulty in integrating
the acquired projects into our existing business; and, if the projects are in new markets, the risks of entering markets where we have
limited experience, less knowledge of differences in market terms for gas rights agreements and dispensing agreements, and, for international
projects, possible exposure to exchange-rate risk to the extent we need to finance development and operations of foreign projects
to repatriate earnings generated by such projects. While we perform due diligence on prospective acquisitions, we may not be able to discover
all potential operational deficiencies in such projects. A failure to achieve the financial returns we expect when we acquire Biogas Conversion
Projects could have a material adverse effect on our ability to implement our growth strategy and, ultimately, our business, financial
condition and results of operations.
Additional risks related to
acquiring existing projects, include:
●
the purchase price we pay could significantly deplete our
cash reserves or result in dilution to our existing stockholders;
●
the acquired companies or assets may not improve our customer
offerings or market position as planned;
●
we may have difficulty integrating the operations and personnel
of the acquired companies;
●
key personnel and counterparties of the acquired companies
may terminate their relationships with the acquired companies as a result of or following the acquisition;
●
we may experience additional financial and accounting challenges
and complexities in certain areas, such as tax planning and financial reporting;
●
we may incur additional costs and expenses related to complying
with additional laws, rules or regulations in new jurisdictions;
●
we may assume or be held liable for risks and liabilities
(including for environmental-related costs) as a result of our acquisitions, some of which we may not discover during our due diligence
or adequately adjust for in our acquisition arrangements;
●
our ongoing business and management's attention may
be disrupted or diverted by transition or integration issues and the complexity of managing geographically diverse enterprises;
●
we may incur one-time write-offs or restructuring
charges in connection with an acquisition;
22
●
we may acquire goodwill and other intangible assets that
are subject to amortization or impairment tests, which could result in future charges to earnings; and
●
we may not be able to realize the cost savings or other financial
benefits we anticipated.
Our Biogas Conversion Projects face
operational challenges, including among other things the breakdown or failure of equipment or processes or performance below expected
levels of output or efficiency due to wear and tear of our equipment, latent defects, design or operator errors, force majeure events,
or lack of transmission capacity or other problems with third party interconnection and transmission facilities.
The ongoing operation of our
Biogas Conversion Projects involves risks that include the breakdown or failure of equipment or processes or performance below expected
levels of output or efficiency due to wear and tear of our equipment, latent defects, design or operator errors or force majeure events,
among other factors. Operation of our Biogas Conversion Projects also involves risks that we will be unable to transport our product to
our counterparties in an efficient manner due to a lack of capacity or other problems with third party interconnection and transmission
facilities. Unplanned outages of equipment, including extensions of scheduled outages due to mechanical failures or other problems, occur
from time to time and are an inherent risk of our business. Unplanned outages typically increase our operation and maintenance expenses
and may reduce our revenue. Biogas conversion project site owners and operators can also impact our production if, in the course of ongoing
operations, they damage the site's biogas collection systems. Our inability to operate our facilities efficiently, manage capital
expenditures and costs and generate earnings and cash flow could have a material adverse effect on our business, financial condition,
results of operations and cash flows.
We are generally also required
under many of our agreements to deliver a minimum quantity of Renewable Power, RNG and/or the associated Environmental Attributes to the
counterparty. Unless we can rely on a force majeure or other provisions in the related agreements, falling below such a threshold could
subject us to financial expenses and penalties, as well as possible termination of key agreements and potential violations of certain
permits, which could further impede our ability to satisfy production requirements. Therefore, any unexpected reduction in output at any
of our Biogas Conversion Projects that leads to any of these outcomes could have a material adverse effect on our business, financial
condition and results of operations.
An unexpected reduction in RNG production
by third-party producers of RNG with whom we maintain marketing agreements to purchase RNG and/or the associated Environmental
Attributes, or their inability or refusal to deliver such RNG or Environmental Attributes as provided under such agreements, may have
a material adverse effect on our results of operations and could adversely affect or performance under associated dispensing agreements.
The success of our RNG business
depends, in large part, on our ability to (i) secure, on acceptable terms, an adequate supply of RNG and/or Environmental Attributes
from third-party producers, (ii) sell RNG in sufficient volumes and at prices that are attractive to counterparties and produce
acceptable margins for us, and (iii) generate and monetize Environmental Attributes under applicable federal or state programs at
favorable prices. If we fail to maintain and build new relationships with third party producers of RNG, we may be unable to supply RNG
and the associated Environmental Attributes to meet the demand of our counterparties, which could adversely affect our business.
Our ability to dispense an
adequate amount of RNG is subject to risks affecting RNG production. Biogas Conversion Projects that produce RNG often experience unpredictable
production levels or other difficulties due to a variety of factors, including, among others, (i) problems with equipment, (ii) severe
weather, pandemics, or other health crises, including the ongoing COVID-19 pandemic, (iii) construction delays, (iv) technical
difficulties, (v) high operating costs, (vi) limited availability, or unfavorable composition of collected feedstock gas, and
(vii) plant shutdowns caused by upgrades, expansion or required maintenance. In addition, increasing demand for RNG will result in
more robust competition for supplies of RNG, including from other vehicle fuel providers, gas utilities (which may have distinct advantages
in accessing RNG supply including potential use of ratepayer funds to fund RNG purchases if approved by a utility's regulatory commission)
and other users and providers. If we or any of our third party RNG suppliers experience these or other difficulties in RNG production
processes, or if competition for RNG development projects and supply increases, then our supply of RNG and our ability to resell it as
a vehicle fuel and generate the associated Environmental Attributes could be jeopardized.
Construction, development and operation
of our Biogas Conversion Projects involves significant risks and hazards.
Biogas Conversion Projects
as well as construction and operation of Fueling Stations involve hazardous activities, including acquiring and transporting fuel, operating
large pieces of rotating equipment and delivering our Renewable Electricity and RNG to interconnection and transmission systems, including
gas pipelines. Hazards such as fire, explosion, structural collapse and machinery failure are inherent risks in our operations. These
and other hazards can cause significant personal injury or loss of life, severe damage to and destruction of property, plant and equipment
and contamination of, or damage to, the environment. The occurrence of any one of these hazards may result in curtailment or termination
of our operations or liability to third parties for damages, environmental cleanup costs, personal injury, property damage and fines and/or
penalties, any of which could be substantial.
23
Our Biogas Conversion Projects
facilities and Fueling Stations or those that we otherwise acquire, construct or operate may be targets of terrorist activities, as well
as events occurring in response to or in connection with them, that could result in full or partial disruption of our facilities'
ability to generate, transmit, transport or distribute electricity or RNG. Strategic targets, such as energy-related facilities,
may be at greater risk of future terrorist activities than other domestic targets. Hostile cyber intrusions, including those targeting
information systems, as well as electronic control systems used at the generating plants and for the related distribution systems, could
severely disrupt our business operations and result in loss of service to our counterparties, as well as create significant expense to
repair security breaches or system damage. In the past we have experienced cyber security breaches, which we believe have not had a significant
impact on the integrity of our systems or the security of data, including personal information maintained by us, but there can be no assurance
that any future breach or disruption will not have a material adverse effect on our business, financial condition or operations.
Furthermore, some of our facilities
are located in areas prone to extreme weather conditions, most notably extreme cold such as has recently occurred in Texas, Oklahoma,
Michigan and Minnesota. Certain of our other Biogas Conversion Projects and Fueling Stations as well as certain key vendors conduct their
operations in other locations, such as California and Florida, that are susceptible to natural disasters. The frequency of weather-related natural
disasters may be increasing due to the effects of greenhouse gas emissions or related climate change effects. The occurrence of natural
disasters such as tornados, earthquakes, droughts, floods, wildfires or localized extended outages of critical utilities or transportation
systems, or any critical resource shortages, affecting us could cause a significant interruption in our business or damage or destroy
our facilities.
We rely on warranties from
vendors and obligate contractors to meet certain performance levels, but the proceeds from such warranties or performance guarantees may
not cover lost revenues, increased expenses or liquidated damages payments, should we experience equipment breakdown or non-performance by
our contractors or vendors. We also maintain an amount of insurance protection that we consider adequate to protect against these and
other risks, but we cannot provide any assurance that our insurance will be sufficient or effective under any or all circumstances and
against any or all hazards or liabilities to which we may be subject. Also, our insurance coverage is subject to deductibles, caps, exclusions
and other limitations. A loss for which we are not fully insured could have a material adverse effect on our business, financial condition,
results of operations and cash flows. Because of rising insurance costs and changes in the insurance markets, we cannot provide any assurance
that our insurance coverage will continue to be available at all or at rates or on terms similar to those presently available. Our insurance
policies are subject to annual review by our insurers and may not be renewed on similar or favorable terms or at all. Any losses not covered
by insurance could have a material adverse effect on our business, financial condition, results of operations and cash flows.
Our failure to dispense a specified quality
or quantity of RNG could have a material adverse effect on our financial condition and results of operations, by subjecting us to, among
other things, possible penalties or terminations under the various contractual arrangements under which we operate, including pursuant
to a purchase and sale agreement related to the sale of our Environmental Attributes.
Our RNG business consists of
producing RNG from Biogas Conversion Projects, procuring RNG from third party producers, and dispensing this RNG to counterparties through
Fueling Stations and other potential end markets to generate and monetize the associated Environmental Attributes. If we fail to produce
and dispense a specified quality or quantity of RNG, our business may be adversely impacted.
As an RNG supplier the quality
and quantity of RNG we produce at our Biogas Conversion Projects may be negatively affected by, among other things, lack of feedstock
or the relative mix in the components of the feedstock, mechanical breakdowns, faulty technology, competitive markets or changes to the
laws and regulations that mandate the use of renewable energy sources. In addition, we rely in part on third party suppliers to provide
us with certain amounts of the specified quality and quantity of RNG that we are obligated to deliver under contractual commitments to
our distribution counterparties but that we have not otherwise produced at our Biogas Conversion Projects.
If we are unable to obtain
an adequate supply of RNG through a combination of Biogas Conversion Project production and supplies from third party RNG producers, we
may be forced to pay a financial penalty under such contracts, including under a purchase and sale agreement under which we market a substantial
majority of our Environmental Attributes through NextEra. Even if we are able to produce and obtain an adequate supply of RNG to satisfy
the quantity requirements of our counterparties, RNG and the associated Environmental Attributes must also meet or exceed quality standards.
If we and our third party suppliers are unable to meet applicable quality standards, through one or more of the factors discussed above
or otherwise, we could be subject to financial penalties under such contracts.
24
In connection with the marketing
of the Environmental Attributes generated from our activities, in November 2021, we signed a purchase and sale agreement with NextEra
providing for the exclusive purchase by NextEra of 90% of our Environmental Attributes (RINs and LCFS credits), including those generated
by our owned Biogas Conversion Projects and those granted to us in connection with dispensing of RNG on behalf of third-party projects.
Under the agreement, we are to receive the net proceeds paid to NextEra by NextEra customers for the purchase of such Environmental Attributes
(or in certain circumstances an index-based price or pre-negotiated price) less a specified discount. The agreement provides
for an initial five year term, followed by automatic one-year renewals unless terminated by either party at least 90 days prior to
the last day of the initial term or then-current renewal term.
Under the agreement, we have
committed to sell a minimum quarterly volume of Environmental Attributes to NextEra, which if not satisfied on a cumulative basis (giving
credit for certain excess volume sold to NextEra during the contract term) as of the end of the contract term (or upon an early termination
of the agreement) would result in our paying NextEra a shortfall payment calculated by (i) multiplying the amount of the volume shortfall
by a fraction of the then-current index price of the Environmental Attribute and (ii) adding a specified premium (the "
Shortfall
Amount
"). Similarly, if the agreement is terminated by NextEra due to an event of default (generally defined as a failure
by us to pay any undisputed amounts under the agreement, a material uncured breach of our representations or warranties or other obligations
under the agreement, or the dissolution, bankruptcy or insolvency of us or certain of our affiliates), NextEra would be entitled to receive,
without any duplication, any then-current Shortfall Amount plus an accelerated payment calculated based off of the remaining minimum
quarterly volume commitments for the balance of the initial term (or for the next four quarters of the next renewal term, if neither party
had provided notice of non-renewal as described above prior to the commencement of such renewal term), which accelerated payment
would be similarly calculated by (i) multiplying such remaining minimum quarterly volume commitments by a fraction of the then-current index
price of the Environmental Attribute and (ii) adding a specified premium. The amount of such potential payments declines over the course
of the contract term as we deliver Environmental Attribute volume under the contract. Were, however, the agreement to be terminated as
of the date of this prospectus and we were not to deliver any further Environmental Attribute volume to NextEra under the agreement, the
maximum potential payment to NextEra under these provisions would be approximately $15.4 million based on current market prices for
such Environmental Attributes.
The success of our RNG projects depends
on our ability to timely generate and ultimately receive certification of the Environmental Attributes associated with our RNG production
and sale. A delay or failure in the certification of such Environmental Attributes could have a material adverse effect on the financial
performance of our Biogas Conversion Projects.
We are required to register
our RNG projects with the EPA and relevant state regulatory agencies. Further, we qualify our RINs through a voluntary Quality Assurance
Plan, which typically takes from three to five months from first injection of RNG into the commercial pipeline system. Although no
similar qualification process currently exists for LCFS credits, we expect such a process to be implemented and would expect to seek qualification
on a state-by-state basis under such future programs. Delays in obtaining registration, RIN qualification, and any future LCFS credit
qualification of a new project could delay future revenues from the project and could adversely affect our cash flow. Further, we typically
make a large investment in the project prior to receiving the regulatory approval and RIN qualification. By registering each RNG project
with the EPA's voluntary Quality Assurance Plan, we are subject to quarterly third-party audits and semi-annual on-site visits
of our projects to validate generated RINs and overall compliance with the RFS program. We are also subject to a separate third party's
annual attestation review. The Quality Assurance Plan provides a process for RIN owners to follow, for an affirmative defense to civil
liability, if used or transferred Quality Assurance Plan verified RINs were invalidly generated. A project's failure to comply could
result in remedial action by the EPA, including penalties, fines, retirement of RINs, or termination of the project's registration,
any of which could adversely affect our business, financial condition and results of operations.
Maintenance, expansion and refurbishment
of our Biogas Conversion Projects involve the risk of unplanned outages or reduced output, resulting from among other things periodic
upgrading and improvement, unplanned breakdowns in equipment, and forced outages.
Our Biogas Conversion Project
facilities may require periodic upgrading and improvement. Any unexpected operational or mechanical failure, including failure associated
with breakdowns and forced outages, could reduce our facilities' generating capacity below expected levels, reducing our revenues
and jeopardizing our ability to earn profits and adversely affect our business, financial condition and results of operations. If we make
major modifications to our facilities, such modifications may result in material additional capital expenditures. We may also choose to
repower, refurbish or upgrade our facilities based on our assessment that such expenditures will provide adequate financial returns. Such
facility modifications require time before commencement of commercial operations, and key assumptions underpinning a decision to make
such an investment may prove incorrect, including assumptions regarding construction costs, timing, available financing and future power
and renewable natural gas prices. This could have a material adverse effect on our business, financial condition, results of operations
and cash flows.
25
In order to secure development, operational,
dispensing and other necessary contract rights for our Biogas Conversion Projects, we typically face a long and variable development
cycle that requires significant resource commitments and a long lead time before we realize revenues.
The development, design and
construction process for our Biogas Conversion Projects generally lasts from 20 to 48 months, on average. Prior to signing a development
agreement, we typically conduct a preliminary audit of the site host's needs and assess whether the site is commercially viable
based on our expected return on investment, investment payback period and other operating metrics, as well as the necessary permits to
develop a Biogas Conversion Project on that site. This extended development process requires the dedication of significant time and resources
from our sales and management personnel, with no certainty of success or recovery of our expenses. A potential site host may go through
the entire sales process and not accept our proposal. Further, upon commencement of operations, it typically takes 4 to 12 months
or longer for the Biogas Conversion Project to ramp up to our expected production level. All of these factors, and in particular, increased
spending that is not offset by increased revenues, can contribute to fluctuations in our quarterly financial performance and increase
the likelihood that our operating results in a particular period will fall below investor expectations.
Our Biogas Conversion Projects may
not produce expected levels of output, and the amount of Renewable Power or RNG actually produced at each of our respective projects will
vary over time, and, therefore so will generation of associated Environmental Attributes.
Our Biogas Conversion Projects
rely on organic material, the decomposition of which causes the generation of gas consisting primarily of methane. The Biogas Conversion
Projects use such methane gas to generate Renewable Power or RNG. The estimation of biogas production volume is an inexact process
and dependent on many site-specific conditions, including the estimated annual waste volume, composition of waste, regional climate
and the capacity and construction of the site. Production levels are subject to a number of additional risks, including (i) a failure
or wearing out of our or our landfill operators', counterparties' or utilities' equipment; (ii) an inability to
find suitable replacement equipment or parts; (iii) less than expected supply or quality of the project's source of biogas
and faster than expected diminishment of such biogas supply; or (iv) volume disruption in our fuel supply collection system. As a
result, the volume of Renewable Power or RNG generated from such sites may in the future vary from our initial estimates, and those variations
may be material. In addition, we have in the past incurred, and may in the future incur, material asset impairment charges if any of our
Biogas Conversion Projects incur operational issues that indicate our expected future cash flows from the relevant project are less than
the project's carrying value. Any such impairment charge could adversely affect our operating results in the period in which the
charge is recorded.
In addition, in order to maximize
collection of landfill gas, we may need to take various measures, such as drilling additional gas wells in the landfill sites to increase
landfill gas collection, balancing the pressure on the gas field based on the data collected by the landfill site operator from the gas
wells to ensure optimum landfill gas utilization and ensuring that we match availability of engines and related equipment to availability
of landfill gas. There can be no guarantee that we will be able to take all necessary measures to maximize collection. In addition, the
landfill gas available to our LFG projects is dependent in part on the actions of the landfill site owners and operators. We may not be
able to ensure the responsible management of the landfill site by owners and operators, which may result in less than optimal gas generation
or increase the likelihood of "hot spots" occurring. Hot spots can temporarily reduce the volume of gas that may be collected
from a landfill site, resulting in a lower gas yield.
Biogas projects utilizing other
types of feedstock, specifically livestock waste and dairy farm projects, typically produce significantly less RNG than landfill facilities.
As a result, the commercial viability of such projects is more dependent on various factors and market forces outside of our control,
such as changes to law or regulations that could affect the value of such projects or the incentives available to them. In addition, there
are other factors currently unknown to us that may affect the commercial viability of other types of feedstock. Moreover, fluctuations
in manure supply, the end use markets and the spread of diseases among herds could have a material impact on the success and completion
of our Biogas Conversion Projects. As such, continued expansion into other types of feedstock could adversely affect our business, financial
condition, and results of operations.
26
Our business plans include expanding from
Renewable Power and RNG production projects into additional transportation-related infrastructure, including production and
development of hydrogen vehicle fueling stations. Any such expansions may present unforeseen challenges and result in a competitive disadvantage
relative to our more-established competitors in the markets into which we wish to expand.
We currently operate Biogas
Conversion Projects that convert primarily landfill biogas into Renewable Power and RNG. However, we are actively developing projects
that use anaerobic digesters to capture and convert emissions into low-carbon RNG, electricity and green hydrogen, and may expand
into additional feedstocks in the future. We are also actively developing hydrogen fueling infrastructure. In addition, we are actively
considering expansion into other lines of business, including carbon sequestration and Renewable Power for our projects, and the production
of green hydrogen. These initiatives could expose us to increased operating costs, unforeseen liabilities or risks, and regulatory and
environmental concerns associated with entering new sectors of the energy industry, including requiring a disproportionate amount of our
management's attention and resources, which could have an adverse impact on our business as well as place us at a competitive disadvantage
relative to more established non-LFG market participants.
Sequestering carbon dioxide
is subject to numerous laws and regulations with uncertain permitting timelines and costs. We also intend to explore the production of
renewable hydrogen sourced from a number of our projects' RNG, and we may enter into long-term fixed price off-take contracts
for green hydrogen that we may produce at our projects. We are currently working with a leading developer of on-site hydrogen generators
to put in place construction design and services agreements in order to develop hydrogen gas-as-a-service offerings at Fueling Stations.
We do not have an operating history in the green hydrogen market and our forward projections are based on uncertain operations in the
future.
Some LFG projects in which
we might invest in the future may be subject to cost-of-service rate regulation, which would limit our potential revenue from such
LFG projects. If we invest, directly or indirectly, in an electric transmitting LFG project that allows us to exercise transmission market
power, FERC could require our affiliates with MBR Authority to implement mitigation measures as a condition of maintaining our or our
affiliates' MBR Authority. FERC regulations limit using a transmission project for proprietary purposes, and we may be required
to offer others (including competitors) open-access to our transmission asset, should we acquire one. Such acquisitions could have
a material adverse effect on our business, financial condition and results of operations.
Our gas and manure rights agreements for
Biogas Conversion Projects are subject to certain conditions. A failure to satisfy such conditions could result in the loss of such rights.
Our gas and manure rights agreements
for Biogas Conversion Projects generally require that we achieve commercial operations for a project as of a specified date. If we do
not satisfy such a deadline, the agreement may be terminated at the option of the biogas conversion project site owner without any reimbursement
of any portion of the purchase price paid for the gas or manure rights or any other amounts we have invested in the project. Delays in
construction or delivery of equipment may result in our failing to meet the commercial operations deadline in a gas or manure rights agreement.
The denial or loss of a permit essential to a Biogas Conversion Project could impair our ability to construct or operate a project as
required under the relevant agreement. Delays in the review and permitting process for a project can also impair or delay our ability
to construct or acquire a project and satisfy any commercial operations deadlines, or increase the cost such that the project is no longer
attractive to us.
Furthermore, certain of our
gas and manure rights agreements for Biogas Conversion Projects require us to purchase a certain amount of LFG and manure, respectively.
Any issues with our production at the corresponding projects, including due to weather, unplanned outages or transmission problems, to
the extent not caused by the landfill or dairy farm, or covered by force majeure provisions in the relevant agreement, could result in
failure to purchase the required amount of LFG or manure and the loss of these gas rights. Our gas and manure rights agreements often
grant us the right to build additional generation capacity in the event of increased supply, but failure to use such increased supply
after a prescribed period of time can result in the loss of these rights. In addition, we typically need approval from landfill owners
in order to implement Renewable Power-to-RNG conversion projects, and we are also dependent on landfill owners for additional gas
rights as well as land leases and easements for these conversion projects.
Additional Risk Factors Relating to Our Dispensing
Business
Our commercial success depends in part on
our ability to identify, acquire, develop and operate public and private Fueling Stations for public and commercial fleet vehicles in
order to dispense RNG for use as vehicle fuel and generate the associated Environmental Attributes.
Our specific focus on RNG to
be used as a transportation fuel in the United States exposes us to risks related to the supply of and demand for RNG and the associated
Environmental Attributes, the cost of capital expenditures, governmental regulation, and economic conditions, among other factors. As
an RNG dispenser we may also be negatively affected by lower RNG production resulting from lack of feedstock, mechanical breakdowns, faulty
technology, competitive markets or changes to the laws and regulations that mandate the use of renewable energy sources.
27
In addition, other factors
related to the development and operation of renewable energy projects could adversely affect our business, including: (i) changes
in pipeline gas quality standards or other regulatory changes that may limit our ability to transport RNG on pipelines or increase the
costs of processing RNG; (ii) construction risks, including the risk of delay, that may arise because of inclement weather or labor
disruptions; (iii) operating risks and the effect of disruptions on our business; (iv) budget overruns and exposure to liabilities
because of unforeseen environmental, construction, technological or other complications; (v) failures or delays in obtaining desired
or necessary rights, including leases and feedstock agreements; and (vi) failures or delays in obtaining and keeping in good standing
permits, authorizations and consents from local city, county, state and US federal government agencies and organizations. Any of these
factors could prevent completion or operation of projects, or otherwise adversely affect our business, financial condition, and results
of operations.
Our success is dependent on the willingness
of commercial fleets and other counterparties to adopt, and continue use of RNG, which may not occur in a timely manner, at expected
levels or at all. Our vehicle fleet counterparties may choose to invest in renewable vehicle fuels other than RNG.
Our success is highly dependent
on the adoption by commercial fleets and other consumers of natural gas vehicle fuels, which has been slow, volatile and unpredictable
in many sectors. For example, adoption and deployment of natural gas in heavy and medium-duty trucking has been slower and more
limited than we anticipated. Also, other important fleet markets, including airports and public transit, had slower than expected volume
and customer growth in 2018, 2019 and 2020, which was largely reversed in 2021, but may continue into 2022 and beyond. If the market
for natural gas vehicle fuels does not develop at improved rates or levels, or if a market develops but we are not able to capture a
significant share of the market or the market subsequently declines, our business, growth potential, financial condition, and operating
results would be harmed.
Additional factors that
may influence the adoption of natural gas vehicle fuels, many of which are beyond our control, include, among others:
●
Lack of demand
                                            for trucks that use natural gas vehicle fuels due to business disruptions and depressed oil
                                            prices;
●
Adoption of governmental
                                            policies or programs or increased publicity or popular sentiment in favor of vehicles or
                                            fuels other than natural gas, including long-standing support for gasoline and diesel-powered vehicles,
                                            changes to emissions requirements applicable to vehicles powered by gasoline, diesel, natural
                                            gas, or other vehicle fuels and/or growing support for electric and hydrogen-powered vehicles;
●
Perceptions about
                                            the benefits of natural gas vehicle fuels relative to gasoline, diesel and other alternative
                                            vehicle fuels, including with respect to factors such as supply, cost savings, environmental
                                            benefits and safety;
●
The volatility
                                            in the supply, demand, use and prices of crude oil, gasoline, diesel, RNG, natural gas and
                                            other vehicle fuels, such as electricity, hydrogen, renewable diesel, biodiesel and ethanol;
●
Inertia among
                                            fleets and fleet vehicle operators, who may be unable or unwilling to prioritize converting
                                            a fleet to our vehicle fuels over an operator's other general business concerns, particularly
                                            if the operator is not sufficiently incentivized by emissions regulations or other requirements
                                            or lacks demand for the conversion from its counterparties or drivers;
●
Vehicle cost,
                                            fuel efficiency, availability, quality, safety, convenience (to fuel and service), design,
                                            performance and residual value, as well as operator perception with respect to these factors,
                                            generally and in our key customer markets and relative to comparable vehicles powered by
                                            other fuels;
●
The development,
                                            production, cost, availability, performance, sales and marketing and reputation of engines
                                            that are well-suited for the vehicles used in our key customer markets, including heavy
                                            and medium-duty trucks and other fleets;
●
Increasing competition
                                            in the market for vehicle fuels generally, and the nature and effect of competitive developments
                                            in such market, including improvements in or perceived advantages of other vehicle fuels
                                            and engines powered by such fuels;
●
The availability
                                            and effect of environmental, tax or other governmental regulations, programs or incentives
                                            that promote our products or other alternatives as a vehicle fuel, including certain programs
                                            under which we generate Environmental Attributes by selling RNG as a vehicle fuel, as well
                                            as the market prices for such credits; and
●
Emissions and
                                            other environmental regulations and pressures on producing, transporting, and dispensing
                                            our fuels.
28
In June 2020, CARB
adopted the Advanced Clean Trucks regulation, which requires manufacturers to sell a gradually increasing proportion of zero-emission electric
trucks, vans and pickup trucks from 2024 onwards. By the year 2045, the Advanced Clean Trucks regulation seeks to have every new commercial
vehicle sold in California be zero-emissions. Further, in September 2020, the Governor of the State of California issued the September 2020
Executive Order providing that it shall be the goal of California that (i) 100% of in-state sales of new passenger cars
and trucks will be zero-emission by 2035, (ii) 100% of medium- and heavy-duty vehicles in California will be zero-emission by
2045 for all operations, where feasible, and by 2035 for drayage trucks, and (iii) the state will transition to 100% zero-emission off-road vehicles
and equipment by 2035 where feasible. The September 2020 Executive Order also directed CARB to develop and propose regulations and
strategies aimed at achieving the foregoing goals. Among other things, we believe the intent of the Advanced Clean Trucks regulation
and the September 2020 Executive Order is to limit and ultimately discontinue the production and use of internal combustion engines
because such engines have "tailpipe" emissions. If either the Advanced Clean Trucks regulation or any additional regulations
adopted by CARB, including because of the September 2020 Executive Order, is permitted to take effect, it may slow, delay or prevent
the adoption by fleets and other commercial consumers of our vehicle fuels, particularly in California. Moreover, because of the adoption
of the Advanced Clean Trucks regulation and the issuance of the September 2020 Executive Order, other states have taken steps to
enact similar regulations, which actions may accelerate if either regulation is permitted to take effect, thereby slowing, delaying or
preventing the adoption of our vehicle fuels in those states as well.
Acquisition, financing, construction, and
development of Fueling Station projects by us or our partners that own projects may not commence on anticipated timelines or at all.
Our strategy is to continue
to expand, including through the acquisition of additional Fueling Station projects and by signing additional supply agreements with
third party project owner partners. From time to time we and our partners enter into nonbinding letters of intent for projects. Until
the negotiations are final, however, and the parties have executed definitive documentation, we or our partners may not be able to consummate
any development or acquisition transactions, or any other similar arrangements, on the terms set forth in the applicable letter of intent
or at all.
The acquisition, financing,
construction and development of projects involves numerous risks, including:
●
difficulties in
                                            identifying, obtaining, and permitting suitable sites for new projects;
●
failure to obtain
                                            all necessary rights to land access and use;
●
inaccuracy of
                                            assumptions with respect to the cost and schedule for completing construction;
●
inaccuracy of
                                            assumptions with respect to the biogas potential, including quality, volume, and asset life;
●
the ability to
                                            obtain financing for a project on acceptable terms or at all;
●
delays in deliveries
                                            or increases in the price of equipment or other materials;
●
permitting and
                                            other regulatory issues, license revocation and changes in legal requirements;
●
increases in the
                                            cost of labor, labor disputes and work stoppages or the inability to find an adequate supply
                                            of workers;
●
failure to receive
                                            quality and timely performance of third-party services;
●
unforeseen engineering
                                            and environmental problems;
●
cost overruns
                                            or supply chain disruptions;
●
accidents involving
                                            personal injury or the loss of life
●
weather conditions,
                                            health crises, pandemics, catastrophic events, including fires, explosions, earthquakes,
                                            droughts and acts of terrorism, and other force majeure events; and
●
interconnection
                                            and access to utilities.
In addition, new projects
have no operating history. A new project may be unable to fund principal and interest payments under its debt service obligations or
may operate at a loss.
29
Our Fueling Station construction activities
for commercial fleets and other counterparties are subject to business and operational risks, including predicting demand in a particular
market or markets, land use, permitting or zoning difficulties, responsibility for actions of sub-contractors on jobs in which
we serve as general contractor, potential labor shortages due to the COVID-19 pandemic or otherwise, and cost overruns.
As part of our business
activities, we design and construct Fueling Stations that we either own and operate ourselves or provide these services for our counterparties.
These activities require a significant amount of judgment in determining where to build and open Fueling Stations, including predictions
about fuel demand that may not be accurate for any of the locations we target. As a result, we may build Fueling Stations that we may
not open for fueling operations, and we may open Fueling Stations that fail to generate the volume or profitability levels we anticipate,
either or both of which could occur due to a lack of sufficient customer demand at the specific locations or for other reasons. For any
Fueling Stations that are completed but unopened, we would have substantial investments in assets that do not produce revenue, and for
Fueling Stations that are open and underperforming, we may decide to close them.
We also face many operational
challenges in connection with our Fueling Station design and construction activities. For example, we may not be able to identify suitable
locations for the Fueling Stations we or our counterparties seek to build. Additionally, even if preferred sites can be located, we may
encounter land use or zoning difficulties, problems with utility services, challenges obtaining and retaining required permits and approvals
or local resistance, including due to reduced operations of permitting agencies because of the ongoing COVID-19 pandemic, any of
which could prevent us or our counterparties from building new stations on such sites or limit or restrict the use of new or existing
stations. Any such difficulties, resistance or limitations or any failure to comply with local permit, land use or zoning requirements
could restrict our activities or expose us to fines, reputational damage or other liabilities, which would harm our business and results
of operations.
In addition, we act as the
general contractor and construction manager for new Fueling Station construction and facility modification projects, and we typically
rely on licensed subcontractors to perform the construction work. We may be liable for any damage we or our subcontractors cause or for
injuries suffered by our employees or our subcontractors' employees during the course of work on our projects. Additionally, shortages
of skilled subcontractor labor and any supply chain disruptions affecting access to and cost of construction materials could significantly
delay a project or otherwise increase our costs. Further, our expected profit from a project is based in part on assumptions about the
cost of the project, and cost overruns, delays or other execution issues may, in the case of projects we complete and sell to counterparties,
result in our failure to achieve our expected margins or cover our costs, and in the case of projects we build and own, result in our
failure to achieve an acceptable rate of return. If any of these events occur, our business, operating results and cash flows could be
negatively affected.
Additional Risk Factors Relating to Our Business
in General
Certain of our Biogas Conversion Projects
and Fueling Stations are newly constructed or are under construction and may not perform as we expect.
We have a number of Biogas
Conversion Projects under construction that will begin production over the next 18-24 months. Therefore, our expectations of
the operating performance of these facilities are based on assumptions and estimates made without the benefit of operating history. Our
projections with respect to our new and developing projects, and related estimates and assumptions, are based on limited or future operating
history. These facilities also include digesters under development for which we have no operating history. The ability of these facilities
to meet our performance expectations is subject to the risks inherent in newly constructed energy generation and RNG production facilities
and the construction of such facilities, including delays or problems in construction, degradation of equipment in excess of our expectations,
system failures, and outages. The failure of these facilities to perform as we expect could have a material adverse effect on our business,
financial condition, results of operations and cash flows.
Our contracts with government entities
may be subject to unique risks, including possible termination of or reduction in the governmental programs under which we operate, instances
in which our contract provisions allow the government entity to terminate, amend or change terms at their convenience, and competitive
bidding processes for the award of contracts.
We have, and expect to continue
to seek, long-term Fueling Station construction, maintenance and fuel sale contracts with various government entities. In addition
to normal business risks, including the other risks discussed in these risk factors, our contracts with government entities are often
subject to unique risks, some of which are beyond our control. For example, long-term government contracts and related orders are
subject to cancellation if adequate appropriations for subsequent performance periods are not made. Further, the termination of funding
for a government program supporting any of our government contracts could result in the loss of anticipated future revenue attributable
to such contract. Moreover, government entities with which we contract are often able to modify, curtail or terminate contracts with
us at their convenience and without prior notice, and would only be required to pay for work completed and commitments made at or prior
to the time of termination.
30
In addition, government
contracts are frequently awarded only after competitive bidding processes, which are often protracted. In many cases, unsuccessful bidders
for government contracts are provided the opportunity to formally protest the contract awards through various agencies or other administrative
and judicial channels. The protest process may substantially delay a successful bidder's contract performance, result in cancellation
of the contract award entirely and distract management. As a result, we may not be awarded contracts for which we bid, and substantial
delays or cancellation of government contracts may follow any successful bids as a result of any protests by other bidders. The occurrence
of any of these risks could have a material adverse effect on our results of operations and financial condition.
Our level of indebtedness and preferred
stock redemption obligations could adversely affect our ability to raise additional capital to fund our operations and acquisitions.
It could also expose us to the risk of increased interest rates and limit our ability to react to changes in the economy or our industry.
We may be unable to obtain additional financing to fund our operations or growth.
Our pro forma consolidated
indebtedness as of June 30, 2022 would have been approximately $210.5 million, or approximately 41.7% of our total pro forma
capitalization of $504.6 million at such date. See
"Unaudited Pro Forma Combined Financial Information"
elsewhere
in this prospectus for a discussion of the related pro forma adjustments and assumptions. Additionally, on November 29, 2021, we
entered into an Exchange Agreement with Hillman pursuant to which Opco issued to Hillman Series A-1 Preferred Units of Opco, which are
redeemable after four years at the option of Hillman for an aggregate redemption price of $30.0 million plus accrued and unpaid dividends
thereon. In addition, we have drawn down the NextEra $100.0 million subscription commitment and issued to NextEra 1,000,000 Series
A Preferred Units of Opco, which are redeemable after four years at the option of NextEra for an aggregate redemption price of $100.0 million
plus accrued and unpaid dividends thereon.
Our substantial indebtedness
and preferred units redemption obligations could have important consequences, including, for example:
●
being required to accept then-prevailing market terms
in connection with any required refinancing of such indebtedness or redemption obligations, which may be less favorable than existing
terms;
●
failure to refinance, or to comply with the covenants in
the agreements governing, these obligations could result in an event of default under those agreements, which could be difficult to cure
or result in our bankruptcy;
●
our debt service and dividend obligations require us to dedicate
a substantial portion of our cash flow to pay principal and interest on our debt and dividends on our preferred units, thereby reducing
the funds available to us and our ability to borrow to operate and grow our business;
●
our limited financial flexibility could reduce our ability
to plan for and react to unexpected opportunities; and
●
our substantial debt service obligations make us vulnerable
to adverse changes in general economic, credit and capital markets, industry and competitive conditions and adverse changes in government
regulation and place us at a disadvantage compared with competitors with less debt or mandatorily redeemable preferred units.
Any of these consequences
could have a material adverse effect on our business, financial condition and results of operations. If we do not comply with our obligations
under our debt instruments or with respect to our preferred units, we may be required to refinance all or part of our existing debt and
preferred units, borrow additional amounts or sell securities, which we may not be able to do on favorable terms or at all. In addition,
increases in interest and dividend rates and changes in debt and preferred equity covenants may reduce the amounts that we can borrow
or otherwise finance, reduce our cash flows and increase the equity investment we may be required to make to complete construction of
our Biogas Conversion Projects and Fueling Stations. These increases could cause some of our projects to become economically unattractive.
If we are unable to raise additional capital or generate sufficient operating cash flow to repay our indebtedness and preferred unit
obligations, we could be in default under our lending agreements and preferred unit designations and could be required to delay construction
of new projects, reduce overhead costs, reduce the scope of our projects or abandon or sell some or all of our projects, all of which
could have a material adverse effect on our business, financial condition and results of operations.
Our existing credit facilities
contain financial covenants and our credit facilities and preferred stock designations contain other restrictive covenants that limit
our ability to return capital to equity holders or otherwise engage in activities that may be in our long-term best interests. Our
inability to comply with those covenants could result in an event of default or material breach which, if not cured or waived, may entitle
the related lenders or preferred unit holders to higher interest or dividend payment to demand repayment or enforce their security interests
(in the case of indebtedness) and other remedies, which could have a material adverse effect on our business, financial condition, results
of operations and cash flows. In addition, failure to comply with such covenants may entitle the related lenders to demand repayment
and accelerate all such indebtedness. Further, in certain circumstances following a failure to timely redeem our Preferred Stock, holders
of such Preferred Stock have the right to designate a director to our board of directors.
31
In connection with certain
project development opportunities, we have utilized project-level financing in the past and may need to do so again in the future;
however, we may not be able to obtain such financing on commercially reasonable terms or at all. The agreements governing such financings
typically contain financial and other restrictive covenants that limit a project subsidiary's ability to make distributions to
its parent or otherwise engage in activities that may be in its long-term best interests. Project-level financing agreements
generally prohibit distributions from the project entities to us unless certain specific conditions are met, including the satisfaction
of certain financial ratios or a facility achieving commercial operations. Our inability to comply with such covenants may prevent cash
distributions by the particular project or projects to us and could result in an event of default which, if not cured or waived, may
entitle the related lenders to demand repayment or enforce their security interests, which could result in a loss of project assets and/or
otherwise have a material adverse effect on our business, results of operations and financial condition.
Liabilities and costs associated with hazardous
materials and contamination and other environmental conditions may require us to conduct investigations or remediation at the properties
underlying our projects, may adversely impact the value of our projects or the underlying properties, and may expose us to liabilities
to third parties.
We may incur liabilities
for the investigation and cleanup of any environmental contamination at the properties underlying or adjacent to our projects, or at
off-site locations where we arrange for the disposal of hazardous substances or wastes. Under the Comprehensive Environmental Response,
Compensation and Liability Act of 1980 and other federal, state and local laws, an owner or operator of a property may become
liable for costs of investigation and remediation, and for damages to natural resources. These laws often impose liability without regard
to whether the owner or operator knew of, or was responsible for, the release of such hazardous substances or whether the conduct giving
rise to the release was legal at the time when it occurred. In addition, liability under certain of these laws is joint and several,
which means that we may be assigned liabilities for hazardous substance conditions that exceed our action contributions to the contamination
conditions. We also may be subject to related claims by private parties alleging property damage and personal injury due to exposure
to hazardous or other materials at or from those properties. We may incur substantial investigation costs, remediation costs or other
damages, thus harming our business, financial condition and results of operations, as a result of the presence or release of hazardous
substances at locations where we operate or as a result of our own operations.
The presence of environmental
contamination at a project may adversely affect an owner's ability to sell such project or borrow funds using the project as collateral.
To the extent that an owner of the real property underlying one of our projects becomes liable with respect to contamination at the real
property, the ability of the owner to make payments to us may be adversely affected.
We may also face liabilities
in cases of exposure to hazardous materials, and claims for such exposure can be brought by any third party, including workers, employees,
contractors and the general public. Claims can be asserted by such persons relating to personal injury or property damage, and resolving
such claims can be expensive and time consuming, even if there is little or no basis for the claim.
We have a history of accounting losses
and may incur additional losses in the future.
Opco and its predecessor
companies have incurred net losses historically, including a net loss of $6.7 million for the six months ended June 30, 2022, net
income attributable to OPAL Fuels LLC of $41.4 million for the year ended December 31, 2021 and net loss of $25.4 million
for the year ended December 31, 2020, respectively. We may incur losses in future periods, and we may never sustain profitability,
either of which would adversely affect our business, prospects and financial condition and may cause the price of Common Stock to fall.
Furthermore, historical losses may not be indicative of future losses due to many factors outside of our control including but not limited
to the unpredictability of the COVID-19 pandemic, and our future losses may be greater than our past losses. In addition, to try
to achieve or sustain profitability, we may choose or be forced to take actions that result in material costs or material asset or goodwill
impairments. We review our assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset
or asset group may not be recoverable, and we perform a goodwill impairment test on an annual basis and between annual tests in certain
circumstances, in each case in accordance with applicable accounting guidance and as described in the financial statements and notes
to the financial statements included in this report. Changes to the use of our assets, divestitures, changes to the structure of our
business, significant negative industry or economic trends, disruptions to our operations, inability to effectively integrate any acquired
businesses, further market capitalization declines, or other similar actions or conditions could result in additional asset impairment
or goodwill impairment charges or other adverse consequences, any of which could have material adverse effects on our financial condition,
our results of operations and the trading price of Common Stock.
32
Loss of our key management could adversely
affect our business performance. Our management team has limited experience in operating a public company such as us.
We are dependent on the
efforts of our key management. Although we believe qualified replacements could be found for any departures of key executives, the loss
of their services could adversely affect our performance and the value of our common shares.
The COVID-19 pandemic and measures intended
to reduce its spread have, and may continue to, adversely affect our business, results of operations and financial condition.
Beginning in late 2019,
a novel strain of coronavirus (COVID-19) spread throughout the world, including the United States, ultimately being declared a pandemic.
Global health concerns and increased efforts to reduce the spread of the COVID-19 pandemic prompted federal, state and local governments
to restrict normal daily activities, which resulted in lockdowns, travel bans, quarantines, "shelter-in-place" orders requiring
individuals to remain in their homes other than to conduct essential services or activities, business limitations and shutdowns (subject
to exceptions for certain essential operations and businesses, including our business). Some of these governmental restrictions have
since been scaled back or lifted, although an increase in the prevalence of COVID-19 cases and the spread of new variants may result
in the re-imposition of certain restrictions and may lead to other restrictions being implemented in response to efforts to reduce
the spread of COVID-19. Given the dynamic nature of these circumstances and the related adverse impact these restrictions have had, and
may continue to have, on the economy generally, our business and financial results may continue to be adversely affected by the COVID-19 pandemic.
Our operations have been
designated "essential critical infrastructure work" in the energy sector by the U.S. Department of Homeland Security,
meaning that we have been able to continue full operations. Despite our essential designation and our continued operations, however,
we are subject to various risk and uncertainties because of the COVID-19 pandemic that could materially adversely affect our business,
results of operations and financial condition, including the following:
●
a further delay in the adoption of natural gas vehicle fuels
by heavy-duty trucks and/or a delay in increasing the use of our vehicle fuels;
●
a continued or further decrease in the volume of truck and
fleet operations, including shuttle busses at airports, and lower-than-normal levels of public transportation generally, which have
resulted in, and may continue to result in, decreased demand for our vehicle fuels;
●
the impact of business disruptions on the production of vehicles
and engines that use our fuels, which has resulted in, and may continue to result in, plant closures, decreased manufacturing capacity,
and delays in deliveries; and
●
depressed oil and diesel prices, especially relative to natural
gas prices and for a prolonged period, which may decrease the price-related incentive for operators to adopt trucks that use our
vehicle fuels.
The duration and extent
of the impact of the COVID-19 pandemic on our business and financial results will depend on future developments, including the duration,
severity and spread of the COVID-19 pandemic, actions taken to contain its spread, any further resurgence of COVID-19, the severity
and transmission rates of new variants of COVID-19, the availability, distribution and efficacy of vaccines and therapeutics for COVID-19 and
how quickly and to what extent normal economic and operating conditions can (and will) resume within the markets in which we operate,
each of which are highly uncertain at this time and are outside of our control. Even after the COVID-19 pandemic subsides, we may
continue to experience adverse effects to our business and financial results because of its global economic impact, including any economic
downturn or recession that has occurred or may occur. The adverse effect of the COVID-19 pandemic on our business, results of operations
and financial condition could be material.
Some relationships with our counterparties
and suppliers may experience disruptions as a result of the Business Combination, which may limit our business.
Parties with which Opco
did business prior to the Business Combination or with which we may do business in the future, including our counterparties and suppliers,
may experience uncertainty as a result of the Business Combination, including with respect to current or future business relationships
with us. As a result, our business relationships may be subject to disruptions if our counterparties and suppliers or others attempt
to negotiate changes in existing business relationships or consider entering into business relationships with parties other than us.
For example, certain of our counterparties, suppliers and third-party providers may have had contractual consent rights or termination
rights that were triggered by a change of control or assignment of the rights and obligations of contracts that was transferred in connection
with the Business Combination These disruptions could harm relationships with our existing third parties with whom we have relationships
and preclude us from attracting new third parties, all of which could have a material adverse effect on our business, financial condition
and results of operations, cash flows, and/or share price.
33
We have identified material weaknesses
in Opco's and ArcLight's internal controls over financial reporting. If we are unable to remediate these material weaknesses,
or if we identify additional material weaknesses in the future or otherwise fails to maintain an effective system of internal controls,
we may not be able to accurately or timely report its financial condition or results of operations, which may adversely affect our business
and stock price.
In connection with the preparation
and audit of Opco's consolidated financial statements for each of the years ended December 31, 2021, 2020 and 2019, material
weaknesses were identified in Opco's internal control over financial reporting. In addition, a material weakness in the internal
controls over financial reporting of ArcLight was identified as of November 24, 2021.
A material weakness is a
deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility
that a material misstatement of its annual or interim consolidated financial statements will not be prevented, or detected and corrected,
on a timely basis.
With respect to Opco, these
material weaknesses identified were as follows:
●
There is a lack of an adequate control environment, including
internal communications, to allow for timeliness of reviews for the accounting and disclosures of significant and unusual transactions
and contracts;
●
There is a lack of appropriate segregation of duties and
appropriate access controls as certain employees have the ability to prepare and post journal entries while other employees have inappropriate
access to certain financial systems. For various transactions and account reconciliations, the same person was the originator and preparer
of financial information without further review by an independent person with sufficient accounting and/or financial reporting competence
and authority;
●
Opco did not have timely and effective reviews over standard
account reconciliations and related accounting analysis which resulted in various audit adjustments that we corrected; and
●
Review controls over application of ASC-606 were not
designed and implemented appropriately during the current year.
With respect to ArcLight,
in connection with the preparation of ArcLight's financial statements as of December 31, 2021, ArcLight concluded it was appropriate
to restate the presentation of ArcLight Class A Ordinary Shares subject to possible redemption to reflect its ordinary shares within
temporary equity after determining the ordinary shares' redemption feature is not solely within its control. As part of such process,
ArcLight identified a material weakness in its internal controls over financial reporting related to the accounting for its complex financial
instruments (including redeemable equity instruments as described above).
These material weaknesses
could result in a misstatement of substantially all of our accounts or disclosures that would result in a material misstatement to our
annual or interim financial statements that would not be prevented or detected.
We have developed and begun
executing on a plan to remediate these material weaknesses, including the hiring of a Chief Financial Officer and a Chief Accounting
Officer. Our remediation plans may include measures such as: hiring additional accounting and financial reporting personnel with appropriate
technical accounting knowledge and public company experience in financial reporting; designing and implementing formal processes, policies
and procedures supporting our financial close process, including creating standard balance sheet reconciliation templates and journal
entry controls; and designing and implementing controls to formalize roles and review responsibilities to align with our team's
skills and experience in designing and implementing formal controls over segregation of duties.
While we believe these efforts
are likely to remediate the material weaknesses identified, we may not be able to complete our evaluation, testing or any required remediation
in a timely fashion, or at all. The effectiveness of our internal control over financial reporting is subject to various inherent limitations,
including cost limitations, judgments used in decision making, assumptions about the likelihood of future events, the possibility of
human error and the risk of fraud. If we are unable to remediate the material weaknesses identified, our ability to record, process and
report financial information accurately, and to prepare financial statements within the time periods specified by the forms of the SEC,
could be adversely affected which, in turn, may adversely affect our reputation and business and the market price of our securities,
including the Class A common stock. In addition, any such failures could result in litigation or regulatory actions by the SEC or other
regulatory authorities, loss of investor confidence, delisting of our securities and harm to our reputation and financial condition,
or diversion of financial and management resources from the operation of our business.
34
Our failure to timely and effectively implement
controls and procedures required by Section 404(a) of the Sarbanes-Oxley Act could have a material adverse effect
on its business.
We are currently not subject
to Section 404 of the Sarbanes-Oxley Act. However, we are required to provide management's attestation on internal controls
commencing with our annual report for the year ending December 31, 2022 in accordance with applicable SEC guidance. The standards
required for a public company under Section 404(a) of the Sarbanes-Oxley Act are significantly more stringent than those
required of Opco historically as a privately-held company or by ArcLight prior to the closing of the Business Combination. Our management
team may not be able to effectively and timely implement controls and procedures that adequately respond to the increased regulatory
compliance and reporting requirements as a result of the Business Combination. If we are not able to implement the additional requirements
of Section 404(a) of the Sarbanes-Oxley Act in a timely manner or with adequate compliance, we may not be able to assess
whether its internal controls over financial reporting are effective, which may subject it to adverse regulatory consequences and could
harm investor confidence and the market price of our securities.
Risks Related to the Company
A significant portion of our total outstanding
shares are restricted from immediate resale but may be sold into the market in the near future. This could cause the market price of
our Class A common stock to drop significantly, even if OPAL's business is doing well.
Sales of a substantial number
of shares of the Class A common stock in the public market could occur at any time. These sales, or the perception in the market that
the holders of a large number of shares intend to sell shares, could reduce the market price of the Class A common stock. For example,
following the Business Combination, the PIPE Investors own approximately 43.2% of the outstanding shares of the Class A common stock.
While the PIPE Investors are subject to certain restrictions regarding the transfer of the Class A common stock, these shares may be sold
under this prospectus. As restrictions on resale end, including through use of this prospectus to sell such shares, the market price of
the Class A common stock could decline if the holders of currently restricted shares sell them or are perceived by the market as intending
to sell them.
Litigation or legal proceedings could expose
us to significant liabilities and have a negative impact on our reputations or business.
We may become subject to
claims, litigation, disputes and other legal proceedings from time to time. We evaluate these claims, litigation, disputes and other
legal proceedings to assess the likelihood of unfavorable outcomes and to estimate, if possible, the amount of potential losses. Based
on these assessments and estimates, we may establish reserves, as appropriate. These assessments and estimates are based on the information
available to each management team at the time of its respective assessment and involve a significant amount of management judgment. Actual
outcomes or losses may differ materially from our assessments and estimates.
Under the terms of ArcLight's
placement agent agreements with BofA Securities, Inc. ("
BofA
"), Credit Suisse Securities (USA) LLC ("
CS
"),
Barclays Capital Inc. ("
Barclays
") and Citigroup Global Markets Inc. ("
Citi
" and
together with BofA, CS and Barclays, the "
Advisors
") entered into in connection with the PIPE Investment, its
financial advisory agreement with Citi entered into in connection with the Business Combination, and its Underwriting Agreement with
Citi and Barclays entered in connection with ArcLight's IPO, ArcLight agreed to indemnify and hold harmless each of the respective
Advisors, their affiliates and each of their respective directors, officers, agents and employees from and against any losses and claims
arising in any manner out of or in connection with the services provided to ArcLight thereunder. Under the terms of Opco's financial
advisory agreements with BofA and CS, Opco agreed to indemnify and hold harmless each of BofA and CS, their affiliates and each of their
respective directors, officers, employees and agents from and against any losses and claims arising in any manner out of or in connection
with the services provided to Opco thereunder. Accordingly, if any claims, litigation, disputes or other legal proceedings are brought
by third parties against any of the Advisors in relation to the services it provided to ArcLight or Opco under any of these agreements,
then we may be liable to pay for or reimburse such Advisor or Advisors for the losses and costs it incurs unless the losses and costs
are finally judicially determined to have resulted from the gross negligence, bad faith or willful misconduct of such Advisor or Advisors
or their respective directors, officers, employees and agents. Additionally, each of the agreements described above contains a contribution
provision in the event that such indemnification is unavailable or otherwise prohibited by law, however, the contribution obligations
of each Advisor are limited to the amount of compensation or fees actually paid to such party in respect of the engagement. As a result,
the contribution obligations of Barclays and Citi under the Underwriting Agreement are limited to the initial underwriting commission
paid at the time of ArcLight's IPO and the Advisors otherwise have no further contribution liability under the other agreements
(including the Underwriting Agreement) because they waived their rights to any fees or deferred underwriting commissions in connection
with their resignations as described under
Summary—Recent Developments
. Therefore, as a result of the Advisors' resignations,
and in contrast to other transactions where the underwriters and financial advisors did not resign and waive rights to fees or deferred
underwriting commissions, as the case may be, our potential financial liability with respect to an indemnified loss where such indemnification
is otherwise unavailable to the indemnified party may be higher under the respective agreements than it would have been had such underwriters
and financial advisors not resigned and waived their rights to any fees or deferred underwriting commissions.
35
Even when not merited or
whether or not we ultimately prevail, the defense of these lawsuits may divert management's attention, and we may incur significant
expenses in defending these lawsuits. The results of litigation and other legal proceedings are inherently uncertain, and adverse judgments
or settlements in some of these legal disputes may result in adverse monetary damages, penalties or injunctive relief against us which
could negatively impact any of our financial positions, cash flows or results of operations. Further, any liability or negligence claim
against us in US courts may, if successful, result in damages being awarded that contain punitive elements and therefore may significantly
exceed the loss or damage suffered by the successful claimant. Any claims or litigation, even if fully indemnified or insured, could
damage our reputation and make it more difficult to compete effectively or to obtain adequate insurance in the future. A settlement or
an unfavorable outcome in a legal dispute could have an adverse effect on our business, financial condition, results of operations, cash
flows and/or prospects.
Furthermore, while we maintain
insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential liabilities and is subject
to various exclusions as well as caps on amounts recoverable. Even if we believe a claim is covered by insurance, insurers may dispute
its entitlement to recovery for a variety of potential reasons, which may affect the timing and, if the insurers prevail, the amount
of our recovery.
Our business and operations could be negatively
affected if we become subject to any securities litigation or shareholder activism, which could cause us to incur significant expense,
hinder execution of business and growth strategy and impact its stock price.
In the past, following periods
of volatility in the market price of a company's securities, securities class action litigation has often been brought against
that company. Shareholder activism, which could take many forms or arise in a variety of situations, has been increasing recently. Volatility
in the stock price of our Class A common stock or other reasons may in the future cause it to become the target of securities litigation
or shareholder activism. Securities litigation and shareholder activism, including potential proxy contests, could result in substantial
costs and divert management's and our board's attention and resources from our business. Additionally, such securities litigation
and shareholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service
providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees
and other expenses related to any securities litigation and activist shareholder matters. Further, our stock price could be subject to
significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any securities litigation and shareholder
activism.
We are subject to changing law and regulations
regarding regulatory matters, corporate governance and public disclosure that will increase both our costs and the risk of noncompliance.
We are subject to rules
and regulations by various governing bodies, including, for example, the SEC, which are charged with the protection of investors and
the oversight of companies whose securities are publicly traded, and to new and evolving regulatory measures under applicable law. Our
efforts to comply with new and changing laws and regulations has resulted in increased general and administrative expenses.
Moreover, because these
laws, regulations and standards are subject to varying interpretations, their application in practice may evolve over time as new guidance
becomes available. This evolution may result in continuing uncertainty regarding compliance matters and additional costs necessitated
by ongoing revisions to our disclosure and governance practices. If we fail to address and comply with these regulations and any subsequent
changes, we may be subject to penalty and our business may be harmed.
The OPAL Warrants may have an adverse effect
on the market price of our Class A common stock.
We issued 6,223,261 OPAL
Public Warrants as part of the units offered in the IPO and, simultaneously with the closing of the IPO, we issued in a private placement
an aggregate of 9,223,261 OPAL Private Placement Warrants, each exercisable, following the closing of the Business Combination, for one
Class A common stock at an exercise price of $11.50 per share. The exercise of a significant number of the OPAL Warrants in the future
may have an adverse effect on the market price of our Class A common stock, in that it may increase the number of shares that are available
for sale in the market.
36
We are an "emerging growth company,"
and our election to comply with the reduced disclosure requirements as a public company may make our Class A common stock less attractive
to investors.
For so long as we remain
an "emerging growth company," as defined in the JOBS Act, we may take advantage of certain exemptions from various requirements
that are applicable to public companies that are not "emerging growth companies," including not being required to comply
with the independent auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations
regarding executive compensation in our periodic reports and proxy statements, being required to provide fewer years of audited
financial statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and
stockholder approval of any golden parachute payments not previously approved.
We may lose our emerging
growth company status and become subject to the SEC's internal control over financial reporting management and auditor attestation
requirements. If we are unable to certify the effectiveness of our internal controls, or if our internal controls have a material weakness,
we could be subject to regulatory scrutiny and a loss of confidence by stockholders, which could harm our business and adversely affect
the market price of the Common Stock. We will cease to be an "emerging growth company" upon the earliest to occur of: (i) the
last day of the fiscal year in which we have more than $1.07 billion in annual revenue; (ii) the date we qualify as a
large accelerated filer, with at least $700.0 million of equity securities held by non-affiliates; (iii) the date on which
we have, in any three-year period, issued more than $1.0 billion in non-convertible debt securities; and (iv) December 31,
2026 (the last day of the fiscal year following the fifth anniversary of ArcLight becoming a public company).
As an emerging growth company,
we may choose to take advantage of some but not all of these reduced reporting burdens. Accordingly, the information we provide to our
stockholders may be different than the information you receive from other public companies in which you hold stock. In addition, the JOBS
Act also provides that an "emerging growth company" can take advantage of an extended transition period for complying
with new or revised accounting standards. We have elected to take advantage of this extended transition period under the JOBS Act.
As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of
other companies who have adopted the new or revised accounting standards. It is possible that some investors will find our Class A common
stock less attractive as a result, which may result in a less active trading market for our Class A common stock and higher volatility
in our stock price.
Our current majority stockholder has control
over all stockholder decisions of us because it controls a substantial majority of our voting power through "high vote" voting
stock. Such majority stockholder, and the persons controlling such majority stockholder, including Fortistar and Mr. Mark Comora,
our Chairman of the Board of, may have potential conflicts of interest in connection with existing or proposed business relationships
and decisions impacting us and, even in situations where it does not have a conflict of interest, its interests in such matters may be
different than the other stockholders.
The dual-class structure
of our common stock has the effect of concentrating voting control with Mr. Mark Comora who, through his control of OPAL Holdco
and Hillman, beneficially owns in the aggregate a substantial majority of the voting power of our capital stock on most issues of corporate
governance. Mr. Mark Comora beneficially owns 145,279,637 shares of OPAL, comprising 85.7% of our outstanding Common Stock
as of July 21, 2022. All of these shares (with the exception of 800,600 shares of Class A common stock purchased by Fortistar in the
PIPE Investment) are Class D common stock, which have no economic rights but are entitled to five votes per share, giving Mr. Mark Comora
control over 96.7% of our voting power. OPAL Holdco and Hillman are controlled, indirectly, by Mr. Mark Comora through entities
affiliated with Mr. Mark Comora, including Fortistar and certain of its other affiliates. Mr. Mark Comora is the Chairman of
our board.
Accordingly, Mr. Mark
Comora is able to control most matters submitted to our stockholders for approval. This concentrated control will limit or preclude your
ability to influence corporate matters for the foreseeable future, including the election of directors, amendments to our organizational
documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transaction requiring
stockholder approval. This may prevent or discourage unsolicited acquisition proposals or offers for our capital stock that you may feel
are in your best interest as one of our stockholders. More specifically, Mr. Mark Comora has the ability to control our management
and our major strategic investments and decisions as a result of his ability to control the election or, in some cases, the replacement
of our directors. In the event of the death of Mr. Mark Comora, control of the shares of Common Stock controlled by Mr. Mark
Comora will be transferred to the persons or entities that he has designated. In his position as the Chairman of our board, Mr. Mark
Comora owes a fiduciary duty to our stockholders and must act in good faith in a manner he reasonably believes to be in the best interests
of our stockholders. As a beneficial owner of our Common Stock, even as a controlling stockholder Mr. Mark Comora is entitled to
vote the shares he controls, in his own interests, which may not always be in the interests of our stockholders generally.
37
Future transfers by holders
of Class C common stock and Class D common stock, which carry five votes per share, will generally result in those shares converting
to Class A common stock and Class B common stock, respectively, which carry only one vote per share, unless in each case made to a Qualified
Stockholder (as defined in the Second A&R LLC Agreement). The conversion of Class D common stock to Class B common stock and the
conversion of Class C common stock to Class A common stock, as the case may be, means that no third party stockholders can leverage the
high vote to offset the voting power held by the OPAL Holdco and Hillman.
In addition, Fortistar and
certain of its affiliates (other than our subsidiaries), which are controlled by Mr. Mark Comora (who also controls OPAL Holdco
and Hillman), manage numerous investment vehicles and separately managed accounts. Fortistar and these affiliates may compete with us
for acquisition and other business opportunities, which may present conflicts of interest for these persons. If these entities or persons
decide to pursue any such opportunity, we may be precluded from procuring such opportunities. In addition, investment ideas generated
within Fortistar and these affiliates may be suitable both for us and for current or future investment vehicles managed by Fortistar
and these affiliates and may be directed to such investment vehicles rather than to us.  Neither Fortistar nor members of our management
team who are also members of the management of Fortistar or of any of these affiliates, including Mr. Mark Comora and Mr. Nadeem
Nisar (who serves on our board), have any obligation to present us with any potential business opportunity of which they become aware,
unless, (i) such opportunity is expressly offered to such person solely in his or her capacity as a one of our directors or officers
, (ii) such opportunity is one we are legally and contractually permitted to undertake and would otherwise be reasonable for us to pursue,
and (iii) the director or officer is permitted to refer that opportunity to us without violating another legal obligation. Fortistar
and/or members of our management team, such as Mr. Mark Comora or Mr. Nisar in their capacities as management of Fortistar
or in their other endeavors, may be required to present potential business opportunities to the related entities described above, current
or future affiliates of Fortistar, or third parties, before they present such opportunities to us. The personal and financial interests
of such persons described above may be in conflict with the interests of ours and influence their motivation in identifying and selecting
our business opportunities, their support or lack thereof for pursuing such business opportunities and our operations.
The existence of a family relationship
between Mr. Mark Comora, as our Chairman of our board, and Mr. Adam Comora, as our Co-Chief Executive Officer, may result
in a conflict of interest on the part of such persons between what he, in his capacity as Chairman or Co-Chief Executive Officer,
respectively, may believe is in our best interests and the interests of our stockholders in connection with a decision to be made by
us through our board, standing committees thereof, and management and what he may believe is best for himself or his family members in
connection with the same decision.
Mr. Mark Comora and
Mr. Adam Comora are father and son. In his position as the Chairman of our board, Mr. Mark Comora owes a fiduciary duty
to our stockholders and must act in good faith in a manner he reasonably believes to be in the best interests of the stockholders. And
in his position as our Co-Chief Executive Officer, Mr. Adam Comora owes a fiduciary duty to our stockholders and must act in
good faith in a manner he reasonably believes to be in the best interests of the stockholders. Nevertheless, the existence of this
family relationship may result in a conflict of interest on the part of such persons between what he may believe is in our best interests
and the best interests of our stockholders and what he may believe is best for himself or his family members in connection with a business
opportunity or other matter to be decided by OPAL through its board, standing committees thereof, and management. Moreover, even
if such family relationship does not create an actual conflict, the perception of a conflict in the press or the financial or business
community generally could create negative publicity or other reaction with respect to the business opportunity or other matters to be
decided by us through our board, standing committees thereof, and management, which could adversely affect the business generated by
us and our relationships with its existing customers and other counterparties, impact the behavior of third party participants or other
persons in the proposed business opportunity or other matter to be decided, otherwise negatively impact our business prospects related
to such matter, or negatively impact the trading market for our securities.
Our only material assets are our direct
interests in Opco, and we are accordingly dependent upon distributions from Opco Fuels to pay dividends and taxes and other expenses.
We are a holding company
and have no material assets other than our ownership of Class A Units in Opco. We therefore have no independent means of generating
revenue. We intend to cause our subsidiaries (including Opco) to make distributions in an amount sufficient to cover all applicable taxes
and other expenses payable and dividends, if any, declared by us. The agreements governing our debt facilities impose, and agreements
governing our future debt facilities are expected to impose, certain restrictions on distributions by such subsidiaries to us, and may
limit our ability to pay cash dividends. The terms of any credit agreements or other borrowing arrangements that we may enter into in
the future may impose similar restrictions. To the extent that we needs funds, and any of our direct or indirect subsidiaries is restricted
from making such distributions under these debt agreements or applicable law or regulation, or is otherwise unable to provide such funds,
it could materially adversely affect our liquidity and financial condition.
38
If we are deemed an "investment company"
under the Investment Company Act as a result of our ownership of Opco, applicable restrictions could make it impractical for us to continue
our business as contemplated and could have a material adverse effect on its business.
A person may be deemed to
be an "investment company" for purposes of the Investment Company Act if it owns investment securities having a value exceeding
40% of the value of its total assets (exclusive of U.S. government securities and cash items), absent an applicable exemption. We
have no material assets other than our interests in Opco. As managing member of Opco, we generally have control over all of the affairs
and decision making of Opco. On the basis of our control over Opco, we believe our direct interest in Opco is not an "investment
security" within the meaning of the Investment Company Act. If we were to cease participation in the management of Opco, however,
our interest in Opco could be deemed an "investment security," which could result in our being required to register as an
investment company under the Investment Company Act and becoming subject to the registration and other requirements of the Investment
Company Act.
The Investment Company Act
and the rules thereunder contain detailed parameters for the organization and operations of investment companies. Among other things,
the Investment Company Act and the rules thereunder limit or prohibit transactions with affiliates, impose limitations on the issuance
of debt and equity securities, prohibit the issuance of stock options and impose certain governance requirements. We intend to conduct
our operations so that we will not be deemed to be an investment company under the Investment Company Act. However, if anything were
to happen which would require us to register as an investment company under the Investment Company Act, requirements imposed by the Investment
Company Act, including limitations on its capital structure, ability to transact business with affiliates and ability to compensate key
employees, could make it impractical for us to continue our business as currently conducted, impair the agreements and arrangements between
and among us, Opco, members of their respective management teams and related entities or any combination thereof and materially adversely
affect our business, financial condition and results of operations.
We are a controlled company, and thus not
subject to all of the corporate governance rules of Nasdaq. You will not have the same protections afforded to stockholders of companies
that are subject to such requirements.
We are considered a "controlled
company" under the rules of Nasdaq. Controlled companies are exempt from the Nasdaq corporate governance rules requiring that
listed companies have (i) a majority of the board of directors consist of "independent" directors under the listing
standards of Nasdaq, (ii) a nominating/corporate governance committee composed entirely of independent directors and a written nominating/corporate
governance committee charter meeting the Nasdaq requirements and (iii) a compensation committee composed entirely of independent
directors and a written compensation committee charter meeting the requirements of Nasdaq.  We expect to take advantage of some
or all of the exemptions described above for so long as we are a controlled company. If we use some or all of these exemptions, you may
not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements
of Nasdaq.
The dual-class structure of our
Common Stock may adversely affect the trading market for the shares of Class A common stock.
We cannot predict whether
our dual class structure, which affords the shares of Class A common stock and Class B common stock one vote per share while affording
the shares of Class C common stock and Class D common stock with five votes per share, combined with our concentrated voting control
by OPAL Holdco due to its ownership of shares of Class D common stock, will result in a lower or more volatile market price of the shares
of Class A common stock or in adverse publicity or other adverse consequences. For example, certain index providers have announced restrictions
on including companies with multiple-class share structures in certain of their indexes. Under any such announced policies or future
policies, our dual class capital structure could make us ineligible for inclusion in certain indices, and as a result, mutual
funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices will not be investing in
our stock. It is unclear what effect, if any, these policies will have on the valuations of publicly traded companies excluded from such
indices, but it is possible that they may depress valuations as compared to similar companies that are included. As a result, the market
price of shares of Class A common stock could be adversely affected.
39
There are no assurance that we will be
able to comply with the continued listing standards of Nasdaq.
Our shares of Class A common
stock and the Public Warrants are listed on Nasdaq under the symbols "OPAL" and "OPALW," respectively. If Nasdaq
delists our securities from trading on its exchange for failure to meet the listing standards, we and our stockholders could face significant
negative consequences including:
●
limited availability of market quotations for our securities;
●
a determination that the Class A common stock is a "penny
stock" which will require brokers trading in the Class A common stock to adhere to more stringent rules;
●
possible reduction in the level of trading activity in the
secondary trading market for shares of the Class A common stock;
●
a limited amount of analyst coverage; and
●
a decreased ability to issue additional securities or obtain
additional financing in the future.
Because there are no current plans to pay
cash dividends on shares of Common Stock for the foreseeable future, you may not receive any return on investment unless you sell your
shares of Common Stock for a price greater than that which you paid for it.
We intend to retain future
earnings, if any, for future operations, expansion and debt repayment and there are no current plans to pay any cash dividends for the
foreseeable future. The declaration, amount and payment of any future dividends on shares of Common Stock will be at the sole discretion
of our board, who may take into account general and economic conditions, our financial condition and results of operations, our available
cash and current and anticipated cash needs, capital requirements, contractual, legal, tax, and regulatory restrictions, implications
on the payment of dividends by us to our its stockholders or by our subsidiaries to us and such other factors our board may deem relevant.
In addition, our ability to pay dividends is limited by covenants of any indebtedness we incur. As a result, you may not receive any
return on an investment in the shares of Class A common stock unless you sell your shares of Class A common stock for a price greater
than that which you paid for it.
Anti-takeover provisions are contained
in the Organizational Documents that could delay or prevent a change of control.
Certain provisions of the
Organizational Documents may have an anti-takeover effect and may delay, defer or prevent a merger, acquisition, tender offer, takeover
attempt or other change of control transaction that a stockholder of ours might consider is in its best interest, including those attempts
that might result in a premium over the market price for the shares of our Class A common stock.
These provisions, among
other things:
●
authorize our board to issue new series of preferred stock
without stockholder approval and create, subject to applicable law, a series of preferred stock with preferential rights to dividends
or our assets upon liquidation, or with superior voting rights to the existing shares of Common Stock;
●
eliminate the ability of stockholders to call special meetings
of stockholders;
●
eliminate the ability of stockholders to fill vacancies on
our board;
●
establish advance notice requirements for nominations for
election to our board or for proposing matters that can be acted upon by stockholders at annual stockholder meetings;
●
permit our board to establish the number of directors;
●
provide that our board is expressly authorized to make, alter
or repeal the Bylaws; and
●
limit the jurisdictions in which certain stockholder litigation
may be brought.
These anti-takeover provisions,
together with the control of the voting power of by OPAL Holdco, could make it more difficult for a third -party to acquire
us, even if the third party's offer may be considered beneficial by many of our stockholders. As a result, our stockholders may
be limited in their ability to obtain a premium for their shares. These provisions could also discourage proxy contests and make it more
difficult for you and other stockholders to elect directors of your choosing and to cause us to take other corporate actions you desire.
See
"Description
of Securities—Anti-Takeover Effects of Provisions of Delaware Law and the Organizational Documents
."
40
In certain cases, payments under the Tax
Receivable Agreement may be accelerated and/or significantly exceed the actual benefits that we realize in respect of the tax attributes
subject to the Tax Receivable Agreement.
Payments under the Tax Receivable
Agreement will be based on the tax reporting positions that we determine, and the IRS or another tax authority may challenge all or a
part of the existing tax basis, tax basis increases, or other tax attributes subject to the Tax Receivable Agreement, and a court could
sustain such challenge. The parties to the Tax Receivable Agreement will not reimburse us for any payments previously made if such tax
basis is, or other tax benefits are, subsequently disallowed, except that any excess payments made to a party under the Tax Receivable
Agreement will be netted against future payments otherwise to be made under the Tax Receivable Agreement, if any, after the determination
of such excess.
If we experience a change
of control (as defined under the Tax Receivable Agreement, which includes certain mergers, any plan of liquidation and other forms of
business combinations or changes of control) or the Tax Receivable Agreement terminates early (at our election or as a result of a breach,
including a breach for our failing to make timely payments under the Tax Receivable Agreement for more than three months, except
in the case of certain liquidity exceptions), we could be required to make a substantial, immediate lump-sum payment based on the
present value of hypothetical future payments that could be required under the Tax Receivable Agreement. The calculation of the hypothetical
future payments would be made using certain assumptions and deemed events set forth in the Tax Receivable Agreement, including (i) the
sufficiency of taxable income to fully utilize the tax benefits, (ii) any Opco Common Units (other than those held by us) outstanding
on the termination date are exchanged on the termination date and (iii) the utilization of certain loss carryovers over a certain
time period. Our ability to generate net taxable income is subject to substantial uncertainty. Accordingly, as a result of the assumptions,
the required lump-sum payment may be significantly in advance of, and could materially exceed, the realized future tax benefits
to which the payment relates.
As a result of either an
early termination or a change of control, we could be required to make payments under the Tax Receivable Agreement that exceed our actual
cash savings. Consequently, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity
and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or
other changes of control. For example, assuming no material changes in the relevant tax law, we expect that if we experienced a change
of control the estimated TRA lump-sum payment would range from approximately $316.0 million to approximately $356.0 million
depending on Opco's rate of recovery of the tax basis increases associated with the deemed exchange of the Opco Common Units (other
than those held by us). This estimated TRA lump-sum payment is calculated using a discount rate equal to 3.58%, applied against
an undiscounted liability of approximately $433.0 million. If the TRA Participants were to exchange all of their Opco Common Units,
OPAL would recognize a deferred tax asset of approximately $508.0 million and a related liability for payments under the Tax Receivable
Agreement of approximately $432.0 million, assuming (i) that the TRA Participants redeemed or exchanged all of their Opco Common
Units on the Closing Date; (ii) a price of $10.00 per share; (iii) a constant combined effective income tax rate of 26.47%; (iv) OPAL
will have sufficient taxable income in each year to realize the tax benefits that are subject to the Tax Receivable Agreement; and (v)
no material changes in tax law. These amounts are estimates and have been prepared for informational purposes only. The actual amount
of deferred tax assets and related liabilities that we will recognize will differ based on, among other things, the timing of the exchanges,
the price of the shares of Class A common stock at the time of the exchange, and the tax rates then in effect. There can be no assurance
that we will be able to finance our obligations under the Tax Receivable Agreement.
It is more likely than not
that the deferred tax assets will not be realized in accordance with ASC Topic 740, 'Income Taxes' ("
ASC 740
").
As such, ArcLight has reduced the full carrying amount of the deferred tax assets with a valuation allowance under both scenarios. Management
will continue to monitor and consider the available evidence from quarter to quarter, and year to year, to determine if more or less
valuation allowance is required at that time.
Finally, because we are
a holding company with no operations of its own, its ability to make payments under the Tax Receivable Agreement depends on the ability
of Opco to make distributions to it. To the extent that OPAL is unable to make payments under the Tax Receivable Agreement for any reason,
such payments will be deferred and will accrue interest until paid, which could negatively impact OPAL's results of operations
and could also affect its liquidity in periods in which such payments are made.
41
USE OF PROCEEDS
All of the shares of Class
A common stock offered by the Selling Holders pursuant to this prospectus will be sold by the Selling Holders for their respective accounts.
We will not receive any of the proceeds from these sales.
The Selling Holders will
pay any underwriting discounts and commissions and expenses incurred by the Selling Holders for brokerage, accounting, tax or legal services
or any other expenses incurred by the Selling Holders in disposing of the securities. We will bear the costs, fees and expenses incurred
in effecting the registration of the securities covered by this prospectus, including all registration and filing fees, and fees and
expenses of our counsel and our independent registered public accounting firm.
42
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL
INFORMATION
The unaudited pro forma condensed
combined financial information has been prepared in accordance with Article 11 of SEC Regulation S-X as amended by the final rule, Release
No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses" to aid you in your analysis of
the financial aspects of the Transactions (as defined below) and is for informational purposes only. The unaudited pro forma condensed
combined financial information presents the pro forma effects of the following transactions, collectively referred to as the "
Transactions
"
for purposes of this section, and other related events as described in Note 1 to the accompanying Notes to the unaudited pro forma condensed
combined financial information:
●
The combination of Opal Fuels
LLC ("Opco") and ArcLight Clean Transition Corp II ("
ArcLight
"), referred to herein as the "Business
Combination", including the other events contemplated by the Business Combination Agreement;
●
The NextEra Subscription Agreement
with Mendocino Capital, LLC, a Delaware limited liability company ("
NextEra
"), pursuant to which NextEra purchased
1,000,000 Opco Series A Preferred Units (the "
NextEra Subscription
") as of June 30, 2022; and
●
The acquisition of Beacon RNG
LLC ("
Beacon
") by Opco in May of 2021 (the "
Beacon Transaction
").
The unaudited pro forma condensed
combined balance sheet of Opco as of June 30, 2022 combines the historical unaudited condensed consolidated balance sheet of Opco as
of June 30, 2022 and the historical unaudited condensed balance sheet of ArcLight as of June 30, 2022, adjusted to give pro forma effect
to the Business Combination, the PIPE Investment and certain other events related to the Business Combination between Opco and ArcLight,
in each case, as if the Business Combination, PIPE Investment, and other events had been consummated on June 30, 2022. The Beacon Transaction
was consummated on May 1, 2021 and, accordingly, activity relating to Beacon is reflected within the unaudited condensed consolidated
balance sheet of Opco as of June 30, 2022.
The unaudited pro forma condensed
combined statement of operations of Opco for the six months ended June 30, 2022 combines the historical unaudited condensed consolidated
statement of operations of Opco for the six months ended June 30, 2022, and the historical unaudited condensed statement of operations
of ArcLight for the six months ended June 30, 2022, on a pro forma basis as if the Business Combination, the PIPE Investment and other
related events contemplated by the Business Combination Agreement, the NextEra Subscription as described below and in the accompanying
notes to the unaudited pro forma condensed combined financial statements, had been consummated on January 1, 2021.
The unaudited pro forma condensed
combined statement of operations of Opco for the year ended December 31, 2021 combines the historical audited consolidated statement
of operations of Opco for the year ended December 31, 2021, the historical audited consolidated statement of operations of ArcLight for
the period from January 13, 2021 (inception) through December 31, 2021, and the historical audited statement of operations of Beacon
for the four-month period ended April 30, 2021, on a pro forma basis as if the Business Combination, the PIPE Investment and other related
events contemplated by the Business Combination Agreement, the NextEra Subscription as described below and in the accompanying notes
to the unaudited pro forma condensed combined financial statements, had been consummated on January 1, 2021.
The unaudited pro forma condensed
combined balance sheet does not purport to represent, and is not necessarily indicative of, what the actual financial condition of the
Combined Company (as defined in Note 1 below) would have been had the Transactions taken place as of June 30, 2022, nor is it indicative
of the financial condition of the Combined Company as of any future date. The unaudited pro forma condensed combined financial information
is for illustrative purposes only and is not necessarily indicative of what the actual results of operations and financial position would
have been had the Business Combination and the PIPE Transaction taken place on the dates indicated, nor are they indicative of the future
consolidated results of operations or financial position of the Combined Company. The unaudited pro forma condensed combined financial
information is subject to several uncertainties and assumptions as described in the accompanying notes.
The unaudited pro forma condensed
combined financial information should be read in conjunction with:
●
The accompanying Notes to the
unaudited pro forma condensed combined financial statements;
●
The historical unaudited condensed financial statements of ArcLight, as of, and for the three and six months ended June 30, 2022, and the historical audited financial statements of ArcLight as of December 31, 2021 and for the period from January 13, 2021 (inception) through December 31, 2021, included elsewhere in this prospectus;
●
The historical unaudited condensed consolidated financial statements of Opco, as of, and for the three and six months ended June 30, 2022, and the historical audited consolidated financial statements of Opco as of and for the year ended December 31, 2021, included elsewhere in this prospectus;
●
The historical audited consolidated
financial statements of Beacon, as of, and for the four months ended April 30, 2021, included elsewhere in this prospectus and
●
The section titled
"Management's
Discussion and Analysis of Financial Condition and Results of Operations,"
included elsewhere in this prospectus.
43
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE
SHEET
AS OF JUNE 30, 2022
(in thousands)
Historical
Transaction
Accounting
OPAL
Fuels
ArcLight
(Note 4)
Adjustments
(Note 6)
Pro Forma
Combined
Assets
Current Assets
Cash and cash equivalents
$
97,091
$
219
4a
$
110,806
6b
$
235,661
311,616
6a
(9,259
)
6e
(274,187
)
6i
(625
)
6l
Accounts receivable, net
24,781
-
-
24,781
Fuel tax credits receivable
1,136
-
-
1,136
Contract assets
15,589
-
-
15,589
Parts inventory
8,398
-
-
8,398
Note receivable
9,518
-
-
9,518
Environmental credits held for sale
646
-
-
646
Prepaid expense and other current assets
5,810
546
4b
-
6,356
Total current assets
162,969
765
138,351
302,085
Capital spares
3,066
-
-
3,066
Property, plant, and equipment, net
229,411
-
-
229,411
Investment in other entities
47,113
-
-
47,113
Note receivable - variable fee component
1,792
-
-
1,792
Investments held in Trust Account
-
311,616
(311,616
)
6a
-
Deferred financing costs
7,143
-
(6,443
)
6e
700
Intangible assets, net
2,463
-
-
2,463
Restricted cash
3,188
-
-
3,188
Goodwill
54,608
-
-
54,608
Deferred tax assets
-
-
-
6j
-
Other long-term assets
489
-
-
489
Total assets
512,242
312,381
(179,708
)
644,915
Liabilities and Equity
Current liabilities
Accounts payable
7,676
69
-
7,745
Accounts payable, related party
1,141
5
-
1,146
Fuel tax credits payable
683
-
-
683
Accrued payroll
4,410
-
-
4,410
Accrued expenses and other current liabilities
12,803
6,222
4c
(1,400
)
6e
15,582
(6,243
)
6e
4,200
6e
Accrued capital expenses
18,263
-
-
18,263
Contract liabilities
7,159
-
-
7,159
Sunoma loan, current portion
1,418
-
-
1,418
Senior secured credit facility - term loan, current portion,
net of debt issuance costs
72,396
-
-
72,396
Senior secured credit facility - working capital facility, current portion
7,500
-
-
7,500
OPAL term loan, current portion
19,332
-
-
19,332
Municipality loan - current portion
174
-
-
174
Derivative financial liability, current portion
592
-
5,000
6l
5,592
Asset retirement obligation, current portion
1,586
-
-
1,586
Other current liabilities
625
-
-
625
Total current liabilities
155,758
6,296
1,557
163,611
Asset retirement obligation, non-current portion
4,301
-
-
4,301
Convertible note payable
60,820
-
(30,410
)
6d
30,410
Sunoma loan, net of debt issuance costs
17,469
-
-
17,469
Opal Term Loan
62,013
-
-
62,013
Derivative warrant liabilities
-
16,219
-
16,219
Tax receivable agreement liability
-
-
-
6j
-
Earnout liability
-
-
51,900
6k
51,900
Other long-term liabilities
4,962
-
-
4,962
Total liabilities
305,323
22,515
23,047
350,885
44
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE
SHEET
AS OF JUNE 30, 2022 — (Continued)
(in thousands)
Historical
Transaction Accounting
Opco
ArcLight
(Note 4)
Adjustments
(Note 6)
Pro Forma
    Combined
Class A ordinary shares subject to possible redemption; 31,116,305 shares at redemption value of $10.00
-
311,516
(311,516
)
6f
-
Redeemable preferred units
Series A preferred units
101,228
-
(101,228
)
6c
-
Series A-1 preferred units
31,417
-
(31,417
)
6c
-
Redeemable preferred noncontrolling interest
-
-
101,228
6c
132,645
31,417
6c
Redeemable noncontrolling interest
56,636
6h
136,553
(3,585
)
6e
83,503
6h
Equity
Common units
47,681
-
(47,681
)
6h
-
-
6g
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
-
-
-
-
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized (excluding 31,116,305 shares subject to possible redemption)
-
-
-
6f
-
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,779,076 shares issued and outstanding
-
1
(1
)
6f
-
New OPAL Class A common stock
-
-
4
6g
6
1
6b
-
6d
4
6f
(3
)
6i
New OPAL Class B common stock
-
-
-
6g
-
New OPAL Class D common stock
-
-
15
6g
15
Additional paid-in capital
-
-
(19
)
6g
7,788
110,805
6b
30,410
6d
311,513
6f
(51,900
)
6k
(21,651
)
6g
(1,616
)
6e
(6,443
)
6e
(274,184
)
6i
(83,503
)
6h
(5,625
)
6l
-
6m
Retained earnings (accumulated deficit)
8,955
(21,651
)
21,651
6g
(615
)
(8,955
)
6h
(615
)
6e
Non-controlling interest in subsidiaries
17,638
-
-
17,638
Total
    equity
74,274
(21,650
)
(27,793
)
24,831
Total
    liabilities and equity
$
512,242
$
312,381
$
(179,708
)
$
644,915
45
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT
OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2022
(in thousands, except share and per share amounts)
Historical
Transaction Accounting
Opco
ArcLight
(Note 4)
Adjustments
(Note 7)
Pro
Forma Combined
Revenues
RNG fuel
$
50,815
$
-
-
$
50,815
Renewable power
19,152
-
-
19,152
Fuel station services
32,297
-
-
32,297
Total revenues
102,264
-
-
102,264
Operating expenses
Cost of sales - RNG fuel
30,884
-
-
30,884
Cost of sales - Renewable power
15,948
-
-
15,948
Cost of sales - Fuel station services
28,757
-
-
28,757
Selling, general and administrative
18,810
3,125
4d
-
21,935
Depreciation, amortization, and accretion
6,558
-
-
6,558
Total expenses
100,957
3,125
-
104,082
Operating income (loss)
1,307
(3,125
)
-
(1,818
)
Other income (expense)
Interest and financing expense, net
(6,408
)
440
4e
(440
)
7c
(6,408
)
Realized and unrealized gain on interest rate swaps, net
328
-
-
328
Change in fair value of derivative warrant liabilities
-
9,577
-
9,577
Loss from equity method investments
(36
)
-
-
(36
)
Gain on settlement of underwriting fees
-
280
-
280
Income before provision for income taxes
(4,809
)
7,172
(440
)
1,923
(Provision for) Benefit from income taxes
-
7a
-
Net (loss) income
(4,809
)
7,172
(440
)
1,923
Paid in kind preferred dividend
2,435
-
2,772
7b
5,207
Net loss attributable to redeemable noncontrolling interest
-
-
(8,124
)
7b
(8,124
)
Net loss attributable to noncontrolling interest
(499
)
-
-
(499
)
Net (loss) income attributable to Stockholders
$
(6,745
)
$
7,172
$
4,912
$
5,339
Weighted average common units outstanding, basic and diluted
1,000
Basic and diluted net loss per common unit, basic and diluted
$
(6,745
)
Weighted average shares outstanding of Class A common stock, basic and diluted
31,116,305
Basic and diluted net income per ordinary share
$
0.18
Weighted average shares outstanding of Class B common stock, basic and diluted
7,779,076
Basic and diluted net income per ordinary share
$
0.18
Weighted average shares outstanding of New OPAL Class A common stock – basic and diluted
24,757,483
Pro forma net income per share attributable to New OPAL Class A common stockholders - basic and diluted
$
0.22
46
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT
OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2021
(in thousands, except share and per share amounts)
Historical
Beacon
Pro Forma
Pro Forma
Combined
OPAL
Historical
Transaction
Accounting
Opco
Beacon
(Note 5)
Adjustments
(Note 7)
Fuels and
Beacon
ArcLight
(Note 4)
Adjustments
(Note 7)
Pro Forma
Combined
Revenues
RNG fuel
$
70,360
$
13,312
5a
$
-
83,672
$
-
$
-
$
83,672
Renewable power
45,324
-
-
45,324
-
-
45,324
Fuel station services
50,440
-
-
50,440
-
-
50,440
Total revenues
166,124
13,312
-
179,436
-
-
179,436
Operating expenses
Cost of sales - RNG fuel
41,075
6,397
5b
-
47,472
-
-
47,472
Cost of sales - Renewable power
31,152
-
-
31,152
-
-
31,152
Cost of sales - Fuel station services
42,838
-
-
42,838
-
-
42,838
Environmental credit processing services
-
1,134
(1,134)
5e
-
-
-
-
Selling, general and administrative
29,380
456
5c
-
29,836
4,945
4f
4,200
7h
38,981
Depreciation, amortization, and accretion
10,653
1,060
5d
(300)
7d
11,413
-
-
11,413
Total expenses
155,098
9,047
(1,434
)
162,711
4,945
4,200
171,856
Operating income
11,026
4,265
1,434
16,725
(4,945
)
(4,200
)
7,580
Other income (expense)
Interest and financing expense, net
(7,467
)
-
-
(7,467
)
(450)
4g
(13)
7g
(7,930
)
Realized and unrealized loss on derivative financial instruments, net
99
-
-
99
-
-
99
Change in fair value of derivative warrant liabilities
-
-
-
-
(10,800
)
-
(10,800
)
Income from equity method investments
2,268
-
(2,392)
7d
(124
)
-
-
(124
)
Gain on acquisition of equity method investment
19,818
-
-
19,818
-
-
19,818
Gain on deconsolidation of VIEs
15,025
-
-
15,025
-
-
15,025
Other income
-
1,134
(1,134)
5e
-
-
-
-
Income before provision for income taxes
40,769
5,399
(2,092
)
44,076
(16,195
)
(4,213
)
23,668
(Provision for) Benefit from income taxes
-
-
-
-
-
-
7e
-
Net income (loss)
40,769
5,399
(2,092
)
44,076
(16,195
)
(4,213
)
23,668
Paid in kind preferred dividend
210
-
-
210
-
8,000
7f
8,210
Net income (loss) attributable to redeemable noncontrolling interest
-
-
-
-
-
27,718
7f
27,718
Net income (loss) attributable to noncontrolling interest
(804
)
-
-
(804
)
-
-
(804
)
Net income (loss) attributable to Stockholders
$
41,363
$
5,399
$
(2,092
)
$
44,670
$
(16,195
)
$
(39,931
)
$
(11,456
)
Weighted average common units outstanding, basic and diluted
987
Basic and diluted net income per common unit, basic and diluted
$
41,908
Weighted average shares outstanding of Class A common stock, basic and diluted
25,360,688
Basic and diluted net loss per ordinary share
$
(0.49
)
Weighted average shares outstanding of Class B common stock, basic and diluted
7,611,848
Basic and diluted net loss per ordinary share
$
(0.49
)
Weighted average shares outstanding of New OPAL Class A common stock – basic and diluted
24,757,483
Pro forma net loss per share attributable to New OPAL Class A common stockholders - basic and diluted
$
(0.46
)
47
Note 1 — Description of the Transactions
Business Combination
Pursuant to the Business
Combination Agreement, on July 21, 2022 ArcLight changed its jurisdiction of incorporation by deregistering as a Cayman Islands exempted
company and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware (the "
Domestication
").
Following the Domestication, on July 21, 2022, ArcLight changed its name to "OPAL Fuels Inc." (which is referred to herein
as "
New OPAL
") and each outstanding ArcLight Class B ordinary share converted into one ArcLight Class A ordinary
share, each outstanding ArcLight Class A ordinary share became one share of Class A common stock of New OPAL, par value $0.0001 per share
(the "
New OPAL Class A common stock
"), and each outstanding warrant to purchase one ArcLight Class A ordinary
share became a warrant to purchase one share of New OPAL Class A common stock at an exercise price of $11.50 per share.
Following the consummation
of the Business Combination on July 21, 2022, the Combined Company ("
Combined Company
" refers to New OPAL and
its subsidiaries, including Opco, following consummation of the Business Combinations) is organized in an "Up-C" structure.
New OPAL is the managing member of Opco. Opco directly or indirectly holds substantially all of the consolidated assets and business
of New OPAL.
In connection with consummation
of the Business Combination, the events summarized below, among others, occurred:
●
At the Closing, Opal HoldCo
LLC ("
OPAL Holdco
") and Opco caused Opco's existing limited liability company agreement to be amended
and restated to, among other things, admit New OPAL as a member of Opco and to re-classify Opco's existing limited liability company
membership interests into Class B Units of Opco, calculated as a function of the pre-transaction equity value for Opco equal to $1,501,870,000,
less all principal and accrued interest outstanding immediately after the Closing pursuant to certain convertible promissory note, dated
as of May 1, 2021 (as amended, including that certain First Amendment to Convertible Note, dated November 29, 2021), held by ARCC Beacon
LLC ("
Ares
");
●
At the Closing, ArcLight (i)
contributed to Opco $128,362,579 in cash, representing the sum of cash in the Trust Account as of immediately prior to the Closing (after
giving effect to the ACT Share Redemptions from the Trust Account and the set aside of funds in escrow to support a forward purchase
agreement (described further below)) plus the aggregate proceeds of the PIPE Investment received as of the Closing and (ii) issued to
Opco 144,399,037 shares of Class D common stock of New OPAL, par value $0.0001 per share ("New OPAL Class D common stock")
(which it in turn distributed to OPAL Holdco and Hillman), and (iii) issued 3,059,533 shares of New OPAL Class A common stock to Ares,
collectively, in exchange for a number of Class A Units of Opco equal to the 25,171,390 shares of New OPAL Class A common stock issued
and outstanding.
In connection with entering
into the Business Combination Agreement, ArcLight entered into the Subscription Agreements with the PIPE Investors, pursuant to which,
among other things, in connection with the consummation of the Business Combination, the PIPE Investors party thereto purchased an aggregate
of 11,080,600 shares of New OPAL Class A common stock at a cash purchase price of $10.00 per share, resulting in aggregate proceeds of
$110.8 million from the PIPE Investment ($105.8 million of which was received as of the Closing and $5.0 million of which was received
subsequent to the Closing).
Other related events that
have taken place in connection with the Business Combination are summarized below:
●
Immediately prior to the execution
of the Business Combination Agreement, Opco entered into the Hillman Exchange Agreement with Hillman RNG Investments LLC ("
Hillman
"),
pursuant to which Hillman has exchanged all of its equity interests in Opco's subsidiaries for 300,000 Opco Series A-1 Preferred
Units and 14 Pre-Closing Company Common Units. This transaction was consummated in November 2021, and has been reflected in the historical
audited consolidated balance sheet as of December 31, 2021;
●
Immediately prior to the execution of the Business
    Combination Agreement, the Company entered into the NextEra Subscription Agreement with Mendocino Capital, LLC, a Delaware limited
    liability company ("
NextEra
"), pursuant to which NextEra agreed to subscribe for up to an aggregate amount
    of 1,000,000 Company Series A Preferred Units. The Company had drawn $100.0 million as of June 30, 2022, issuing 1,000,000 Series
    A Preferred Units as of such date;
●
Immediately prior to the execution of the Business
    Combination Agreement, Opco entered into that certain First Amendment to Convertible Note, dated November 29, 2021 (the "
Ares
    First Amendment
"), with Ares, pursuant to which Ares irrevocably agreed to exercise its right to convert fifty percent
    (50%) of the principal and accrued interest outstanding pursuant to the Ares Note into pre-Closing Opco common units; On July 21,
    2022, Ares elected to receive New OPAL Class A common stock in lieu of pre-Closing Opco common units.
48
●
Pursuant to the terms of the Sponsor Letter
    Agreement entered into on December 2, 2021 among ArcLight, ArcLight CTC Holdings II, L.P. ("
Sponsor
"),
    Opco and certain other persons concurrently with the execution of the Business Combination Agreement (the "
Sponsor Letter
    Agreement
"), the Sponsor agreed to subject 10% of its New OPAL Class A common stock (received as a result of the conversion
    of its ArcLight Class B ordinary shares immediately prior to the Closing) to vesting and forfeiture conditions relating to VWAP targets
    for New OPAL Class A common stock sustained over a period of 60 months following the Closing ("
Sponsor Earnout Awards
").
    For more information, see the section titled
"Certain Relationships and Related Party Transactions—Sponsor Letter
    Agreement."
●
Effective immediately after the Closing, and upon
    the date on which New OPAL's annual EBITDA for the calendar year 2023 exceeds $238.0 million (the "
First Earnout
    Triggering Event
"), (i) New OPAL will issue to Opco Common Equity holders (the "
Earnout Participants
")
    an aggregate of 5,000,000 shares of New OPAL Class B common stock and New OPAL Class D common stock and corresponding OPAL Common
    Units (collectively, the "
First Earnout Tranche
") in accordance with the allocations set forth in the Business
    Combination Agreement. Additionally, upon the date on which New OPAL's annual EBITDA for the calendar year 2024 exceeds $446.0
    million (the "
Second Earnout Triggering Event
"), (i) New OPAL will issue to the Earnout Participants an
    aggregate of 5,000,000 additional shares of New OPAL Class B common stock and New OPAL Class D common stock and corresponding OPAL
    Common Units (collectively, the "
Second Earnout Tranche
") in accordance with the allocations set forth
    in the Business Combination Agreement ("
OPAL Earnout Awards
").
●
Pursuant to a forward share purchase agreement (the
    "Forward Purchase Agreement") entered into between ArcLight and Meteora Capital Partners and its affiliates (collectively,
    "
Meteora
"), prior to the closing of the Business Combination Meteora purchased 2,000,000 Class A ordinary
    shares of ArcLight from shareholders which had previously tendered such shares for redemption but agreed to reverse their redemption
    and sell such shares to Meteora at the redemption price, resulting in Meteora holding a total of 2,000,000 Class A ordinary shares,
    which Meteora agreed not to redeem in connection with the Business Combination. Additionally, ArcLight placed $20,040,000 in escrow
    at the closing of the Business Combination to secure its obligation to repurchase these 2,000,000 shares at Meteora's option
    for a price of $10.02 per share on the date that is six months after Closing of the Business Combination.
●
Pursuant to a July 21, 2022 agreement between Encompass
    Capital Advisors LLC ("
Encompass
") and the Sponsor, prior to the closing of the Business Combination, certain
    fund entities and managed accounts for which Encompass exercises investment discretion purchased 1,320,849 Class A ordinary shares
    of ArcLight, in the aggregate, from shareholders that had previously tendered such shares for redemption but agreed to reverse their
    redemption and sell such shares to Encompass, resulting in Encompass' beneficial ownership of a total of 1,320,849 Class A
    ordinary shares, which Encompass agreed not to redeem in connection with the Business Combination. Additionally, the Sponsor agreed
    to transfer to Encompass for no consideration, 1,985,236 of the Sponsor's private placement warrants, which warrants are subject
    to a 9.9% beneficial ownership limitation on exercise.
●
Additionally, in connection with the Closing, Opco
    and Sponsor entered into a letter agreement (the "
Sponsor Side Letter
") whereby Sponsor agreed to transfer,
    pledge or forfeit up to 150,000 shares of New OPAL Class A common stock held by Sponsor for the benefit of a third party non-affiliate
    of the Company where no consideration is received by Sponsor in respect thereof, upon and in accordance with the written direction
    of Opco. Pursuant to such letter agreement, Sponsor further agreed that if the Company were to receive less than $6,800,000 in cash
    upon the release of the escrow fund established pursuant to the Forward Purchase Agreement (such shortfall amount being referred
    to as the "
Shortfall Amount
"), Sponsor shall transfer, pledge or forfeit up to an additional 102,000 of
    the Sponsor Earnout Awards (shares of New OPAL Class A common stock subject to vesting conditions noted above), with such maximum
    number of shares pro-rated on a directly proportionate basis based on the size of the Shortfall Amount relative to $6,800,000.
Upon the completion of the
Business Combination, New OPAL entered into the Tax Receivable Agreement with OPAL Holdco and Hillman (such persons, and any other persons
that from time to time become a party to such agreement, collectively, the "
TRA Participants
"), pursuant to
which New OPAL generally will be required to pay to the TRA Participants, in the aggregate, 85% of the amount of cash savings, if any,
in U.S. federal, state and local income tax or franchise tax that New OPAL actually realizes as a result of (i) increases to the tax
basis of Opco's assets resulting from future redemptions or exchanges of OPAL Units (together with voting shares of New OPAL Common
Stock) for shares of New OPAL Class A common stock or New OPAL Class C common stock, as applicable, or cash, (ii) tax benefits related
to imputed interest, and (iii) tax attributes resulting from payments made under the Tax Receivable Agreement. The payment obligations
under the Tax Receivable Agreement are New OPAL's obligations and not obligations of Opco. For more information about the Tax Receivable
Agreement, see the section titled
"Certain Relationships and Related Party Transactions—Sponsor Letter Agreement."
49
In May 2022, ArcLight's
and Opco's Advisors resigned and withdrew from their engagements in connection with the Business Combination. Please see "
Summary
— Recent Developments
" for a description of the potential impacts of such resignation on the Business Combination and
Note 6 to this unaudited pro forma condensed combined financial information.
Beacon Transaction
On June 30, 2021, Opco and
Ares signed the Exchange Agreement (the "
Exchange Agreement
") which outlines terms that were substantially
agreed to on April 30, 2021. Pursuant to the Exchange Agreement, Opco issued an unsecured convertible promissory note (the "
Convertible
Note
") in return for Ares' assignment of its 58% Class B units in Beacon JV to Opco (the "
Assignment
Agreement
"). The transfer date of the aforementioned consideration was set to May 1, 2021. As agreed to on April 30, 2021,
Opco obtained unilateral control over Beacon JV on May 1, 2021.
Note 2 — Basis of Presentation
The unaudited pro forma condensed
combined financial statements were prepared in accordance with Article 11 of SEC Regulation S-X as amended by the final rule, Release
No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses." Release No. 33-10786 replaces
the existing pro forma adjustment criteria with simplified requirements to depict the accounting for the transaction ("
Transaction
Accounting Adjustments
") and present the reasonably estimable synergies and other transaction effects that have occurred
or are reasonably expected to occur ("
Management's Adjustments
"). Only Transaction Accounting Adjustments
are presented in the unaudited pro forma condensed combined financial information and the notes thereto. The adjustments presented in
the unaudited pro forma condensed combined financial statements have been identified and presented to provide relevant information necessary
for an understanding of the Combined Company following consummation of the Transactions.
The unaudited pro forma condensed
combined financial information is subject to several uncertainties and assumptions as described herein. The combined financial information
presents the pro forma effects of the Business Combination and other events as described in Note 1.
Management has made significant
estimates and assumptions in its determination of the Transaction Accounting Adjustments. As the unaudited pro forma condensed combined
financial information has been prepared based on these preliminary estimates, the final amounts recorded may differ materially from the
information presented.
The Transaction Accounting
Adjustments reflecting the consummation of the Transactions are based on certain currently available information and certain assumptions
and methodologies that ArcLight believes are reasonable under the circumstances. The Transaction Accounting Adjustments, which are described
in the accompanying notes, may be revised as additional information becomes available and is evaluated. Therefore, it is likely that
the actual adjustments will differ from the Transaction Accounting Adjustments, and it is possible the difference may be material. New
OPAL believes that its assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the
Transactions based on information available to management at this time and that the Transaction Accounting Adjustments give appropriate
effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial information.
The unaudited pro forma condensed
combined financial information does not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings
that may be associated with the Transactions. ArcLight has not had any historical relationship with Opco prior to the Business Combination.
Accordingly, no Transaction Accounting Adjustments were required to eliminate activities between the companies.
Class of
New OPAL
Common
Stock (2)
Pro forma
Combined
(Shares)
%
Ownership
ArcLight Public Shareholders
Class A
3,752,181
2.2
%
Sponsor Shareholders (1)
Class A
7,779,076
4.6
%
PIPE Investors
Class A
11,080,600
6.5
%
Ares
Class A
3,059,533
1.8
%
Opco Common Equityholders
144,399,037
84.9
%
Hillman
Class D
2,021,587
1.2
%
OPAL HoldCo
Class D
142,377,450
83.7
%
Pro forma common stock at Closing
170,070,427
100.0
%
(1)
Includes 763,907 of New OPAL
Class A common stock held directly by the Sponsor that are legally issued and outstanding, and subject to forfeiture pursuant to the
Sponsor Letter Agreement dated December 2, 2021, and an additional 150,000 of New OPAL Class A common stock held directly by the Sponsor
that are subject to forfeiture pursuant to the Sponsor Side Letter.
(2)
Please refer to the section
titled "
Description of Securities.
50
Note 3 — Accounting for the Transactions
Business Combination
The Business Combination
is a common control transaction accounted for similar to a reverse recapitalization, with no goodwill or other intangible assets recorded,
in accordance with GAAP. OPAL HoldCo held a controlling financial interest in Opco prior to the closing date. At transaction close, OPAL
HoldCo obtained a controlling financial interest in New OPAL and indirectly retained control over Opco through New OPAL. OPAL HoldCo
did not relinquish control over Opco during the transaction, instead it affected a transfer of a controlled subsidiary (i.e., Opco) to
a newly-controlled subsidiary (i.e., New OPAL) in exchange for issuing Class A common units of Opco for the net assets of New OPAL. As
there was no change in control, Opco has been determined to be the accounting acquirer. Under this method of accounting, ArcLight is
treated as the "acquired" company for financial reporting purposes. Accordingly, for accounting purposes, the transaction
is treated as the equivalent of Opco issuing stock for the net assets of ArcLight, accompanied by a recapitalization. The net assets
of ArcLight are stated at historical cost, with no goodwill or other intangible assets recorded.
Earnout
Sponsor Earnout Awards
Sponsor Earnout Awards will
be classified as a liability as their settlement terms contain certain variables that preclude them from being considered indexed to
New OPAL's common stock under the "fixed-for-fixed" requirement in ASC 815-40. The estimated fair value of the Sponsor
Earnout Awards liability is approximately $5.9 million.
The fair value of Sponsor
Earnout Awards was determined using a Monte Carlo valuation model with a distribution of potential outcomes on a daily basis over the
5-year post-close period, and incorporating the most reliable information available as of the June 30, 2022 valuation date. Assumptions
used in the valuation are as follows:
●
Current stock price —
The ArcLight closing stock price of $9.95 as of June 30, 2022;
●
Expected volatility —
The volatility rate was determined based on historical and implied volatilities of selected industry peers deemed to be comparable to
our business corresponding to the expected term of the awards;
●
Risk-free interest rate —
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of issuance for zero-coupon U.S. Treasury
notes with maturities corresponding to the expected five-year term of the earnout period;
●
Expected term — The expected
term is the 5 years following the closing; and
●
Expected dividend yield —
The expected dividend yield is zero, as we do not anticipate distributing dividends on the common stock in the expected term.
The fair value of Sponsor
Earnout Awards has been recorded in the unaudited pro forma condensed combined balance sheet. See Note 6(k). Topic 815 provides guidance
that changes in the fair value of the Sponsor Earnout Awards liability in future periods will be recognized in the statement of operations.
OPAL Earnout Awards
OPAL Earnout Awards will
be classified as a liability under Topic 480 because they are considered indexed to an obligation to repurchase shares by delivering
cash or other assets as a result of certain settlement provisions. OPAL Earnout Awards are a possible exception to this accounting treatment
as Ares elected to receive New Opal Class A common stock in lieu of pre-Closing Opco common units. The accounting conclusion regarding
the classification of the OPAL Earnout Awards is still under evaluation, and for purposes of the unaudited condensed combined pro forma
information these awards are presented as liability classified on a preliminary basis. The estimated fair value of the OPAL Earnout Awards
liability is approximately $46.0 million.
51
The fair value of OPAL Earnout
Awards was determined using a Monte Carlo valuation model with a distribution of potential outcomes for stock price and EBITDA over the
2-year period commencing on January 1, 2023 and ending on December 31, 2024, and incorporating the most reliable information available
as of the June 30, 2022 valuation date. Assumptions used in the valuation are as follows:
●
Current stock price —
The ArcLight closing stock price of $9.95 as of June 30, 2022;
●
Weighted average cost of capital
("
WACC
") — The WACC reflected a derived cost of capital informed by research on cost of capital of a
selection of comparable public companies;
●
Expected volatility —
The volatility rate was determined by using an average of historical volatilities of selected industry peers deemed to be comparable
to our business corresponding to the expected term of the awards;
●
Risk-free interest rate —
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of issuance for zero-coupon U.S. Treasury
notes with maturities corresponding to the expected five-year term of the earnout period;
●
Expected term — The expected
term is the 2 years earnout period;
●
Expected dividend yield —
The expected dividend yield is zero, as we do not anticipate distributing dividends on the common stock in the expected term; and
●
EBITDA forecast internally
derived by Opco for the earnout period.
The fair value of the OPAL
Earnout Awards has been recorded in the unaudited pro forma condensed combined balance sheet. See Note 6(k). Topic 480 provides guidance
that changes in the fair value of the OPAL Earnout Awards liability in future periods will be recognized in the statement of operations.
Forward Purchase Agreement
The put option written to
Meteora on 2,000,000 Class A common stock under the Forward Purchase Agreement is presented as a liability based on the company's
preliminary accounting analysis under ASC 480. The estimated fair value of the Forward Purchase Agreement liability is approximately
$5.0 million.
The fair value of the Forward
Purchase Agreement liability was determined using a Monte Carlo valuation model with a distribution of potential outcomes on a daily
basis over the 6-month post-close period, and incorporating the most reliable information available as of the June 30, 2022 valuation
date Assumptions used in the valuation are as follows:
●
Current stock price —
The ArcLight closing stock price of $9.95 as of June 30, 2022;
●
Expected volatility —
The volatility rate was determined based on historical and implied volatilities of selected industry peers deemed to be comparable to
our business corresponding to the expected term of the option;
●
Risk-free interest rate —
The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of issuance for zero-coupon U.S. Treasury
notes with maturities corresponding to the expected five-year term of the earnout period;
●
Expected term — The expected
term is the 6 months following the closing; and
●
Expected dividend yield —
The expected dividend yield is zero, as we do not anticipate distributing dividends on the common stock in the expected term.
The fair value of the Forward
Purchase Agreement liability has been recorded in the unaudited pro forma condensed combined balance sheet. See Note 6(l). Topic 480
provides guidance that changes in the fair value of the Forward Purchase Agreement liability in future periods will be recognized in
the statement of operations.
Beacon Transaction
The acquisition of Beacon
has been treated as a business combination and has been accounted for using the acquisition method. OPAL has recorded the fair value
of assets and liabilities acquired from Beacon at the acquisition date.
52
Note 4 — Reclassifications Made to ArcLight Financial Statement
Presentation
Certain reclassification
adjustments have been made to conform ArcLight's financial statement presentation to that of Opco's.
The following reclassification
adjustments were made to the unaudited pro forma condensed combined balance sheet as of June 30, 2022:
(a)
Reflects the reclassification
of $219 thousand from ArcLight's Cash to Cash and cash equivalents.
(b)
Reflects the reclassification
of $546 thousand from ArcLight's Prepaid expenses to Prepaid expenses and other current assets.
(c)
Reflects the reclassification
of $30 thousand from ArcLight's Accrued expenses and $6,192 thousand from ArcLight's Deferred legal fees to Accrued expenses
and other current liabilities.
The following reclassification
adjustments were made to the unaudited pro forma condensed combined statement of operations for the three months ended June 30, 2022:
(d)
Reflects the reclassification
of $3,125 thousand from ArcLight's General and administrative expenses to Selling, general and administrative.
(e)
Reflects the reclassification
of $440 thousand from ArcLight's Net gain on investments held in Trust Account to Interest and financing expense, net.
The following reclassification
adjustments were made to the unaudited pro forma condensed combined statement of operations for the period from January 13, 2021 (inception)
to December 31, 2021:
(f)
Reflects the reclassification
of $4,945 thousand from ArcLight's General and administrative expenses to Selling, general and administrative.
(g)
Reflects the reclassification
of $463 thousand from ArcLight's Financing costs — warrant liabilities and $13 thousand from ArcLight's Net gain on
investments held in Trust Account to Interest and financing expense, net.
Note 5 — Reclassifications Made to Beacon Financial Statement
Presentation
The following reclassification
adjustments were made to the pro forma condensed combined statement of operations for the four months ended April 30, 2021 to conform
Beacon financial statement presentation to that of Opco's:
(a)
Reflects the reclassification
of $1,137 thousand from Renewable gas sales, $12,101 thousand from RIN sales, and $74 thousand from Transportation sales to RNG Fuel.
(b)
Reflects the reclassification
of $5,937 thousand from Operations and $460 thousand from Repairs and Maintenance to Costs of sales — RNG fuel.
(c)
Reflects the reclassification
of $317 thousand from General and administrative and $139 thousand from Insurance to Selling, general and administrative.
(d)
Reflects the reclassification
of $1,049 thousand from Depreciation and $11 thousand from Asset retirement obligation accretion to Depreciation, amortization, and accretion.
(e)
Reflects the elimination of
an intercompany transaction between Opco and Beacon for the amount of $1,134 thousand from Environmental credit processing service and
$1,134 thousand from Other.
Note 6 — Adjustments to Unaudited Pro
Forma Condensed Combined Balance Sheet
The unaudited pro forma condensed
combined balance sheet as of June 30, 2022 has been prepared to illustrate the effect of the Transactions and has been prepared for informational
purposes only. The unaudited pro forma condensed combined balance sheet as of June 30, 2022 includes Transaction Accounting Adjustments
that are directly attributable to the Business Combination, and other related events described in Note 1 above.
The pro forma transaction
accounting adjustments are as follows:
(a)
Reflects the reclassification
of cash held in ArcLight's Trust Account to cash and cash equivalents as of June 30, 2022 to reflect the cash available to effectuate
the Transactions or to fund redemption of existing Public Shareholders. Note that on the Closing date, the actual balance of cash in
the Trust Account including accumulated interest earned during the period prior to redemption is approximately $311.6 million.
(b)
Reflects the proceeds of approximately
$110.8 million from the issuance and sale of 11,080,600 shares of New OPAL common stock at $10.00 per share pursuant to the Amended Subscription
Agreements entered into with the PIPE Investors in connection with the PIPE Investment and subsequent PIPE Extension.
(c)
Reflects the reclassification
of the carrying value of Opco's Series A and Series A-1 Preferred Units to Redeemable preferred noncontrolling interest.
53
(d)
Reflects the conversion of fifty percent (50%) of
    the principal and accrued interest outstanding pursuant to the Ares Note into New OPAL Class A common stock.
(e)
Reflects recording of estimated additional transaction
    costs to be incurred of $1,616 thousand in additional paid in capital. The amount represents the estimated incremental advisory,
    legal, accounting and auditing fees and other professional fees as of June 30, 2022, that are deemed to be direct and incremental
    costs of the Business Combination and related transactions. The transaction costs excluded $24.9 million in aggregate fees due to
    ArcLight's and Opco's financial advisors for the transaction, including deferred underwriting commissions from ArcLight's
    initial public offering. The advisors withdrew from the transaction and waived their fees in whole.
The $1,400 thousand and $6,243 thousand
decreases to accrued expenses and other current liabilities represent the adjustment to account for payments of accrued transaction cost
liabilities in both Opco and ArcLight's historical balance sheets, respectively, with an offsetting decrease to cash. The $6,443
deferred transaction costs incurred by Opco are adjusted against additional paid-in capital. Additionally, a $4,200 thousand adjustment
was made to accrue for estimated fees related to directors' and officers' insurance tail policy (which is required as part
of the business combination agreement), with offsetting decreases to retained earnings (accumulated deficit) and redeemable noncontrolling
interests based on ownership percentage interests.
(f)
Reflects the reclassification, prior to ArcLight Class
    A ordinary shareholders exercise their redemption rights, of Class A ordinary shares of $311,516 thousand to permanent equity. The
    Transaction Accounting Adjustment also includes conversion of outstanding ArcLight Class A and Class B ordinary shares into New OPAL
    Class A common stock concurrent with the consummation of the Business Combination.
(g)
Reflects the recapitalization of prior ArcLight shares
    with 38,895,381 shares of New OPAL Class A common stock and the elimination of the accumulated deficit of ArcLight. As a result of
    the recapitalization, ArcLight's historical accumulated deficit balance of $21,651 thousand on June 30, 2022 was derecognized
    and reclassified into additional paid in capital. The shares of New OPAL's Class D common stock issued in exchange for Opco's
    capital were recorded at par value in the amount of $15 thousand.
(h)
Following the completion of the Transactions, New
    OPAL, as the registrant, does not own 100% of the economic interests in Opco due to the existing equityholders of Opco owning an
    approximately 85.4% economic interest in Opco. This percentage excludes the 913,907 forfeitable ArcLight Sponsor shares which are
    recognized as a liability at fair value as detailed above. The calculation of redeemable noncontrolling interest is based on the
    net assets of Opco and the ownership percentage held by existing equityholders of Opco in Opco following the completion of the Transactions.
    Shares pursuant to the earnout arrangements have been excluded from the calculation of the redeemable noncontrolling interest until
    such time they become vested. Accordingly, redeemable noncontrolling interest increased to $136,553 thousand with a corresponding
    decrease to additional paid-in capital. In addition, as a result of the recapitalization, the carrying value of Opco's historical
    members' equity of $47,681 thousand and retained earnings of $8,955 thousand were reclassified into redeemable noncontrolling
    interest.
(i)
Reflects the redemption of 27,364,124 Class A ordinary
    shares for approximately $274.2 million allocated to ArcLight common stock and additional paid in capital, using a par value of $0.0001
    per share at a redemption price of approximately $10.02 per share.
(j)
In connection with the Business Combination, New OPAL
    entered into the tax receivable agreement (the "
Tax Receivable Agreement
") with OPAL Holdco and Hillman
    such persons, together with such other persons from time to time that become party thereto, collectively, the "
TRA Participants
").
    Pursuant to the Tax Receivable Agreement, New OPAL will be required to pay the TRA Participants 85% of the amount of savings, if
    any, in U.S. federal, state and local income tax that New OPAL actually realizes (computed using certain simplifying assumptions)
    as a result of the increases in tax basis and certain other tax benefits related to any exchanges of OPAL Common Units (together
    with voting shares of New OPAL) for shares of New OPAL Class A common stock or Class C common stock.
54
Due to the uncertainty as to the amount
and timing of future exchanges of OPAL Common Units by the TRA Participants and as to the price of New OPAL Class A common stock at the
time of any such exchanges, the unaudited pro forma condensed combined financial information assumes that no existing equityholders of
Opco have exchanged OPAL Common Units in a transaction that would create an obligation under the Tax Receivable Agreement. Therefore,
no increases in tax basis in New OPAL's assets or other tax benefits that may be realized under the Tax Receivable Agreement have
been reflected in the unaudited condensed combined pro forma financial information. Future exchanges will result in incremental tax attributes
and potential cash tax savings for New OPAL. Depending on New OPAL's assessment on realizability of such tax attributes, the arising
Tax Receivable Agreement liability will be recorded at the exchange date against equity, or at a later point through income. If the TRA
Participants were to exchange all of their OPAL Common Units, New OPAL would recognize a deferred tax asset of approximately $508.0 million
and a related liability for payments under the Tax Receivable Agreement of approximately $432.0 million, assuming (i) that the TRA Participants
redeemed or exchanged all of their OPAL Common Units on the closing date; (ii) a price of $10.00 per share; (iii) a constant combined
effective income tax rate of 26.47%; (iv) New OPAL will have sufficient taxable income in each year to realize the tax benefits that are
subject to the Tax Receivable Agreement; and (v) no material changes in tax law. These amounts are estimates and have been prepared for
informational purposes only. The actual amount of deferred tax assets and related liabilities that we will recognize will differ based
on, among other things, the timing of the exchanges, the price of the shares of Class A common stock at the time of the exchange, and
the tax rates then in effect.
It is more likely than not that the
deferred tax assets will not be realized in accordance with ASC Topic 740, 'Income Taxes' ("
ASC 740
").
As such, ArcLight has reduced the full carrying amount of the deferred tax assets with a valuation allowance under both scenarios. Management
will continue to monitor and consider the available evidence from quarter to quarter, and year to year, to determine if more or less
valuation allowance is required at that time.
(k)
Reflects the fair value of $5,900 and $46,000 thousand
    of the Sponsor Earnout Awards and the OPAL Earnout Awards, respectively. Refer to Note 3 for more information.
(l)
Reflects the $5,000 thousand fair value of the Forward
    Purchase Agreement liability and associated fees of $625 thousand. The accounting treatment of these costs is still under evaluation,
    and for purposes of the unaudited condensed combined pro forma information these costs are presented as an adjustment to the equity
    issuance proceeds from the business combination.
(m)
Reflects the $2,084 thousand fair value of private
    placement warrants transferred by Sponsor to Encompass. The accounting treatment of these costs is still under evaluation, and for
    purposes of the unaudited condensed combined pro forma information these costs are presented as an offsetting contribution and adjustment
    to issuance proceeds from the business combination.
Note 7 — Adjustments to Unaudited Pro
Forma Condensed Combined Statements of Operations
The pro forma adjustments
included in the unaudited pro forma condensed combined statement of operations for the three months ended June 30, 2022 are as follows:
(a)
As it is more likely than not that the ArcLight deferred
    tax assets will not be realized in accordance with ASC 740, no income tax benefit is recognized.
(b)
Represents the adjustment for the Net income (loss)
    attributable to redeemable preferred noncontrolling interest and redeemable noncontrolling interest. The Net income (loss) attributable
    to redeemable noncontrolling interest is based on a 85.4% percentage interest in Opco. The adjustment to the net income (loss) redeemable
    preferred noncontrolling interest represents the accrued dividends that would be settled in cash in connection with item 6(d) above.
(c)
Represents the elimination of interest earned on marketable
    securities held in ArcLight's Trust Account.
The pro forma adjustments
included in the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2021 are as follows:
(d)
Reflects adjustments to eliminate the income (loss)
    from the equity method investments in connection with Beacon prior to the acquisition, and to reflect the reduced depreciation expense
    pertaining to the acquired property, plant and equipment that was measured at the acquisition date fair value.
(e)
As it is more likely than not that the ArcLight deferred
    tax assets will not be realized in accordance with ASC 740, no income tax benefit is recognized.
(f)
Represents the adjustment for the Net income (loss)
    attributable to redeemable preferred noncontrolling interest and redeemable noncontrolling interest. The Net income (loss) attributable
    to redeemable noncontrolling interest is based on a 85.4% common ownership interest in Opco. The adjustment to the net income (loss)
    redeemable preferred noncontrolling interest represents the accrued dividends that would be settled in cash in connection with item
    6(d) above.
(g)
Represents the elimination of interest earned on marketable
    securities held in ArcLight's Trust Account.
(h)
Reflects a $4,200 thousand adjustment for estimated
    costs attributable to a directors' and officers' insurance tail policy which will be contingently incurred upon closing
    of the transaction.
55
Note 8 — Net Income (Loss) per Share
Represents the net income
(loss) per share calculated using the historical weighted average shares outstanding and the issuance of additional shares in connection
with the Business Combination, the PIPE Investment, and other related events, assuming such additional shares were outstanding since
January 1, 2021. As the Business Combination and PIPE Investment are being reflected as if they had occurred as of January 1, 2021, the
calculation of weighted average shares outstanding for basic and diluted net income (loss) per share assumes the shares issued in connection
with the Business Combination and PIPE Investment have been outstanding for the entire periods presented.
New OPAL has 6,223,261 public
warrants and 9,223,261 private placement warrants. The warrants are exercisable at their $11.50 strike price which exceeds the current
market price for New OPAL Class A common stock. The warrants are considered anti-dilutive and were excluded from the diluted earnings
per share for the period presented below. In addition, the shares pursuant to the earnout arrangements as discussed in Note 1 were excluded
from the diluted earnings per share calculation since such shares are contingently issuable or forfeitable, and the contingencies have
not been resolved. Diluted earnings per share also does not reflect the conversion of Opco's Class B units into New OPAL Class
A common stock as the result would be anti-dilutive. As a result, the basic and diluted net income (loss) per share is the same for the
periods presented.
For the
Six Months
Ended
For the
Year Ended
(in thousands, except shares and per share data)
June 30,
2022
December 31,
2021
Numerator
Pro forma net income (loss) attributable to stockholders - basic and diluted
$
5,339
$
(11,456
)
Denominator
Weighted average shares outstanding of New OPAL Class A common stock – basic
24,757,483
24,757,483
Weighted average shares outstanding of New OPAL Class A common stock – diluted
24,761,483
24,761,483
Pro forma net income (loss) per share (Basic) attributable to New OPAL Class A common stockholders (1)
$
0.22
$
(0.46
)
Pro forma net income (loss) per share (Diluted) attributable to New OPAL Class A common stockholders (1)
$
0.22
$
(0.46
)
Weighted average shares outstanding — basic
ArcLight Public Shareholders
3,752,181
3,752,181
Sponsor Shareholders (2)
6,865,169
6,865,169
PIPE Investors
11,080,600
11,080,600
Ares
3,059,533
3,059,533
Weighted average shares outstanding — diluted
ArcLight Public Shareholders (3)
3,756,181
3,756,181
Sponsor Shareholders (2)
6,865,169
6,865,169
PIPE Investors
11,080,600
11,080,600
Ares
3,059,533
3,059,533
(1)
New OPAL's Class B and
Class D common stock outstanding do not participate in earnings or losses and therefore are not participating securities. As such, a
separate presentation of basic and diluted earnings per share of Class B and Class D common stock under the two-class method has not
been presented.
(2)
Excludes 763,907 of New OPAL
Class A common stock held directly by the Sponsor that are subject to forfeiture pursuant to the Sponsor Letter Agreement and an additional
150,000 of New OPAL Class A common stock held directly by the Sponsor that are subject to forfeiture pursuant to the Sponsor Side Letter
(3)
Includes 4,000 dilutive shares
of New OPAL Class A Common Stock pursuant to the Forward Purchase Agreement under the reverse treasury stock method.
56
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In this Management's
Discussion and Analysis of Financial Condition and Results of Operations section, references to "OPAL", "we",
"us", "our", and the "Company" refer to Opco and its consolidated subsidiaries. The following discussion
and analysis should be read in conjunction with Opco's unaudited condensed consolidated financial statements as of June 30, 2022
and for the six months ended June 30, 2022 and 2021, its audited consolidated financial statements as of and for the years ended
December 31, 2021 and 2020, the related notes, and other information included elsewhere in this prospectus. This discussion and analysis
should also be read in conjunction with Unaudited Pro Forma Condensed Combined Financial Information. In addition to historical information,
this discussion and analysis includes certain forward-looking statements which reflect our current expectations. Our actual results may
materially differ from these forward-looking statements.
Overview
We are a renewable energy
company specializing in the capture and conversion of biogas for the (i) production of RNG for use as a vehicle fuel for heavy and medium-duty
trucking fleets, (ii) generation of Renewable Power for sale to utilities, (iii) generation and sale of Environmental Attributes associated
with RNG and Renewable Power, and (iv) sales of RNG as pipeline quality natural gas. We also design, develop, construct, operate and
service Fueling Stations for trucking fleets across the country that use natural gas to displace diesel as their transportation fuel.
The Biogas Conversion Projects currently use landfill gas and dairy manure as the source of the biogas. In addition, we have has recently
begun implementing design, development, and construction services for hydrogen fueling stations, and we are pursuing opportunities to
diversify its sources of biogas to other waste streams.
We separately design, develop,
construct, operate and service fueling stations for vehicle fleets across the country that dispense RNG and/or CNG to displace diesel
as a fleet transportation fuel. During the six months ended June 30, 2022, we dispensed 13.1 million gasoline gallon equivalents ("
GGEs
")
of RNG to the transportation market, generating corresponding Environmental Attributes, utilizing its network of 241 Fueling Stations
in 40 states in the United States, including more than 32 stations in California as of July 31, 2022. This is a substantial increase
from 75 total stations as of December 2021, due to 129 new fueling stations from one fuel dispensing contract. We have has served as
the general contractor or supervised qualified third-party contractors to complete over 387 Fueling Station projects and currently service
more than 14,000 trucks on a daily basis.
Opco was formed in December
2020 as a wholly owned subsidiary of OPAL
Holdco
under the laws of the
State of Delaware. On December 31, 2020, Fortistar and certain of its affiliated entities (for purposes of this discussion, our "
Ultimate
Parent
") contributed their respective ownership interests in the following legal entities to Opco in a common-control reorganization:
TruStar Energy LLC, Fortistar RNG LLC, Fortistar Methane 3 Holdings LLC, Fortistar Methane 3 LLC, Fortistar Contracting LLC, Fortistar
Services LLC, Gas Recovery Systems, LLC, Minnesota Methane LLC and Fortistar Methane 4 LLC. Opco accounted for its receipt of these interests
as a transfer under common control, and accordingly retained the historical basis of accounting by its Ultimate Parent as if the entities
had always been held by Opco.
Recent Developments
Business combination
On July 21, 2022, we completed
the proposed business combination as per the terms of the Business Combination Agreement. In addition, pursuant to subscription agreements
entered into with certain investors (the "
PIPE Investors
") in connection with the Business Combination (the
"
PIPE Investment
"), concurrently with the closing of the Business Combination (the "
Closing
"),
we received $105.8 million in proceeds from the PIPE Investors, in exchange for which we issued 10,580,600 shares of Class A common stock
to the PIPE Investors. We received the remaining $5 million subscribed for pursuant to the PIPE Investment from one of the PIPE Investors
subsequent to the Closing and issued 500,000 shares of Class A common stock.
After giving effect
to the Business Combination, the redemption of public shares as described below, the consummation of the PIPE Investment, and the separation
of the former ArcLight units, there are currently (i) 25,671,390 shares of our Class A common stock issued and outstanding, (ii) 144,399,037
shares of our Class D common stock issued and outstanding, (iii) no shares of Class B common stock, par value $0.0001 per share ("
Class
B common stock
") issued and outstanding (shares of Class B common stock do not have any economic value but entitle the
holder thereof to one vote per share) and (iv) no shares of our Class C common stock, par value $0.0001 per share, ("
Class
C common stock
") issued and outstanding (shares of Class C common stock entitle the holder thereof to five votes per share).
57
The Class A common stock
and warrants commenced trading on Nasdaq under the symbols "OPAL" and "OPALW," respectively, on July 22, 2022,
subject to ongoing review of our satisfaction of all listing criteria following the Business Combination.
An aggregate of $274.2 million
was paid from the trust account to holders that properly exercised their right to have their public shares redeemed, and the remaining
balance immediately prior to the Closing of $37.6 million remained in the trust account. The remaining amount in the trust account, together
with the proceeds from the PIPE Investment, were contributed by us to Opco after the set aside of funds in escrow to support a forward
purchase agreement.
Business
On November 29, 2021, we
entered into a purchase and sale agreement with NextEra for the Environmental Attributes generated by the RNG Fuels business. Under this
agreement, we plan to sell a minimum of 90% of the Environmental Attributes generated and will receive net proceeds based on the agreed
upon price less a specified discount. A specified volume of Environmental Attributes sold per quarter will incur a small fee per environmental
attribute in addition to the specified discount. The agreement became effective in the first quarter of 2022. During the six months ended
June 30, 2022, we earned net revenues after discount of $29.7 million under this contract which was recorded as part of our "RNG
fuels" revenue.
On December 10, 2021, we
entered into a new 50/50 joint venture and formed Emerald RNG LLC ("
Emerald
") to convert an existing electric
facility into an RNG facility. As of June 30, 2022, we contributed $16.9 million as our share of capital investment towards the
project.
Financing
On November 29, 2021, Mendocino Capital LLC ("
NextEra
")
subscribed for up to 1,000,000 Series A preferred units, which are issuable (in whole or in increments) at our discretion prior to June
30, 2022. As of June 30, 2022, we issued 1,000,000 units for total proceeds of $100.0 million.
Key Factors and Trends Influencing our Results
of Operations
The principal factors affecting
our results of operations and financial condition are the markets for RNG, Renewable Power, and associated Environmental Attributes,
and access to suitable biogas production resources. Additional factors and trends affecting our business are discussed in "
Risk
Factors
" elsewhere in this prospectus.
Market Demand for
RNG
Demand for our converted
biogas and associated Environmental Attributes, including RINs and LCFS credits, is heavily influenced by United States federal and state
energy regulations together with commercial interest in renewable energy products. Markets for RINs and LCFS credits arise from regulatory
mandates that require refiners and blenders to incorporate renewable content into transportation fuels. The EPA annually sets proposed
RVOs for D3 RINs in accordance with the mandates established by the EISA. The EPA's issuance of timely and sufficient annual RVOs to
accommodate the RNG industry's growing production levels is necessary to stabilize the RIN market. The current authorization for the
EPA's issuance of RVOs will expire beginning in 2023, and the EPA may issue RVOs under a modified system that has yet to be developed,
which creates additional uncertainty as to RIN pricing. On the state level, the economics of RNG are enhanced by low-carbon fuel initiatives,
particularly well-established programs in California and Oregon (with several other states also actively considering LCFS initiatives
similar to those in California and Oregon). Federal and state regulatory developments could result in significant future changes to market
demand for the RINs and LCFS credits we produce. This would have a corresponding impact to our revenue, net income, and cash flow.
Commercial transportation,
including heavy-duty trucking, generates approximately 30% emissions of overall CO₂ and other climate-harming GHGs in the United
States, and transitioning this sector to low and negative carbon fuels is a critical step towards reducing overall global GHG emissions.
The adoption rate of RNG-powered vehicles by commercial transportation fleets will significantly impact demand for our products.
We are also exposed to the
commodity prices of natural gas and diesel, which serve as alternative fuel for RNG and therefore impact the demand for RNG.
58
Renewable Power Markets
We also generate revenues
from sales of RECs and Renewable Power generated by our biogas-to-Renewable Power projects. RECs exist because of legal and governmental
regulatory requirements, and a change in law or in governmental policies concerning Renewable Power, LFG, or the sale of RECs could be
expected to affect the market for, and the pricing of, the RECs that we can generate through production at our Biogas Conversion Projects.
We periodically evaluate opportunities to convert existing biogas-to-Renewable Power projects to RNG production. This strategy has been
an increasingly attractive avenue for growth when RNG from landfills became eligible for D3 RINs. We have been negotiating with several
of our Renewable Power off-takers to enter arrangements that would free up the LFG resource to produce RNG. Changes in the price we receive
for RECs and Renewable Power, together with the revenue opportunities and conversion costs associated with converting our LFG sites to
RNG production, could have a significant impact on our future profitability.
Key Components of Our Results of Operations
We generate revenues from
the sale of RNG fuel, Renewable Power, and associated Environmental Attributes, and from the construction, fuel supply, and servicing
of Fueling Stations for commercial transportation vehicles. These revenue sources are presented in our statement of operations under
the following captions:
●
RNG Fuel.
Revenues are derived from the production
and sale of RNG and Environmental Attributes to public utilities and other credit-worthy third parties, including direct sales of RNG
to commercial fueling stations. We generally sell brown gas in the spot market, RIN and LCFS credits under a medium-term contract, and
CNG under 10-year contracts. Contract pricing is generally based on market price at the time of delivery, and our contracts generally
do not have minimum volume commitments. Revenues presented under this caption include the results of our reportable segments "RNG
Fuel Supply" and "RNG Fuel Dispensing."
●
Renewable Power.
Revenues are derived from the production
and sale of both Renewable Power and RECs to public utilities and other credit-worthy counterparties under Power Purchase Agreements
("
PPA
")s and other arrangements throughout the United States. The majority of our Renewable Power and REC production
is sold together on a bundled basis under long-term contracts with fixed per-unit pricing, and without minimum volume commitments. Additionally,
we receive revenue from public utilities to maintain capacity so that peak electricity demand may be met on an as-needed basis and from
operating and maintenance agreements with landfill owners to maintain the site's gas collection system. In an effort to reduce volatility
in our revenues earned from sale of Renewable Power, we enter into certain commodity swap arrangements from time to time. In these arrangements,
we deliver megawatt hour ("
MWh
") capacity and receive a variable price based on market conditions. We convert
this variable fee to a fixed fee by paying or receiving funds from the counterparty to the commodity swap arrangement based on the difference
between the contract fixed price and the market price. Revenues presented under this caption include the results of our reportable segments
"Renewable Power 3 Portfolio" and "Renewable Power 4 Portfolio."
●
Fuel Station Services.
Revenues are derived from our
services to design and construct RNG vehicle fueling stations for fleet operators, and to provide ongoing maintenance services to station
owners. Our design and construction arrangements are generally performed within one year and have a guaranteed maximum fixed price. Our
maintenance services are generally performed under medium to long-term contracts with volume-based pricing. Revenues presented under
this caption include the results of our reportable segments "Fuel Construction Services" and "Fuel Station Services."
Our costs of sales associated with each revenue
category are as follows:
●
RNG Fuel.
Includes royalty payments to biogas site
owners for the gas we capture; service provider costs; salaries and other indirect expenses related to the production process; utilities;
transportation, storage, and insurance; and depreciation of production facilities.
●
Renewable Power.
Includes land usage costs; service
provider costs; salaries and other indirect expenses related to the production process; utilities; and depreciation of production facilities.
●
Fuel Station Services.
Include equipment supplier
costs; service provider costs; and salaries and other indirect expenses.
Selling, general, and administrative
expense consists of costs involving corporate overhead functions, including cost of services provided to us by an affiliate, and marketing
costs.
59
Depreciation and amortization
primarily relate to depreciation associated with property, plant, and equipment and amortization of acquired intangibles arising from
PPAs and interconnection contracts. We are in the process of expanding our RNG and Renewable Power production capacity and expect depreciation
costs to increase as new projects are placed into service.
See our period-over-period
comparisons below for more information about our performance for the six months ended June 30, 2022 and 2021, as well as the fiscal
years ended December 31, 2021 and 2020.
Comparison of the
Six Months Ended June 30, 2022, and 2021, and the Fiscal Years Ended December 31, 2021 and 2020
The following table presents
the period-over-period change for each line item in the Company's statement of operations for the six months ended June 30, 2022
and 2021 and the fiscal years ended December 31, 2021 and 2020.
Six Months Ended
June 30,
$
%
Fiscal Year Ended
December 31,
$
%
(in thousands)
2022
2021
Change
Change
2021
2020
Change
Change
Revenues:
RNG fuel
$
50,815
$
19,174
$
31,641
165
%
$
70,360
$
11,545
$
58,815
509
%
Renewable power
19,152
21,437
(2,285
)
(11
)%
45,324
51,250
(5,926
)
(12
)%
Fuel station service
32,297
17,173
15,124
88
%
50,440
54,911
(4,471
)
(8
)%
Total revenues
102,264
57,784
44,480
77
%
166,124
117,706
48,418
41
%
Operating expenses:
Cost of sales - RNG fuel
30,884
11,080
19,804
179
%
41,075
7,376
33,699
457
%
Cost of sales - Renewable power
15,948
17,888
(1,940
)
(11
)%
31,152
37,755
(6,603
)
(17
)%
Cost of sales - Fuel station service
28,757
14,317
14,440
101
%
42,838
45,037
(2,199
)
(5
)%
Selling, general, and administrative
18,810
11,185
7,625
68
%
29,380
20,474
8,906
43
%
Depreciation, amortization, and accretion
6,558
4,059
2,499
62
%
10,653
8,338
2,315
28
%
Impairment of assets
—
—
—
—
%
—
17,689
(17,689
)
(100
)%
Gain on termination of PPA
—
—
—
—
%
—
(1,292
)
1,292
100
%
Loss on sale/disposal of assets
165
(165
)
100
%
Total expenses
100,957
58,529
42,428
72
%
155,098
135,542
19,556
14
%
Operating  income (loss)
1,307
(745
)
2,052
275
%
11,026
(17,836
)
28,862
162
%
Other income (expense)
Interest and financing expense, net
(6,408
)
(3,305
)
(3,103
)
(94
)%
(7,467
)
(6,655
)
(812
)
(12
)%
Realized and unrealized gain (loss) on derivative financial instruments
328
17
311
1829
%
99
(2,197
)
2,296
105
%
(Loss) Income  from equity method investments
(36
)
2,392
(2,428
)
(102
)%
2,268
(475
)
2,743
577
%
Gain on acquisition of equity method investment
—
19,818
(19,818
)
100
%
19,818
—
19,818
100
%
Gain on PPP loan forgiveness
—
—
—
—
%
—
1,792
(1,792
)
(100
)%
Net (loss) income
(4,809
)
18,177
(22,986
)
(126
)%
40,769
(25,371
)
66,140
261
%
Paid-in-kind preferred dividends
2,435
—
2,435
100
%
210
—
210
100
%
Net loss attributable to non-controlling interests
(499
)
(198
)
(301
)
(152
)%
(804
)
(13
)
(791
)
(6085
)%
Net (loss) income attributable to OPAL Fuels LLC
$
(6,745
)
$
18,375
(25,120
)
(137
)%
$
41,363
$
(25,358
)
66,721
263
%
Revenues
RNG Fuel
Revenue from RNG Fuel increased
by $31.6 million, or 165%, for the six months ended June 30, 2022 compared to the six months ended June 30, 2021. This change
was attributable primarily to a $22.0 million increase from acquiring the remaining 56% interest in Beacon. Beacon was accounted for
as an equity method investment for the period between January 1 to April 30, 2021. There was an increase of $6.8 million from sale of
environmental credits coupled with an increase of $1.4 million in fuel dispensing from increase in volumes due to five new sites. Additionally,
there was an revenue increase of $1.0 million due to two new RNG facilities coming online - Sunoma and New River.
60
Revenue from RNG Fuel increased
by $58.8 million, or 509%, for the year ended December 31, 2021 compared to the year ended December 31, 2020. This change was
primarily attributable to the introduction of Beacon revenues upon consolidation in 2021 and the termination of an off-market RNG sales
agreement effective in late 2020 resulting in an increase of revenues of $47.3 million. Additionally, revenues increased from the sale
of environmental credits of $8.1 million primarily due to increased volumes, and an increase in fuel dispensing sales of $2.9 million
as a result of an increase in third party dispensing and OPAL-owned fueling stations.
Renewable Power
Revenue from Renewable Power
decreased by $2.3 million, or 11%, for the six months ended June 30, 2022 compared to the six months ended June 30, 2021. This
change was attributable primarily due to a decrease of $1.9 million from gas production downtime related to the conversion of a facility
from Renewable Power to RNG. Additionally, there was a decrease of $1.0 million due to unplanned maintenance at two facilities offset
by a $1.0 million decrease in unrealized loss on commodity swaps.
Revenue from Renewable Power
decreased by $5.9 million, or 12%, for the year ended December 31, 2021 compared to the year ended December 31, 2020. This change was
attributable primarily to a decrease of $3.1 million from the reduction in production volumes as a result of closure of two facilities
that were impaired in December 2020. Additionally, there was a reduction of $1.3 million due to the change in fair value of commodity
swap contracts, a $0.7 million decrease due to the expiration of an existing contract, and a $0.6 million decrease from lower volume
of REC sales.
Fuel Station Service
Revenue from Fuel Station
Service increased by $15.1 million, or 88%, for the six months ended June 30, 2022 compared to the six months ended June 30,
2021. This change was primarily attributable to an increase of $12.8 million in construction revenue from additional projects and an
increase of $2.6 million from additional service volumes from the addition of 16 new fueling service sites.
Revenue from Fuel Station
Service decreased by $4.5 million, or 8%, for the year ended December 31, 2021 compared to the year ended December 31, 2020. This was
primarily attributable to a decrease of revenue by $7.2 million from third party construction projects which were delayed into 2022,
partially offset by an increase in revenues from fuel station services of $2.6 million as we built new fuel stations during the year.
Cost of sales
RNG Fuel
Cost of sales from RNG Fuel
increased by $19.8 million, or 179%, for the six months ended June 30, 2022 compared to the six months ended June 30, 2021.
This change was attributable primarily to the introduction of Beacon's cost of sales upon consolidation in the second quarter of
2021 resulting in an increase of $9.8 million. There was an increase of $2.2 million from new RNG facilities coming online at Sunoma
and New River. The Company incurred $0.8 million of development costs for its Emerald and Central Valley facilities that are currently
under construction. Additionally, there was an increase of $4.8 million in costs in downstream dispensing and an increase of $1.7 million
in costs for additional brown gas sales.
Cost of sales from RNG Fuel
increased by $33.7 million, or 457%, for the year ended December 31, 2021 compared to the year ended December 31, 2020. This change was
attributable primarily to the introduction of Beacon's cost of sales upon consolidation in 2021 resulting in an increase of $22.4
million, a $1.9 million increase in development costs for building new RNG facilities and a $8.8 million increase relating to increased
dispensing fees from an increased volume of environmental credits generated.
Renewable Power
Cost of sales from Renewable
Power decreased by $1.9 million, or 11%, for the six months ended June 30, 2022 compared to the six months ended June 30, 2021.
The decrease was primarily attributable to a $0.7 million decrease in major maintenance at two of our facilities due to timing and a
$0.9 million decrease in LFG expense at one of our facilities due to lower Renewable Power generation due to gas issues.
Cost of sales from Renewable
Power decreased by $6.6 million, or 17%, for the year ended December 31, 2021 compared to the year ended December 31, 2020. This change
is attributable primarily to closure of two facilities that were previously impaired in December 2020, a $0.4 million decrease as a result
of lower royalty fees, and a $2.5 million decrease relating to timing of major maintenance on existing facilities.
61
Fuel Station Service
Cost of sales from Fuel
Station Service increased by $14.4 million, or 101%, for the six months ended June 30, 2022 compared to the six months ended June 30,
2021. This change was primarily attributable to an increase of $13.3 million from construction of additional projects and an increase
of $1.0 million increase in service from higher volumes.
Cost of sales from Fuel
Station Service decreased by $2.2 million, or 5%, for the year ended December 31, 2021 compared to the year ended December 31, 2020.
This change was attributable primarily to a decrease in costs of $5.2 million for third party construction projects due to delays into
2022, offset by increase in the cost of the construction project by $2.8 million.
Selling, general, and administrative
Selling, general, and administrative
expenses increased by a total of $7.6 million, or 68%, for the six months ended June 30, 2022 compared to the six months ended June 30,
2021. This change was attributable primarily to higher employee headcount and related compensation and benefit expenses of $3.8 million
to support our organic growth, an increase of $2.1 million in professional fees and audit fees relating to our efforts to become a publicly
traded company, an increase of $1.7 million in IT-related expenses as we invested to improve our technology platforms and $0.7 million
in insurance and marketing expenses.
Selling, general, and administrative
expenses increased by a total of $8.9 million, or 43%, for the year ended December 31, 2021 compared to the year ended December 31, 2020.
This change was attributable primarily to higher employee headcount and related compensation and benefit expenses of $5.8 million to
support our organic growth year-over-year, and a $4.6 million increase in professional fees related to audit, tax, legal and consulting
fees. These costs are related to setting up the administrative, compliance, and governance structure required for operating a public
company which do not qualify for capitalization. The noted increases were partially offset by a gain of $1.5 million recorded as a reduction
of Selling, general and administrative expenses relating to a legal settlement.
Depreciation, amortization,
and accretion
Depreciation, amortization,
and accretion increased by a total of $2.5 million, or 62%, for the six months ended June 30, 2022 compared to the six months ended
June 30, 2021. This change was attributable primarily to the introduction of Beacon's property, plant and equipment balances
upon consolidation in the second quarter of 2021, increasing our depreciation expense by $0.8 million. Additionally, there was an increase
of $0.8 million due to two new RNG facilities coming online at Sunoma and New River, $0.6 million of accelerated depreciation relating
to shutdown of one of our Renewable Power generation facilities and $0.2 million increase upon construction of new fueling stations.
Depreciation, amortization,
and accretion increased by a total of $2.3 million, or 28%, for the year ended December 31, 2021 compared to the year ended December
31, 2020. This change was attributable primarily to the introduction of Beacon's property, plant and equipment balances upon consolidation
in 2021 increasing our depreciation expense by $2.1 million, a $0.4 million increase from new downstream dispensing sites becoming operational,
a $0.1 million increase from one additional RNG facility becoming operational during the fourth quarter of 2021, partially offset by
a $0.3 million decrease due to lower depreciation on assets in our Renewable Power business because of the impairment recognized in December
2020.
Gain on termination of PPA
Gain on termination of PPA
decreased by $1.3 million or 100% for the year ended December 31, 2021 compared to the year ended December 31, 2020. This change was attributable
primarily to the closure of a facility by a mutual agreement with a customer.
62
Loss on sale/disposal
of assets
There was no loss or gain
on the sale/disposal of assets for the six months ended June 30, 2022 and 2021.
Loss on disposal assets decreased
by $0.2 million or 100% for the year ended December 31, 2021 compared to the year ended December 31, 2020 due to certain losses being
incurred for write-offs of property, plant and equipment in the prior year.
Interest and financing
expense, net
Interest and financing expenses,
net, increased by $3.1 million, or 94%, for the six months ended June 30, 2022 compared to the six months ended June 30, 2021.
This change was primarily due to increase in outstanding debt from OPAL term loan resulting in an increase in an interest expense of $1.7
million (includes $0.4 million of amortization of deferred financing costs), $1.2 million of paid-in-kind interest on Convertible note
payable relating to acquisition of Beacon, $0.9 million increase from the Sunoma loan as the interest expense was expensed for the six
months ended June 30, 2022 whereas the interest was capitalized in the same period prior year as because the construction was completed
during the first quarter of 2022. These were offset by savings of $0.3 million on TruStar revolving credit facility as it was paid down
in October 2021 and a $0.9 million increase in interest income from Note receivable.
Interest and financing expenses,
net increased by $0.8 million, or 12%, for the year ended December 31, 2021 compared to the year ended December 31, 2020. The increase
is primarily attributable to the increase in the interest on the convertible note payable of $3.3 million, $0.6 million increase in interest
on the OPAL term loan, partially offset by a decrease of $0.9 million in interest on the senior secured facility, a $1.7 million decrease
in interest on the TruStar revolver facility which was repaid in October 2021, and a $0.5 million increase in income received from patronage
dividends in the current year compared to prior year.
Realized and unrealized
gain on interest rate swaps
Realized and unrealized gain
on interest rate swaps increased by $0.3 million, or 1829%, for the six months ended June 30, 2022 compared to the six months ended
June 30, 2021. This change was attributable primarily to fair value adjustments in connection with our interest rate swaps.
Realized and unrealized gain
(loss) on interest rate swaps increased by $2.3 million, or 105%, for the year ended December 31, 2021 compared to the year ended December
31, 2020. This change was attributable primarily to fair value adjustments in connection with our interest rate swaps.
Net (Loss) Income from
equity method investment
Net (loss) income attributable
to equity in method investments decreased by $2.4 million, or 102%, for the six months ended June 30, 2022, compared to the six months
ended June 30, 2021. This change was attributable primarily to a decrease of $2.4 million from Beacon being accounted for under the
equity method for the period between January 1, 2021 and April 30, 2021 and as a consolidated subsidiary thereafter. For the six months
ended June 30, 2022, there was net loss from equity method investments in the Pine Bend, Noble Road and GREP.
Net income (loss) attributable
to equity method investments increased by $2.7 million, or 577%, for the year ended December 31, 2021 compared to the year ended December
31, 2020. This change was attributable primarily to the increase in net income of Beacon of $2.4 million offset by our share of net loss
from our investment in GREP for the period between August 2021 and December 2021 of $0.1 million as compared to net loss of $0.5million
for Beacon for the year ended December 31, 2020. Upon the step acquisition of the 56% of controlling interest in Beacon in May 2021, the
results of Beacon were consolidated in the financial statements.
63
Gain on acquisition of equity
method investment
There was no gain on equity
method investment for the six months ended June 30, 2022. The gain on acquisition of equity method investment was $19.8 million for
the six months ended June 30, 2021 primarily due to our step acquisition of the remaining interest in Beacon in May 2021.
The gain on acquisition of
equity method investment increased by $19.8 million, or 100%, for the year ended December 31, 2021 compared to the year ended December 31,
2020. This change was attributable primarily to our step acquisition of the remaining interest in Beacon in May 2021.
Gain on deconsolidation of entities
As of December 31, 2021,
we re-assessed our equity interests in Pine Bend and Noble Road under ASC 810,
Consolidation,
and determined the entities no longer
meet any of the characteristics of a variable interest entity primarily because the two projects are fully funded and there is sufficient
equity at risk as of December 31, 2021. We determined that we should account for our interests in both entities under the equity method
of accounting pursuant to ASC 323,
Investments Equity Method and Joint Ventures
, prospectively, as we have the ability to exercise
significant influence, but not control, over both entities.
Prior to December 31, 2021,
we consolidated these entities in accordance with the variable interest entity model guidance under ASC 810,
Consolidation
. Upon
deconsolidation, we remeasured the fair value of the retained investment and recognized a gain of $3.1 million on Pine Bend and $11.9
million on Noble Road in its consolidated statement of operations for the year ended December 31, 2021 and a corresponding increase in
our basis in "Investment in other entities" on our consolidated balance sheet as of December 31, 2021. The fair value of the
retained investment was measured based on discounted cash flows model in which the future net cash flows from the two RNG facilities were
discounted to their present value using a discount factor of 20%.
Paid-in-kind preferred dividends
On November 29, 2021, we
entered into an exchange agreement with Hillman whereby Hillman exchanged its ownership interests in the four RNG projects of $30.0 million
into 300,000
Series A-1 Preferred Units
at a par value of $100 per unit
and 1.4% of the common units of Opco. On the same day, we entered into a subscription agreement with NextEra for up to 1,000,000 Series
A Preferred Units, which were issued to NextEra during first and second quarters of 2022 for total proceeds of $100.0 million.
Both Series A Preferred Units
and Series A-1 Preferred Units carry an interest of 8% dividend payable quarterly either in cash or paid-in-kind for the first eight quarters
at the option of the Company. The Company recorded the paid-in-kind dividends of 1.2 million on Series A-1 Preferred Units and 1.2 million
on Series A Preferred Units for the six months ended June 30, 2022.
There was $0.2 million and
$- paid-in-kind preferred dividend for the years ended December 31, 2021 and 2020, respectively.
Liquidity and Capital Resources
Liquidity
As of June 30, 2022,
our liquidity consisted of cash and cash equivalents including restricted cash of $100.3 million. The completion of the Business Combination
in July resulted in an additional cash infusion of $123.4 million. The Company received the remaining $5 million subscribed for pursuant
to the PIPE Investment from one of the PIPE Investors subsequent to the Closing and issued 500,000 shares of Class A common stock. Additionally,
we entered into a senior secured credit facility which provides an approximately two year delayed term loan facility (the "
DDTL
Facility
") of up to a maximum aggregate principal amount of $100.0 million and Debt Service Reserve facility (the "
DSR
Facility
") of up to a maximum aggregate principal amount of $5.0 million. The proceeds of the DDTL Facility are to be used
to fund a portion of the construction of the RNG projects owned, either in full or through a joint venture with a third party, by the
subsidiary guarantors and the proceeds of DSR Facility are to be used solely to satisfy the balance to be maintained in the debt service
reserve account. Please see Note 16,
Subsequent Events,
to our condensed consolidated financial statements beginning on page F-22
for additional information. Additionally, we expect to have an additional $35.0 million available under the OPAL term loan in the second
half of 2022 upon the commencement of operations of three additional RNG facilities.
64
We expect that our available
cash following the consummation of the Business Combination and PIPE Investment, together with our other assets, expected cash flows from
operations, and available lines of credit under various debt facilities will be sufficient to meet our existing commitments for a period
of at least twelve months following the date of this prospectus. Any reduction in demand for our products or our ability to manage our
production facilities may result in lower cash flows from operations which may impact our ability to make investments and may require
changes to our growth plan. See "
Risk Factors
" and "
Cautionary Statement Regarding Forward-Looking Statements
."
To fund future growth, we
may seek additional capital through equity or debt financings. The amount and timing of our future funding requirements will depend on
many factors, including the pace and results of our project development efforts. We may be unable to obtain any such additional financing
on acceptable terms or at all. Our ability to access capital when needed is not assured and, if capital is not available when, and in
the amounts, needed, we could be required to delay, scale back or abandon some or all of our development programs and other operations,
which could materially harm our business, prospects, financial condition, and operating results.
As of June 30, 2022,
we had total indebtedness excluding deferred financing costs of $244.1 million in principal amount which primarily consists of $80.1 million
under the Senior secured credit facility, $60.8 million under the Convertible note payable, $83.6 million under the OPAL term loan, $174,000
under the Municipality loan and $19.4 million under the Sunoma loan.
As part of our operations
we have arrangements for office space for our corporate headquarters under the Administrative Services Agreement as well as operating
leases for office space, warehouse space, and our vehicle fleet.
We intend to make payments
under our various debt instruments when due and pursue opportunities for earlier repayment and/or refinancing if and when these opportunities
arise.
See Note 7,
Borrowings,
to our condensed consolidated financial statements beginning on page F-58.
Cash Flows
The following table presents the Company's cash
flows for the six months ended June 30, 2022 and 2021, and the years ended December 31, 2021 and 2020.
Six
Months Ended
June 30,
Fiscal
Year Ended
December 31,
(in thousands)
2022
2021
2021
2020
Net cash (used in) provided  from operating activities
$
(9,438
)
$
16,808
$
18,856
$
2,287
Net cash used in investing activities
(54,298
)
(28,752
)
(117,204
)
(22,179
)
Net cash provided from financing activities
121,961
28,278
125,014
21,453
Net increase in cash, restricted cash, and cash equivalents
$
58,225
$
16,334
$
26,666
$
1,561
Net Cash Provided by Operating Activities
Net cash used in operating
activities for the six months ended June 30, 2022 was $9.4 million, a decrease of $26.2 million compared to net cash provided
of $16.8 million for the six months ended June 30, 2021. The decrease in cash provided by operating activities was primarily attributable
to an increase in net operating losses year over year and negative working capital changes.
Net cash provided by operating
activities for the year ended December 31, 2021 was $18.9 million compared to the $2.3 million for the year ended December 31, 2020. The
increase in cash provided by operating activities was primarily attributable to an increase in top line revenue growth as well as profitability
due to the step acquisition of Beacon, and the sale and pricing increase of environmental credits year over year.
Net Cash Used in Investing Activities
Net cash used in investing
activities for the six months ended June 30, 2022 was $54.3 million , an increase of $25.5 million compared to the $28.8 million
used in investing activities for the six months ended June 30, 2021. This was primarily driven by more payments made for the construction
of various RNG generation and dispensing facilities.
Net cash used in investing
activities for the year ended December 31, 2021 was $117.2 million, compared to the $22.2 million used in investing activities for the
year ended December 31, 2020. This was primarily driven by the purchase of property, plant, and equipment for $89.6 million relating to
construction of various RNG generation and dispensing facilities, cash paid for 20% equity interest of another RNG facility of $1.6 million,
cash acquired from business acquisition of $2.0 million, deconsolidation of VIEs net of cash of $21.2 million, and disbursements for note
receivable of $10.5 million
.
65
Net Cash Provided by Financing Activities
Net cash provided from financing
activities for the six months ended June 30, 2022 was $122.0 million, an increase of $93.7 million compared to the $28.3 million
provided from financing activities for the six months ended June 30, 2021. This was primarily driven by issuance of preferred units
for total proceeds of $100.0 million, proceeds from the OPAL term loan of $15.0 million, proceeds from the Sunoma loan of $1.0 million,
capital contribution from a joint venture of $16.9 million offset by debt repayments of $1.2 million and $6.4 million on the Senior Secured
Facility and the OPAL term loan, respectively, and $3.2 million paid as financing costs.
Net cash provided from financing
activities for the year ended December 31, 2021 was $125.0 million, compared to the $21.4 million for the year ended December 31, 2020.
This was primarily driven by partial divesting of ownership interests in our RNG generating construction projects to NextEra for $21.6
million, issuance of non-controlling interest to Hillman of $16.6 million, contributions from non-controlling interests from NextEra of
$7.8 million, contributions from Hillman of $13.4 million, contributions from members of $7.5 million, proceeds from the Opal term loan
$75.0 million, and proceeds from the construction loan under the Sunoma loan of $15.7 million which was offset by repayment of the term
loan under the Senior secured credit facility of $4.9 million, purchase of non-controlling interests of $5.0 million, financing costs
paid to lenders of $3.6 million and distributions to members of $3.7 million.
Capital Expenditures
We require cash to fund our
capital expenditures, operating expenses and working capital and other requirements, including costs associated with fuel sales; outlays
for the design and construction of new Fueling Stations and RNG production facilities; debt repayments and repurchases; maintenance of
our electrification production facilities supporting our operations, including maintenance and improvements of our infrastructure; supporting
our sales and marketing activities, including support of legislative and regulatory initiatives; any investments in other entities; any
mergers or acquisitions, including acquisitions to expand our RNG production capacity; pursuing market expansion as opportunities arise,
including geographically and to new customer markets; and to fund other activities or pursuits and for other general corporate purposes.
As of June 30, 2022,
we have budgeted for $368.0 million in capital expenditures for the next 12 months, of which $269.0 million is committed under existing
contracts. These expenditures do not include any expected contributions from our joint venture and non-controlling interest partners and
primarily relate to our development of new RNG facilities and the purchase of equipment used in our Fueling Station services and Renewable
Power operations
.
We plan to fund these expenditures primarily through cash on hand, cash generated from operations, and cash from
the Business Combination and PIPE Investment.
Contractual Obligations
The following table presents
cash requirements arising from our contractual obligations as of June 30, 2022. For the avoidance of doubt, this excludes cash requirements
associated with new financing arrangements executed after June 30, 2022:
(in thousands)
2022
2023-2024
2025 and beyond
Total
Senior secured facility – term loan
(1)
$
72,632
$
—
$
—
$
72,632
Senior secured facility – working capital facility
(1)
7,500
—
—
7,500
Sunoma loan
709
5,293
13,429
19,431
Municipality loan
(2)
110
64
—
174
Convertible note payable
(3)
—
—
60,820
60,820
OPAL term loan
(4)
9,666
38,664
35,226
83,556
Lease commitments
(5)
339
1,576
750
2,665
Total
$
90,956
$
45,597
$
110,225
$
246,778
(1)
The debt is due to be fully repaid in December 2022.
(2)
The debt payments represent the quarterly amortization payments
due to be paid per the terms of the Municipality 	loan.
66
(3)
Represents the fair value of the convertible note payable
as of June 30, 2022 which includes $5.4 million of payment-	in-kind interest. In connection with our step acquisition of Beacon in
May 2021, we issued Ares a convertible note 	recorded at a fair value of $55.4 million. The original principal balance of the note
was $50.0 million with interest 	accrued at 8.0% per annum and is convertible into our equity pursuant to qualified events. On July
21, 2022, 50% 	of the Convertible note payable was converted to equity upon consummation of the Business Combination.
(4)
The debt payments represent the quarterly amortization payments
due to be paid per the terms of the OPAL 	term 	loan.
(5)
Lease commitments represent payments due on our office and
vehicle leases.
Off-Balance Sheet Arrangements
As of June 30, 2022,
we do not have any off-balance sheet arrangements, as defined in Item 303 of Regulation S-K, that are reasonably likely to have a current
or future material effect on our financial condition, results of operations, liquidity, capital expenditures, or capital resources.
Critical Accounting Policies and Use of Estimates
The preparation of financial
statements in conformity with generally accepted accounting principles in the United States ("
GAAP
") requires management
to make estimates and assumptions that affect the reported amounts and disclosures in our financial statements.
The significant estimates
and assumptions of the Company are residual value of the useful lives of our property, plant and equipment, the fair value of stock-based
compensation, the estimated losses on our trade receivables, the fair value of Convertible note payable (as defined below), Asset retirement
obligations, the impairment assessment of goodwill and the fair value of derivatives. Actual results could differ from those estimates.
The critical accounting
policies discussed below are a subset of Note 2,
Summary of Significant Accounting Policies
, to our condensed consolidated financial
statements beginning on page F-11. The policies outlined in this section involve a significant level of estimation uncertainty and are
reasonably likely to have a material impact on our financial statements.
Revenue Recognition
Renewable Power
We sell Renewable Power produced
from LFG fueled power plants to utility companies through our PPAs. Revenue is recognized based on contract specified rates per MWh when
delivered to the customer, as this considered to be completion of the performance obligation. Certain PPAs contain a lease element which
we account for as operating lease revenue on a straight-line basis over the lease term. The Company utilizes commodity swap contracts
to hedge against the unfavorable price fluctuations in market prices of electricity. The Company does not apply hedge accounting to these
contracts. As such, unrealized and realized gain (loss) is recognized as component of Renewable Power revenues in the condensed consolidated
statement of operations.
Gas — Fuel Purchase
Agreements
We own Fueling Stations for
use by customers under fuel sale agreements. We bill these customers at an agreed upon price for each gallon sold and recognizes revenue
based on the amounts invoiced in according with the "right to invoice" practical expedient. These contracts may contain an
embedded lease of the equipment which we account for as operating lease revenue. For some public stations where there is no contract with
the customer, we recognize revenue at the point in time that the customer takes control of the fuel.
Interstate Gas Pipeline
Delivery
We have agreements with two
natural gas producers whereby we are contracted to transport the producers' gas to an agreed delivery point on an interstate gas pipeline
via our RNG gathering system. Revenue is recognized over time using the output method which is based on quantity of natural gas transported.
67
Environmental Attributes
We generate RECs, RINs, and
LCFS credits. These Environmental Attributes are sold to third parties that utilize these credits in order to comply with federal and
state requirements. Revenue is recognized at the point in time when the credits are transferred to and accepted by the third party buyer.
Operation and Maintenance
We have operating and maintenance
("
O&M
") agreements in which we are contracted to operate, maintain, and repair landfill site gas collection
systems. Revenue is based on the volume of per million British thermal units ("
MMBtu
") of landfill gas collected
and the MWhs produced at that site. This revenue is recognized as Renewable Power revenue when landfill gas is collected and Renewable
Power is delivered. In addition, we have O&M agreements in which we are contracted to maintain and repair Fueling Stations. Revenue
is based on the volumes of GGEs of gas dispensed at the site. This revenue is recognized as Fuel Station Services revenue when the site
dispenses volumes.
Construction Type Contracts
— Third Party
We have various fixed price
contracts for the construction of fueling stations for customers. Revenue from these contracts, including change orders, are recognized
over time, with progress measured by the percentage of cost incurred to date to estimated total cost for each contract.
Impairment of Goodwill
and Long-Lived Assets
Impairment of Goodwill
When a business is acquired,
goodwill is recognized to reflect any future economic benefits that are not separately recognized, such as synergies. For purposes of
impairment testing, GAAP requires goodwill to be allocated to reporting unit(s) at the acquisition date and to be tested for impairment
at least annually, and in between annual tests whenever events or changes in circumstances indicate that the respective reporting unit's
fair value is less than its carrying value. Significant judgment is required when identifying the reporting units for goodwill allocation,
during our assessment of relevant events and circumstances for qualitative impairment indicators, and when estimating the undiscounted
cash flows of reporting unit(s) for quantitative impairment assessments.
Our goodwill impairment assessment
is performed during the fourth quarter of each year or at the time facts or circumstances indicate that a reporting unit's goodwill may
be impaired. In conformity with GAAP, we generally first perform a qualitative assessment over whether it is more likely than not that
a reporting unit's fair value is less than its carrying value to determine if a quantitative assessment is required. If, after performing
the qualitative assessment, we conclude it is more likely than not that the fair value of the reporting unit is less than its carrying
value, then a quantitative test is required. Our qualitative assessment includes evaluation of relevant events and circumstances, such
as, macroeconomic conditions, industry and market considerations, cost factors, overall performance, and other relevant events.
As part of our quantitative
assessment, we estimate a reporting unit's fair value based on the income approach. With this approach, the fair value measurement is
based on significant inputs that are not observable in the market and thus the fair value measurement is categorized within Level 3 of
the fair value hierarchy. Our assumptions include future cash flow projections, a discount rate range based on the weighted average cost
of capital, and a terminal value based on a range of terminal earnings before interest, taxes, depreciation, and amortization.
Impairment of Long-Lived Assets
Our long-lived assets held
and used with finite useful lives including plant equipment, buildings, patents, and PPAs are reviewed for impairment whenever events
or changes in circumstances indicate that the asset group may not be recoverable. In determining the asset group, we assess the interdependency
of revenues between assets, shared cost structures, the interchangeability of assets used in operations, and how assets are managed and
utilized by the business. Events that may trigger a recoverability assessment include a significant adverse change in the extent or manner
in which the long-lived asset group is being used or in its physical condition, and the expectation that, more likely than not, the long-lived
asset or asset group will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. Recoverability
of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset group to future net undiscounted
cash flows expected to be generated by the asset group. Our cash flow estimates reflect conditions and assumptions that existed as of
the measurement date which is the same as the triggering event date. The assets are considered recoverable and an impairment loss is not
recognized when the undiscounted net cash flows exceed the net carrying value of the asset group. If the assets are not recoverable, then
an impairment loss is recognized to the extent that the carrying value of the asset group exceeds its fair value. We base the fair value
of our assets or asset groups off of the estimated discounted future cash flows using market participant assumptions. Assets disposed
of are reported at the lower of the carrying amount or fair value less selling costs. Significant judgment is required when determining
asset group composition, during our assessment of relevant events and circumstances, when determining an appropriate discount rate, and
when estimating the undiscounted and discounted future cash flows of the asset group.
Based on our assessment for
the six months ended June 30, 2022, there is no impairment recorded on our Plant, Property and Equipment.
68
Fair Value Measurements
The objective of a fair value
measurement is to estimate the exit price, which is the price that would be received to sell an asset or paid to transfer a liability
that the Company holds, in an orderly market transaction at the measurement date. We follow GAAP guidance which establishes a three-tier
hierarchy for inputs used in fair value measurements, as well as prioritizes valuation techniques that maximize the use of observable
inputs and minimizes the use of unobservable inputs. In summary, level 1 inputs are considered the most observable inputs and are more
specifically the unadjusted quoted price for identical assets or liabilities in an active market the Company has access to. Level 2 inputs
are considered less observable inputs such as quoted prices for similar assets or liabilities in an active market the Company has access
to. Lastly, level 3 inputs are unobservable inputs in which little to no market activity exists for the asset or liability at the measurement
date. As such, level 3 estimates are subject to a more significant level of estimation uncertainty. Furthermore, when multiple inputs
are used and are categorized in different levels of the input hierarchy, then the fair value measurement in its entirety is categorized
in the same level as its lowest level input that is significant to the fair value measurement. Our assessment of the significance of an
input to a fair value measurement requires judgment and may affect the fair value measurement's placement in the fair value hierarchy.
Refer to Note 9,
Derivative
Financial Instruments and Fair Value Measurements,
to our condensed consolidated financial statements, for details on our assets and
liabilities regularly recorded at fair value and the respective placements in the fair value hierarchy.
Impact of COVID-19
In response to the COVID-19
pandemic, we instituted a safety committee that oversees our compliance with federal, state, and local government mandates, and ensures
that the Company adheres to Centers for Disease Control ("
CDC
") guidelines to maintain safe working conditions
for our employees. Some of the protocols we implemented include limiting in-person work to essential personnel and performing temperature
checks. Since March 2020, where practicable, our employees have worked remotely and minimized travel and other non-essential contact.
Additionally, we are providing our employees with COVID-19 testing at no cost and personal protective equipment for their safety and well-being.
As of the date of this prospectus,
the COVID-19 pandemic has had a relatively minimal economic impact on our results of operations. In May 2020, we received a $1.8 million
PPP loan. At the time we applied for the loan there was considerable uncertainty as to the impact of the pandemic to our operations and
the U.S. economy in general. However, as our operations have been designated "essential critical infrastructure work" in the
energy sector by the U.S. Department of Homeland Security, we have been able to fully continue our operations. We have not experienced
either a decline in our customer base or employee layoffs. In November 2020, the full amount of the PPP loan was forgiven. Aside from
the PPP loan, any other impacts to our financial condition have been minimal.
The duration and future economic
severity of the COVID-19 remains uncertain, and our results of operations and financial condition could potentially face material adverse
effect(s) in the future due to COVID-19. For additional information regarding the possible impact of the COVID-19 pandemic on our business,
see the section titled "
Risk Factors
."
69
Emerging Growth Company Status
We are an emerging growth
company as defined in the JOBS Act. The JOBS Act provides emerging growth companies with certain exemptions from public company reporting
requirements for up to five fiscal years while a company remains an emerging growth company. As part of these exemptions, we need only
provide two fiscal years of audited financial statements instead of three, we have reduced disclosure obligations such as for executive
compensation, and we are not required to comply with auditor attestation requirements from Section 404(b) of the Sarbanes-Oxley Act regarding
our internal control over financial reporting. Additionally, the JOBS Act has allowed us the option to delay adoption of new or revised
financial accounting standards until private companies are required to comply with new or revised financial accounting standards.
Quantitative and Qualitative Disclosures About
Market Risk
We are exposed to market
risks related to Environmental Attribute pricing, commodity pricing, changes in interest rates and credit risk with our contract counterparties.
We currently have no foreign exchange risk and do not hold any derivatives or other financial instruments purely for trading or speculative
purposes.
We employ various strategies
to economically hedge these market risks, including derivative transactions relating to commodity pricing and interest rates. Any realized
or unrealized gains or losses from our derivative transactions are reported within corporate revenue and other income/expense in our consolidated
financial statements. For information about our gains or losses with respect to our derivative transactions and the fair value of such
financial instruments, see Note 9,
Derivative Financial Instruments and Fair Value Measurements,
to our condensed consolidated
financial statements.
Commodity Price Risk
The energy markets have been
historically very volatile and we expect that the Renewable Power prices to fluctuate in a wide range. In an effort to reduce volatility
in our revenues earned from sale of Renewable Power, we entered into certain commodity swap arrangements - the International Swaps and
Derivatives Association Agreement ("
ISDA
") entered into in 2019, and an amendment that converted a PPA into
a commodity swap contract entered into 2018. In these arrangements, we deliver MWh capacity and receive a variable price based on market
conditions. We convert this variable fee to a fixed fee by paying or receiving funds from the counterparty to the commodity swap arrangement
based on the difference between the contract fixed price and the market price.
The following table summarizes
the commodity swaps in place as of June 30, 2022 and December 31, 2021. There were no new commodity swap contracts entered in
the six months ended June 30, 2022.
Trade Date
Period From
Period To
Notional Quantity per Year ("MWh")
Average Contract Price
(per MWh)
December 14, 2018
January 1, 2019
September 30, 2022
34,554
$
66.12
October 28, 2021
November 1, 2021
December 31, 2022
30,660
$
48.75
December 27, 2021
January 1, 2022
December 31, 2022
26,280
$
50.75
We have prepared a sensitivity
analysis to estimate our exposure to market risk with respect to changes in pricing of MWh, Based on our analysis, which may differ from
actual results, a hypothetical 10% increase or decrease in the pricing of MWh in this market would not have a material adverse impact
on our financial condition, or results of operations for June 30, 2022 and December 31, 2021. For more information about our commodity
swap agreements, see Note 9,
Derivative Financial Instruments and Fair Value Measurements,
to our condensed consolidated financial
statements beginning on page F-63.
70
Environmental Attribute
Pricing Risk
Market prices for Environmental
Attributes associated with our RNG and Renewable Power vary based on regulatory mandates and commercial interest in green energy products.
We generally sell Environmental Attributes under a mix of short-term and sales arrangements in which pricing is tied to the market rate
for these attributes at the time of delivery. To manage this market risk, we negotiate long-term biogas feedstock arrangements in which
payments are based on the market price of Environmental Attributes and/or natural gas and electricity commodity prices. Reductions in
the market prices of Environmental Attributes may have a material adverse effect on our revenues, but also generally reduce our expenses
for biogas feedstock.
We have prepared a sensitivity
analysis to estimate our exposure to market risk with respect to RIN prices. Our analysis, which may differ from actual results, was
based on a 2022 estimated D3 RIN Index price of approximately $2.73 and our actual 2021 RINs sold. The estimated annual impact of a
hypothetical 10% decrease in the average realized price per RIN would have a negative effect on our operating profit of approximately
$7.3 million for the six months ended June 30, 2022 and $4.7 million for December 31, 2021.
Interest Rate Risk
To maintain our liquidity
we utilize an existing term loan facility, an existing working capital facility, and an existing line of credit, which bear a variable
interest rate based on the LIBOR Margin or Base Rate Margin (in each case, as those terms are defined in the relevant credit agreement).
We use an interest rate swap to set the variable interest rates under the term loan facility at a fixed interest rate to manage our interest
rate risk.
As of June 30, 2022,
we had $80.1 million aggregate outstanding under the Senior secured facility. Our weighted average interest rate on variable debt was
approximately 4.25%. We have prepared a sensitivity analysis to estimate our exposure to market risk with respect to changes in interest
rates. Based on our analysis, which may differ from actual results, a hypothetical increase in our effective borrowing rate of 10% would
not have a material effect on our annual interest expenses and consolidated financial statements.
As of December 31, 2021,
we had $81.4 million aggregate outstanding under the Senior secured facility. Our weighted average interest rate on variable debt was
approximately 4.8%. We have prepared a sensitivity analysis to estimate our exposure to market risk with respect to changes in interest
rates. Based on our analysis, which may differ from actual results, a hypothetical increase in our effective borrowing rate of 10% would
not have a material effect on our annual interest expenses and consolidated financial statements.
Counterparty Credit
Risk
We have certain financial
and derivative instruments that subject us to credit risk. These consist of our interest rate swaps and Environmental Attribute forward
sales. We are exposed to credit losses in the event of non-performance by the counterparties to our financial and derivative instruments.
Risks surrounding counterparty performance and credit could ultimately impact the amount and timing of expected cash flows. We seek to
mitigate counterparty risk by having a diversified portfolio of counterparties and the evaluation and monitoring of the creditworthiness
of counterparties. Although we may be exposed to losses in the event of nonperformance by counterparties, we do not expect such losses,
if any, to be significant.
71
BUSINESS
We are a renewable energy
company specializing in the capture and conversion of biogas for the (i) production of RNG for use as a vehicle fuel for heavy and
medium-duty trucking fleets, (ii) generation of Renewable Power for sale to utilities, (iii) generation and sale of Environmental
Attributes associated with RNG and Renewable Power, and (iv) sales of RNG as pipeline quality natural gas. OPAL also designs, develops,
constructs, operates and services Fueling Stations for trucking fleets across the country that use natural gas to displace diesel as their
transportation fuel. The Biogas Conversion Projects currently use landfill gas and dairy manure as the source of the biogas. In addition,
we have recently begun implementing design, development, and construction services for hydrogen fueling stations, and we are pursuing
opportunities to diversify our sources of biogas to other waste streams.
Overview of Capture and Conversion Business
We design, develop, construct,
own, maintain, and operate Biogas Conversion Projects using proven technologies to produce RNG for sale as a vehicle fuel for transportation
use and to generate Renewable Power. We are an established biogas-to-energy producer in the United States, having participated
in the landfill gas to energy industry for over 20 years. We have established our operating portfolio through self-development, partnerships,
and acquisitions.
Biogas is comprised of non-fossil waste
gas, with high concentrations of methane, which is the primary component of RNG and the source for combustion utilized by Renewable Power
plants to generate Renewable Power. The biogas is generated by microbes as they break down organic matter in the absence of oxygen. Our
principal sources of biogas are (i)  LFG, which is produced by the decomposition of organic waste at landfills and (ii) dairy
manure, which is processed through anaerobic digesters to produce the biogas.
We typically secure our Biogas
Conversion Projects through a combination of long-term gas rights, manure supply agreements and property lease agreements with biogas
site hosts. Our Biogas Conversion Projects provide our landfill and dairy farm partners with a variety of benefits, including (i) a
means to monetize biogas from their sites, (ii) regulatory compliance for landfills, (iii) a source of environmentally beneficial
waste management practices for dairy farms and (iv) a valuable revenue stream. Once we have negotiated gas rights or manure supply
agreements, we then design, develop, build, own and operate facilities that convert the biogas into RNG or use the processed biogas to
produce Renewable Power. We sell the RNG produced by the Biogas Conversion Projects through RNG marketing and dispensing agreements, primarily
as vehicle fuel for heavy and medium-duty transportation fleets, and generate associated Environmental Attributes when the RNG is
dispensed at Fueling Stations. These Environmental Attributes are then monetized via sale to obligated parties as defined under the RFS
promulgated by the US federal government and Low Carbon Fuel Standard Programs established by several states, including California. We
also sell Renewable Power to public utilities through long-term power purchase agreements.
We believe there are other
sources of biogas in the United States, and internationally, that could be utilized for potential future Biogas Conversion Project
opportunities. We expect to continue our growth by taking advantage of these opportunities while also continuing to capitalize on additional
vertical integration opportunities. Our evaluation and execution of project opportunities will benefit from our ability to leverage our
industry experience, relationships with customers and vendors, knowledge about transmission and distribution utility interconnections,
and capabilities to design, develop, construct, operate, maintain and service Biogas Conversion Projects and Fueling Stations. We exercise
financial discipline in pursuing these projects by targeting project returns that are in line with the relative risk of the specific projects.
Our current Biogas Conversion
Projects generate RNG from landfill sites and dairy farms. We view the acquisition of new landfill gas, dairy farm, and other biogas waste
projects as significant opportunities for us to expand our RNG business, complementing the ongoing conversion of certain of our existing
Renewable Power plants to RNG production facilities. We believe our business is scalable, which is expected to continue to support growth
through development and acquisitions.
We differentiate ourself
from our competitors based on our vertically integrated business model and long history of working with leading vendors, technologies
and utilities. Our competitive advantage is further strengthened by our expertise in designing, developing, constructing and operating
Biogas Conversion Projects and Fueling Stations.
72
Overview of Dispensing
and Monetization Business
We are also a leading provider
of RNG marketing and dispensing in the alternative vehicle fuels market for heavy and medium-duty trucking fleets throughout the
United States. In this sector, we focus on dispensing RNG (procured from our own Biogas Conversion Projects or from third parties)
through Fueling Stations that serve fleets that use natural gas instead of diesel fuel. We have participated in the alternative vehicle
fuels industry for approximately twelve years and have established an expanding network of Fueling Stations for dispensing RNG. These
Fueling Stations and dispensing services are key for our business because Environmental Attributes are generated through dispensing RNG
at these stations for use as vehicle fuel for transportation, and, once generated, the Environmental Attributes can then be monetized.
During 2021, we dispensed 19.9 million GGEs of RNG to the transportation market, generating corresponding Environmental Attributes,
utilizing its current network of 75 Fueling Stations in 18 states in the United States, including more than 20 stations in California.
In connection with the marketing
of the Environmental Attributes generated from our activities, in November 2021, we signed a purchase and sale agreement with NextEra
providing for the exclusive purchase by NextEra of 90% of our Environmental Attributes (RINs and LCFS credits), including those generated
by our owned Biogas Conversion Projects and those granted to us in connection with dispensing of RNG on behalf of third-party projects.
Under the agreement, we are to receive the net proceeds paid to NextEra by NextEra customers for the purchase of such Environmental Attributes
(or in certain circumstances an index-based price or pre-negotiated price) less a specified discount. The agreement provides
for an initial five year term, followed by automatic one-year renewals unless terminated by either party at least 90 days prior to
the last day of the initial term or then-current renewal term.
Under the agreement, we have
committed to sell a minimum quarterly volume of Environmental Attributes to NextEra, which if not satisfied on a cumulative basis (giving
credit for certain excess volume sold to NextEra during the contract term) as of the end of the contract term (or upon an early termination
of the agreement) would result in our paying NextEra a shortfall payment calculated by (i) multiplying the amount of the volume shortfall
by a fraction of the then-current index price of the Environmental Attribute and (ii) adding a specified premium (the "
Shortfall
Amount
"). Similarly, if the agreement is terminated by NextEra due to an event of default (generally defined as a failure
by us to pay any undisputed amounts under the agreement, a material uncured breach of our representations or warranties or other obligations
under the agreement, or the dissolution, bankruptcy or insolvency of us or certain of our affiliates), NextEra would be entitled to receive,
without any duplication, any then-current Shortfall Amount plus an accelerated payment calculated based off of the remaining minimum
quarterly volume commitments for the balance of the initial term (or for the next four quarters of the next renewal term, if neither party
had provided notice of non-renewal as described above prior to the commencement of such renewal term), which accelerated payment
would be similarly calculated by (i) multiplying such remaining minimum quarterly volume commitments by a fraction of the then-current index
price of the Environmental Attribute and (ii) adding a specified premium. The amount of such potential payments declines over the course
of the contract term as we deliver Environmental Attribute volume under the contract. Were, however, the agreement to be terminated as
of the date of this prospectus and we were not to deliver any further Environmental Attribute volume to NextEra under the agreement, the
maximum potential payment to NextEra under these provisions would be approximately $15.4 million based on current market prices for
such Environmental Attributes.
In the coming years,
we believe we will also be able to provide hydrogen fuel to vehicle fleets, by constructing and servicing hydrogen fueling as well as
providing RNG for hydrogen production. As fleet operators deploy more hydrogen powered vehicles, we anticipate constructing and servicing
stations that use hydrogen derived from RNG to deliver low carbon hydrogen fuel to customers. We are currently in the design and engineering
phase of the first several of these hydrogen fueling stations.
How We Generate Revenue
Overview
.
Our
revenues are driven principally from the sale of Environmental Attributes that are generated from dispensing RNG as transportation fuel
for heavy and medium-duty trucking fleets at Fueling Stations. In addition, we generate revenue from the sale of (i) Renewable
Power, (ii) design, development, construction and service of Fueling Stations, and (iii) from sales of RNG produced by OPAL
as pipeline quality natural gas.
Environmental Attributes
.
Currently,
our Environmental Attributes revenue stream is primarily comprised of RINs, LCFS credits, and RECs. If RNG is dispensed into vehicles
as transportation fuel, RINs will be generated under the RFS program. In certain states, there are LCFS programs, which allow a credit
to be generated based on a fuel's carbon intensity score. If RNG is used to produce hydrogen which is consumed in the transportation
market in a state where an LCFS program is available, a LCFS credit may be generated as well. Lastly, LFG-to-Renewable Power projects
can create Environmental Attributes, in the form of a REC, in certain states and can be bundled with electricity off-take or monetized
separately. See "
—Biogas RNG Market Opportunity.
"
73
Power Purchase Agreements
.
Our
Renewable Power projects generally have associated long-term Power Purchase Agreements ("
PPAs
") with creditworthy
utility off-takers or municipalities. Nearly all of our Renewable Power off-takers have investment grade credit ratings with
either S&P or Moody's. As discussed above, we also generate Renewable Energy Credits ("
RECs
") from
Renewable Power projects through the conversion of biogas to Renewable Power.
Fueling Station Construction
and Services
.
We have significant experience in the engineering, design, construction and operation of
Fueling Stations that dispense RNG. Since 2009, TruStar Energy, one of our subsidiaries, together with its predecessors, has served
as the general contractor or supervised qualified third-party contractors and completed over 350 Fueling Station projects. We use
a combination of custom designed and off-the-shelf equipment to build these stations. We also perform in-house manufacturing
and modularized portable CNG compressor packages for smaller dispensing stations, utilizing its patented technology that allows faster
and easier station installations. These portable packages can include defueling panels that allow smaller fleet owners to avoid expensive
maintenance shop upgrades. In addition, we also generate revenues by providing O&M services for customer stations; and by helping
its customers obtain federal, state and local tax credits, grants and incentives.
Biogas Conversion Projects
Typically, a Biogas
Conversion Project includes two phases: (i) biogas collection and (ii) processing and purifying biogas.
At landfills, biogas collection
systems can be configured as vertical wells and horizontal collectors. The most common method is drilling vertical wells into the waste
mass and connecting the wellheads to lateral piping that transports the gas to a collection header using a blower or vacuum induction
system. Collection system operators "tune" or adjust the wellfield to maximize the volume and quality of biogas collected
while maintaining environmental compliance. The existing compliance structure for landfills in the United States benefits us since
the EPA requires larger landfills to have collection systems in place to collect and destroy biogas emissions. We turn this compliance
cost into a revenue stream for the landfill and is able to leverage existing collection infrastructure in biogas plant design.
A basic biogas processing
plant includes: (i) a moisture removal system, (ii) blowers to provide a vacuum to "pull" the gas and pressure to
convey the gas and (iii) a flare for destroying unutilized gas. System operators monitor parameters to maximize system efficiency.
Using biogas in a Renewable Power facility usually requires some treatment of the landfill gas to remove excess moisture, particulates,
and other impurities. The type and extent of treatment depends on site-specific biogas characteristics and the type of Renewable
Power facility. This partially cleaned biogas can be burned on-site to generate Renewable Power and which can be immediately used
or deployed into the grid. To further upgrade the gas to pipeline quality RNG, the partially treated biogas then goes through separation
of the CO
2
from the methane molecules. Further treatment of the biogas is often required to remove residual nitrogen and/or
oxygen to meet pipeline specifications.
For dairy waste-to-RNG projects,
manure is collected and then scraped or flushed into a reception pit or lagoon, and may be fed into a digester. The biogas equipment then
anaerobically digests the manure and produces biogas. There are three different types of anaerobic digesters: (i) covered lagoons
(existing lagoons that use large cover to capture methane); (ii) complete mix (large tanks that heat and mix manure), and (iii) plug-flow (long
rectangular tanks; unmixed). The biogas is then upgraded to meet pipeline quality specifications.
If a biogas capture and conversion
project is not within close proximity to a pipeline, the RNG is transported by road using tube trailers to a gas injection point.
Biogas RNG Market Opportunity
Biogas can be collected and
processed to remove impurities for use as RNG (a form of high-Btu fuel) and injected into existing natural gas pipelines as
it is fully interchangeable with fossil natural gas. Partially treated biogas can be used directly in heating applications (as a form
of medium-Btu fuel) or in the production of Renewable Power. OPAL's current primary sources of biogas are landfills and
dairy farms.
Landfill- and livestock-sourced biogas
serve as the base to produce RNG, while also reducing GHG emissions. While landfill projects for RNG and Renewable Power have been developed
over the past few decades, undeveloped landfills remain a significant source of biogas. Moreover, as technology continues to develop and
economic incentives grow, we believe additional sources of biogas will become available for RNG production.
74
Overview of Landfill
Gas Sources
LFG, or landfill gas, is
created through the naturally occurring anaerobic decomposition of organic matter. Large landfills have been required by the EPA to capture
municipal solid waste landfill emissions for decades due to various regulatory requirements aimed at reducing GHG emissions. The amount
of LFG produced from a landfill generally increases as more waste is added to the site. Once a permitted landfill site is completely filled,
the landfill will place a cap over the waste. Gas production then follows a generally predictable and modest decline over the next 30
or more years. As a result, LFG has a predictable long-term production profile which, when coupled with the expectation of continued
landfill waste growth in the United States for the next 30 years, creates predictable long-term LFG feedstock.
To capitalize on this feedstock
opportunity, and to help landfill owners meet growing regulatory requirements for curbing GHG emissions, we enter into long-term gas
rights and site lease agreements with landfill owners. The agreement terms are typically at least 20 years. In most cases, the agreements
contain renewal provisions. With respect to all of our existing or proposed LFG-to-RNG Biogas Conversion Projects currently in operation
or under construction (a total of 12 projects), all but one relates to landfills that are currently open and accepting more waste, which
we believe provides a high degree of visibility into the long-term volumes of RNG capable of being generated as each of these projects.
Using proven gas purification
technology, biogas can be processed onsite to remove impurities, and used at around 50% methane to generate Renewable Power. Biogas can
be further processed and upgraded to remove CO
2
as well as remaining contaminants to increase the methane content and
reach pipeline quality specifications, creating RNG. The resulting RNG can be used for all purposes suitable for traditional fossil
fuel-based natural gas such as vehicle fuel (e.g., for consumer, industrial and transportation uses, or further converted to renewable
hydrogen). RNG can be transported using existing natural gas pipeline infrastructure or through tube trailers. This is an important factor
that enables OPAL to design, develop and operate RNG projects to generate value from production of RNG and the associated Environmental
Attributes (i.e., RINs and LCFS credits) throughout the United States.
Overview of Livestock
Sources
Livestock are the top agricultural
source of GHG worldwide, according to the EPA. Livestock waste, particularly from dairies, produces biomethane which can be converted
to RNG through the use of an ADG. After being converted to RNG, it can be sold as RNG for consumer, industrial and transportation
uses, or further converted to renewable hydrogen. When RNG is produced from livestock waste and used as a vehicle fuel, it effectively
reduces emissions from the transportation fleets and also from the livestock facilities that otherwise do not have to collect such methane
and is often considered carbon negative. Additionally, revenues generated from dispensing RNG produced from livestock farms can be
significantly higher than dispensing revenue from RNG produced from landfills due to state-level low-carbon fuel incentives
for these projects.
We view dairy farms as a
significant opportunity for us to expand our RNG business. Processing biogas from dairy farms requires similar expertise and capabilities
as processing biogas from landfills.
The presence of our digester
benefits dairy farmers in a number of ways, creating a mutually beneficial relationship. We assist in managing the waste for the
dairy farmer, which they would otherwise have to manage. Additionally, processing this waste in a digester is significantly more
environmentally friendly by reducing GHG emissions. Finally, a byproduct of the production process can be returned to farmers for
use as bedding, alleviating the need to purchase other materials for bedding for the cows and/or adding a revenue stream for the dairy
farmer when sold to third parties.
Highly Fragmented Market
The LFG market is heavily
fragmented, which we believe represents an opportunity for companies like us to find project opportunities. According to the EPA, the
top ten players account for approximately 54% of installed LFG capacity as of September 2021, and over 90% of developers own five
or fewer projects. This market dynamic creates the opportunity for consolidation by well capitalized, experienced market participants
such as OPAL.
While LFG has accounted for
most of the growth in Biogas Conversion Projects to date, we believe additional economically viable LFG project opportunities exist. According
to the EPA LMOP project database, as of September 2021, there were 548 LFG projects in operation in the United States, including
383 operating LFG-to-electricity projects that may be converted to produce RNG, 14 construction projects, and 53 planned RNG and
Renewable Power projects, as well as 483 additional candidate landfills. Based on EPA data, these 483 candidate landfills have the potential
to collect a combined 346.0 million standard cubic feet of LFG per day. Based on our industry experience, technical knowledge
and analysis, we believe many of these sites are potentially economically viable for RNG project acquisitions.
75
Biogas from livestock farm
waste also represents a significant opportunity for RNG production that remains largely untapped. According to the US Department of Agriculture,
as of June 2018, biogas recovery systems are feasible at 2,704 incremental dairy farms and 5,409 incremental swine farms in
the United States. These farms have the potential to produce roughly 172.0 million MMBtu of RNG annually, or the equivalent
of the carbon dioxide emissions from over 1.3 billion gallons of gasoline. Although many of the EPA identified project sites are not currently
economically viable because of distance from pipelines and contaminants in the biogas, among other reasons as described above, we believe
there is potential for sustained growth in biogas conversion from livestock waste sources given our experience in evaluating sites and
assessing their viability, evolving consumer preferences, regulatory conditions, ongoing waste industry trends, and project economics.
Additionally, all-in prices paid for RNG from livestock farms can be significantly higher than prices for RNG from landfills
due to state-level LCFS incentives for these projects. Given our understanding of biogas processing and its market leadership
in RNG, including access to a broad network of Fueling Stations for dispensing, we believe we are well-positioned to take advantage
of opportunities in this emerging market. Our first dairy development project, Sunoma, is located at Paloma Dairy and came online in November 2021.
Well-Established Regulatory
Framework
RINs are credits used by
Obligated Parties for regulatory compliance as part of the RFS program. The RFS program is a federal law introduced in 2005 and updated
in 2007 to incorporate renewable content into various transportation fuels. Through this RFS program, RINs can be sold to counterparties
in order for them to meet their renewable standard requirements. RNG from landfills and livestock waste, among other sources, qualifies
as a cellulosic biofuel with a 60% GHG reduction requirement ("
D3
") RIN, which is currently the highest priced
RIN and commands a premium compared to non-cellulosic renewable fuels such as ethanol and renewable diesel.
We generate RINs when RNG
is dispensed into vehicles as transportation fuel, and the RINs can then be sold to, and traded with, market participants who can either
retire them or trade them again. By using the RINs, Obligated Parties retire the RINs for compliance purposes. Market participants in
the RIN program typically include Obligated Parties and registered RIN market participants. Participants include both domestic and foreign
companies.
The LCFS programs are state-level market-based programs
designed to decrease carbon intensity and GHG emissions from the transportation sector. Currently, California and Oregon have established
LCFS programs. Additionally, multiple jurisdictions are considering implementation of LCFS programs; for example Canada has proposed programs
and Washington State's program will begin in 2023.
The LCFS programs are attractive
because the LCFS credits can be additive to RINs. In California, the most established program, the LCFS program is administered by the
CARB, which sets annual CI standards. Fuel producers in the transportation fuel pool that have lower CI scores than the target established
by CARB generate LCFS credits, and those with higher CI scores than the annual standard will generate deficits. A fuel producer with deficits
must have enough LCFS credits through either generation or acquisitions to be in annual compliance with the annual standard. OPAL is poised
to take advantage of the LCFS programs given that RNG from dairies has very low or negative CI, and therefore generates valuable credits
in states with LCFS programs. Although not included in OPAL's base case model, landfill RNG projects can attract LCFS credits as
well but are not as valuable as the lower CI dairy RNG credits.
Currently, it is estimated
that RNG production in the United States can only cover about 1% of the US heavy and medium-duty vehicles fuel market. RNG production
is projected to triple by 2027, increasing the RNG industry share to as much as 2.5%. Although it is likely utilities and other consumers
will compete with the vehicle fuel market to acquire such RNG, we believe there is adequate potential to continue placing RNG volumes
into the transportation market. The legislated D3 RIN requirements are many multiples of current industry production. The EPA sets an
RVO each year generally in excess of what the industry is expected to produce but well below the statutory requirement. The EPA has sharply
increased the required volume of the D3 RINS in recent years, with the current D3 RIN RVO level encouraging growth in the industry.
Economic Benefits Incentivize
Switching to RNG
RNG vehicles, especially
heavy and medium-duty commercial vehicles, not only have a lower cost of ownership than similar vehicles running on diesel, they
also have a lower cost of ownership than their renewable energy peers, especially hydrogen and battery electric vehicles, assuming expected
D3 RINs and LCFS pricing. This comparative advantage creates significant economic incentives for heavy and medium-duty commercial
vehicle owners to favor RNG.
76
Our Projects
RNG Projects
Below is a table setting
forth the RNG projects in our portfolio as of July 31, 2022:
Design
Capacity
(MMBtus
Per Year)
(1)
Source of
Biogas
OPAL
Ownership %
(2)
RNG Projects in Operation
Greentree
900,000
LFG
100
%
Imperial
900,000
LFG
100
%
New River
(3)
600,000
LFG
100
%
Noble Road
(3)
800,000
LFG
50%/62.5
%
Pine Bend
(3)
775,000
LFG
50%/62.5
%
Sunoma
200,000
Dairy
90%/30
%
Subtotal
4,175,000
RNG Projects In Construction
BioTown
375,000
Dairy
10.60
%
Hilltop
250,000
Dairy
100
%
Michigan 1
2,200,000
LFG
50
%
North Carolina 2
(4)
1,100,000
LFG
50
%
Prince William
1,600,000
LFG
100
%
Vander Schaaf
250,000
Dairy
100
%
Subtotal
5,775,000
(1)
Design capacity may not reflect actual production of RNG
from the projects, which will depend on many variables including, but not limited to, quantity and quality of the biogas, operational
up-time of the facility, and actual productivity of the facility.
(2)
Certain projects have provisions that will adjust, or "flip,"
the percentage of distributions to be made to us over time, typically triggered by achievement of hurdle rates that are calculated as
internal rates of return on capital invested in the project.
(3)
New River, Noble Road and Pine Bend have just recently begun
operations and are in a ramp-up phase.
(4)
North Carolina 2 has secured gas rights and site access and
is anticipated to begin construction in the second quarter of 2022.
77
Renewable Power Projects
Below is a table setting forth the Renewable Power
projects in operation in our portfolio:
Nameplate
Capacity
(MW Per
Hour)
(1)
RNG
Conversion
Candidate?
Stage
of RNG
Conversion
California 1
5.2
Yes
In Development
California 2
6.06
Yes
In Development
California 3
3.0
No
N/A
California 4
3.2
No
N/A
California 5
1.76
No
N/A
California 6
1.6
No
N/A
California 7
6.5
No
N/A
California 8
6.5
No
N/A
Florida
2.85
No
N/A
Massachusetts 1
5.3
Yes
In Development
Massachusetts 2
3.6
No
N/A
Michigan 1E
(2)
28.9
Yes
In Construction
Michigan 3
6.3
Yes
In Development
New York
5.9
No
N/A
North Carolina 1
14.4
Yes
In Development
Pennsylvania
8.0
Yes
In Development
Prince William 1E
(3)
1.9
Yes
In Construction
Prince William 2E
(4)
4.8
Yes
In Construction
Virginia
8.0
Yes
In Development
Total
123.77
(1)
Nameplate capacity is the maximum permitted output for each
facility and may not reflect actual MW production from the projects, which depends on many variables including, but not limited to, quantity
and quality of the biogas, operational up-time of the facility, and actual productivity of the facility.
78
(2)
See RNG Projects Table above, reference "Michigan 1"
under "RNG Projects In Construction." It is currently contemplated that the Michigan 1E renewable power plant will continue
limited operations on a stand-by, emergency basis through March of 2031.
(3)
See RNG Projects Table above, reference "Prince William"
under "RNG Projects In Construction." It is currently contemplated that the Prince William 1E renewable power plant will
continue operations through approximately December 2022
(4)
See RNG Projects Table above, reference "Prince William"
under "RNG Projects In Construction." It is currently contemplated that the Prince William 2E renewable power plant will
continue operations through approximately December 2022
For purposes of determining
whether a Renewable Power project should be considered an RNG conversion candidate, we use various criteria, including (i) the quantity
and quality of landfill gas, (ii) the proximity to pipeline interconnect and (iii) the ability to enter into contracts including
site leases and gas rights agreements with host sites. These factors, as represented in the table above, reflect our current views and
are subject to change.
Other RNG Projects
in Development
In addition to the projects
listed in the tables above, we are actively performing development work on seven potential projects ("
RNG Projects in Development
").
We have identified key milestones ("
Key Milestones
") that these RNG Projects in Development must achieve prior
to moving into construction. These RNG Projects in Development have achieved one or more of these Key Milestones, which include: (i) controlling
the right to conduct due diligence on the project, (ii) completing the analysis of the biogas in terms of quantity and quality, (iii)
securing control over the rights to the biogas and site for production of RNG, (iv) establishing the design basis for the RNG production
facility, (v) negotiating engineering, procurement and construction contracts, (vi) developing an environmental regulatory compliance
plan, and (vii) securing interconnection agreements with pipeline and electric utilities.
With the passage of time,
the list of RNG Projects in Development is likely to be somewhat dynamic and will necessarily evolve. Not all RNG Projects in Development
will achieve the Key Milestones and move into construction. Some RNG Projects in Development may need to be scaled back in order to achieve
the Key Milestones. On the other hand, however, we are continually pursuing opportunities for other projects that are candidates to become
RNG Projects in Development.
Dispensing and Monetization
Business
At present, we believe the
best use of RNG is as a replacement for fossil-based fuel in the heavy and medium-duty transportation sector. During 2021, we
dispensed 19.9 million GGEs of RNG to the transportation market, generating corresponding Environmental Attributes, utilizing its
current network of 75 Fueling Stations in 18 states in the United States, including more than 20 stations in California.
In the coming years, we
believe it will also be able to provide hydrogen fuel to vehicle fleets, by constructing and servicing hydrogen fueling stations as well
as providing RNG for hydrogen production. As fleet operators deploy more hydrogen powered vehicles, we anticipate constructing and servicing
stations that use hydrogen derived from RNG to deliver low carbon hydrogen fuel to customers. We are currently in the design and engineering
phase of the first several of these hydrogen fueling stations.
79
Our Strengths
Vertical Integration
of Business
The combination of Biogas
Conversion Projects and Fueling Stations, together with the dispensing, generation, and monetization of the associated Environmental Attributes,
differentiates us from our principal competitors. This vertical integration allows for a direct pathway to qualify biogas for Environmental
Attributes and offers an attractive network of Fueling Stations to heavy and medium-duty trucking fleets running on natural gas.
Our involvement across the
RNG value chain, from production to dispensing of RNG, gives us the opportunity to avoid value leakage that competitors may incur by having
to rely upon third-parties for either RNG supply or dispensing. The additional value captured benefits us by allowing it to offer
better terms to its increasing number of transportation customers. The increasing adoption of RNG as a fuel for transportation use amongst
its customers subsequently gives us more opportunities to secure additional gas rights for Biogas Conversion Projects.
Our vertical integration
also attracts low CI project developers that need partners to market and dispense their fuel to obtain LCFS credits and provide the required
economic returns on their projects. As a result, we gain opportunities to source new Biogas Conversion Projects as well as secure RNG
marketing agreements from these developers. In addition, fleet owners are attracted to our biogas conversion and dispensing resources
which results in the growth of dispensing, station construction and service businesses.
Management and Project
Expertise
Our management team has decades
of combined experience in the design, development, construction, maintenance, and operation of Biogas Conversion Projects and Fueling
Stations that dispense RNG, as well as the monetization of the associated Environmental Attributes. We believe our team's proven
track record and focus give us a strategic advantage in continuing to grow our business. Our diverse experience and integration of key
technical, environmental, and administrative support functions underpin our ability to design and operate projects and execute its day-to-day activities.
Our experience and existing
project portfolio has provided access to a wide spectrum of available biogas-to-RNG and biogas-to-Renewable Power conversion
technologies. We are technology agnostic and base project design on the available technologies (and related equipment) most suitable for
the specific application, including membranes, media, and solvent-based gas cleanup technologies. We are actively engaged in the
management of each project site and regularly serves in engineering, construction management, and commissioning roles. This allows us
to develop a comprehensive understanding of the operational performance of each technology and how to optimize application of the technology
to specific projects, including through enhancements and improvements of operating or abandoned projects. At LFG-to-RNG projects,
technologies deployed at each project are relatively consistent and mature and Management has extensive experience with such technologies.
At livestock waste-to-RNG projects, digester technologies may be different from site to site but upgrading technology again is fairly
consistent from site to site and they have both been widely used in the past several decades. Additionally, we also work with key vendors
on initiatives to develop and test upgrades to existing technologies.
We also have a network of
experienced and creditworthy EPC contractors to perform design, development, procurement and construction services under supervision by
us. Typically, our current contracts for EPC services contain fixed price, date certain provisions and liquidated damages provisions,
which greatly reduce the risks typically associated with construction projects. Additionally, we also work with key vendors on initiatives
to develop and test upgrades to existing technologies.
Access to Development
Opportunities
We have many relationships
throughout the industry supply chain from technology and equipment providers to feedstock owners to RNG off-takers. We believe
the strong reputation we have attained in combination with its understanding of the various and complex requirements for generating and
monetizing Environmental Attributes gives us a competitive advantage relative to new market entrants. We further benefit from our vertical
integration by offering dispensing and monetization services to third-party developers, which can lead to project acquisition or
partnership opportunities for us.
We leverage our relationships
built over the past several decades to identify and execute new project opportunities. Typically, new development opportunities come from
our existing relationships with landfill owners and dairy developers who value our long operating history and strong reputation in the
biogas conversion industry.
This includes new projects or referrals from existing partners
.
We actively seek to
extend the term of our contracts at project sites and views our positive relationships with the owners and managers of its host landfills
and dairy farms as a contributing factor to our ability to extend contract terms as they come due.
80
Large and Diverse Project
Portfolio
We believe we have one of
the largest and most technologically optimized Biogas Conversion Project portfolios in the RNG industry. Our ability to solve unique project
development challenges and integrate such solutions across our entire project portfolio has supported the long-term successful partnerships
we have with its Biogas Conversion Project hosts. Because we are able to meet the varying needs of its host partners, we have a strong
reputation and is actively sought out for new project and acquisition opportunities. Additionally, our size and financial discipline generally
affords it the ability to achieve priority service and pricing from contractors, service providers, and equipment suppliers.
EHS and Compliance
Our executive team places
the highest priority on the health and safety of our staff and third parties at our project sites, as well as the preservation of the
environment. Our corporate culture is built around supporting these priorities, as reflected in our well-established practices and
policies. By setting and maintaining high standards in the renewable energy field, we are often able to contribute positively to the safety
practices and policies of its host landfills, which reflects favorably on us with potential hosts when choosing a counterparty. Our high
safety standards include use of wireless gas monitoring safety devices, active monitoring of all field workers, performance of regular
EHS audits and the use of technology throughout our safety processes from employee training in compliance with operational processes and
procedures to emergency preparedness. By extension, we incorporate our EHS standards into our subcontractor selection qualifications to
ensure our commitment to high EHS standards is shared by our subcontractors which provides further assurances to our host landfills.
Our Strategy
Capture and Conversion
Business
We aim to maintain and grow
our position as a leading producer and dispenser of RNG in the United States. We support this objective through a multi-pronged strategy
of:
●
promoting the reduction of methane emissions and expanding
the use of renewable fuels to displace fossil-based fuels;
●
expanding our industry position as a full-service partner
for development opportunities, including through strategic transactions; and
●
expanding our capabilities to new feedstock sources and technologies.
Promoting the Reduction
of Methane Emissions and Expanding the Use of Renewable Fuels to Displace Fossil-Based Fuels
We share the renewable fuel
industry's commitment to providing sustainable renewable energy solutions and offering products with high economic and ecological
value. By simultaneously replacing fossil-based fuels and reducing overall methane emissions, our projects have a positive environmental
impact. We strive to optimize the economics of capturing biogas from our host landfills and dairy farms for conversion to RNG by balancing
the capital and operating costs with the current and future quality and quantity of biogas.
81
In addition to methane emission
reduction, the increased production and use of RNG has several other environmental benefits. Anaerobically digested livestock waste produces
significantly less odor than conventional storage and land application systems. The odor of stored livestock waste mainly comes from volatile
organic acids and hydrogen sulfide, which has a sulphury smell. In an anaerobic digester, volatile organic compounds are reduced to methane
and carbon dioxide, which are odorless gases. The volatized fraction of hydrogen sulfide is captured with the collected ADG and destroyed. Anaerobic
digestion provides several water quality and land conservation benefits as well. Digesters, particularly heated digesters, can destroy
more than 90% of disease-causing bacteria that might otherwise enter surface waters and pose a risk to human and animal health. Digesters
also reduce biochemical oxygen demand ("
BOD
"). BOD is one measure of the potential for organic wastes to reduce
dissolved oxygen in natural waters. Because fish and other aquatic organisms need minimum levels of dissolved oxygen for survival, farm
practices that reduce BOD protect the health of aquatic ecosystems. In addition to protecting local water resources, implementing anaerobic
digesters on livestock facilities improves soil health. Adding digestate to soil increases the organic matter content, reduces the need
for chemical fertilizers, improves plant growth and alleviates soil compaction. Further, digestion converts nutrients in manure to a more
accessible form for plants to use. The risks of water and soil contamination from flooding of open lagoons are also mitigated by digesters.
As a leading producer of
RNG, we believe it is imperative to its continued growth and success that we remain a strong advocate for the sustainable development,
deployment and utilization of RNG to reduce dependence on fossil fuels while increasing domestic energy production.
Many of our team members
have been involved in the biogas conversion industry for over 20 years. We are an active participant in several industry trade organizations.
Our participation in these groups allows us to align with industry colleagues to better understand the challenges facing the industry
and to collaborate with them to develop creative solutions to such problems.
As an active participant
in industry trade organizations, we regularly participate in conferences and regulatory initiatives, including lobbying, to address key
issues and promote the RNG industry. Collaborating with other industry teams provides us with a holistic view of the RNG industry, which
aides us in identifying emerging trends and opportunities. Our participation allows us to align with industry colleagues to better understand
the challenges facing the industry and to collaborate with them to develop creative solutions to such problems. We are focused on maintaining
and nurturing our relationships with pipeline off-takers and seeks to ensure that such relationships are a priority, including
by maintaining continuous communication, enforcing stringent real-time monitoring of our product quality, and providing materials
to assist with their corporate sustainability communications.
Expanding Our Industry
Position as a Full-Service Partner for Development Opportunities, Including Through Strategic Transactions
Throughout its over 20 years
of biogas conversion experience, we have developed the full range of biogas conversion project related capabilities from landfill gas
collection system expertise, to engineering, construction, management and operations, through EHS oversight and Environmental Attributes
management. By vertically integrating across RNG services, we are able to reduce development and operations costs, optimize efficiencies
and improve operations. Our full suite of capabilities allows it to serve as a multi-project partner for certain project hosts across
multiple transactions, including through strategic transactions. To that end, we actively identify and evaluates opportunities to acquire
entities that will further our vertically-integrated services.
82
Expanding Our Capabilities
to New Feedstock Sources and Technologies
We believe the market has
not yet unlocked the full potential of RNG and Renewable Power. However, as biogas processing technology continues to improve and the
required energy intensity of the RNG and Renewable Power production process is reduced, we expect that we will be able to enter new markets
for our products, such as providing fuel for the production of renewable energy sources. With our experience and industry expertise, we
believe it is well-positioned to take advantage of opportunities to meet the clean energy needs of other industries looking to use
renewable energy in their operations.
We are actively reviewing
opportunities beyond our core LFG and dairy RNG business. We intend to diversify our project portfolio beyond landfill biogas through
expansion into additional methane producing assets, while opportunistically adding third-party developed technology capabilities
to boost financial performance and our overall cost competitiveness. The drive toward voluntary and most likely regulatory-required organic
waste diversion from landfills is of particular interest as we leverages our current experience base. We believe this trend will provide
long-term growth opportunities.
Dispensing and Monetization
Business
We aim to maintain and increase
its position as a leading provider of RNG to the heavy and medium-duty commercial vehicle market in the United States. We support
this objective through a multi-pronged strategy of:
●
promoting the reduction of GHG emissions and expanding the
use of renewable fuels to displace fossil-based fuels; and
●
empowering our customers to achieve their sustainability
and carbon reduction objectives.
Promoting the Reduction
of GHG Emissions and Expanding the Use of Renewable Fuels to Displace Fossil-Based Fuels.
We share the renewable fuel
industry's commitment to providing sustainable renewable energy solutions and to offering products with high economic and ecological
value. By simultaneously replacing fossil-based fuels and reducing overall methane emissions, our business has a substantial
positive environmental impact. We are committed to the sustainable development, deployment, and utilization of RNG to reduce the country's
dependence on fossil fuels.
Empowering Our Customers
to Achieve their Sustainability and Carbon Reduction Objectives.
In November 2021, global
leaders met in Glasgow for the United Nations Climate Change Conference (COP26) to draw up a successor plan to the Paris Agreement. With
evidence indicating that the Paris Agreement targets may fall short of limiting global warming to 1.5°C, governments and regulators
globally face mounting public pressure to address the threat of climate change. The United States has re-joined the Paris Agreement
and key investors have made climate change risk management a key priority: BlackRock has stated in its 2021 stewardship expectations guidelines
that "[t]he events of [2020] have intensified our conviction that sustainability risk — and climate risk in particular — is
investment risk" and plans to expand its engagement to the over 1,000 companies that are responsible for producing 90% of GHG emissions
in its investment portfolio. Similarly, in his letter to boards, Cyrus Taraporevala, State Street's CEO and President, said the
asset manager will be elevating its focus on climate risk, noting that ahead of COP26, "policymakers are assessing progress on climate
change action . . . many jurisdictions are signaling their intentions to make climate risk disclosure mandatory." Vanguard has determined
that "it is critical that public company boards fully understand and own climate-related risks."
We are well positioned to
empower our customers to achieve their sustainability and carbon reduction goals. Because our business involves the capture and transformation
of waste methane into a renewable source of energy, we believe our customers can significantly reduce GHG emissions from their commercial
transportation activities. Further, our RNG is available today to reduce GHG emissions and meet sustainability objectives at a cost to
customers that is competitive to other fuels like diesel. OPAL also assists its customers in their transition to cleaner transportation
fuels by helping them obtain federal, state and local tax credits, grants and incentives, vehicle financing, and facilitating customer
selection of vehicle specifications to meet their needs.
83
Competition
There are a number of other
companies operating in the renewable energy and waste-to-energy space, ranging from other project developers to service or equipment
providers.
Our primary competition is
from other companies or solutions for access to biogas from waste. Evolving consumer preferences, regulatory conditions, ongoing waste
industry trends, and project economics have a strong effect on the competitive landscape and our relative ability to continue to generate
revenues and cash flows. We believe based on (i) our status as one of the largest operators of LFG-to-RNG projects, (ii) our
over 20-year track record of operating and developing projects, (iii) our vertically integrated business platform, (iv) our
deep relationships with some of the largest landfill owners and (v) our relationships with dairy farms in the country, we are well-positioned to
continue to operate and grow its portfolio and respond to competitive pressures. We have demonstrated a track record of strategic flexibility
across its over 20-year history which has allowed us to pivot towards projects and markets that we believe deliver optimal returns
and shareholder value in response to changes in market, regulatory and competitive pressures.
The biogas market is heavily
fragmented. We believe both our size compared to other LFG companies and our capital structure puts us in a strong position to compete
for new project development opportunities or acquisitions of existing projects. However, competition for such opportunities, including
the prices being offered for gas supply, will impact the expected profitability of projects, and may make projects unsuitable to pursue.
Likewise, prices being offered by our competitors for fuel supply may increase the royalty rates that we pay under our fuel supply agreements
when such agreements expire and need to be renewed or when expansion opportunities present themselves at the landfills where our projects
currently operate. It is also possible that more landfill owners and dairy farm owners may seek to install their own RNG production facilities
on their sites, which would reduce the number of opportunities for us to develop new projects. Our overall size, reputation, access to
capital, experience and decades of proven execution on LFG project development and operation position us to compete strongly amongst its
industry peers.
We are aware of several competitors
in the United States that have a similar business model to our own, including Clean Energy Fuels (Nasdaq: CLNE), Archaea Energy (NYSE: LFG),
U.S. Gain, Montauk Renewables (Nasdaq: MNTK), Brightmark, AMP Energy and Morrow Renewables, as well as companies with biogas-to-energy facilities
as a segment or subsidiary of their operations, including DTE, SJI, UGI, Kinder Morgan, and Ameresco. In addition, certain landfill operators
such as Waste Management have also chosen to selectively pursue biogas conversion projects at their sites.
Governmental Regulation
General
Each of our projects is subject
to federal, state and local air quality, solid waste, and water quality regulations and other permitting requirements. Specific construction
and operating permit requirements may differ among states. Specific permits we frequently must obtain when developing our projects include:
air permits, nonhazardous waste management permits, pollutant discharge elimination permits, zoning and beneficial use permits. Our existing
projects must also maintain compliance with relevant federal, state and local EHS requirements.
Our RNG projects are subject
to federal RFS program regulations, including the Energy Policy Act of 2005 (the "
EPACT 2005
")
and EISA. The EPA administers the RFS program with volume requirements for several categories of renewable fuels. The EPA's RFS
regulations establish rules for fuel supplied and administer the RIN system for compliance, trading credits and rules for waivers. The
EPA calculates a blending standard for each year based on estimates of gasoline usage from the Department of Energy's Energy Information
Agency. Separate quotas and blending requirements are determined for cellulosic biofuels, biomass-based diesel, advanced biofuels
and total renewable fuel. Further, we are required to register each RNG project with the EPA and relevant state regulatory agencies. We
qualify our RINs through a voluntary Quality Assurance Plan, which typically takes from three to five months from first injection
of RNG into the commercial pipeline system. Further, we typically make a large investment in the project prior to receiving the regulatory
approval and RIN qualification. In addition to registering each RNG project, we are subject to quarterly audits under the Quality Assurance
Plan of our projects to validate our qualification.
84
Our RNG projects are also
subject to state renewable fuel standard regulations. By way of example, the LCFS program in California requires producers of petroleum-based fuels
to reduce the CI of their products by at least 10% by 2020 and 20% by 2030 from a 2010 baseline. Petroleum importers, refiners and wholesalers
can either develop their own low-carbon fuel products or buy California LCFS credits from other companies that develop and sell low-carbon alternative
fuels, such as biofuels, electricity, natural gas or hydrogen. We are subject to a qualification process similar to that for RINs, including
verification of CI levels and other requirements that currently exists for LCFS credits in California.
The EPA under the Clean Air
Act (the "
CAA
") regulates emissions of pollutants to protect the environment and public health and contains
provisions for New Source Review (the "
NSR
") permits and Title V permits. New Biogas Conversion Projects
may be required to obtain construction permits under the NSR program. The combustion of biogas results in emissions of carbon monoxide,
oxides of nitrogen, sulfur dioxide, volatile organic compounds and particulate matter. The CAA and state and local laws and regulations
impose significant monitoring, testing, recordkeeping and reporting requirements for these emissions. Requirements vary for control of
these emissions, depending on local air quality. Applicability of the NSR permitting requirements will depend on the level of emissions
resulting from the technology used and the project's location. Many Biogas Conversion Projects must obtain operating permits that
satisfy Title V of the 1990 CAA Amendments. The operating permit describes the emission limits and operating conditions that a facility
must satisfy and specifies the reporting requirements that a facility must meet to show compliance with all applicable air pollution regulations.
A Title V operating permit must be renewed every five years. Even when a biogas project does not require a Title V permit,
the project may be subject to other federal, state and/or local air quality regulations and permits.
In addition, our operations
and the operations of the landfills at which we operate may be subject to New Source Performance Standards and emissions guidelines, pursuant
to the CAA, applicable to municipal solid waste landfills and to oil and gas facilities. Among other things, these regulations are designed
to address the emission of methane, a potent GHG, into the atmosphere.
Before an RNG project can
be developed, all the Resource Conservation and Recovery (the "
RCRA")
Subtitle D requirements (requirements
for nonhazardous solid waste management) must be satisfied. In particular, methane is explosive in certain concentrations and poses a
hazard if it migrates beyond the project boundary. Biogas collection systems must meet RCRA Subtitle D standards for gas control. RNG
projects may be subject to other federal, state and local regulations that impose requirements for nonhazardous solid waste management.
Certain Biogas Conversion
Projects may be subject to federal requirements to prepare for and respond to spills or releases from tanks and other equipment located
at these projects and provide training to employees on operation, maintenance and discharge prevention procedures and the applicable pollution
control laws. At such projects, we may be required to develop spill prevention, control and countermeasure plans to memorialize our preparation
and response plans and to update them on a regular basis.
Our operations may result
in liability for hazardous substances or other materials placed into soil or groundwater. Pursuant to the Comprehensive Environmental
Response, Compensation and Liability Act of 1980 or other federal, state or local laws governing the investigation and cleanup
of sites contaminated with hazardous substances, we may be required to investigate and/or remediate soil and groundwater contamination
at our projects, contiguous and adjacent properties and other properties owned and/or operated by third parties.
Additionally, Biogas Conversion
Projects may need to obtain National Pollutant Discharge Elimination System permits if wastewater is discharged directly to a receiving
water body. If wastewater is discharged to a local sewer system, Biogas Conversion Projects may need to obtain an industrial wastewater
permit from a local regulatory authority for discharges to a Publicly Owned Treatment Works. The authority to issue these permits may
be delegated to state or local governments by the EPA. The permits, which typically last five years, limit the quantity and
concentration of pollutants that may be discharged. Permits may require wastewater treatment or impose other operating conditions to ensure
compliance with the limits. In addition, the Clean Water Act and implementing state laws and regulations require individual permits or
coverage under general permits for discharges of storm water runoff from certain types of facilities.
85
FERC
FERC regulates the sale of
electricity at wholesale and the transmission of electricity in interstate commerce pursuant to its regulatory authority under the Federal
Power Act. FERC also regulates certain natural gas transportation and storage facilities and services, and regulates the rates and terms
of service for natural gas transportation in interstate commerce under the Natural Gas Act and the Natural Gas Policy Act.
With respect to electricity
transmission and sales, FERC's jurisdiction includes, among other things, authority over the rates, charges and other terms for
the sale of electricity at wholesale by public utilities (entities that own or operate projects subject to FERC jurisdiction) and for
transmission services. With respect to its regulation of the transmission of electricity, FERC requires transmission providers to provide
open access transmission services, which supports the development of competitive markets by assuring nondiscriminatory access to the transmission
grid. FERC has also encouraged the formation of RTOs to allow greater access to transmission services and certain competitive wholesale
markets administered by ISOs and RTOs.
In 2005, the U.S. federal
government enacted the EPACT 2005 conferring new authority for FERC to act to limit wholesale market power if required and strengthening
FERC's civil penalty authority (including the power to assess fines of up to $1.3 million per day per violation, as adjusted
due to inflation), and adding certain disclosure requirements. EPACT 2005 also directed FERC to develop regulations to promote the
development of transmission infrastructure, which provides incentives for transmitting utilities to serve renewable energy projects and
expanded and extended the availability of U.S. federal tax credits to a variety of renewable energy technologies, including wind
power. EPACT 2005's market conduct, penalty and enforcement provisions also apply to fraud and certain other misconduct in
the natural gas sector.
Qualifying Facilities
The Public Utility Regulatory
Policies Act ("
PURPA
") established a class of generating facilities that would receive special rate and regulatory
treatment, termed QFs. There are two categories of QFs: qualifying small power production facilities and qualifying cogeneration facilities.
A small power production facility is a generating facility of 80 MW or less whose primary energy source is hydro, wind, solar, biomass,
waste, or geothermal. A cogeneration facility is a generating facility that produces electricity and another form of useful thermal energy
(such as heat or steam) in a way that is more efficient than the separate production of both forms of energy. QFs are generally subject
to reduced regulatory requirements. Small power production facilities up to 20 MW and "eligible" facilities as defined by
section 3(17)(E) of the Federal Power Act are exempt from rate regulation under Sections 205 and 206 of the Federal Power Act.
In addition, PUHCA provides
FERC and state regulatory commissions with access to the books and records of holding companies and other companies in holding company
systems. It also provides for the review of certain costs. Companies that are holding companies under PUHCA solely with respect to one
or more exempt wholesale generators, certain QFs or foreign utility companies are exempt from these PUHCA books and records requirements.
State Utility Regulation
While federal law provides
the utility regulatory framework for our sales of electricity at wholesale in interstate commerce, there are also important areas in which
state regulatory control over traditional public utilities that fall under state jurisdiction may have an effect on our projects. For
example, the regulated electricity utility buyers of electricity from our projects are generally required to seek state public utility
commission approval for the pass through in retail rates of costs associated with PPAs entered into with a wholesale seller. Certain states,
such as New York, regulate the acquisition, divestiture, and transfer of some wholesale power projects and financing activities by
the owners of such projects. California, which is one of our markets, requires compliance with certain operations and maintenance reporting
requirements for wholesale generators. In addition, states and other local agencies require a variety of environmental and other permits.
State law governs whether
an independent generator or power marketer can sell retail electricity in that state, and whether gas can be sold by an entity other than
a traditional, state-franchised gas utility. Some states, such as Florida, prohibit most sales of retail electricity except by the
state's franchised utilities. In other states, such as New Jersey and Pennsylvania, an independent generator may sometimes sell
retail electricity power to a co-located or adjacent business customer, and a gas supplier can sometimes make on-premises or
adjacent-premises gas deliveries to a single plant or customer. Some states, such as Massachusetts and New York, permit retail
power and gas marketers to use the facilities of the state's franchised utilities to sell power and/or gas to retail customers as
competitors of the utilities.
RNG Production and
Sale
Our projects typically convert
biogas to RNG for sale as a fuel product. FERC regulates the natural gas pipelines that transport gas in interstate commerce, and specifies
or approves a gas pipeline's tariff that sets the rates, terms and conditions, gas quality, and other requirements applicable to
transportation of natural gas on the pipelines, including shipping RNG. Our sites are not permitted, and may not be physically able,
to deliver RNG to a FERC-regulated pipeline unless the pipeline's receipt of the gas is consistent with the standards adopted
in the pipeline's FERC tariff. State regulators determine whether RNG may be purchased by the state's local gas utilities,
and whether a site operator may directly sell gas to a retail, or direct end-use, customer. Purely local gas sales not utilizing
FERC-regulated or certificated facilities are typically not subject to FERC gas regulation. The local distribution of gas to end-use customers
by a state-regulated gas utility is also typically outside the scope of FERC's gas regulatory jurisdiction. The opening and
operation of a landfill or dairy farm that is expected to produce gas does not ordinarily require a FERC certificate or the acceptance
by FERC of a gas tariff.
86
Future Regulations
The regulations that are
applicable to our projects vary according to the type of energy being produced and the jurisdiction of the facility. As part of our growth
strategy, we are looking to grow by pursuing development and acquisition opportunities. Such opportunities may exist in jurisdictions
where we have no current operations and, as such, we may become exposed to different regulations for which we have no experience. Some
states periodically revisit their regulation of electricity and gas sales. Other states, such as South Carolina and Florida, have adhered
to traditional exclusive franchise practices, and in these and other states most electricity and gas customers may receive service only
from a utility that holds an exclusive geographic franchise to provide service at that customer's location. In some states that
have experienced energy price hikes or market volatility, such as New York, Texas and California, investments in expanding facilities
or buying or building additional facilities may be subject to changing regulatory requirements that may encourage competitive market entry.
Effect of Existing
or Probable Government Regulations on Our Business
Our business is affected
by numerous laws and regulations on the international, federal, state and local levels, including energy, environmental, conservation,
tax and other laws and regulations relating to our industry. Failure to comply with any laws and regulations may result in the assessment
of administrative, civil and criminal penalties, the imposition of injunctive relief or both. Moreover, changes in any of these laws and
regulations could have a material adverse effect on our business. In view of the many uncertainties with respect to current and future
laws and regulations, including their applicability to us, we cannot predict the overall effect of such laws and regulations on our future
operations.
We believe our operations
comply in all material respect with applicable laws and regulations and that the existence and enforcement of such laws and regulations
have no more restrictive an effect on our operations than on other similar companies in our industry. We do not anticipate any material
capital expenditures to comply with international, federal and state environmental requirements.
See
"
Business—Legal
Proceedings.
"
Segments and Geographic Information
For information regarding
revenues and other information regarding our results of operations for each of the last two fiscal years by financial reporting segment,
please refer to the financial statements included in this prospectus and "
Management's Discussion and Analysis of Financial
Condition and Results of Operations.
"
Facilities
Our corporate headquarters
are located in White Plains, New York, where we occupy approximately 13,600 square feet of shared office space with an affiliate
of Fortistar pursuant to an Administrative Services Agreement. See "
Certain Relationships and Related Party Transactions—Administrative
Services Agreement.
" We believe this office space is adequate for our needs for the immediate future and that, should it be
necessary, we can lease additional space to accommodate any future growth.
Our services office and maintenance
facility is located in Oronoco, Minnesota, where we own and occupy an 20,000 square foot building of combined office space, maintenance
shop and loading dock located on 3.25 acres. The building was acquired in September 2018 and is adequate for needs for the immediate
future. Should it be necessary, we believe we can expand the building to accommodate future growth.
Our construction office and
maintenance facility is located in Rancho Cucamonga, California, where we occupy approximately 29,935 square feet of combined office space,
maintenance shop and loading dock. Our lease expires on January 31, 2023, and we have an option to extend the lease for one additional
term of 24 months. We believe the space that we currently lease is adequate for our needs for the immediate future but we will likely
seek additional space during the course of 2022 to accommodate future growth, which we believe will be available to us on satisfactory
terms.
As of July 31, 2022, we owned
and operated 25 projects, six of which are RNG projects and 19
of which are Renewable Power projects. See "
— Our
Projects
" for further summary of our projects.
87
Employees
As of July 31, 2022, OPAL
had approximately 289 full-time employees, all of whom are located in the United States. None of our employees are subject to
a collective bargaining agreement and we believe we have a good relationship with our employees.
Legal Proceedings
From time to time, we are
involved in various legal proceedings, lawsuits and claims incidental to the conduct of our business, some of which may be material. Our
businesses are also subject to extensive regulation, which may result in regulatory proceedings against us.
City of Albany Matter
On March 10, 2020, the
City of Albany ("
City
") commenced an action against two of our subsidiaries, Albany Energy LLC ("
Albany
Energy
") and NEO Albany L.L.C. ("
NEO
"), in the Supreme Court of the State of New York,
County of Albany alleging that Albany Energy and NEO have defaulted in their obligation to utilize the Landfill Gas and convert it to
electricity, depriving the City of royalty payments. The City has not quantified this portion of its claim. In addition, the City is alleging
that Albany Energy was unjustly enriched when it applied for and received money under the section 1603 Grant program that was part of
the American Recovery and Reinvestment Act of 2009. NEO and Albany Energy have counterclaimed against the City, alleging that
the City failed in its contractual obligation and refused to deliver landfill gas that it collected in quantities that would make NEO
and Albany Energy's production of electricity commercially viable. This failure includes the City's refusal to modify its
landfill gas flare to operate in a more efficient manner.
The City, in May of 2021,
moved for partial summary judgment on its claim for half of the 1603 grant payment (approximately $1.0 million) and NEO and Albany
Energy moved in opposition to the City's motion. On September 29, 2021, the judge in the proceeding issued his decision rejecting
the City's claim that it was entitled to one-half of the 1603 Grant. Unless the City appeals the judge's decision and
wins a reversal, this claim cannot be pursued further. As of this writing, the City has not appealed.
Arbor Hills Matters
One of our subsidiaries,
Arbor Hills Energy LLC ("
AHE
"), has received various notices of violation from the Michigan Department of Environment,
Great Lakes and Energy ("
EGLE
") and the EPA relating to alleged violations of the Clean Air Act and Part 55
of the Michigan Natural Resources and Environmental Protection Act. On March 3, 2020, AHE received an Enforcement Letter from the
U.S. Department of Justice seeking to resolve these alleged violations through settlement in a Consent Decree that would include civil
fines and penalties and injunctive relief. The parties have entered into a consent decree, which was formally entered by the court in
December 2021, that resolves the matter and which requires that the Company pay a fine in the approximate amount of $750,000, payable
in three installments over two years, and install a sulfur treatment system in accordance with the schedule set forth in the Consent Decree.
88
Virginia Matters
On July 30, 2021, Richmond
Energy, a Company subsidiary, entered into a Consent Order with the VDEQ related to an October 31, 2019 notice of violation for a
failed source test conducted by VDEQ, which identified exceedances in total sulfur, volatile organic compounds and sulfur dioxide emissions
from the Old Dominion landfill gas facility in Henrico, VA. Pursuant to the Consent Order, Richmond Energy paid a $99,000 penalty
and is required to modify the facilities permit to account for these emissions. The Richmond Energy facility has been shut down since
April 3, 2020 while Richmond Energy modifies the facility's permit, which will require the installation of a chiller treatment
system at an estimated cost of $1.0 million. The facility is expected to be back online within the next twelve months.
On June 26, 2020, Richmond
Energy declared a Force Majeure event under its PPA with Old Dominion Electric Cooperative ("
ODEC
"). The Force
Majeure declaration stated that inspections of its this landfill gas-to-electric facility under a scheduled maintenance outage revealed
extensive damage to the engine generator sets. The Richmond Energy facility, which is currently shut down as described in the previous
paragraph, is currently undertaking significant capital expenditures, in cooperation with the landfill owner, and expects facility to
restart during the next twelve months. In early 2022, Richmond Energy received an invoice and associated correspondence from ODEC asserting
aggregated liquidated damages under the ODEC PPA for calendar years 2020 and 2021, reflecting the cover value of renewable energy certificates
that would have been generated in those years, in the amount of $467,320.74. Richmond and ODEC entered into a settlement agreement whereby
Richmond Energy would pay ODEC the specified damages for calendar years 2020 and 2021, as well as those to be assessed for calendar year
2022. On February 8, 2022, Richmond paid ODEC $467,320.74 pursuant to this settlement agreement; liquidated damages for calendar
year 2022, if any, will be assessed by ODEC during the first quarter of 2023.
Ohio Edison Arbitration
Demand
Noble Road RNG LLC ("
Noble Road
"),
a subsidiary of Opco, and Ohio Edison Company ("
Ohio Edison
") entered into several contracts pursuant to which
Ohio Edison agreed to, among other things furnish to Noble Road alternating current, sixty cycle, three phase electrical energy at approximately
12,500 volts, up to approximately 2,100 kW of capacity, and agreed to construct upgrades to Ohio Edison's facilities to serve the
required load to Noble Road's RNG facility.
Noble Road sent Ohio Edison
an arbitration demand on January 24, 2022 alleging that, as a result of Ohio Edison's failure to perform under the contracts,
Noble Road was substantially delayed in completing its commission activities at its RNG facility and, although it has been able to maintain
operations through use of generators, is unable to operate the equipment at its RNG facility at expected capacity. In addition, Noble
Road asserts that Ohio Edison's breach of the contracts has caused and continues to cause substantial damage. In its demand, Noble
Road has stated that it is willing to defer arbitration in order to allow the parties to focus on reaching a consensual resolution and
has proposed that the parties agree to hold the arbitration in abeyance while current efforts to resolve the problems are ongoing. Noble
Road and Ohio Edison have entered into a tolling agreement with respect to this matter which is in effect until November 1, 2022.
89
MANAGEMENT
Executive Officers and Directors
Our Board
Our business and affairs
are managed by or under the direction of our board, which is comprised of seven directors. Nasdaq rules generally require that independent
directors must comprise a majority of a listed company's board of directors. Under the rules of Nasdaq, a director will only qualify
as an "independent director" if, in the opinion of that company's board of directors, that person does not have a relationship
that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. As a controlled company,
we are largely exempt from such requirements. Based upon information requested from and provided by each director concerning his or her
background, employment and affiliations, including family relationships, our board has determined that Mr. Gatti, Mr. Fogarty and Mr.
Vemuri are "independent" as that term is defined under the applicable rules and regulations of the SEC and the listing requirements
and rules of Nasdaq.
The directors of our board
are as follows. Each director was appointed to our board in connection with the Closing of the Business Combination and holds his or her
office until his or her successor has been duly elected or appointed and has qualified, or until his earlier death, resignation or removal.
Name
Position with OPAL
Age
Mark Comora
Chairman
81
Nadeem Nisar
Director
49
Marco F. Gatti
Director
39
Kevin M. Fogarty
Director
56
Betsy L. Battle
Director
68
Scott Dols
Director
58
Ashok Vemuri
Director
54
The following is a brief
biography of each director of our board.
Mark S. Comora
is
the Founder and President of Fortistar. Since founding Fortistar in 1993, Mr. Comora has led Fortistar's growth in the decarbonization
of power generation, transportation fuels, and industrial processes. Mr. Comora is the chairman of Fortistar's management and
investment committees. Additionally, Mr. Comora currently serves as Chairman of the Board of Directors of Fortistar Sustainable Solutions
Corp. (Nasdaq: FSSI) and as a member of the Board of Managers at Braven Environmental, LLC ("
Braven Environmental
").
Mr. Comora is an Officer and Member of the Board of the American Museum of Fly Fishing and a past member of the board of directors
of the Independent Power Producers of New York and the board of directors of the Equipment Leasing Association and Leasing Foundation.
Mr. Comora is a CPA and has an MBA from Columbia University and a BA from the University of Michigan. Mr. Mark Comora is the
father of Mr. Adam Comora.
Nadeem Nisar
has
been serving as a Managing Director of Fortistar since July 2008, where he serves as Head of Fortistar's Investment Team. Mr. Nisar
is a member of Fortistar's management and investment committees which oversee the operations of Fortistar's portfolio companies.
Mr. Nisar is also the Chief Executive Officer of Fortistar Sustainable Solutions Corp. Mr. Nisar also serves on the board of
directors of several of Fortistar's portfolio companies, including Fortistar Sustainable Solutions Corp, Carbonfree Chemicals LLC,
Braven Environmental and Pellucere Technologies. Since joining Fortistar in 2008, Mr. Nisar has been executing Fortistar's
successful long-term strategy of sponsoring control investments in large scale power generation and energy infrastructure companies
as well as leading Fortistar's growth equity investments in biofuels, carbon capture and circular economy sectors. Prior to Fortistar,
Mr. Nisar was a member of Deutsche Bank AG's Power & Utilities group and Credit Suisse Securities (USA) LLC's
M&A and Global Energy teams where he advised on $30 billion in M&A and $20 billion in financing transactions. Mr. Nisar
has a BS in Electrical Engineering from Washington University and a BA in Physics and Economics from Ohio Wesleyan University.
Marco F. Gatti
currently
serves as a Managing Director or ArcLight Capital. Mr. Gatti joined ArcLight Capital in 2018 and has 11 years of energy and
private equity experience. Previously, Mr. Gatti served as the Chief Financial Officer of ArcLight Clean Transition Corp. I (Nasdaq:
ACTC) from September 2020 to June 2021 when it completed a business combination. Prior to joining ArcLight Capital, Mr. Gatti
spent five years as a Vice President in the Energy group at Warburg Pincus, where he focused on the sourcing, execution and portfolio
management of equity investments in the energy and heavy industry sectors. Prior to joining Warburg Pincus in 2013, Mr. Gatti worked
at Bain Capital, McKinsey & Company and Praxair between 2007 and 2012. Mr. Gatti earned a Master of Business Administration
from the Wharton School of the University of Pennsylvania, a Master of Science in Mechanical Engineering from the University of Minnesota
and a Bachelor of Science in Mechanical Engineering from Politecnico di Milano.
90
Kevin M. Fogarty
recently
retired from Kraton Corporation, Inc. ("
Kraton
"), where he served as President, Chief Executive Officer and
Director, since 2008, following Kraton's sale to DL Chemical in March, 2022. Kraton is a $2B leading global sustainable producer
of specialty polymers and high-value biobased products derived from pine wood pulping co-products. Before joining Kraton, Mr. Fogarty
spent 14 years with the Koch Industries, Inc. family of companies, where he held a variety of roles, including President for Polymer and
Resins at Invista and President of KoSa's Polymer and Intermediaries business. Mr. Fogarty was appointed non-executive Chairperson
of the Board of Directors at Ecovyst Inc. (NYSE:ECVT), a leading integrated and innovative global provider of specialty catalysts and
services, in April 2022. Since 2012, Mr. Fogarty has served as a Director of Glatfelter Corporation (NYSE:GLT), a leading global
supplier of sustainable, cellulosic-based engineered materials, where he served as lead independent director from 2018 to 2021 and
currently as Chairperson of the Nominating and Corporate Governance Committee. Mr. Fogarty is also a director of Circulus Holdings,
PBLLC, a plastic recycling company. Mr. Fogarty previously served on the Board of Directors of the American Chemistry Council from
2017 through 2022. Mr. Fogarty graduated from Dalhousie University, in Halifax, Nova Scotia with a Bachelor of Engineering in 1990.
Betsy L. Battle
has
served since 2009 as Founding Partner and Chief Investment Officer of Lone Peak Partners Management, LP, an investment firm registered
with the SEC and NFA. Prior to her founding Lone Peak Partners Management, LP, she was Director of Manager Selection and a member of the
Management Committee at Soros Fund Management LLC. Over her eight years there, she not only managed multibillion dollar portfolios of
external hedge funds for the Quantum group of funds and George Soros, but also built the manager selection and due diligence processes
as well as the multi-manager portfolio construction and monitoring methodologies. Prior to Soros Fund Management, she held positions
at Bankers Trust, Citicorp and JP Morgan, primarily as a manager in Global Sales and Trading. She currently serves on the Board of Directors
of the University of North Carolina Kenan-Flagler Business School Foundation Board, the Board of Directors of the Breast Cancer Research
Foundation, the International Advisory Board of Carolina Performing Arts, as well as a Fellow with the Keenan Institute of Private Enterprise,
and a member of the President's Council of the Peconic Land Trust. Ms. Battle received a BA from the University of North Carolina
at Chapel Hill in 1976.
Scott Dols
is
the CEO of several waste-related companies. Mr. Dols is the Founder and, since 2002, has served as CEO of Big Truck Rental,
which is a provider of new refuse and roll off rental trucks and provides waste haulers access to the latest model trucks. Mr. Dols
is also a past Chairman of the National Waste & Recycling Association and currently serves on the Supplier Board of Governors.
Mr. Dols also currently sits on the board of the Environmental Research & Education Foundation, which provides research
and educational initiatives that translate directly into action for sustainable waste management practices.
Ashok Vemuri
served
as Chief Executive Officer and a Director of Conduent Incorporated, a global digital interactions company, from the company's inception
as a result of the spin-off from Xerox Corporation in January 2017 through August 2019. He previously served as Chief Executive Officer
of Xerox Business Services, LLC and as an Executive Vice President of Xerox Corporation from July 2017 to December 2017. Prior to that,
he was President, Chief Executive Officer, and a member of the Board of Directors of IGATE Corporation, a New Jersey-based global
technology and services company now part of Capgemini, from 2013 to 2015. Before IGATE, Mr. Vemuri spent fourteen years in a variety
of leadership and business development roles at Infosys, a multinational consulting and IT services company, where he joined as a business
development manager and rose to serve as a member of the board. Mr. Vemuri is a member of the CEO Action for Diversity & Inclusion.
He holds a Bachelor of Science degree from St. Stephen's College, Delhi, and received his MBA from the Indian Institute of Management,
Ahmedabad. Mr. Vemuri has served as a director for The Kroger Co. (NYSE: KR) since 2019, where he sits on the Audit and Financial
Policy Committees.
Executive Officers
The following persons serve as our executive officers:
Name
Position with OPAL
Age
Adam Comora
Co-Chief Executive Officer
50
Jonathan Maurer
Co-Chief Executive Officer
63
Ann Anthony
Chief Financial Officer
55
David Unger
Executive Vice President
53
Anthony Falbo
Chief Operating Officer
55
Scott Edelbach
Executive Vice President
52
Hugh Donnell
Senior Vice President
68
John Coghlin
General Counsel
55
91
The following is a brief biography
of each of our executive officers.
Adam Comora
served
in
the role as Co-Chief Executive Officer of Opco from December 2020 up to the closing of the Business Combination. Mr. Comora
was also with Fortistar from February 2011 until January 1, 2022 (when effective as of such time he resigned all his positions
with Fortistar and its affiliated entities other than Opco), where, among other things, he served as President and Chief Executive Officer
of TruStar Energy which now comprises the dispensing and monetization segment of Opco. Since the Business Combination, Mr. Comora
has served as the Co-Chief Executive Officer of OPAL Fuels Inc. Prior to joining Fortistar, Mr. Comora was a partner at EnTrust
Capital, an asset management firm based in New York City, where he was an integral part of the investment team managing long only
equities, a long/short strategy launched in February 1999 and a fund of funds launched in 2003. While at EnTrust, assets under management
grew from $1 billion to $6 billion. Prior to EnTrust Comora was an Analyst and Associate at JP Morgan Investment Bank from 1994-1998.
Mr. Comora received his Bachelor of Arts in Economics and Government from Cornell University. Mr. Adam Comora is the son of
Mr. Mark Comora.
Jonathan Maurer
served
in the role as Co-Chief Executive Officer of Opco from December 2020 up to the closing of the Business Combination where Mr.
Maurer transitioned in the same capacity to the management OPAL Fuels Inc. Mr. Maurer previously served as a Managing Director of
Fortistar until January 1, 2022 (when effective as of such time he resigned all his positions with Fortistar and its affiliated entities
other than Opco), where he was Co-Head of Fortistar's Investment Team and led all management and investment activities associated
with Fortistar's renewable natural gas, landfill gas to power, and biomass energy investments. Additionally, prior to January 1,
2022, Mr. Maurer served as a Managing Director of Fortistar Sustainable Solutions Corp. (Nasdaq: FSSI). Mr. Maurer also served
as a member of Fortistar's management and investment committees. Prior to his appointment at OPAL, Mr. Maurer served at Fortistar
for over 30 years and previously was a commercial banker with JP Morgan Chase & Co. Mr. Maurer has an MBA from Columbia
Business School and a Bachelor of Arts from St. Lawrence University.
Ann Anthony
served as the Chief Financial Officer of Opco from April 2021 up to the closing of the Business Combination where Ms. Anthony transitioned
in the same capacity to the management of OPAL Fuels Inc. Prior to joining OPAL, from November 2019 to April 2021, Ms. Anthony
was the Chief Financial Officer and Secretary of Key Capture Energy, LLC, a start-up private equity funded battery storage company
where she was responsible for managing all financial and HR processes for the start-up company. Before joining Key Capture Energy,
LLC, Ms. Anthony served from 2008 to 2019 in various capacities with South Jersey Industries, Inc, a public energy services holding
company, most recently leading finance and accounting as the Principal Financial Officer of SJI Utilities and Vice President
and Treasurer of South Jersey Industries, Inc, the public registrant. Ms. Anthony received her Master of Business Administration
and her Bachelor of Science in Finance from St. Joseph's University.
David Unger
served
in the role as Executive Vice President of Opco from December 2020 up to the closing of the Business Combination where Mr. Unger
transitioned in the same capacity to the management of OPAL Fuels Inc. Mr. Unger served at Fortistar from February 2018 until
January 1, 2022 (when effective as of such time he resigned all his positions with Fortistar and its affiliated entities other than
Opco), where he served as a Senior Vice President. Mr. Unger previously worked for Waste Management, Inc. for 23 years and developed
their RNG and CNG monetization lines of business. Mr. Unger has developed over 70 renewable energy facilities, including RNG, LFG
to electricity, and Solar. Mr. Unger managed Waste Management's California CNG truck assets, monetizing both internally produced
RNG and third-party sources RNG. In 2015 and 2016, Mr. Unger was selected to Waste Management's "Circle of
Excellence" for outstanding achievement. Mr. Unger has a Bachelor of Sciences in Renewable Natural Resources from the University
of Connecticut and a Master of Business Administration from the University of New Haven.
Anthony Falbo
served
in the role as Chief Operating Officer of Opco from December 2020 up to the closing of the Business Combination where Mr. Falbo transitioned
in the same capacity to the management of OPAL Fuels Inc. From 2006 until December 2020, Mr. Falbo served in a similar capacity as
Senior Vice President at Fortistar. Mr. Falbo has over 36 years of experience working in the energy sector, both in the management
of operating energy facilities as well as construction management. During his time at Fortistar, Mr. Falbo participated in the acquisition
of over 30 landfill gas to energy power projects and developed a best-in-class operating team. Prior to joining Fortistar, from 1991
to 2006, Mr. Falbo served as an electrical power generation Supervisor for NAES Corporation. From 1985 – 1991, Mr. Falbo
worked in the U.S. Navy Nuclear Power Program onboard submarines. Mr. Falbo received his Bachelor of Science from State University
of New York Empire State College, where he continues his Master level coursework.
92
Scott Edelbach
has
served in the role as the Executive Vice President of Opco from December 2020 up to the closing of the Business Combination where
Mr. Edelbach transitioned in the same capacity to the management of OPAL Fuels Inc. Mr. Edelbach was a founder of TruStar Energy
which was formed in 2009. Prior to joining TruStar Energy, Mr. Edelbach worked at Oshkosh Truck Corporation for 18 years where
his last position was Vice President of the Refuse Division. At Oshkosh Truck Corporation, Edelbach led the company to become the first
major OEM in the United States to build and integrate natural gas fuel systems into large class 8 trucks and was part of the development
teams creating heavy duty electric hybrid chassis and utility bodies such as garbage trucks and concrete mixers that were to be used for
commercial application in the United States and European markets. Mr. Edelbach received his Bachelor's in Business Management
from Southwestern University.
Hugh Donnell
served
as Senior Vice President, Business Development and Sustainability at Opco and has been with the company from April 2022 up to the closing
of the Business Combination where Mr. Donnell transitioned in the same capacity to the management of OPAL Fuels Inc. Prior to joining
OPAL, Mr. Donnell worked at Cummins Inc. for 28 years in a variety of roles including new product development, commercial strategy,
product sales, and in the role of National Account Executive. In his most recent role at Cummins, reporting to the President of CWI Joint
Venture, he was responsible for the business growth and market development of renewable natural gas engines, which included working closely
with state and federal government air quality agencies. Mr. Donnell serves several advisory roles and is a board member of Natural
Gas Vehicles America. He received his Bachelor of Arts from University of Southern Maine.
John Coghlin
has
served as the General Counsel of Opco from June 2021 up to the closing of the Business Combination where Mr. Coghlin transitioned
in the same capacity to the management of OPAL Fuels Inc. Prior to joining OPAL, Mr. Coghlin served as Senior Vice President and
General Counsel of Colt Defense, a manufacturing firm based in West Hartford, Connecticut. From 2007 to 2014, Mr. Coghlin served
as the Chief Operating Officer and General Counsel at Healthcor Group, a global registered investment advisor. Prior to Healthcor Mr. Coghlin
served as Senior Vice President and General Counsel of Citizens Financial Group, a division of Royal Bank of Scotland. Mr. Coghlin
began his career as an associate with the law firm of Rogers & Wells. Mr. Coghlin received his Juris Doctorate from Boston
College School of Law and his Bachelor of Arts from Tufts University.
Independence of the Board
Nasdaq rules generally
require that independent directors must comprise a majority of a listed company's board of directors. As a controlled company, OPAL
is largely exempt from such requirements. Based upon information requested from and provided by each director concerning his or her background,
employment and affiliations, including family relationships, we have determined that Mr. Gatti, Mr. Fogarty and Mr. Vemuri,
representing three members of our board, are "independent" as that term is defined under the applicable rules and regulations
of the SEC and the listing requirements and rules of Nasdaq.
Controlled Company Exemption
Mr. Comora, through
his control of OPAL Holdco, beneficially owns a majority of the voting power of all outstanding shares of our Common Stock. As a result,
we are a "controlled company" within the meaning of the Nasdaq Listing Rules. Under the Nasdaq Listing Rules, a company of
which more than 50% of the voting power for the election of directors is held by an individual, group or another company is a "controlled
company" and may elect not to comply with certain corporate governance standards, including the requirements (1) that a majority
of its board of directors consist of independent directors, (2) that its board of directors have a compensation committee that is
composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities and (3) that
director nominees must either be selected, or recommended for the board's selection, either by independent directors constituting
a majority of the board's independent directors in a vote in which only independent directors participate, or a nominating and corporate
governance committee comprised solely of independent directors with a written charter addressing the committee's purpose and responsibilities.
We may utilize these exemptions, and you may not have the same protections afforded to stockholders of companies that are subject to all
of these corporate governance requirements. If we cease to be a "controlled company" and our shares continue to be listed
on Nasdaq, we will be required to comply with these standards and, depending on the board's independence determination with respect
to its then-current directors, we may be required to add additional directors to its board in order to achieve such compliance within
the applicable transition periods.
93
Committees of the Board
Our board maintains a standing
audit committee ("
Audit Committee
"), but does not currently maintain a standing compensation committee or nominating/governance
committee based upon the exceptions from the Nasdaq Listing Rules for "controlled companies."
Our Audit Committee consists
of Mr. Gatti, Mr. Fogarty and Mr. Vemuri. Each member of the audit committee qualifies as an independent director under
the Nasdaq Listing Rules and the independence requirements of Rule 10A-3 under the Exchange Act. Our Board has determined
that Mr. Vemuri, as a member of our Audit Committee, qualifies as an "audit committee financial expert" as such term is defined
in Item 407(d)(5) of Regulation S-K and possesses financial sophistication, as defined under the rules of Nasdaq.
The purpose and responsibilities
of the Audit Committee are set forth in the Audit Committee Charter adopted by our board on July 21, 2022.
Code of Business Conduct and Ethics
Our Board adopted a Code
of Business Conduct and Ethics on July 21, 2022 (the "
Code of Conduct
") that applies to all of our directors,
officers and employees, including our principal executive officers, principal financial officer and principal accounting officer, which
is available on our website. Our Code of Conduct is a "code of ethics," as defined in Item 406(b) of Regulation S-K.
We will make any legally required disclosures regarding amendments to, or waivers of, provisions of our code of ethics on our website.
94
EXECUTIVE COMPENSATION
Unless
the context otherwise requires,
any reference in this section of this prospectus to (i) "OPAL," "we,"
"us" or "our" refers to Opco and its consolidated subsidiaries prior to the consummation of the Business Combination
and to OPAL Fuels Inc. and its consolidated subsidiaries following the Business Combination and (ii) to "our board" refers
to the board of managers of Opco prior to the consummation of the Business Combination and to the board of directors of OPAL Fuels Inc.
following the Business Combination.
The following section
describes the significant elements of our executive compensation program for 2021 with particular emphasis on the process for determining
compensation payable to our Co-Chief Executive Officers and other two most highly compensated executive officers (collectively, the
"
Named Executive Officers
" or "
NEOs
") during 2021. Our executive officers are listed
below (of which Mr. Comora, Mr. Mauer, Mr. Unger and Mr. Edelbach are Named Executive Officers):
●
Adam Comora, Co-Chief Executive Officer
●
Jonathan Maurer, Co-Chief Executive Officer
●
Ann Anthony, Chief Financial Officer
●
Anthony Falbo, Chief Operating Officer
●
David Unger, Executive Vice President
●
Scott Edelbach, Executive Vice President
●
Hugh Donnell, Senior Vice President
●
John Coghlin, General Counsel
Overview
Historically, the Chairman
of our board and the boards of directors of our predecessor companies has been responsible for setting the compensation of our Co-Chief Executive
Officers and Chief Financial Officer, and for working with our Co-Chief Executive Officers to set the compensation for the other
executive officers.
Summary Compensation Table
The following table sets
forth information concerning the compensation paid by us to our principal executive officers during the fiscal year ended December 31,
2021 (the "
2021 Fiscal Year
") and the other Named Executive Officers during the 2021 Fiscal Year.
2021 SUMMARY COMPENSATION TABLE
Name and Principal Position
Year
Salary
($)
Bonus
($)
(1)
Stock
Awards
($)
Option
Awards
($)
All Other
Compensation
($)
(2)
Total
($)
Adam Comora,
2021
396,366
750,000
—
—
19,500
1,165,866
Co-Chief Executive Officer
Jonathan Maurer,
2021
380,519
750,000
—
—
26,000
1,156,519
Co-Chief Executive Officer
Scott Edelbach,
2021
293,623
202,366
—
—
11,593
507,582
Executive Vice President
David Unger,
2021
325,923
340,000
—
—
19,835
685,758
Executive Vice President
(1)
Includes cash discretionary bonuses paid to NEOs for 2021. Please
see additional information below in the section entitled "Annual Incentives."
(2)
The amounts shown in this column represent matching contributions
under the terms of our 401(k) plan paid by us on behalf of each NEO. The amounts of matching 401(k) contributions were
as follows: $19,500 for Mr. Comora; $26,000 for Mr. Maurer; $11,593 for Mr. Edelbach; and $19,835 for Mr. Unger.
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Narrative Disclosure to the Summary Compensation
Table
For the 2021 fiscal year,
our compensation program consisted primarily of the following elements: base salary, short-term annual incentive awards, long-term equity
incentives and benefit and perquisite programs.
Base Salary
Historically, we have provided
base salary as a fixed source of compensation for our executive officers. Base salaries for NEOs are established based on the scope of
their responsibilities, competencies and their prior relevant experience, taking into account compensation paid in the market for similar
positions, the market demand for such NEOs and the NEO's total compensation package. Base salaries are reviewed annually, based
on each NEO's success in meeting or exceeding individual objectives and on our financial performance. Additionally, base salaries
can be adjusted as warranted throughout the year to reflect promotions or other changes in the scope of breadth of an executive's
role or responsibilities, as well as to maintain market competitiveness.
Annual Incentives
Our compensation program
for NEOs and other executive officers includes eligibility for annual cash bonuses. Annual bonuses were determined in the sole discretion
of our board, based upon OPAL meeting its business and financial objectives generally and its annual financial performance targets in
particular, as well as each NEO's individual performance. Based on the review of the NEOs' performance by our board, our board
awarded the NEOs annual bonuses in the amounts set forth in the Summary Compensation Table above.
Long-Term Incentives
Pursuant to the Long-Term Incentive
Plan Award Agreement between Mr. Edelbach and TruStar Energy LLC, a Delaware limited liability company and subsidiary of Opco, Mr. Edelbach
is eligible to receive a base cash award in 2023 for the performance period lasting from January 1, 2020 through December 31,
2022 with a target value of $1,250,000 and a maximum value of $2,250,000.
Equity awards are a variable
element of compensation that allowed us to reward our NEOs for their sustained contributions to the company. Equity awards reward performance
and continued employment by an NEO, with associated benefits to us of attracting and retaining employees. Historically, Fortistar LLC
granted units intended to be treated as "profits interests" for U.S. federal income tax purposes to certain of Opco executives
through one of its feeder entities with such profits interests awards tracking the performance of the applicable predecessor companies
of Opco (such awards, the "
Parent Equity Awards
"). Participants were entitled to participate in
pro-rata
distributions
from such predecessors of Opco during their employment. Effective as of December 31, 2020, the Parent Equity Awards were restructured
to track the performance of Opco. Following the termination of their employment, their unvested Parent Equity Awards shall be forfeited,
as further described in the governing documents of the applicable feeder entities. The Parent Equity Awards held by the NEOs remain outstanding
during the NEOs' employment with us post-Business Combination, however, the NEOs are no longer be eligible to receive any future
Parent Equity Awards. No Parent Equity Awards were issued in the 2021 Fiscal Year.
Employee Benefits.
We provide standard health,
dental, and disability insurance benefits to our executive officers, on the same terms and conditions as provided to all eligible employees.
We do not offer a deferred compensation plan or pension plan and do not provide executive perquisites that are not generally available
on a non-discriminatory basis to all of our employees.
Employment Agreements
Mr. Unger had previously
entered into an Employment Agreement with Fortistar dated May 3, 2018, which was terminated in early 2022. Following such termination,
no NEOs are entitled to compensation upon a change in control or termination, provided, however, that upon a change in control of Opco,
each NEO shall be entitled to payment with respect to such NEO's Parent Equity Awards in the amounts set forth in the table entitled
"Outstanding Equity Awards at 2021 Fiscal Year End" (assuming such change in control occurred on December 31, 2021, and
other conditions described in footnote 3 to such table are met).
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Outstanding Equity Awards at 2021 Fiscal Year
End
The following table sets forth
information concerning outstanding profits interest equity awards as of December 31, 2021 for each NEO.
Name
Parent
    Equity Awards
Grant Date
(1)
Number
    of Shares or
Units of Stock That
Have Not
Vested (%)
(2)
Market
    Value of Shares
Or Units Of Stock That Have
Not Vested ($)
(3)
Adam
    Comora,
Co-Chief Executive Officer
February
                                            25, 2019
0.78
%
$
11,172,566
May
                                            15, 2019
0.26
%
$
3,720,271
July
                                            24, 2020
0.26
%
$
3,784,434
August
                                            4, 2020
0.26
%
$
3,784,434
Jonathan
Maurer,
Co-Chief Executive Officer
February
                                            25, 2019
0.52
%
$
7,448,595
May
                                            15, 2019
0.17
%
$
2,480,253
July
                                            24, 2020
0.18
%
$
2,523,439
August
                                            4, 2020
0.18
%
$
2,523,439
Scott
    Edelbach,
Executive Vice President
—
—
—
David
    Unger,
Executive Vice President
February
                                            25, 2019
0.13
%
$
1,861,986
May
                                            15, 2019
0.04
%
$
620,009
July
                                            24, 2020
0.14
%
$
1,963,832
August
                                            4, 2020
0.11
%
$
1,583,334
(1)
All Parent Equity Awards vest ratably on each of the first five
anniversaries of the Grant Date.
(2)
Parent Equity Awards entitle recipients to indirectly receive
a percentage of the profits ("
Profits Portion
") received by Fortistar from investment in Opco after the repayment
of the capital contributed to Opco by Fortistar. This column represents, as of December 31, 2021, a percentage of Opco which is
approximately equal to such Profits Portion.
(3)
The Market Value of Parent Equity Awards represents the value
of the Profits Portion assuming that (i) all of the equity or assets or Opco was sold for fair market value on December 31,
2021, (ii) the proceeds of such sale were distributed to the equity holders of Opco (which, in turn distributed such amounts to
their owners), and (iii) Fortistar received full repayment of its capital contributed to Opco.
Compensation of Directors
Prior to the closing of the
Business Combination, none of the members of our board received any compensation for services as a director. As directors on our board
post-Business Combination, we intend that all non-employee directors will be paid as members of our board, and, if applicable, as members
of any committee of our board, certain annual retainers to be determined by our board.
We expect that non-employee
members of our board will be paid in a combination of cash and equity awards. It is anticipated that each such director will be able to
elect to receive up to 100% of their cash retainer in the form of equity awards. The cash and equity retainers would be paid on a quarterly
basis.
Each member of our board
is entitled to reimbursement for reasonable travel and other expenses incurred in connection with attending board meetings and meetings
for any committee on which he or she serves.
Compensation Committee Interlocks and Insider
Participation
We do not have a compensation
committee. During the year ended December 31, 2021, Jon Mauer and Adam Comora, the co-CEOs of Opco, and following the consummation of
the Business Combination, the co-CEOs of OPAL, participated in deliberations of our board concerning executive officer compensation.
97
DESCRIPTION OF SECURITIES
The following description
of OPAL's capital stock is only a summary, and it does not contain all the information that may be important to you. For a complete
description of the matters set forth in this section, you should refer to the Charter, the Bylaws, the Investor Rights Agreement, and
to the applicable provisions of Delaware law.
Authorized Capitalization
The total number of shares
of all classes of stock that OPAL has the authority to issue is 1,120,000,000 shares, consisting of:
●
820,000,000 shares of Common Stock, par value of $0.0001
per share, divided into:
●
340,000,000 shares of Class A common stock;
●
160,000,000 shares of Class B common stock;
●
160,000,000 shares of Class C common stock; and
●
160,000,000 shares of Class D common stock; and
●
300,000,000 shares of OPAL Preferred Stock, par value
$0.0001 per share.
Common Stock
Class A common stock
As
of July 31, 2022, OPAL had
25,171,390
shares
of Class A common stock issued and outstanding.
Voting
Rights.
Each holder of Class A common stock is entitled to one vote for each share of Class A common stock held of
record by such holder on all matters on which stockholders generally are entitled to vote. Further, the holders of the outstanding
shares of Class A common stock are entitled to vote separately upon any amendment to the Charter (including by merger,
consolidation, reorganization or similar event) that would alter or change the powers, preferences or special rights of such series
of Common Stock in a manner that is disproportionately adverse as compared to the Class B common stock, the Class C common stock and
the Class D common stock.
To
the fullest extent permitted by law, holders of shares of each class of the Common Stock, as such, have no voting power with respect to,
and not entitled to vote on, any amendment to the Charter (including any certificate of designations relating to any series of OPAL Preferred
Stock) that relates solely to the rights, powers, preferences (or the qualifications, limitations or restrictions thereof) or other terms
of one or more outstanding series of OPAL Preferred Stock if the holders of such affected series of OPAL Preferred Stock are entitled,
either separately or together with the holders of one or more other such series, to vote thereon under the Charter (including any certificate
of designations relating to any series of OPAL Preferred Stock) or under the
Delaware General Corporation Law
(the
"
DGCL
").
Dividends; Stock Splits
or Combinations.
Subject to applicable law and the rights, if any, of the holders of any outstanding
series of OPAL Preferred Stock or any class or series of stock having a preference senior to or the right to participate with the Class
A common stock and the Class C common stock with respect to the payment of dividends, dividends and other distributions of cash, stock
or property may be declared and paid on the shares of Class A common stock and the shares of Class C common stock out of the assets of
OPAL that are by law available therefor, at the times and in the amounts as our board in its discretion may determine.
In no event will any stock
dividend, stock split, reverse stock split, combination of stock, reclassification or recapitalization be declared or made on any series
of Common Stock (each, a "
Stock Adjustment
") unless:
(a)
a corresponding Stock Adjustment for all other series of
Common Stock not so adjusted at the time outstanding is made in the same proportion and the same manner; and
(b)
the Stock Adjustment has been reflected in the same economically
equivalent manner on all Class A Units (as defined in the Second A&R LLC Agreement).
Stock dividends with respect
to each class of Common Stock may only be paid with shares of stock of the same series of Common Stock.
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Liquidation.
In
the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of OPAL, after payment or provision
for payment of the debts and other liabilities of OPAL and of the preferential and other amounts to which the holders of OPAL Preferred
Stock are entitled, if any, the holders of all outstanding shares of Class A common stock and Class C common stock will be entitled to
receive,
pari passu
,
an amount per share equal to the par value thereof, and thereafter the holders of all outstanding
shares of Class A common stock and Class C common stock will be entitled to receive the remaining assets of OPAL available for distribution
ratably in proportion to the number of shares of Class A common stock and Class C common stock, which shall be treated as a single class.
Class B common stock
As of July 31, 2022, OPAL had
no shares of Class B common stock issued and outstanding. Shares of Class B common stock may, together with the corresponding Class B
Units (as defined in the Second A&R LLC Agreement), be exchanged for shares of Class A common stock pursuant to the Second A&R
LLC Agreement.
Voting Rights.
Each
holder of Class B common stock will be entitled to one vote for each share of Class B common stock held of record by such holder on all
matters on which stockholders generally are entitled to vote. Further, the holders of the outstanding shares of Class B common stock will
be entitled to vote separately on any amendment to the Charter (including by merger, consolidation, reorganization or similar event) that
would alter or change the powers, preferences or special rights of such series of Common Stock in a manner that is disproportionately
adverse as compared to the Class A common stock, the Class C common stock and the Class D common stock.
To the fullest extent permitted
by law, holders of shares of each class of the Common Stock, as such, will have no voting power with respect to, and will not be entitled
to vote on, any amendment to the Charter (including any certificate of designations relating to any series of OPAL Preferred Stock) that
relates solely to the rights, powers, preferences (or the qualifications, limitations or restrictions thereof) or other terms of one or
more outstanding series of OPAL Preferred Stock if the holders of such affected series of OPAL Preferred Stock are entitled, either separately
or together with the holders of one or more other such series, to vote thereon under the Charter (including any certificate of designations
relating to any series of OPAL Preferred Stock) or under the DGCL.
Dividends; Stock Splits
or Combinations.
Dividends of cash or property may not be declared or paid on shares of Class B
common stock.
Further, in no event will any
Stock Adjustment be declared or made on any series of Common Stock unless:
(a)
a corresponding Stock Adjustment for all other series of
Common Stock not so adjusted at the time outstanding is made in the same proportion and the same manner; and
(b)
the Stock Adjustment has been reflected in the same economically
equivalent manner on all Class A Units.
Stock dividends with respect
to each class of Common Stock may only be paid with shares of stock of the same series of Common Stock.
Liquidation.
In
the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of OPAL, after payment or provision
for payment of the debts and other liabilities of OPAL and of the preferential and other amounts to which the holders of OPAL Preferred
Stock are entitled, if any, the holders of shares of Class B common stock will not be entitled to receive, with respect to such shares,
any assets of OPAL in excess of the par value thereof. Notwithstanding the foregoing, the holders of Class B common stock will have the
right to exchange their shares of Class B common stock, together with the corresponding Class B Units constituting the remainder
of any Paired Interests (as defined in the Charter) in which such shares are included, for shares of Class A common stock in accordance
with the Second A&R LLC Agreement (or for the consideration payable in respect of shares of Class A common stock in such voluntary
or involuntary liquidation, dissolution or winding-up).
Subscription
Rights.
To the extent Class B Units are issued pursuant to the Second A&R LLC Agreement to any
stockholder of OPAL other than a Qualified Stockholder (as defined in the Charter), such stockholder shall have the right to
subscribe for an equivalent number of shares of Class B common stock (subject to adjustment as set forth in the Charter) in exchange
for a payment in cash equal to the aggregate par value of such shares of Class B common stock.
Class C common stock
As of July 31, 2022, OPAL did
not have any shares of Class C common stock issued and outstanding. Shares of Class C common stock may be converted to shares of Class
A common stock, as discussed further below.
99
Voting Rights.
Each
holder of Class C common stock will be entitled to five votes for each share of Class C common stock held of record by such holder on
all matters on which stockholders generally are entitled to vote. Further, the holders of the outstanding shares of Class C common stock
will be entitled to vote separately upon any amendment to the Charter (including by merger, consolidation, reorganization or similar event)
that would alter or change the powers, preferences or special rights of such series of Common Stock in a manner that is disproportionately
adverse as compared to the Class A common stock, the Class B common stock and the Class D common stock.
To the fullest extent permitted
by law, holders of shares of each class of the Common Stock, as such, will have no voting power with respect to, and will not be entitled
to vote on, any amendment to the Charter (including any certificate of designations relating to any series of OPAL Preferred Stock) that
relates solely to the rights, powers, preferences (or the qualifications, limitations or restrictions thereof) or other terms of one or
more outstanding series of OPAL Preferred Stock if the holders of such affected series of OPAL Preferred Stock are entitled, either separately
or together with the holders of one or more other such series, to vote thereon under the Charter (including any certificate of designations
relating to any series of OPAL Preferred Stock) or under the DGCL.
Dividends; Stock Splits
or Combinations.
Subject to applicable law and the rights, if any, of the holders of outstanding
series of OPAL Preferred Stock or any class or series of stock having a preference senior to or the right to participate with the Class
A common stock and the Class C common stock with respect to the payment of dividends, dividends and other distributions of cash, stock
or property may be declared and paid on the shares of the Class A common stock and the shares of Class C common stock out of the assets
of OPAL that are by law available therefor, at the times and in the amounts as our board in its discretion may determine.
In no event will any Stock
Adjustment be declared or made on any series of Common Stock unless:
(a)
a corresponding Stock Adjustment for all other series of
Common Stock not so adjusted at the time outstanding is made in the same proportion and the same manner; and
(b)
the Stock Adjustment has been reflected in the same economically
equivalent manner on all Class A Units.
Stock dividends with respect
to each class of Common Stock may only be paid with shares of stock of the same series of Common Stock.
Liquidation.
In
the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of OPAL, after payment or provision
for payment of the debts and other liabilities of OPAL and of the preferential and other amounts to which the holders of OPAL Preferred
Stock are entitled, if any, the holders of all outstanding shares of Class A common stock and Class C common stock will be entitled to
receive,
pari passu
,
an amount per share equal to the par value thereof, and thereafter the holders of all outstanding
shares of Class A common stock and Class C common stock will be entitled to receive the remaining assets of OPAL available for distribution
ratably in proportion to the number of shares of Class A common stock and Class C common stock, which shall be treated as a single class.
Conversion.
a.
Voluntary Conversion
. Each
share of Class C common stock shall be convertible into one share of Class A common stock at the option of the holder thereof, at any
time upon written notice to OPAL; provided that, for the avoidance of doubt, any such holder of shares of Class C common stock may in
such written notice to OPAL specify that such conversion into shares of Class A common stock shall be contingent upon the consummation
of one or more sale or other transfer transactions.
b.
Automatic Conversion
. Each
share of Class C common stock shall automatically, without any further action, convert into one share of Class A common stock upon a
Transfer (as defined in the Charter), other than a Transfer to a Qualified Stockholder (as defined in the Charter).
Class D common stock
As of July 31, 2022, OPAL had
144,399,037 shares of Class D common stock issued and outstanding. Shares of Class D common stock may be converted into shares of
Class B common stock pursuant to the Charter. Further, shares of Class D common stock, together with the corresponding Class B Units may
be exchanged for shares of Class C common stock pursuant to the Second A&R LLC Agreement. Shares of Class D common stock may be converted
into shares of Class A common stock as further discussed below.
Voting Rights.
Each
holder of Class D common stock will be entitled to five votes for each share of Class D common stock held of record by such holder on
all matters on which stockholders generally are entitled to vote. Further, the holders of the outstanding shares of Class D common stock
will be entitled to vote separately upon any amendment to the Charter (including by merger, consolidation, reorganization or similar event)
that would alter or change the powers, preferences or special rights of such series of Common Stock in a manner that is disproportionately
adverse as compared to the Class A common stock, the Class B common stock and the Class C common stock.
100
To the fullest extent permitted
by law, holders of shares of each class of the Common Stock, as such, will have no voting power with respect to, and will not be entitled
to vote on, any amendment to the Charter (including any certificate of designations relating to any series of OPAL Preferred Stock) that
relates solely to the rights, powers, preferences (or the qualifications, limitations or restrictions thereof) or other terms of one or
more outstanding series of OPAL Preferred Stock if the holders of such affected series of OPAL Preferred Stock are entitled, either separately
or together with the holders of one or more other such series, to vote thereon under the Charter (including any certificate of designations
relating to any series of OPAL Preferred Stock) or under the DGCL.
Dividends; Stock Splits
and Combinations.
Dividends of cash or property may not be declared or paid on shares of Class D
common stock.
Further, in no event will any
Stock Adjustment be declared or made on any series of Common Stock unless:
(a)
a corresponding Stock Adjustment for all other series of
Common Stock not so adjusted at the time outstanding is made in the same proportion and the same manner; and
(b)
the Stock Adjustment has been reflected in the same economically
equivalent manner on all Class A Units.
Stock dividends with respect
to each class of Common Stock may only be paid with shares of stock of the same series of Common Stock.
Liquidation.
In
the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of OPAL, after payment or provision
for payment of the debts and other liabilities of OPAL and of the preferential and other amounts to which the holders of OPAL Preferred
Stock are entitled, if any, the holders of shares of Class D common stock will not be entitled to receive, with respect to such shares,
any assets of OPAL in excess of the par value thereof. Notwithstanding the foregoing, the holders of Class D common stock will have the
right to exchange their shares of Class D common stock, together with the corresponding Class B Units constituting the remainder
of any Paired Interests in which such shares are included, for shares of Class C common stock in accordance with the Second A&R LLC
Agreement (or for the consideration payable in respect of shares of Class C common stock in such voluntary or involuntary liquidation,
dissolution or winding-up).
Subscription Rights.
To
the extent that Class B Units are issued pursuant to the Second A&R LLC Agreement to any Qualified Stockholder, such Qualified
Stockholder shall have the right to subscribe for an equivalent number of shares of Class D common stock (subject to adjustment as set
forth in the Charter) in exchange for a payment in cash equal to the aggregate par value of such shares of Class D common stock.
Conversion.
a.
Voluntary Conversion
. Each
share of Class D common stock shall be convertible into one share of Class B common stock at the option of the holder thereof at any
time upon written notice to OPAL; provided that, for the avoidance of doubt, any such holder of shares of Class D common stock may in
such written notice to OPAL specify that such conversion into shares of Class B common stock shall be contingent upon the consummation
of one or more sale or other transfer transactions.
b.
Automatic Conversion
. Each
share of Class D common stock shall automatically, without any further action, convert into one share of Class B common stock upon a
Transfer, other than a Transfer to a Qualified Stockholder.
Cancellation of Class B common stock and Class
D common stock
No holder of Class B common
stock or Class D common stock may transfer shares of Class B common stock or Class D common stock, respectively, to any person unless
such holder transfers a corresponding number of Class B Units to the same person in accordance with the provisions of the Second
A&R LLC Agreement. If any outstanding shares of Class B common stock or Class D common stock ceases to be held by a holder of the
corresponding Class B Unit, such shares of Class B common stock or Class D common stock, respectively, will automatically and without
further action on the part of OPAL or any holder of Class B common stock or Class D common stock, respectively, be transferred to OPAL
for no consideration and shall be cancelled.
101
OPAL Preferred Stock
Our board is expressly authorized,
subject to any limitations prescribed by the laws of the State of Delaware, by resolution or resolutions adopted from time to time, to
provide for the issuance of shares of OPAL Preferred Stock in one or more series, and, by filing a certificate of designation pursuant
to the applicable laws of the State of Delaware, to establish from time to time the number of shares of OPAL Preferred Stock to be included
in each such series, to fix the designation, vesting, powers (including voting powers), preferences and relative, participating, optional
or other special rights (and the qualifications, limitations or restrictions thereof) of the shares of each such series and to increase
(but not above the total number of authorized shares of the OPAL Preferred Stock) or decrease (but not below the number of shares of such
series then outstanding) the number of shares of OPAL Preferred Stock of any such series.
Except as otherwise expressly
provided in any certificate of designation designating any series of OPAL Preferred Stock, (i) any new series of OPAL Preferred Stock
may be designated, fixed and determined as provided by the Charter by our board without approval of the holders of Common Stock or the
holders of OPAL Preferred Stock, or any series thereof, and (ii) any such new series may have powers, preferences and rights, including,
without limitation, voting rights, dividend rights, liquidation rights, redemption rights and conversion rights, senior to, junior to
or
pari passu
with the rights of the Common Stock, the OPAL Preferred Stock or any future class or series of OPAL Preferred Stock
or Common Stock.
Authorized But Unissued OPAL Capital Stock
As it relates to Class A common
stock, OPAL will at all times reserve and keep available out of its authorized and unissued shares of Class A common stock, (i) solely
for the purpose of the issuance in connection with the exchange of Paired Interests, the number of shares of Class A common stock that
are issuable upon the exchange of all outstanding Paired Interests which consist of Class B common stock and Class B Units pursuant
to the Second A&R LLC Agreement and (ii) solely for the purpose of the issuance in connection with the conversion of shares of
all outstanding Class C common stock (including all shares of Class C common stock issuable upon the exchange of Paired Interests which
consist of Class D common stock and Class B Units pursuant to the Second A&R LLC Agreement) into shares of Class A common
stock pursuant to the Charter, the number of shares of Class A common stock that are issuable upon such conversion.
As it relates to Class B common
stock, OPAL will at all times reserve and keep available out of its authorized and unissued shares of Class B common stock, solely for
the purpose of the issuance in connection with the conversion of shares of all outstanding Class D common stock into shares of Class B
common stock pursuant to the Charter, the number of shares of Class B common stock that are issuable upon such conversion.
As it relates to Class C common
stock, OPAL will at all times reserve and keep available out of its authorized and unissued shares of Class C common stock, solely for
the purpose of the issuance in connection with the exchange of Paired Interests which consist of Class D common stock and Class B
Units, the number of shares of Class C common stock that are issuable upon the exchange of all outstanding Paired Interests which consist
of Class D common stock and Class B Units, pursuant to the Second A&R LLC Agreement.
Anti-Takeover Effects of Provisions of
Delaware Law and the Organizational Documents
Certain provisions of the Organizational
Documents could discourage potential acquisition proposals and could delay or prevent a change in control. These provisions are intended
to enhance the likelihood of continuity and stability in the composition of our board and in the policies formulated by our board and
to discourage certain types of transactions that may involve an actual or threatened change of control. These provisions are designed
to reduce our vulnerability to an unsolicited acquisition proposal or proxy fight. Such provisions could have the effect of discouraging
others from making tender offers for our shares and, as a consequence, they also may inhibit fluctuations in the market price of Class
A common stock that could result from actual or rumored takeover attempts. Such provisions also may have the effect of preventing changes
in our management or delaying or preventing a transaction that might benefit you or other minority stockholders.
These provisions include:
Action by Written Consent;
Special Meeting of Stockholder.
Subject to, with respect to the OPAL Preferred Stock, the terms
of any series of OPAL Preferred Stock, (i) for so long as the holders of shares of Class C common stock and Class D common stock
beneficially own, directly or indirectly, a majority of the total voting power of stock entitled to vote generally in election of directors,
any action that is required or permitted to be taken by the stockholders of OPAL may be effected by consent in lieu of a meeting and (ii) if
the holders of shares of Class C common stock and Class D common stock do not beneficially own, directly or indirectly, a majority of
the total voting power of stock entitled to vote generally in election of directors, any action required or permitted to be taken by the
stockholders of OPAL must be effected at a duly called annual or special meeting of the stockholders of OPAL and may not be effected by
any consent in lieu of a meeting.
102
Subject to any special rights
of the holders of any series of OPAL Preferred Stock and the requirements of applicable law, special meetings of stockholders of OPAL
may be called only by the chairperson of our board, the vice chairperson of our board, the chief executive officer of OPAL or at the direction
of our board pursuant to a written resolution adopted by a majority of the total number of directors of OPAL that OPAL would have if there
were no vacancies, and the ability of the stockholders or any other Persons to call a special meeting of the stockholders is specifically
denied.
Election and Removal
of Directors.
Subject to any limitations imposed by applicable law and except for additional directors
of OPAL elected by the holders of any series of OPAL Preferred Stock as provided for or fixed pursuant to the Charter, any director of
OPAL or the entire board may be removed from office at any time, with or without cause, by the affirmative vote of the holders of at least
a majority of the total voting power of the outstanding shares of capital stock of OPAL entitled to vote generally in the election of
directors of OPAL, voting together as a single class. In case our board or any one or more directors of OPAL should be so removed, any
new directors of OPAL shall, unless our board determines by resolution that any such vacancies shall be filled by the stockholders and
except as otherwise provided by applicable law, be filled only by the affirmative vote of a majority of the remaining directors of OPAL
then in office, even if less than a quorum of our board, and not by the stockholders.
Other Limitations on
Stockholder Actions
.
Our Bylaws also impose some procedural requirements on stockholders who wish to:
●
make nominations in the election of directors; or
●
propose any other business to be brought before an annual
meeting of stockholders.
Under these procedural requirements,
in order to bring a proposal of business before an annual meeting of stockholders, a stockholder must deliver timely written notice of
a proposal pertaining to a proper matter for stockholder action at the annual meeting to OPAL's secretary containing, among other
things, the following:
●
the name and record address of each stockholder proposing
business, as they appear in OPAL's books;
●
the class or series and number of shares of stock of OPAL,
directly or indirectly, held of record and beneficially by the Proponent or Stockholder Associated Person, as such terms are defined
in the Bylaws;
●
the names of all persons with whom the stockholder is acting
in concert and a description of all arrangements and understandings with those persons;
●
a description of any agreement, arrangement or understanding
reached with respect to shares of our stock, such as any derivative or short positions, profit interests, options, hedging transactions,
warrant, convertible security, stock appreciation right or similar right with an exercise or conversion privilege or a settlement payment
or mechanism at a price related to any class of securities and/or borrowed or loaned shares;
●
a description of the business or nomination to be brought
before the meeting, the text of the proposal and the reasons for conducting such business at the meeting; and
●
any material interest of the Proponent or Stockholder Associated
Person in such business.
Our Bylaws also set out the
timeliness requirements for delivery of such notice.
In order to submit a nomination
for our board, a stockholder must also submit any information with respect to the nominee that we would be required to include in a proxy
statement, as well as some other information. If a stockholder fails to follow the required procedures, the stockholder's proposal
or nominee will be ineligible and will not be voted on by our stockholders.
Limitation on Liability and Indemnification
of Officers and Directors
The Organizational Documents
provide indemnification for OPAL's directors and officers to the fullest extent permitted by the DGCL.
Indemnification Agreements
On
July 21, 2022, OPAL entered into certain Indemnification Agreements ("
Indemnification Agreements
") with each
of its directors and executive officers pursuant to which, subject to certain exceptions, OPAL shall indemnify its directors and executive
officers for
all reasonable and documented direct and indirect expenses,
including
attorneys' fees,
paid or incurred by such officer or director in connection with the investigation, defense or appeal of,
or being a witness or otherwise involved in, a Proceeding (as defined in the Indemnification Agreements), or establishing or enforcing
a right to indemnification under such agreement, Section 145 of the DGCL or otherwise (the "
Expenses
"). Pursuant
to the Indemnification Agreements, in the event an officer or director who was or is a party to or witness in or is threatened to be made
a party to or witness in any Proceeding with respect such officer's or director's service for OPAL or any subsidiary or affiliate
as an Indemnifiable Person (as defined in the Indemnification Agreements), or by reason of anything done or not done, or any act or omission,
by such officer or director in any such capacity, OPAL shall indemnify such officer and director from and against any and all Expenses
and Other Liabilities (as defined in the Indemnification Agreements) incurred by such officer and director in connection with such Proceeding
to the fullest extent not prohibited by the provisions of OPAL's Bylaws and the DGCL. Furthermore, pursuant to the Indemnification
Agreements, OPAL shall, subject to certain exception, at the request of an officer or director, advance all Expenses incurred by such
officer or director prior to the final disposition of a Proceeding.
103
Exclusive Forum
The Charter provides that,
unless OPAL consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall (or, if
and only if the Court of Chancery of the State of Delaware lacks subject matter jurisdiction, any state court located within the State
of Delaware or, if and only if all such state courts lack subject matter jurisdiction, the federal district court for the District of
Delaware), and any appellate court thereof shall, to the fullest extent permitted by applicable law, be the sole and exclusive forum for
the following types of actions or proceedings under Delaware statutory or common law: (i) any derivative action, suit or proceeding
brought on behalf of OPAL; (ii) any action, suit or proceeding (including any class action) asserting a claim of breach of a fiduciary
duty owed by any current or former director, officer, other employee, agent or stockholder of OPAL to OPAL or OPAL's stockholders;
(iii) any action, suit or proceeding (including any class action) asserting a claim against OPAL or any current or former director,
officer, other employee, agent or stockholder of OPAL arising out of or pursuant to any provision of the DGCL, the Charter or the Bylaws
(as each may be amended from time to time); (iv) any action, suit or proceeding (including any class action) to interpret, apply,
enforce or determine the validity of the Charter or the By-laws of OPAL (including any right, obligation or remedy thereunder); (v) any
action, suit or proceeding as to which the DGCL confers jurisdiction to the Court of Chancery of the State of Delaware; or (vi) any
action asserting a claim against OPAL or any director, officer or other employee of OPAL governed by the internal affairs doctrine, in
all cases to the fullest extent permitted by law and subject to the court having personal jurisdiction over the indispensable parties
named as defendants. The exclusive forum provisions of the Charter shall not apply to suits brought to enforce a duty or liability created
by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.
If any action, the subject
matter of which is within the scope of the exclusive forum provisions of the Charter, is filed in a court other than a court located within
the State of Delaware (a "
Foreign Action
") in the name of any stockholder of OPAL, such stockholder shall be
deemed to have consented to (i) the personal jurisdiction of the state and federal courts located within the State of Delaware in
connection with any action brought in any such court to enforce the exclusive forum provisions of the Charter (an "
Enforcement
Action
") and (ii) having service of process made upon such stockholder in any such Enforcement Action by service upon
such stockholder's counsel in the Foreign Action as agent for such stockholder.
Any person or entity purchasing,
holding, owning or otherwise acquiring any interest in any security of OPAL shall be deemed to have notice of and to have consented to
the exclusive forum provisions of the Charter.
Stockholder Registration Rights
The Investor Rights Agreement
provides the OPAL Holders (as defined herein) with certain registration rights whereby, at any time, subject to certain lockup restrictions
and the other terms and conditions of the Investor Rights Agreement, they will have the right to require us to register under the Securities
Act certain Registrable Securities (as defined in the Investor Rights Agreement). The Investor Rights Agreement also provides for piggyback
registration rights for certain other parties thereto, subject to certain conditions and exceptions. See "
Certain Relationships
and Related Party Transactions—PIPE Investors—Investor Rights Agreement.
"
Warrants
OPAL Public Warrants
Each OPAL whole warrant entitles
the registered holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to adjustment as discussed
below, at any time commencing 30 days after the Closing, except as discussed in the immediately succeeding paragraph. Pursuant to
the warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A common stock. This means only a whole
warrant may be exercised at a given time by a warrant holder. The warrants will expire five years after the Closing, at 5:00 p.m.,
New York City time, or earlier upon redemption or liquidation.
104
We will not be obligated to
deliver any Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless
a registration statement under the Securities Act with respect to the Class A common stock underlying the warrants is then effective and
a prospectus relating thereto is current, subject to us satisfying our obligations described below with respect to registration, or a
valid exemption from registration is available. No warrant will be exercisable and we will not be obligated to issue a share of Class
A common stock upon exercise of a warrant unless the share of Class A common stock issuable upon such warrant exercise has been registered,
qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the warrants. In the
event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant
will not be entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required
to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser
of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class A common stock underlying
such unit.
We have agreed that as soon
as practicable, but in no event later than twenty business days after the Closing of the Business Combination, we will use our commercially
reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the shares of Class
A common stock issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same to become
effective within 60 business days after the Closing of the Business Combination, and to maintain the effectiveness of such registration
statement and a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed, as specified
in the warrant agreement; provided that if our shares of Class A common stock are, at the time of any exercise of a warrant, not listed
on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of
the Securities Act, we may, at our option, require holders of OPAL Public Warrants who exercise their warrants to do so on a "cashless
basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required
to file or maintain in effect a registration statement, but we will use our commercially reasonably efforts to register or qualify the
shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the shares of
Class A common stock issuable upon exercise of the warrants is not effective by the 60th day after the Closing of the Business Combination,
warrant holders may, until such time as there is an effective registration statement and during any period when we will have failed to
maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of
the Securities Act or another exemption, but we will use our commercially reasonably efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the
warrants for that number of shares of Class A common stock equal to the lesser of (A) the quotient obtained by dividing (x) the
product of the number of shares of Class A common stock underlying the warrants, multiplied by the excess of the "fair market value"
less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The "fair market value" as used
in this paragraph shall mean the volume weighted average price of the Class A common stock for the 10 trading days ending on the trading
day prior to the date on which the notice of exercise is received by the warrant agent.
Redemption of warrants
when the price per share of Class A common stock equals or exceeds $18.00.
Once the warrants become exercisable, we may redeem
the outstanding warrants:
●
in whole and not in part;
●
at a price of $0.01 per warrant;
●
upon a minimum of 30 days' prior written notice
of redemption to each warrant holder; and
●
if, and only if, the closing price of the Class A common
stock equals or exceeds $18.00 per share (as adjusted for adjustments to the number of shares issuable upon exercise or the exercise
price of a warrant as described under the heading "—
Warrants — OPAL Public Warrants — Anti-Dilution Adjustments
")
for any 20 trading days within a 30-trading day period ending three trading days before we send the notice of redemption
to the warrant holders.
We will not redeem the warrants
as described above unless a registration statement under the Securities Act covering the issuance of the Class A common stock issuable
upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available
throughout the 30-day redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even
if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.
105
We have established the last
of the redemption criteria discussed above to prevent a redemption call unless there is at the time of the call a significant premium
to the warrant exercise price.
If we issue a notice of redemption
of the warrants, each warrant holder will be entitled to exercise his, her or its warrant prior to the scheduled redemption date. However,
the price of the shares of Class A common stock may fall below the $18.00 redemption trigger price (as adjusted for adjustments to the
number of shares issuable upon exercise or the exercise price of a warrant as described under the heading "—
Warrants — OPAL
Public Warrants — Anti-dilution Adjustments
") as well as the $11.50 (for whole shares) warrant exercise
price after the redemption notice is issued.
Redemption of warrants
when the price per Class A common stock equals or exceeds $10.00.
Once the warrants become exercisable, we may redeem the outstanding
warrants:
●
in whole and not in part;
●
at $0.10 per warrant upon a minimum of 30 days'
prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption
and receive that number of shares determined by reference to the table below, based on the redemption date and the "fair market
value" of Class A common stock (as defined below) except as otherwise described below;
●
if, and only if, the closing price of the shares of Class
A common stock equals or exceeds $10.00 per public share (as adjusted for adjustments to the number of shares issuable upon exercise
or the exercise price of a warrant as described under the heading
"— Warrants — OPAL Public Warrants — Anti-Dilution Adjustments
")
for any 20 trading days within the 30-trading day period ending three trading days before we send the notice of redemption
to the warrant holders; and
●
if the closing price of the Class A common stock for any
20 trading days within a 30-trading day period ending on the third trading day prior to the date on which we send the
notice of redemption to the warrant holders is less than $18.00 per share (as adjusted for adjustments to the number of shares issuable
upon exercise or the exercise price of a warrant as described under the heading "—
Warrants — OPAL
Public Warrants — Anti-dilution Adjustments
"), the OPAL Private Placement Warrants must also be concurrently
called for redemption on the same terms as the outstanding OPAL Public Warrants, as described above.
Beginning on the date the notice
of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis.
The numbers in the table below represent the number of shares of Class A common stock that a warrant holder will receive upon such cashless
exercise in connection with a redemption by us pursuant to this redemption feature, based on the "fair market value" of the
Class A common stock on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are not
redeemed for $0.10 per warrant), determined for these purposes based on volume weighted average price of the shares of Class A common
stock during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants,
and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in
the table below. We will provide our warrant holders with the final fair market value no later than one business day after the 10-trading day
period described above ends.
The share prices set forth
in the column headings of the table below will be adjusted as of any date on which the number of shares of Class A common stock issuable
upon exercise of a warrant or the exercise price of a warrant is adjusted as set forth under the heading "—
Warrants — OPAL
Public Warrants
—
Anti-dilution Adjustments
" below. If the number of shares of Class A common stock issuable
upon exercise of a warrant is adjusted, the adjusted share prices in the column headings will equal the share prices immediately prior
to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately
prior to such adjustment and the denominator of which is the number of shares of Class A common stock deliverable upon exercise of a warrant
as so adjusted. The number of shares in the table below shall be adjusted in the same manner and at the same time as the number of shares
issuable upon exercise of a warrant. If the exercise price of a warrant is adjusted, (a) in the case of an adjustment pursuant to
the fifth paragraph under the heading "—
Warrants — OPAL Public Warrants
—
Anti-dilution Adjustments
"
below, the adjusted share prices in the column headings will equal the unadjusted share price multiplied by a fraction, the numerator
of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading "—
Warrants — OPAL
Public Warrants
—
Anti-dilution Adjustments
" and the denominator of which is $10.00 and (b) in the
case of an adjustment pursuant to the second paragraph under the heading "—
Warrants — OPAL Public
Warrants
—
Anti-dilution Adjustments
" below, the adjusted share prices in the column headings will equal
the unadjusted share price less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment. As used herein,
the term, "Market Value" means the volume weighted average trading price of the shares of Class A Common Stock during the
20 trading day period starting on the trading day prior to the Closing Date and the term, "Newly Issued Price" means an issue
price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined
in good faith by our Board and, in the case of any such issuance to our sponsor or its affiliates, without taking into account any founder
shares held by our sponsor or such affiliates, as applicable, prior to such issuance.
106
Redemption Date
Fair Market Value of shares of Class A common stock
(period to expiration of warrants)
≤ $10.00
11.00
12.00
13.00
14.00
15.00
16.00
17.00
≥ 18.00
60 months
0.261
0.281
0.297
0.311
0.324
0.337
0.348
0.358
0.361
57 months
0.257
0.277
0.294
0.310
0.324
0.337
0.348
0.358
0.361
54 months
0.252
0.272
0.291
0.307
0.322
0.335
0.347
0.357
0.361
51 months
0.246
0.268
0.287
0.304
0.320
0.333
0.346
0.357
0.361
48 months
0.241
0.263
0.283
0.301
0.317
0.332
0.344
0.356
0.361
45 months
0.235
0.258
0.279
0.298
0.315
0.330
0.343
0.356
0.361
42 months
0.228
0.252
0.274
0.294
0.312
0.328
0.342
0.355
0.361
39 months
0.221
0.246
0.269
0.290
0.309
0.325
0.340
0.354
0.361
36 months
0.213
0.239
0.263
0.285
0.305
0.323
0.339
0.353
0.361
33 months
0.205
0.232
0.257
0.280
0.301
0.320
0.337
0.352
0.361
30 months
0.196
0.224
0.250
0.274
0.297
0.316
0.335
0.351
0.361
27 months
0.185
0.214
0.242
0.268
0.291
0.313
0.332
0.350
0.361
24 months
0.173
0.204
0.233
0.260
0.285
0.308
0.329
0.348
0.361
21 months
0.161
0.193
0.223
0.252
0.279
0.304
0.326
0.347
0.361
18 months
0.146
0.179
0.211
0.242
0.271
0.298
0.322
0.345
0.361
15 months
0.130
0.164
0.197
0.230
0.262
0.291
0.317
0.342
0.361
12 months
0.111
0.146
0.181
0.216
0.250
0.282
0.312
0.339
0.361
9 months
0.090
0.125
0.162
0.199
0.237
0.272
0.305
0.336
0.361
6 months
0.065
0.099
0.137
0.178
0.219
0.259
0.296
0.331
0.361
3 months
0.034
0.065
0.104
0.150
0.197
0.243
0.286
0.326
0.361
0 months
—
—
0.042
0.115
0.179
0.233
0.281
0.323
0.361
The exact fair market value
and redemption date may not be set forth in the table above, in which case, if the fair market value is between two values in the table
or the redemption date is between two redemption dates in the table, the number of shares of Class A common stock to be issued for each
warrant exercised will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower
fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable.
For example, if the volume weighted average price of Class A common stock during the 10 trading days immediately following the date
on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such time there are 57 months
until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 shares
of Class A common stock for each whole warrant. For an example where the exact fair market value and redemption date are not as set forth
in the table above, if the volume weighted average price of Class A common stock during the 10 trading days immediately following
the date on which the notice of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months
until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 shares
of Class A common stock for each whole warrant. In no event will the warrants be exercisable on a cashless basis in connection with this
redemption feature for more than 0.361 shares of Class A common stock per warrant (subject to adjustment). Finally, as reflected
in the table above, if the warrants are out of the money and about to expire, they cannot be exercised on a cashless basis in connection
with a redemption by us pursuant to this redemption feature, since they will not be exercisable for any share of Class A common stock.
This redemption feature differs
from the typical warrant redemption features used in some other blank check offerings, which only provide for a redemption of warrants
for cash (other than the OPAL Private Placement Warrants) when the trading price for the shares of Class A common stock exceeds $18.00
per share for a specified period of time. This redemption feature is structured to allow for all of the outstanding warrants to be redeemed
when the shares of Class A common stock are trading at or above $10.00 per public share, which may be at a time when the trading price
of the shares of Class A common stock is below the exercise price of the warrants. We have established this redemption feature to provide
us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under
"—
Redemption of warrants when the price per share of Class A common stock equals or exceeds $18.00
." Holders
choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares
for their warrants based on an option pricing model with a fixed volatility input. This redemption right provides us with an additional
mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital structure as the warrants
would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price to
warrant holders if we choose to exercise this redemption right and it will allow us to quickly proceed with a redemption of the warrants
if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our
best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders.
107
As stated above, we can redeem
the warrants when the shares of Class A common stock are trading at a price starting at $10.00, which is below the exercise price of $11.50,
because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity
to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the shares
of Class A common stock are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving
fewer shares of Class A common stock than they would have received if they had chosen to wait to exercise their warrants for shares of
Class A common stock if and when such shares of Class A common stock were trading at a price higher than the exercise price of $11.50.
No fractional shares of Class
A common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share,
we will round down to the nearest whole number of the number of shares of Class A common stock to be issued to the holder. If, at the
time of redemption, the warrants are exercisable for a security other than the shares of Class A common stock pursuant to the warrant
agreement, the warrants may be exercised for such security. At such time as the warrants become exercisable for a security other than
the shares of Class A common stock, OPAL (or surviving company) will use its commercially reasonable efforts to register, under the Securities
Act, the security issuable upon the exercise of the warrants.
Redemption procedures.
A holder of a warrant may notify
us in writing in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant,
to the extent that after giving effect to such exercise, such person (together with such person's affiliates), to the warrant agent's
actual knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the shares Class A common
stock issued and outstanding immediately after giving effect to such exercise.
Anti-dilution adjustments
.
If the number of outstanding
shares of Class A common stock is increased by a capitalization or share dividend paid in shares of Class A common stock to all or substantially
all holders of Class A common stock, or by a split-up of shares of Class A common stock or other similar event, then, on the effective
date of such capitalization or share dividend, split-up or similar event, the number of shares of Class A common stock issuable on
exercise of each warrant will be increased in proportion to such increase in the outstanding shares of Class A common stock. A rights
offering made to all or substantially all holders of Class A common stock entitling holders to purchase shares of Class A common stock
at a price less than the "historical fair market value" (as defined below) will be deemed a share dividend of a number of
shares of Class A common stock equal to the product of (i) the number of shares of Class A common stock actually sold in such rights
offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for shares
of Class A common stock) and (ii) one minus the quotient of (x) the price per share of Class A common stock paid in such rights
offering and (y) the historical fair market value. For these purposes, (i) if the rights offering is for securities convertible
into or exercisable for shares of Class A common stock, in determining the price payable for shares of Class A common stock, there will
be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion
and (ii) "historical fair market value" means the volume weighted average price of Class A common stock as reported during
the 10 trading day period ending on the trading day prior to the first date on which the shares of Class A common stock trade
on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.
In addition, if we, at any
time while the warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all
or substantially all the holders of shares of Class A common stock on account of such shares (or other securities into which the warrants
are convertible), other than (a) as described above, or (b) any cash dividends or cash distributions which, when combined on
a per share basis with all other cash dividends and cash distributions paid on the shares of Class A common stock during the 365-day period
ending on the date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other
adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the number of
shares of Class A common stock issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends
or cash distributions equal to or less than $0.50 per share, then the warrant exercise price will be decreased, effective immediately
after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other assets paid on each
share of Class A common stock in respect of such event.
108
If the number of outstanding
shares of Class A common stock is decreased by a consolidation, combination, reverse share split or reclassification of shares of Class
A common stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification
or similar event, the number of shares of Class A common stock issuable on exercise of each warrant will be decreased in proportion to
such decrease in outstanding shares of Class A common stock.
Whenever the number of shares
of Class A common stock purchasable upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will
be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which
will be the number of shares of Class A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment
and (y) the denominator of which will be the number of shares of Class A common stock so purchasable immediately thereafter.
In case of any reclassification
or reorganization of the outstanding shares of Class A common stock (other than those that solely affects the par value of such shares
of Class A common stock), or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation
or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding
shares of Class A common stock), or in the case of any sale or conveyance to another corporation or entity of our assets or other property
as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the
shares of Class A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby,
the kind and amount of shares of Class A common stock or other securities or property (including cash) receivable upon such reclassification,
reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the holder of the warrants would
have received if such holder had exercised their warrants immediately prior to such event. If less than 70% of the consideration receivable
by the holders of shares of Class A common stock in such a transaction is payable in the form of shares of Class A common stock in the
successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market,
or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises
the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified
in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such
exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the
exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the
warrants. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary
transaction occurs during the exercise period of the warrants pursuant to which the holders of the warrants otherwise do not receive the
full potential value of the warrants.
The warrants have been issued
in registered form under a warrant agreement between us and Continental Stock Transfer & Trust Company, as warrant agent. The
warrant agreement provides that the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing
any ambiguity or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of
the warrants and the warrant agreement, or defective provision (ii) amending the provisions relating to cash dividends on ArcLight
Ordinary Shares as contemplated by and in accordance with the warrant agreement or (iii) adding or changing any provisions with respect
to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and
that the parties deem to not adversely affect the rights of the registered holders of the warrants, provided that the approval by the
holders of at least 65% of the then-outstanding public warrants is required to make any change that adversely affects the interests
of the registered holders. You should review a copy of the warrant agreement, which is filed as an exhibit to this registration statement,
for a complete description of the terms and conditions applicable to the warrants.
The warrant holders do not
have the rights or privileges of holders of shares of Class A common stock and any voting rights until they exercise their warrants and
receive shares of Class A common stock. After the issuance of Class A common stock upon exercise of the warrants, each holder will be
entitled to one vote for each share held of record on all matters to be voted on by stockholders.
109
If, upon exercise of the warrants,
a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number
the number of shares of Class A common stock to be issued to the warrant holder.
We have agreed that, subject
to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement will be brought
and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York,
and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum for any such action, proceeding or claim.
This provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which
the federal district courts of the United States of America are the sole and exclusive forum.
OPAL Private Placement
Warrants
Except as described below,
the OPAL Private Placement Warrants have terms and provisions that are identical to those of the OPAL Public Warrants. The OPAL Private
Placement Warrants (including the shares of Class A common stock issuable upon exercise of the OPAL Private Placement Warrants) will not
be transferable, assignable or salable for 30 days after the Closing, except pursuant to limited exceptions to our officers and directors
and other persons or entities affiliated with the initial purchasers of the OPAL Private Placement Warrants, and they will not be redeemable
by us, except as described above when the price per share of Class A common stock equals or exceeds $10.00, so long as they are held by
the Sponsor or its permitted transferees (except as otherwise set forth herein). The Sponsor, or its permitted transferees, has the option
to exercise the OPAL Private Placement Warrants on a cashless basis. If the OPAL Private Placement Warrants are held by holders other
than the Sponsor or its permitted transferees, the OPAL Private Placement Warrants will be redeemable by us in all redemption scenarios
and exercisable by the holders on the same basis as the OPAL Public Warrants. Any amendment to the terms of the OPAL Private Placement
Warrants or any provision of the warrant agreement with respect to the OPAL Private Placement Warrants will require a vote of holders
of at least 50% of the number of the then outstanding OPAL Private Placement Warrants.
Except as described above under
"—
OPAL Public Warrants
—
Redemption of warrants when the price per share of Class A common
stock equals or exceeds $10.00
," if holders of the OPAL Private Placement Warrants elect to exercise them on a cashless basis,
they would pay the exercise price by surrendering his, her or its warrants for that number of shares of Class A common stock equal to
the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied
by the excess of the "Sponsor fair market value" (defined below) over the exercise price of the warrants by (y) the Sponsor
fair market value. For these purposes, the "Sponsor fair market value" shall mean the average reported closing price of the
shares of Class A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice
of warrant exercise is sent to the warrant agent.
Transfer Agent and Warrant Agent
The transfer agent for OPAL's
Common Stock and warrant agent for the OPAL Public Warrants and OPAL Private Placement Warrants is the Continental Transfer & Trust
Company.
Listing of Common Stock
The shares of Class A common stock and Public Warrants
are listed on Nasdaq under the symbols "OPAL" and "OPALW," respectively.
110
BENEFICIAL OWNERSHIP
The following table sets
forth information known to the Company regarding the beneficial ownership of our Class A common stock and Class D common stock by:
●
each person who is the beneficial owner of more than 5% of the outstanding shares of our Class A common stock or our Class D common stock;
●
each of the Company's named executive officers and directors; and
●
all of the Company's executive officers and directors as a group.
Beneficial ownership is determined
according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses
sole or shared voting or investment power over that security. Under those rules, beneficial ownership includes securities that the individual
or entity has the right to acquire, such as through the exercise of warrants or stock options or the vesting of restricted stock units,
within 60 days of the date of this prospectus. Shares subject to warrants that are currently exercisable or exercisable within 60 days
of the date of this prospectus are considered outstanding and beneficially owned by the person holding such warrants for the purpose of
computing the percentage ownership of that person but are not treated as outstanding for the purpose of computing the percentage ownership
of any other person. Shares issuable pursuant to the exchange of Opco Common Units listed in the table below are represented in shares
of Class A common stock.
Except as described in the
footnotes below and subject to applicable community property laws and similar laws, the Company believes that each person listed above
has sole voting and investment power with respect to such shares.
The beneficial ownership
of Class A common stock is based on 25,671,390 shares of our Class A common stock issued and outstanding and 144,399,037 shares of our
Class D common stock issued and outstanding as of August 8, 2022.
Name and Address of Beneficial Owners(1)
Number of
Class A Shares
% of Class A
Outstanding
Number of
Class D Shares
% of Class D
Outstanding
% of Total Voting
Power
Directors and officers:
—
—
—
—
—
Adam Comora
—
—
—
—
—
Jonathan Maurer
—
—
—
—
—
Ann Anthony
—
—
—
—
—
David Unger
—
—
—
—
—
Anthony Falbo
—
—
—
—
—
Scott Edelbach
—
—
—
—
—
Hugh Donnell
—
—
—
—
—
John Coghlin
—
—
—
—
—
Marco F. Gatti
—
—
—
—
—
Kevin M. Fogarty
—
—
—
—
—
Betsy L. Battle
—
—
—
—
—
Scott Dols
—
—
—
—
—
Mark Comora(2)
880,600
3.4
%
144,399,037
100
%
96.7
%
Nadeem Nisar
—
—
—
—
—
Ashok Vemuri
—
—
—
—
—
All directors and officers after as a group (15 persons)
880,600
3.4
%
144,399,037
100
%
96.7
%
Five Percent Holders:
Entities affiliated with Mark Comora(2)
880,600
3.4
%
144,399,037
100
%
96.7
%
ArcLight CTC Holdings II, L.P.(3)
16,877,101
48.4
%
—
—
1.3
%
ARCC Beacon LLC(4)
3,059,533
11.9
%
—
—
0.4
%
Mendocino Capital, LLC(5)
2,500,000
9.7
%
—
—
0.3
%
Entities affiliated with Meteora Capital(6)
2,000,000
7.8
%
—
—
0.3
%
Entities affiliated with Electron(7)
1,800,000
7.0
%
—
—
0.2
%
Nyera II Limited(8)
1,500,000
5.8
%
—
—
0.2
%
Entities affiliated with Encompass Capital Advisors(9)
2,675,337
9.9
%
—
—
0.3
%
(1)
Unless otherwise noted, the business address of each of the directors and officers is One North Lexington Avenue, 14
th
Floor, White Plains, New York 10601.
111
(2)
Consists of (i) 142,377,450 shares of Class D common stock owned of record by OPAL HoldCo, (ii) 2,021,587 shares of Class D common stock owned of record by Hillman and (iii) 880,600 shares of Class A common stock owned by Fortistar LLC ("
Fortistar
"), but excludes an aggregate of 9,794,752 shares of Class D common stock potentially issuable to OPAL Holdco or Hillman (a total of 9,657,625 with respect to OPAL Holdco and 137,127 with respect to Hillman) in connection with certain potential earnout payments under the Business Combination Agreement. OPAL Holdco and Hillman collectively own of record 100% of the issued and outstanding shares of Class D common stock as of the date of this table. Each of OPAL Holdco and Hillman are controlled, through Fortistar and certain of its subsidiaries, by Mr. Mark Comora. Accordingly, Mr. Mark Comora is deemed to have beneficial ownership of the securities held by each of OPAL Holdco, Hillman and Fortistar. The shares of Class D common stock owned of record by Hillman are pledged to a bank in connection with certain indebtedness owing to such bank. See "
Certain Relationships and Related Party Transactions—Hillman Restructuring
".  Shares of Class D common stock may be converted into shares of Class A common stock as further discussed in "Description of Securities
—
Common Stock
—
Class D common stock." The business address of each of Mr. Comora, OPAL Holdco, Hillman and Fortistar is One North Lexington Avenue, 14th Floor, White Plains, New York 10601.
(3)
Consists of (i) 7,639,076 shares of Class A common stock held directly by ArcLight CTC Holdings II, L.P. ("
Sponsor
") (including, 763,907 of such shares subject to forfeiture as described in the section titled The Business Combination — Related Agreements — Sponsor Letter Agreement" of the Proxy Statement/Prospectus beginning on page 118 thereof, which is incorporated herein by reference), (ii) 2,000,000 shares of Class A common stock issued to the Sponsor in connection with the PIPE Investment, and (iii) 7,238,025 shares of Class A common stock underlying certain warrants held by Sponsor that are exercisable within 60 days of the Closing Date. Daniel R. Revers has voting and investment discretion with respect to the securities held by Sponsor, and thus may be deemed to have beneficial ownership of such securities. Mr. Revers expressly disclaims any such beneficial ownership of such securities, except to the extent of his individual pecuniary interests therein. The business address of Sponsor and Mr. Revers is 200 Clarendon Street, 55th Floor, Boston, Massachusetts 02116.
(4)
Consists of 3,059,533 shares of Class A common stock. The business address of ARCC Beacon LLC is 245 Park Avenue, 43rd Floor New York, New York 10167.
(5)
Consists of 2,500,000 shares of Class A common stock. Mendocino Capital, LLC ("
Mendocino
") is a subsidiary of NextEra Energy, Inc. ("
NextEra
"), a publicly traded company. The business address of Mendocino and NextEra is 700 Universe Boulevard, Juno Beach, Florida 33408.
(6)
Consists of (i) 414,600 shares of Class A common stock held by Meteora Special Opportunity Fund I, LP ("
MSOF
"), (ii) 477,600 shares of Class A common stock held by Meteora Select Trading Opportunities Master, LP ("
MSTO
") and (iii) 1,107,800 shares of Class A common stock held by Meteora Capital Partners ("
MCP
"). Meteora Capital, LLC ("
Meteora Capital
") serves as investment manager to MSOF, MSTO and MCP. Voting and investment power over the shares held by MSOF, MSTO and MCP resides with its investment manager, Meteora Capital, LLC ("
Meteora Capital
"). Mr. Vik Mittal serves as the managing member of Meteora Capital and may be deemed to be the beneficial owner of the shares of Class A common stock held by such entities. Mr. Mittal, however, disclaims any beneficial ownership of the shares held by such entities. The business address of each of MSOF, MSTO, MCP, Meteora Capital and Mr. Mittal is 840 Park Drive East, Boca Raton, Florida 33444.
(7)
Consists of (i) 1,060,088 shares of Class A common stock held by Electron Global Master Fund LP ("
EGMF
"), (ii) 695,913 shares of Class A common stock held by Electron Infrastructure Master Fund LP ("
EIMF
"), (iii) 30,628 shares of Class A common stock held by Boothbay Absolute Return Strategies, LP ("
BARS
") and (iv) 13,371 shares of Class A common stock held by AGR Trading SPC-Series Segregated Portfolio ("
AGR
"). James Shaver is the managing member of the general partners of EGMF and EIMF, and as such may be deemed to beneficially own the shares of Class A common stock held by EGMF and EIMF. Boothbay Fund Management LLC is the investment manager of BARS. AC Investment Management, LLC is the investment manager of AGR. James Shaver may be deemed to have investment discretion and voting power over shares of Class A common stock held by the BARS and AGR. The business address of EGMF, EIMG and Mr. Shaver is 10 East 53rd Street, 19th Floor, New York, New York 10022. The business address of BARS is 140 East 45th St., 14th Floor, New York, New York 10017. The business address of AGR is 1350 Avenue of the Americas, Suite 2300, New York, New York 10019.
(8)
Consists of 1,500,000 shares of Class A common stock. Benjamin Wasem, Pantelitsa Georgiade and Vasiliki Papalli (the "
Nyera Principals
") each has voting and investment discretion with respect to the securities held Nyera II Limited ("
Nyera
"), and thus may be deemed to have beneficial ownership of such securities. Each of the Nyera Principals expressly disclaims any such beneficial ownership of such securities, except to the extent of their individual pecuniary interests therein. The business address of Nyera and the Nyera Principals is 8 Stasinou Avenue, Photos Photiades Business Centre, Office 401, 1060 Nicosia, Cyprus.
(9)
Consists of (i) 1,323,114 shares of Class A common stock and (ii) 1,352,223  shares of Class A common stock underlying certain warrants that are exercisable within 60 days of the date of this prospectus, which are held by certain fund entities and managed accounts for which Encompass Capital Advisors, LLC ("
Encompass
") exercises investment discretion. Todd Kantor, as the managing member of Encompass, may also be deemed to beneficially own such securities. Does not include an additional 633,013  shares of Class A common stock underlying certain warrants that are not exercisable within 60 days of the date of this prospectus. The exercise of the warrants are subject to ownership limitations so that the selling stockholder may not beneficially own in excess of 9.9% of the issued and outstanding Class A common stock of the Company. The business address of Encompass and Mr. Kantor is 200 Park Avenue, 11th Floor, New York, New York 10166.
112
SELLING HOLDERS
This prospectus relates to
the resale by the Selling Holders from time to time of up to 175,541,507 shares of Class A common stock. The Selling Holders may from
time to time offer and sell any or all of the shares of Class A common stock set forth below pursuant to this prospectus and any accompanying
prospectus supplement. When we refer to the "Selling Holders" in this prospectus, we mean the persons listed in the table
below, and the pledgees, donees, transferees, assignees, successors, designees and others who later come to hold any of the Selling Holders'
interest in the Class A common stock other than through a public sale.
The following table sets
forth, as of the date of this prospectus, the names of the Selling Holders, the aggregate number of shares of Class A common stock held
by each Selling Holders immediately prior to the sale of the shares of Class A common stock in this offering, the number of shares of
our Class A common stock that may be sold by each Selling Holder under this prospectus and the number of shares of Class A common stock
that each Selling Holder will beneficially own after this offering.
We cannot advise you as to
whether the Selling Holders will in fact sell any or all of such shares of Class A common stock. In addition, the Selling Holders may
sell, transfer or otherwise dispose of, at any time and from time to time, Class A common stock in transactions exempt from the registration
requirements of the Securities Act.
Name of Selling Holder
Number Held Prior to Offering
Number Registered for Sale Hereby
Number Held After Offering
ARCC Beacon LLC (1)
3,059,533
3,059,533
—
ArcLight CTC Holdings II, L.P. (2)
16,877,101
16,877,101
—
Arno Harris (3)
35,000
35,000
—
Brian Goncher (4)
35,000
35,000
—
Daniel R. Revers (2)
16,877,101
16,877,101
—
Ja-Chin Audrey Lee (5)
35,000
35,000
—
Steven Berkenfeld (6)
35,000
35,000
—
Entities affiliated with Mark Comora (7)
145,279,637
145,279,637
—
Adage Capital Partners LP (8)
500,000
500,000
—
Arosa Alternative Energy Fund LP (9)
45,000
45,000
—
Arosa Opportunistic Fund LP (10)
105,000
105,000
—
Dmitri Sinenko (11)
500,000
500,000
—
Nyera II Limited (12)
1,500,000
1,500,000
—
J. Goldman Master Fund (13)
500,000
500,000
—
Mendocino Capital, LLC (14)
2,500,000
2,500,000
—
Northbank Capital Management, LLC (15)
500,000
500,000
—
Stearns, Conrad and Schmidt
Consulting Engineers, Inc. (16)
50,000
50,000
—
Trent Vichie (17)
200,000
200,000
—
Entities affiliated with Encompass Capital Advisors (18)
3,306,085
1,985,236
1,320,849
Entities affiliated with Meteora Capital (19)
2,000,000
2,000,000
—
Entities affiliated with Electron (20)
1,800,000
1,800,000
—
(1)
Consists of 3,059,533 shares of Class A common stock. ARCC Beacon LLC's ("
ARCC Beacon
") sole member is Ares Capital Corporation. The manager of Ares Capital Corporation is Ares Capital Management LLC, and the sole member of Ares Capital Management LLC is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings L.P. and the general partner of Ares Management Holdings L.P. is Ares Holdco LLC. The sole member of Ares Holdco LLC is Ares Management Corporation. Ares Management GP LLC is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management Corporation (the "
Ares Class B Common Stock
") and Ares Voting LLC is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management Corporation (the "
Ares Class C Common Stock
"). Pursuant to Ares Management Corporation's Certificate of Incorporation in effect as of the date of this filing, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management Corporation if certain conditions are met. The sole member of both Ares Management GP LLC and Ares Voting LLC is Ares Partners Holdco LLC. Ares Partners Holdco LLC is managed by a board of managers, which is composed of Michael J Arougheti, Ryan Berry, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the "
Ares Board Members
"). Antony P. Ressler generally has veto authority over decisions by the Ares Board Members. Each of the Ares Entities (other than ARCC Beacon, with respect to the securities owned by it as set forth above), the Ares Board Members and the other directors, officers, partners, stockholders, members and managers of the Ares Entities, expressly disclaims beneficial ownership of the shares reported herein for purposes of Section 13(d) of the Exchange Act and the rules under Section 13(d) of the Exchange Act. The address of each Ares Entity is 2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067.
113
(2)
Consists of (i) 7,639,076 shares of Class A common stock held directly by ArcLight CTC Holdings II, L.P. ("
Sponsor
") (including, 763,907 of such shares subject to forfeiture as described in the section titled The Business Combination — Related Agreements — Sponsor Letter Agreement" of the Proxy Statement/Prospectus beginning on page 118 thereof, which is incorporated herein by reference), (ii) 2,000,000 shares of Class A common stock issued to the Sponsor in connection with the PIPE Investment, and (iii) 7,238,025 shares of Class A common stock underlying certain warrants held by Sponsor that are exercisable within 60 days of the Closing Date. Daniel R. Revers has voting and investment discretion with respect to the securities held by Sponsor, and thus may be deemed to have beneficial ownership of such securities. Mr. Revers expressly disclaims any such beneficial ownership of such securities, except to the extent of his individual pecuniary interests therein. The business address of Sponsor and Mr. Revers is 200 Clarendon Street, 55th Floor, Boston, Massachusetts, 02116.
(3)
Does not include any shares that may be deemed to be indirectly owned by this individual because of his or her ownership interest in the Sponsor. The business address of Sponsor and Mr. Harris is 200 Clarendon Street, 55th Floor, Boston, Massachusetts, 02116.
(4)
Does not include any shares that may be deemed to be indirectly owned by this individual because of his or her ownership interest in the Sponsor. The business address of Sponsor and Mr. Goncher is 200 Clarendon Street, 55th Floor, Boston, Massachusetts, 02116.
(5)
Does not include any shares that may be deemed to be indirectly owned by this individual because of his or her ownership interest in the Sponsor. The business address of Sponsor and Ms. Lee is 200 Clarendon Street, 55th Floor, Boston, Massachusetts, 02116.
(6)
Does not include any shares that may be deemed to be indirectly owned by this individual because of his or her ownership interest in the Sponsor. The business address of Sponsor and Mr. Berkenfeld is 200 Clarendon Street, 55th Floor, Boston, Massachusetts, 02116.
(7)
Consists of (i) 142,377,450 shares of Class D common stock owned of record by OPAL Holdco, (ii) 2,021,587 shares of Class D common stock owned of record by Hillman and (iii) 880,600 shares of Class A common stock owned by Fortistar, but excludes an aggregate of 9,794,752 shares of Class D common stock potentially issuable to OPAL Holdco or Hillman (a total of 9,657,625 with respect to OPAL Holdco and 137,127 with respect to Hillman) in connection with certain potential earnout payments under the Business Combination Agreement. Each of OPAL Holdco and Hillman are controlled, through Fortistar and certain of its subsidiaries, by Mr. Mark Comora. Accordingly, Mr. Mark Comora is deemed to have beneficial ownership of the securities held by each of OPAL Holdco, Hillman and Fortistar. The shares of Class D common stock owned of record by Hillman are pledged to a bank in connection with certain indebtedness owing to such bank. See "
Certain Relationships and Related Party Transactions—Hillman Restructuring
." The business address of each of Mr. Comora, OPAL Holdco, Hillman and Fortistar is One North Lexington Avenue 14th Floor, White Plains, New York 10601.
(8)
Consists of 500,000 shares of Class A common stock. Phillip Gross is the managing member of Adage Capital Advisors, L.L.C., which is the managing member of Adage Capital Partners GP, L.L.C., which is the general partner of Adage Capital Partners, L.P., and each such person or entity, as the case may be, may be deemed the beneficial owner of such shares. The business address of Adage Capital Partners, L.P. is 200 Clarendon St, 52nd Fl, Boston, Massachusetts 02110.
(9)
Consists of 45,000 shares of Class A common stock. These shares may be deemed to be beneficially owned by Till Bechtolsheimer, the Chief Executive Officer of Arosa Alternative Energy Fund LP's investment manager. The business address of each person and entity named in this footnote is c/o Arosa Capital Management LP, 550 West 34th Street, Suite 2800, New York, NY 10001.
114
(10)
Consists of 105,000 shares of Class A common stock. Arosa Capital Management Opportunistic GP II LLC is the general partner of Arosa Opportunistic Fund LP and Arosa Capital Management LP is its investment manager. The members of Arosa Capital Management Opportunistic GP II LLC and the limited partners of Arosa Capital Management LP are Till Bechtolsheimer and Abraham Joseph. The business address of each person and entity named in this footnote is c/o Arosa Capital Management LP, 550 West 34th Street, Suite 2800, New York, New York 10001.
(11)
Consists of 500,000 shares of Class A common stock. The address of the Selling Holder is 1614 Sul Ross Street, Houston, Texas 77006.
(12)
Consists of 1,500,000 shares of Class A common stock. Benjamin Wasem, Pantelitsa Georgiade and Vasiliki Papalli (the "
Nyera Principals
") each has voting and investment discretion with respect to the securities held Nyera II Limited ("
Nyera
"), and thus may be deemed to have beneficial ownership of such securities. Each of the Nyera Principals expressly disclaims any such beneficial ownership of such securities, except to the extent of their individual pecuniary interests therein. The business address of Nyera and the Nyera Principals is 8 Stasinou Avenue, Photos Photiades Business Centre, Office 401, 1060 Nicosia, Cyprus.
(13)
Consists of 500,000 shares of Class A common stock. J. Goldman Master Fund, L.P. (the "
Master Fund
", which is managed by J. Goldman & Co., L.P. of which J. Goldman Capital Management Inc. is the general partner beneficially owns 300,000 shares of common stock of the Company. Jay G. Goldman is the sole director of J. Goldman Capital Management, Inc. Together, J. Goldman & Co., L.P., J. Goldman Capital Management, Inc. and Jay G. Goldman have shared voting and dispositive power over the securities of the Company reported herein that are held by the Master Fund. J. Goldman & Co., L.P., J. Goldman Capital Management, Inc. and Jay G. Goldman may be deemed to beneficially own all of the shares of common stock held by the Master Fund. The address of the Master Fund is c/o ATU General Trust Services (BVI) Ltd., 3076 Sir Francis Drake's Highway, P.O. Box 3463, Roadtown, Tortola, BVI, VG1110.
(14)
Consists of 2,500,000 shares of Class A common stock. Mendocino Capital, LLC ("
Mendocino
") is a subsidiary of NextEra Energy, Inc. ("
NextEra
"), a publicly traded company. The business address of Mendocino and NextEra is 700 Universe Boulevard, Juno Beach, Florida 33408.
(15)
Consists of 500,000 shares of Class A common stock. Bradford Seagraves is the Chief Investment Officer of  Northbank Capital Management, LLC ("
Northbank
"), and may be deemed the beneficial owner of such shares. The business address of Northbank is 133 Southern Comfort Road, Ketchum, Idaho 83340.
(16)
Consists of 50,000 shares of Class A common stock. Curtis Jang is the Chief Financial Officer of Stearns, Conrad and Schmidt Consulting  Engineers, Inc.("
SCS Consulting
"), and may be deemed the beneficial owner of such shares. The business address of SCS Consulting is 3900 Kilroy Airport Way, Suite 100, Long Beach, California 90806.
(17)
Consists of 200,000 shares of Class A common stock. The address of the Selling Holder is 2403 Hatley Dr., Austin Texas 78746.
(18)
Consists of (i) 1,352,223  shares underlying warrants that are exercisable within 60 days of the date of this prospectus, and (ii) 633,013 shares underlying warrants that are not currently exercisable within 60 days of the date of this prospectus because such warrants are subject to ownership limitations so that the selling stockholder may not beneficially own in excess of 9.9% of the issued and outstanding Class A common stock of the Company.
(19)
Consists of (i) 414,600 shares of Class A common stock held by Meteora Special Opportunity Fund I, LP ("
MSOF
"), (ii) 477,600 shares of Class A common stock held by Meteora Select Trading Opportunities Master, LP ("
MSTO
") and (iii) 1,107,800 shares of Class A common stock held by Meteora Capital Partners ("
MCP
"). Meteora Capital, LLC ("
Meteora Capital
") serves as investment manager to MSOF, MSTO and MCP. Voting and investment power over the shares held by MSOF, MSTO and MCP resides with its investment manager, Meteora Capital, LLC ("
Meteora Capital
"). Mr. Vik Mittal serves as the managing member of Meteora Capital and may be deemed to be the beneficial owner of the shares of Class A common stock held by such entities. Mr. Mittal, however, disclaims any beneficial ownership of the shares held by such entities. The business address of each of MSOF, MSTO, MCP, Meteora Capital and Mr. Mittal is 840 Park Drive East, Boca Raton, Florida 33444.
(20
Consists of (i) 1,060,088 shares of Class A common stock held by Electron Global Master Fund LP ("
EGMF
"), (ii) 695,913 shares of Class A common stock held by Electron Infrastructure Master Fund LP ("
EIMF
"), (iii) 30,628 shares of Class A common stock held by Boothbay Absolute Return Strategies, LP ("BARS") and (iv) 13,371 shares of Class A common stock held by AGR Trading SPC-Series Segregated Portfolio ("
AGR
"). James Shaver is the managing member of the general partners of EGMF and EIMF, and as such may be deemed to beneficially own the shares of Class A common stock held by EGMF and EIMF. Boothbay Fund Management LLC is the investment manager of BARS. AC Investment Management, LLC is the investment manager of AGR. James Shaver may be deemed to have investment discretion and voting power over shares of Class A common stock held by the BARS and AGR. The business address of EGMF, EIMG and Mr. Shaver is 10 East 53rd Street, 19th Floor, New York, NY 10022. The business address of BARS is 140 East 45th St., 14th Floor, New York, NY 10017. The business address of AGR is 1350 Avenue of the Americas, Suite 2300, New York, New York 10019.
115
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
The Audit Committee Charter
provides for the review, approval and/or ratification of "related party transactions," which are those transactions required
to be disclosed pursuant to Item 404 of Regulation S-K as promulgated by the SEC, by the Audit Committee. The Audit Committee
shall be provided with the details of each new, existing, or proposed related party transaction, including the terms of the transaction,
any contractual restrictions that the company has already committed to, the business purpose of the transaction, and the benefits of the
transaction to the company and to the relevant related party. Any member of the committee who has an interest in the related party transaction
under review by the committee shall abstain from voting on the approval of the related party transaction, but may, if so requested by
the chairman of the committee, participate in some or all of the committee's discussions of the related party transaction. Upon
completion of its review of the related party transaction, the committee may determine to permit or to prohibit the related party transaction.
IT Services Agreement
Opco has entered into a Master
Services Agreement with CoStar Partners LLC ("
CoStar
"). CoStar is controlled, indirectly, by Mr. Mark Comora
through entities affiliated with Mr. Comora, including Fortistar and certain of its affiliated entities other than Opco. Prior to
the closing of the Business Combination, Mr. Comora was Chairman of the board of managers of Opco and, thereafter became our Chairman
of the Board. He is also the Founder and President of, and sole member in, Fortistar. Mr. Nadeem Nisar, also a former member of the
board of Opco and a current member of our board, is a Managing Director of Fortistar and also serves as a member of Fortistar's
management and investment committees which oversee the operations of Fortistar's portfolio companies. The Chief Executive Officer
of CoStar is Mr. David Comora, who is the son of Mr. Mark Comora and the brother of Mr. Adam Comora who served as Co-Chief Executive
Officer of Opco and is currently serving in the same capacity at OPAL. In addition, Mr. Adam Comora, Mr. Jonathan Maurer, Mr. Anthony
Falbo and Mr. David Unger, at the time this Master Services Agreement was signed, served as executive officers of Opco and also served
at Fortistar. Pursuant to this Master Services Agreement, CoStar provides certain information technology and consulting services and support
to Opco. In consideration of the performance of these certain services, Opco has agreed to compensate CoStar approximately $150,000 per
month. This amount may increase in the event Opco requests additional services under the Master Services Agreement. The term of this agreement
is thirty-six months from the effective date of June 1, 2020 unless terminated sooner. CoStar has the right to terminate this
agreement in whole or in part upon Opcos' failure to cure any monetary default or default of any non-monetary material provision
after a combined forty days of written notice from CoStar to Opco. Opco, on the other hand, may terminate this agreement in its entirety
in the event that CoStar defaults in the performance of the services and such default is not cured within forty-five days of written
notice from Opco of such default.
Administrative Services Agreement
Opco has entered into an
Administrative Services Agreement with Fortistar Services 2 LLC ("
FS2
"). FS2 is controlled, indirectly, by Mr. Mark
Comora through entities affiliated with Mr. Comora, including Fortistar and certain of its affiliated entities other than us. Prior
to the closing of the Busines Combination, Mr. Comora was Chairman of the board of Opco, and, thereafter, became the Chairman of
our board. He is also the Founder and President of, and sole member in, Fortistar. Mr. Nadeem Nisar, also a former member of the
board of Opco and a current member of our board, is a Managing Director of Fortistar and also serves as a member of Fortistar's
management and investment committees which oversee the operations of Fortistar's portfolio companies. In addition, Mr. Adam
Comora, Mr. Jonathan Maurer, Mr. Anthony Falbo and Mr. David Unger, at the time this Administrative Services Agreement
was signed, served as executive officers of Opco and also served at Fortistar. Pursuant to this Administrative Services Agreement, Opco
pays the applicable standard hourly rate for each professional of FS2's personnel for administrative and support services; and FS2
pays the applicable standard hourly rate for each professional of Opco for technical, engineering, analytical, regulatory and other consulting
services to FS2 or its affiliates in the event so requested from time to time. Additionally, Opco pays FS2 an agreed upon fixed monthly
costs for its portion of administrative office space and equipment. The term of this agreement is thirty-six months from the effective
date of December 31, 2020 unless terminated sooner. The agreement will terminate (i) upon the dissolution of either party; (ii) the
expiration of the term where one party has provided notice of non-renewal; or (iii) at any time, at either party's option upon
thirty days' written notice if the non-terminating party is grossly negligent in its performance of its duties or willfully
breaches this agreement, the non-terminating party acts fraudulently in the performance of its duties, or immediately, without notice,
if the non-terminating party initiates bankruptcy proceedings.
Indemnification and Hold Harmless Agreement
Opco has entered into an
indemnification and hold harmless agreement with Fortistar, dated December 31, 2020. Prior to the closing of the Busines Combination,
Mr. Comora was Chairman of the board of Opco, and, thereafter, became Chairman of our board, is the Founder and President of, and
sole member in, Fortistar. Mr. Nadeem Nisar, also a former member of the board of Opco and a current member of our board, is a Managing
Director of Fortistar and also serves as a member of Fortistar's management and investment committees which oversee the operations
of Fortistar's portfolio companies. In addition, Mr. Adam Comora, Mr. Jonathan Maurer, Mr. Anthony Falbo and Mr. David
Unger, at the time this agreement was signed, served as executive officers of Opco and also served at Fortistar. The indemnification and
hold harmless agreement requires Opco, on behalf of itself or any of its direct or indirect subsidiaries, to use its best efforts to repay
and perform all of its outstanding liabilities and obligations, indemnify and hold Fortistar harmless from and against any and all payments,
commitments, liabilities, losses, damages, expenses and costs of whatsoever nature by reason of or arising out of any credit support arrangements,
including guarantees of repayment of debt, commitments to provide equity capital, and commitments to fund certain royalty payments in
the event a project is not completed by a specific date or if a project does not deliver minimum annual contracted volumes of RNG, related
to (i) several of Opco projects, namely the New River RNG LLC Project, the Noble Road RNG LLC Project and the Pine Bend RNG LLC Project
and (ii) any such credit support arrangements that Fortistar may in the future so provide for the benefit of Opco. As of July 31,
2022, the approximate dollar amounts related to such credit support arrangements in existence by Fortistar under this indemnification
and hold harmless agreement was (a) $0 in connection with outstanding loan guaranties (because the underlying loan had been repaid),
(b) an aggregate of $14,500,000 in equity capital commitments related to three projects under construction, (c) $5,000,000 in
aggregate payments if Opco fails to meet minimum delivery requirements for RNG related to the Noble Road RNG Project, and (d) certain
"make whole" payments consisting of potential annual royalty payments if New River RNG Project was not completed by a date
certain, which amounts are no longer at risk as the New River Project was completed prior to the required date. None of the foregoing
amounts were due and payable at July 31, 2022, as none of the conditions upon which Fortistar would be required to perform on behalf of
Opco under the indemnification and hold harmless agreement existed as of the date hereof.
116
Flue Gas Offtake and Preferred Partner Agreement
Opco has entered into an
agreement with CarbonFree Chemical Holdings, LLC ("
CarbonFree
"), a leading carbon capture business. Mr. Mark
Comora, through Fortistar and certain of its affiliated entities other than OPAL, owns more than 10% of the voting equity of CarbonFree.
Prior to the closing of the Busines Combination, Mr. Comora was Chairman of the board of Opco, and, thereafter, became Chairman of
our board, is also the Founder and President of, and sole member in, Fortistar. Mr. Nadeem Nisar who is a Managing Director of the
managing member of CarbonFree, was also a former member of the board of Opco and a current member of our board. Mr. Nisar is
a Managing Director of Fortistar and also serves as a member of Fortistar's management and investment committees which oversee the
operations of Fortistar's portfolio companies Pursuant to the agreement with Carbonfree, which was entered into on November 29,
2021, both parties agreed that within 180 days of the date of the agreement they will cooperate to pursue the development of a carbon
capture plant adjacent to a potential Opco RNG production location. If at the end of the 180 day period it is determined that it
is not commercially reasonable to pursue the development of such plant at the location, the parties have agreed to cooperate to identify
one or more alternative locations within 240 days of the date of the agreement. In the event both parties deem a project commercially
viable and desirable, they will begin undertaking their respective responsibilities to implement the project. The parties have agreed
that the construction of any such carbon capture plant shall commence by the end of 2022. If constructed, each plant will use CarbonFree's
proprietary technology to capture CO₂ from the flue gases produced by the adjacent Opco RNG production facility, transforming it
into solid carbonate materials.
Pursuant to this agreement,
CarbonFree is responsible for all costs associated with site procurement, planning, development, construction, maintenance and operation
of any carbon capture plant constructed at the proposed sites and the maintenance and operation of all "downstream" systems
of the projected flue gas pipeline interconnection system. Opco is responsible for procuring access to the land needed for the plant,
providing engineering support to design and construct the interconnection system and supplying all available historical data analyzing
flue gas from the relevant RNG plant. CarbonFree is entitled to retain all payments and revenue generated by the carbon capture plant,
including any carbon credit payments. Opco is entitled to 80% of the value on any improvement of its CI score under the California LCFS
system or other similar state program. Further, CarbonFree will be Opco's preferred provider of carbon capture technology and Opco
will be CarbonFree's preferred provider of RNG where it has the legal right to designate such a provider. The agreement will terminate
on the later of (i) November 28, 2024, or (ii) a date agreed upon in writing. Neither party may transfer, assign or delegate
their rights or obligations without the other's prior written consent.
Hillman Restructuring
On December 11, 2020,
Hillman, Hillman Power Company LLC ("
Hillman Power
"), and Customers Bank, among others, entered into a Loan
and Guaranty Agreement (the "
Customers Loan Agreement
") pursuant to which Customers Bank extended to Hillman
Power a term loan pursuant to the Main Street Lending Program in the aggregate original principal amount of $30,000,000 in accordance
with the terms, and subject to the conditions, of the Customers Loan Agreement. Hillman and Hillman Power are controlled, indirectly,
by Mr. Mark Comora through entities affiliated with Mr. Comora, including Fortistar and certain of its affiliates other than
Opco. Prior to the closing of the Busines Combination, Mr. Comora was Chairman of the board of Opco, and, thereafter, became Chairman
of our board. He is also the Founder and President of, and sole member in, Fortistar. Mr. Nadeem Nisar and Mr. Jonathan Maurer
each serve as a manager and each maintains a pecuniary interest in, a limited liability company that indirectly owns a passive equity
investment in Hillman, Mr. Nisar, also a former member of the board of Opco and a current member of our board, is a Managing Director
of Fortistar and also serves as a member of Fortistar's management and investment committees which oversee the operations of Fortistar's
portfolio companies. Prior to the closing of the Business Combination, Mr. Maurer served as Co-Chief Executive Officer of Opco
Fuels and is currently serving in the same capacity with us. Prior to being appointed of Co-Chief Executive Officer of OPAL in 2021,
Mr. Maurer served as a Managing Director of Fortistar.
117
In connection with the Customers
Loan Agreement, Hillman pledged its interests in the following Opco related subsidiaries: (i) its 11.1% minority equity ownership
interest in CV RNG Holdings LLC, (ii) 50.0% equity ownership interest in Noble Road HoldCo LLC, (iii) 30.0% minority equity
ownership interest in Pine Bend HoldCo LLC, and (iv) 50.0% equity ownership interest in Sunoma HoldCo LLC (collectively, the "
Pledged
Membership Interests
").
On November 29, 2021,
Opco and Hillman entered into an Exchange Agreement pursuant to which Hillman transferred the Pledged Membership Interests in exchange
for the issuance of equity ownership interests in Opco (collectively, the "
OPAL Fuels Membership Interests
")
consisting of (i) 14 Common Units (representing 1.4% of the current outstanding common membership interests in Opco) and (ii) 300,000
Series A-1 Preferred Units of Opco, which are redeemable after four years at the option of Hillman for an aggregate redemption
price of $30,000,000, plus accrued and unpaid dividends thereon (collectively, the "
Exchange
").
On November 29, 2021,
Hillman Power, Hillman and Customers Bank entered into a Limited Consent and First Amendment to Loan and Guaranty Agreement (the "
Limited
Consent
") pursuant to which Customers Bank consented to the Exchange, amended the Customers Loan
Agreement
and released its security interest in the Pledged Membership Interests (the "
Lien
"). Pursuant to the Limited
Consent, the Lien shall automatically attach to the OPAL Fuels Membership Interests and Customers Bank shall have a first priority, perfected
security interest in and Lien on all Hillman's rights, title and interest in and to the OPAL Fuels Membership Interests.
Opco Reorganization
OPAL Holdco and Opco were
formed as Delaware limited liability companies on December 30, 2020 (using their former names Acceler8 Holdings LLC and Acceler8
LLC, respectively), with OPAL Holdco owning all of the equity interests in Opco. Through a series of contributions and assignments, on
December 31, 2020, the equity owners of Fortistar Contracting LLC, Fortistar Methane 3 Holdings LLC, Fortistar RNG LLC, Fortistar
Services LLC, Gas Recovery Systems, LLC Minnesota Methane LLC and TruStar Energy LLC (the "
Opco Reorganized Entities
")
contributed and assigned their equity ownership interests in these Opco Reorganized Entities (and, correspondingly, the subsidiary interests
of each of these entities) to OPAL Holdco and, ultimately, Opco, resulting in the current organizational structure of Opco and its subsidiaries
(the "
Opco Fuels Reorganization
"). Prior to the Opco Fuels Reorganization, each of the Opco Reorganized Entities
were controlled, indirectly, by Mr. Mark Comora through entities affiliated with Mr. Comora, including Fortistar and certain
of its affiliates other than Opco. Prior to the closing of the Business Combination, Mr. Comora was Chairman of the board of Opco
and, thereafter, became Chairman of our board. Mr. Comora, through his indirect control of OPAL Holdco, continued to control Opco
and OPAL Holdco immediately following the Opco Fuels Reorganization and OPAL Holdco continued to own all of the equity interests in Opco
immediately following the Opco Fuels Reorganization. In addition, as part of the earlier described contributions and assignments related
to TruStar Energy LLC, Mr. Adam Comora, the former Co-Chief Executive Officer of Opco and our current Co-Chief Executive
Officer, Mr. Scott Edelbach, the former Executive Vice President of Opco and our current Executive Vice President of OPAL, and Mr. Scott
Dols, a former member of the board of Opco and current member of our board, contributed and assigned their equity ownership in TruStar
Energy LLC, which ownership did not confer control in the entity, in exchange for noncontrolling equity interests in a limited liability
company outside the organizational structure of Opco and its subsidiaries.
Sponsor Letter Agreement
Concurrently with the execution
of the Business Combination Agreement, (i) ArcLight, (ii) Sponsor, (iii) Opco, (iv) each executive officer of ArcLight
and (v) the Class B shareholders of ArcLight entered into the Sponsor Letter Agreement, pursuant to which, among other things,
(i) each Class B Shareholder agreed to vote in favor of each of the transaction proposals to be voted upon at the meeting of
ArcLight shareholders, including approval of the Business Combination Agreement and the transactions contemplated thereby, (ii) each
Class B Shareholder agreed to waive any adjustment to the conversion ratio set forth in the governing documents of ArcLight or any
other anti-dilution or similar protection with respect to the ArcLight Class B ordinary shares (including those resulting from
the transactions contemplated by the Subscription Agreements (as described below)), (iii) each Class B Shareholder agreed to
be bound by certain transfer restrictions with respect to his, her or its shares in ArcLight prior to the Closing, (iv) Sponsor agreed
to subject 10% of its Class A common stock (received as a result of the conversion of its ArcLight Class B ordinary shares immediately
prior to the closing of the Business Combination) to vesting and forfeiture conditions relating to the volume-weighted average price targets
for Class A common stock sustained over a period of 60 months following the closing of the Business Combination and (v) Sponsor
agreed to pay ArcLight's transaction expenses to the extent they exceeded $26,000,000 in connection with the Business Combination.
118
PIPE Investors
Concurrently with the execution
of the Business Combination Agreement, ArcLight entered into Subscription Agreements with certain investors, including, among others,
an affiliate of ArcLight and an affiliate of Opco, as well as the other PIPE Investors. Pursuant to the Subscription Agreements, each
investor agreed to subscribe for and purchase, and ArcLight agreed to issue and sell to the PIPE Investors, immediately prior to the Closing,
an aggregate of 12,500,000 shares of Class A common stock for a purchase price of $10.00 per share, for aggregate gross proceeds
of $125,000,000. As part of the 12,500,000 shares of Class A common stock to be issued pursuant to the Subscription Agreements, certain
affiliates of ArcLight agreed to subscribe for and purchase 2,000,000 shares of Class A common stock, in the aggregate, and Fortistar
LLC agreed to subscribe for and purchase 800,000 shares of Class A common stock, in each case on the same terms and conditions of the
other PIPE Investors at a price of $10.00 per share. On May 11, 2022, PIPE Investors representing $110,806,000 of the original PIPE
Investment entered into the Amended Subscription Agreements, whereby the termination rights described above were amended to extend the
term of each Amended Subscription Agreement by 60 days to July 29, 2022. As a result, there was approximately $14.2 million
less available proceeds from the PIPE Investment at the closing of the Business Combination.
Investor Rights Agreement
At the Closing, Opco, Ares,
Hillman and the Class B Shareholders (collectively the "
OPAL Holders
") entered into the Investor Rights
Agreement, pursuant to which, among other things, (i) ArcLight and Sponsor agreed to terminate the Registration and Shareholder Rights
Agreement, dated as of March 25, 2021, entered into by them in connection with ArcLight's IPO, (ii) we agreed to provide
the OPAL Holders certain registration rights with respect to certain shares of Class A common stock held by them or otherwise issuable
to them pursuant to the Business Combination Agreement, Second A&R LLC Agreement or the Charter and (iii) the OPAL Holders agreed
not to transfer, sell, assign or otherwise dispose of their shares of Class A common stock for up to 180 days following the closing
of the Busines Combination, subject to certain exceptions.
Tax Receivable Agreement
On the Closing Date, we entered
into the Tax Receivable Agreement with the TRA Participants, pursuant to which we are required to pay to the Opco Common Equityholders,
in the aggregate, 85% of the amount of cash tax savings, if any, in U.S. federal, state and local income tax or franchise tax that
we actually realize (computed using certain simplifying assumptions) as a result of (i) the increases in tax basis and certain other tax
benefits related to any (x) exchanges of Opco Common Units (together with our voting shares) for Class A common stock or Class C common
stock, as applicable, or cash, and (y) payments made under the Tax Receivable Agreement (other than to the extent characterized as imputed
interest), and (ii) tax benefits attributable to the portion of any payments made under the Tax Receivable Agreement treated as imputed
interest. The payment obligations under the Tax Receivable Agreement are our obligations and not obligations of Opco.
Payments under the Tax Receivable
Agreement will be based on the tax reporting positions that we determine, and the IRS or another tax authority may challenge all or a
part of the tax basis increases or other tax attributes subject to the Tax Receivable Agreement, and a court could sustain such challenge.
The parties to the Tax Receivable Agreement will not reimburse us for any payments previously made if such tax basis increases or other
tax attributes are subsequently disallowed, except that any excess payments made to a party under the Tax Receivable Agreement will be
netted against future payments otherwise to be made under the Tax Receivable Agreement, if any, after the determination of such excess.
If we experience a change
of control (as defined under the Tax Receivable Agreement, which includes certain mergers, any plan of liquidation and other forms of
business combinations or changes of control) or the Tax Receivable Agreement terminates early (at our election or as a result of a breach,
including a breach for our failing to make timely payments under the Tax Receivable Agreement for more than three months, except
in the case of certain liquidity exceptions), we could be required to make a substantial, immediate lump-sum payment based on the
present value of hypothetical future payments that could be required under the Tax Receivable Agreement. The calculation of the hypothetical
future payments would be made using certain assumptions and deemed events set forth in the Tax Receivable Agreement, including (i) the
sufficiency of taxable income to fully utilize the tax benefits, (ii) any Opco Common Units (other than those held by us) outstanding
on the termination date are exchanged on the termination date and (iii) the utilization of certain loss carryovers over a certain
time period. Our ability to generate net taxable income is subject to substantial uncertainty. Accordingly, as a result of the assumptions,
the required lump-sum payment may be significantly in advance of, and could materially exceed, the realized future tax benefits to
which the payment relates.
119
As a result of either an
early termination or a change of control, we could be required to make payments under the Tax Receivable Agreement that exceed our actual
cash tax savings. Consequently, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity
and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or other
changes of control. For example, assuming no material changes in the relevant tax law, we expect that if we experienced a change of control,
the estimated TRA lump-sum payment would range from approximately $316 million to approximately $356.0 million depending
on Opco's rate of recovery of the tax basis increases associated with the deemed exchange of the Opco Common Units (other than those
held by us). This estimated TRA lump-sum payment is calculated using a discount rate equal to 3.58%, applied against an undiscounted
liability of approximately $432.0 million. If the TRA Participants were to exchange all of their Opco Common Units, OPAL would recognize
a deferred tax asset of approximately $508.0 million and a related liability for payments under the Tax Receivable Agreement of approximately
$432.0 million, assuming (i) that the TRA Participants redeemed or exchanged all of their Opco Common Units on the Closing Date;
(ii) a price of $10.00 per share; (iii) a constant combined effective income tax rate of 26.47%; (iv) we will have sufficient taxable
income in each year to realize the tax benefits that are subject to the Tax Receivable Agreement; and (v) no material changes in
tax law. These amounts are estimates and have been prepared for informational purposes only. The actual amount of deferred tax assets
and related liabilities that we will recognize will differ based on, among other things, the timing of the exchanges, the price of the
shares of Class A common stock at the time of the exchange, and the tax rates then in effect. There can be no assurance that we will be
able to finance our obligations under the Tax Receivable Agreement.
It is more likely than not
that the deferred tax assets will not be realized in accordance with ASC Topic 740, 'Income Taxes' ("
ASC
740
"). As such, we have reduced the full carrying amount of the deferred tax assets with a valuation allowance under both
scenarios. Management will continue to monitor and consider the available evidence from quarter to quarter, and year to year, to determine
if more or less valuation allowance is required at that time.
Finally, because we are a
holding company with no operations of its own, our ability to make payments under the Tax Receivable Agreement depends on the ability
of Opco to make distributions to us. To the extent that we are unable to make payments under the Tax Receivable Agreement for any reason,
such payments will be deferred and will accrue interest until paid, which could negatively impact our results of operations and could
also affect our liquidity in periods in which such payments are made.
Indemnification
On July 21, 2022, OPAL entered
into certain Indemnification Agreements ("
Indemnification Agreements
") with each of its directors and executive
officers. The Indemnification Agreements require us to indemnify our directors and executive officers for certain expenses, including
attorneys' fees, judgments, fines and settlement amounts incurred by a director or executive officer in any action or proceeding
arising out of their services as one of our directors or executive officers or any other company or enterprise to which the person provides
services at our request.
The foregoing description
of the Indemnification Agreements is qualified in its entirety by the full text of the Indemnification Agreements, a copy of each of which
has been filed as an exhibit to the Registration Statement of which this prospectus forms a part.
Sponsor
Letter Agreement
Additionally,
in connection with the Closing, Opco and Sponsor entered into a letter agreement whereby Sponsor agreed to transfer, pledge or forfeit
up to 150,000 shares of Class A common stock held by Sponsor for no consideration, upon and in accordance with the written direction of
Opco. Pursuant to such letter agreement, Sponsor further agreed that if OPAL were to receive less than $6,800,000 in cash upon the release
of the escrow fund established pursuant to the Forward Purchase Agreement (such shortfall amount being referred to as the "Shortfall
Amount"), Sponsor shall transfer, pledge or forfeit up to an additional 102,000 shares of Class A common stock currently subject
to forfeiture under earn-out provisions as provided in the Sponsor Letter Agreement entered into on December 2, 2021 among the OPAL, Sponsor,
Opco and certain other persons (with such maximum number of shares pro-rated on a directly proportionate basis based on the size of the
Shortfall Amount relative to $6,800,000).
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UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
The following is a discussion
of certain material U.S. federal income tax consequences of the acquisition, ownership and disposition of our Class A common stock and
warrants, which we refer to collectively as our securities. This discussion is limited to certain U.S. federal income tax considerations
to beneficial owners of our securities that will hold our securities as capital assets within the meaning of Section 1221 of the
U.S. Internal Revenue Code of 1986, as amended (the "
Code
"). This discussion assumes that any distributions
made by us on our securities and any consideration received by a holder in consideration for the sale or other disposition of our securities
will be in U.S. dollars.
This summary is based upon
U.S. federal income tax laws as of the date of this registration statement, which is subject to change or differing interpretation, possibly
with retroactive effect. This discussion is a summary only and does not describe all of the tax consequences that may be relevant to you
in light of your particular circumstances. In particular, this discussion does not address the effects of the alternative minimum tax,
the Medicare tax on certain net investment income, the effects of Section 451 of the Code, or the different consequences that may
apply if you are subject to special rules that apply to certain types of investors, including but not limited to:
●
banks, financial institutions
or financial services entities;
●
broker-dealers;
●
governments or agencies or
instrumentalities thereof;
●
regulated investment companies;
●
real estate investment trusts;
●
U.S. expatriates or former
citizens or long-term residents of the United States;
●
persons that actually or constructively
own five percent or more (by vote or value) of our shares;
●
persons that acquired our common
stock or warrants pursuant to an exercise of employee share options, in connection with employee share incentive plans or otherwise as
compensation;
●
insurance companies;
●
dealers or traders subject
to a mark-to-market method of accounting with respect to our Class A common stock or warrants;
●
persons holding our common
stock or warrants as part of a "straddle," constructive sale, hedge, conversion or other integrated or similar transaction;
●
U.S. holders (as defined below)
whose functional currency is not the U.S. dollar;
●
partnerships (or entities or
arrangements classified as partnerships or other pass-through entities for U.S. federal income tax purposes) and any beneficial owners
of such entities or arrangements;
●
tax-exempt entities;
●
controlled foreign corporations;
and
●
passive foreign investment
companies and other corporations that accumulate earnings to avoid U.S. federal income tax..
If a partnership (including
an entity or arrangement treated as a partnership or other pass-through entity for U.S. federal income tax purposes) holds our securities,
the tax treatment of a partner, member or other beneficial owner in such entity will generally depend upon the status of the partner,
member or other beneficial owner, the activities of the entity, and certain determinations made at the partner, member or other beneficial
owner level. If you are a partner, member or other beneficial owner of a partnership (or other pass-through entity) that holds our securities,
you are urged to consult your own tax advisor regarding the tax consequences of the acquisition, ownership and disposition of our securities.
This discussion is based
on the Code, and administrative pronouncements, judicial decisions and final, temporary and proposed Treasury regulations as of the date
hereof, which are subject to change, possibly on a retroactive basis, and changes to any of which subsequent to the date of this registration
statement may affect the tax consequences described herein. This discussion does not address any aspect of state, local or non-U.S. taxation,
or any U.S. federal taxes other than income taxes (such as gift and estate taxes).
121
We have not sought, and do
not expect to seek, a ruling from the U.S. Internal Revenue Service (the "
IRS
") as to any U.S. federal income
tax consequence described herein. The IRS may disagree with the discussion herein, and its determination may be upheld by a court. Moreover,
there can be no assurance that future legislation, regulations, administrative rulings or court decisions will not adversely affect the
accuracy of the statements in this discussion. You are urged to consult your own tax advisor with respect to the application of U.S. federal
tax laws to your particular situation, as well as any tax consequences arising under the laws of any state, local or non-U.S. jurisdiction.
THIS DISCUSSION IS ONLY A
SUMMARY OF CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS ASSOCIATED WITH THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR SECURITIES.
EACH PROSPECTIVE INVESTOR IN OUR CLASS A COMMON STOCK OR WARRANTS IS URGED TO CONSULT ITS OWN TAX ADVISOR WITH RESPECT TO THE PARTICULAR
TAX CONSEQUENCES TO SUCH INVESTOR OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR SECURITIES, INCLUDING THE APPLICABILITY AND EFFECT
OF ANY U.S. FEDERAL NON-INCOME, STATE, LOCAL, AND NON-U.S. TAX LAWS.
U.S. Holders
This section applies to you
if you are a "U.S. holder." A U.S. holder is a beneficial owner of our shares of Class A common stock or warrants that is,
for U.S. federal income tax purposes:
●
an individual who is a citizen
or resident of the United States;
●
a corporation (or other entity
taxable as a corporation) organized in or under the laws of the United States, any state thereof or the District of Columbia;
●
an estate the income of which
is includible in gross income for U.S. federal income tax purposes regardless of its source; or
●
a trust, if (i) a court
within the United States is able to exercise primary supervision over the administration of the trust and one or more United States persons
(as defined in the Code) have authority to control all substantial decisions of the trust or (ii) it has a valid election in effect
under Treasury Regulations to be treated as a United States person.
Taxation of Distributions
.
We do not expect to pay any distributions on our Class A common stock in the foreseeable future. If we pay distributions in cash or other
property (other than certain distributions of our stock or rights to acquire our stock) to U.S. holders of shares of our Class A common
stock, such distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current
or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated
earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. holder's
adjusted tax basis in its Class A common stock. Any remaining excess will be treated as gain realized on the sale or other disposition
of the Class A common stock and will be treated as described under "
U.S. Holders—Gain or Loss on Sale, Taxable Exchange
or Other Taxable Disposition of Class A Common Stock
," below.
Dividends we pay to a U.S.
holder that is treated as a corporation for U.S. federal income tax purposes generally will qualify for the dividends received deduction
if the requisite holding period is satisfied. With certain exceptions (including, but not limited to, dividends treated as investment
income for purposes of investment interest deduction limitations), and provided certain holding period requirements are met, dividends
we pay to a non-corporate U.S. holder may constitute "qualified dividend income" that will be subject to tax at the maximum
tax rate accorded to long-term capital gains. If the relevant holding period requirements are not satisfied, then a corporate U.S. holder
may not be able to qualify for the dividends received deduction and would have taxable income equal to the entire dividend amount and
a non-corporate U.S. holder may be subject to tax on such dividend at regular ordinary income tax rates instead of the preferential
rate that applies to qualified dividend income.
Gain or Loss on Sale,
Taxable Exchange or Other Taxable Disposition of Class A Common Stock.
Upon a sale or other taxable disposition of our Class
A common stock, a U.S. holder generally will recognize capital gain or loss in an amount equal to the difference between the amount realized
and the U.S. holder's adjusted tax basis in the Class A common stock. Any such capital gain or loss generally will be long-term
capital gain or loss if the U.S. holder's holding period for the Class A common stock so disposed of exceeds one year. If such holding
period requirement is not satisfied, any gain on a sale or taxable disposition of the Class A common stock would be subject to short-term
capital gain treatment and would be taxed at regular ordinary income tax rates. Long-term capital gains recognized by non-corporate U.S.
holders may be eligible to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.
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Generally, the amount of
gain or loss recognized by a U.S. holder upon a sale or other taxable disposition of Class A common stock will be an amount equal to the
difference between (i) the sum of the amount of cash and the fair market value of any property received in such disposition and (ii) the
U.S. holder's adjusted tax basis in its Class A common stock disposed of or sold. A U.S. holder's adjusted tax basis in its
Class A common stock generally will equal the U.S. holder's acquisition cost for the Class A common stock less, in the case of a
share of Class A common stock, any prior distributions treated as a return of capital (as described above). In the case of any shares
of Class A common stock originally acquired as part of an investment unit with a warrant, the acquisition cost for the share of Class
A common stock and warrant that were part of such investment unit would equal an allocable portion of the acquisition cost of the entire
investment unit (with such allocable portion based on the relative fair market values of the components of the investment unit at the
time of acquisition).
Exercise of a Warrant.
Except
as discussed below with respect to the cashless exercise of a warrant, a U.S. holder generally will not recognize taxable gain or loss
on the acquisition of our Class A common stock upon exercise of a warrant for cash. The U.S. holder's tax basis in the share of
our Class A common stock received upon exercise of the warrant generally will be an amount equal to the sum of the U.S. holder's
adjusted tax basis in the warrant and the exercise price of such warrant. A U.S. holder's adjusted tax basis in its warrants will
generally equal the U.S. holder's acquisition cost, increased by the amount of any constructive distributions included in income
by such U.S. holder (as described below under "
U.S. Holders—Possible Constructive Distributions
). It is unclear whether
the U.S. holder's holding period for the Class A common stock received upon exercise of the warrants will begin on the date following
the date of exercise or on the date of exercise of the warrants; in either case, the holding period will not include the period during
which the U.S. holder held the warrants.
The tax consequences of a
cashless exercise of a warrant are not clear under current tax law. A cashless exercise may be tax-free, either because the
exercise is not a realization event or because the exercise is treated as a "recapitalization" for U.S. federal income tax
purposes. In either case, a U.S. holder's initial tax basis in the Class A common stock received would equal the holder's
basis in the warrants exercised therefor. If the cashless exercise were not treated as a realization event, it is unclear whether a U.S.
holder's holding period in the Class A common stock would be treated as commencing on the date following the date of exercise or
on the date of exercise of the warrant; in either case, the holding period would not include the period during which the U.S. holder held
the warrants. If the cashless exercise were treated as a recapitalization, the holding period of the Class A common stock would include
the holding period of the warrants exercised therefor.
It is also possible that
a cashless exercise could be treated in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder
could be deemed to have surrendered warrants equal to the number of shares of Class A common stock having a value equal to the exercise
price for the total number of warrants to be exercised. Although not free from doubt, in such a case the U.S. holder would generally recognize
capital gain or loss in an amount equal to the difference between the fair market value of the Class A common stock received in respect
of the warrants deemed surrendered and the U.S. holder's tax basis in the warrants deemed surrendered. In this case, a U.S. holder's
tax basis in the Class A common stock received would equal the sum of the fair market value of the Class A common stock received in respect
of the warrants deemed surrendered and the U.S. holder's tax basis in the warrants exercised. It is unclear whether a U.S. holder's
holding period for the Class A common stock would commence on the date following the date of exercise or on the date of exercise of the
warrant; in either case, the holding period would not include the period during which the U.S. holder held the warrant.
Due to the absence of authority
on the U.S. federal income tax treatment of a cashless exercise, including when a U.S. holder's holding period would commence with
respect to the Class A common stock received, there can be no assurance as to which, if any, of the alternative tax consequences and holding
periods described above would be adopted by the IRS or a court of law. Accordingly, U.S. holders are urged to consult with their own tax
advisors regarding the tax consequences of a cashless exercise of our warrants.
Sale, Exchange, Redemption
or Expiration of a Warrant
.
Upon a sale, exchange (other than by exercise), redemption (other than a redemption for
Class A common stock), or expiration of a warrant, a U.S. holder will generally recognize taxable gain or loss in an amount equal to the
difference between (i) the amount realized upon such disposition or expiration and (ii) the U.S. holder's adjusted tax
basis in the warrant. Such gain or loss will generally be treated as long-term capital gain or loss if the warrant has been held by the
U.S. holder for more than one year at the time of such disposition or expiration. If a warrant is allowed to lapse unexercised, a U.S.
holder generally will recognize a capital loss equal to such holder's tax basis in the warrant. As discussed above, where a warrant
was originally acquired as part of an investment unit with shares of Class A common stock, the acquisition cost for the warrant and the
share of Class A common stock that were part of such investment unit would equal an allocable portion of the acquisition cost of the entire
investment unit (with such allocable portion based on the relative fair market values of the components of the investment unit at the
time of acquisition). The deductibility of capital losses is subject to certain limitations.
123
A redemption of warrants
for Class A common stock described in the section of this registration statement entitled
"Description of Securities—Warrants"
is
expected to treated as a tax-free recapitalization for U.S. federal income tax purposes. Accordingly, a U.S. holder should not
recognize any gain or loss on the redemption of warrants for Class A common stock. A U.S. holder's aggregate tax basis in the Class
A common stock received in the redemption should equal the U.S. holder's aggregate tax basis in the warrants redeemed and the holding
period for the Class A common stock received in redemption of the warrants should include the U.S. holder's holding period for the
surrendered warrants. However, there is some uncertainty regarding this tax treatment and it is possible such a redemption could be treated
differently, including as, in part, a taxable exchange in which gain or loss would be recognized in a manner similar to that discussed
above for a cashless exercise of warrants. Accordingly, a U.S. holder is urged to consult its tax advisor regarding the tax consequences
of a redemption of warrants for shares of Class A common stock.
Possible Constructive
Distributions.
The terms of each warrant provide for an adjustment to the number of shares of Class A common stock
for which the warrant may be exercised or to the exercise price of the warrant in certain events, as discussed in the section of this
registration statement entitled
"Description of Securities—Warrants."
An adjustment which has the effect
of preventing dilution generally is not taxable. The U.S. holders of the warrants would, however, be treated as receiving a constructive
distribution from us in the case of certain adjustments. For example, a constructive distribution would generally result where the adjustment
to the number of such shares or to such exercise price increases the warrantholders' proportionate interest in our assets or earnings
and profits (e.g., through an increase in the number of shares of Class A common stock that would be obtained upon exercise or through
a decrease in the exercise price of the warrant) in connection with a taxable distribution of cash or other property to the holders of
shares of our Class A common stock or an issuance of a taxable stock dividend to holders of our Class A common stock. Such constructive
distribution would be subject to tax as described under "
U.S. Holders—Taxation of Distributions
" in the same
manner as if the U.S. holders of the warrants received a cash distribution from us equal to the fair market value of such increased interest.
Information Reporting
and Backup Withholding
.
In general, information reporting requirements may apply to dividends paid to a U.S. holder and to the
proceeds of the sale or other disposition of our shares of common stock and warrants, unless the U.S. holder is an exempt recipient. Backup
withholding may apply to such payments if the U.S. holder fails to provide a taxpayer identification number, a certification of exempt
status or has been notified by the IRS that it is subject to backup withholding (and such notification has not been withdrawn).
Backup withholding is not
an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a credit against a U.S. holder's U.S.
federal income tax liability and may entitle such holder to a refund, provided the required information is timely furnished to the IRS.
Non-U.S. Holders
This section applies to you
if you are a "non-U.S. holder." As used herein, the term "non-U.S. holder" means a beneficial
owner of our Class A common stock or warrants who or that is for U.S. federal income tax purposes:
●
a non-resident alien
individual (other than certain former citizens and residents of the United States subject to U.S. tax as expatriates);
●
a foreign corporation; or
●
an estate or trust that is
not a U.S. holder;
but generally does not include an individual who
is present in the United States for 183 days or more in the taxable year of the disposition of our Class A common stock or warrants. If
you are such an individual, you should consult your own tax advisor regarding the U.S. federal income tax consequences of the acquisition,
ownership or sale or other disposition of our securities.
Taxation of Distributions
.
In general, any distributions (other than certain distributions of our stock and rights to acquire our stock) we make to a non-U.S. holder
of shares of our Class A common stock, to the extent paid out of our current or accumulated earnings and profits (as determined under
U.S. federal income tax principles), will constitute dividends for U.S. federal income tax purposes. If such dividends are not effectively
connected with the non-U.S. holder's conduct of a trade or business within the United States, we will be required to withhold
tax from the gross amount of the dividend at a rate of 30% unless such non-U.S. holder is eligible for a reduced rate of withholding
tax under an applicable income tax treaty and provides proper certification of its eligibility for such reduced rate (usually on an IRS
Form W-8BEN or W-8BEN-E). Any distribution not constituting a dividend will be treated first as reducing (but not
below zero) the non-U.S. holder's adjusted tax basis in its shares of our Class A common stock and, to the extent such
distribution exceeds the non-U.S. holder's adjusted tax basis, as gain realized from the sale or other disposition of
the Class A common stock, which will be treated as described under "
Non-U.S. Holders—Gain on Sale, Taxable Exchange
or Other Taxable Disposition of Class A Common Stock and Warrants
," below.
124
The 30% withholding tax described
above generally does not apply to dividends paid to a non-U.S. holder who provides an IRS Form W-8ECI certifying that
the dividends are effectively connected with the non-U.S. holder's conduct of a trade or business within the United States.
Instead, the effectively connected dividends will be subject to regular U.S. federal income tax as if the non-U.S. holder were
a U.S. resident, subject to an applicable income tax treaty providing otherwise. A corporate non-U.S. holder receiving dividends
that are effectively connected with such holder's conduct of a U.S. trade or business may also be subject to an additional "branch
profits tax" imposed at a rate of 30% (or such lower rate as may apply under an applicable income tax treaty).
Exercise of a Warrant.
The
U.S. federal income tax treatment of a non-U.S. holder's exercise of a warrant, or the lapse of a warrant held by a non-U.S. holder,
generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a warrant by a U.S. holder, as described
under "
U.S. Holders—Exercise of a Warrant
" and "
U.S. Holders—Sale, Exchange, Redemption or Expiration
of a Warrant
," above, although to the extent a cashless exercise results in a taxable exchange, the consequences would be similar
to those described below in "
Non-U.S. Holders—Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class
A Common Stock and Warrants
."
Redemption of Warrants
for Common Stock
.
The U.S. federal income tax treatment for a non-U.S. holder of a redemption of warrants
for common stock described in the section of this registration statement entitled
"Description of Securities—Warrants"
will
correspond to the U.S. federal income tax treatment for a U.S. holder of a redemption of warrants for common stock, as described above
in "
U.S. Holders—Sale, Exchange, Redemption, or Expiration of a Warrant
."
Gain on Sale, Taxable
Exchange or Other Taxable Disposition of Class A Common Stock and Warrants
.
A non-U.S. holder generally will not be
subject to U.S. federal income or withholding tax in respect of gain recognized on a sale, taxable exchange or other taxable disposition
of our Class A common stock or an expiration or redemption of our warrants, unless:
●
the gain is effectively connected with the conduct by
                                                                                                                    the non-U.S. holder of a trade or business within the United States (and, under certain income tax treaties, is
                                                                                                                    attributable to a United States permanent establishment or fixed base maintained by the non-U.S. holder); or
●
we are or have been a "United
States real property holding corporation" for U.S. federal income tax purposes at any time during the shorter of the five-year
period ending on the date of disposition or the period that the non-U.S. holder held our Class A common stock, and, in the case where
shares of our Class A common stock are regularly traded on an established securities market, the non-U.S. holder has owned, directly
or constructively, more than 5% of our Class A common stock at any time within the shorter of the five-year period preceding the disposition
or such non-U.S. holder's holding period for the shares of our Class A common stock.  If we are or have been a "United
States real property holding corporation" and you own warrants, you are urged to consult your own tax advisor regarding the application
of these rules.
Unless an applicable treaty
provides otherwise, gain described in the first bullet point above will be subject to tax at generally applicable U.S. federal income
tax rates as if the non-U.S. holder were a U.S. resident. Any gains described in the first bullet point above of a non-U.S. holder
that is treated as a non-U.S. corporation for U.S. federal income tax purposes may also be subject to an additional "branch
profits tax" imposed at a 30% rate (or such lower rate as may apply under an applicable income tax treaty).
If the second bullet point
above applies to a non-U.S. holder, gain recognized by such holder on the sale, exchange or other disposition of our Class A
common stock or warrants will be subject to tax at generally applicable U.S. federal income tax rates. In addition, a buyer of our Class
A common stock from such holder may be required to withhold U.S. federal income tax at a rate of 15% of the amount realized upon such
disposition. We believe we are not and have not been at any time since our formation a United States real property holding corporation
and, while no assurances can be given in this regard, we do not expect to be treated as a United States real property holding corporation
in the future. However, such determination is factual in nature and subject to change and no assurance can be provided as to whether we
would be treated as a United States real property holding corporation in any future year.
Possible Constructive
Distributions.
An adjustment to the number of shares of Class A common stock for which a warrant may be exercised
or to the exercise price of a warrant may result in a constructive distribution from us to a non-U.S. holder of such warrant
in the same manner as described above under "
U.S. Holders—Possible Constructive Distributions
." Any such
constructive distribution received by a non-U.S. holder would be subject to U.S. federal income tax (including any applicable
withholding) in the same manner as described above under "
Non-U.S. Holders—Taxation of Distributions
" as
if such non-U.S. holder received a cash distribution from us equal to the fair market value of such increased interest without
any corresponding receipt of cash. Any resulting withholding tax may be withheld from future cash distributions.
125
Information Reporting
and Backup Withholding
.
Information returns will be filed with the IRS in connection with payments of dividends and the proceeds
from a sale or other disposition of Class A common stock and warrants. A non-U.S. holder may have to comply with certification
procedures to establish that it is not a United States person in order to avoid information reporting and backup withholding requirements.
The certification procedures required to claim a reduced rate of withholding under a treaty generally will satisfy the certification requirements
necessary to avoid backup withholding as well. Backup withholding is not an additional tax. The amount of any backup withholding from
a payment to a non-U.S. holder will be allowed as a credit against such holder's U.S. federal income tax liability and
may entitle such holder to a refund, provided that the required information is timely furnished to the IRS.
FATCA
.
Provisions
commonly referred to as "FATCA" impose withholding of 30% on payments of dividends (including constructive dividends) on our
Class A common stock to "foreign financial institutions" (which is broadly defined for this purpose and in general includes
investment vehicles) and certain other non-U.S. entities unless various U.S. information reporting and due diligence requirements
(generally relating to ownership by United States persons of interests in or accounts with those entities) have been satisfied by, or
an exemption applies to, the payee (typically certified as to by the delivery of a properly completed IRS Form W-8BEN-E). Foreign
financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be
subject to different rules. Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such
withholding taxes, and a non-U.S. holder might be required to file a U.S. federal income tax return to claim such refunds or
credits. The above withholding tax under FATCA was scheduled to apply to payments of gross proceeds from the sale or other disposition
of property that would produce U.S.-source interest or dividends beginning on January 1, 2019; however, the Treasury has released
proposed regulations upon which taxpayers may rely that eliminate the obligation to withhold on gross proceeds. Such proposed regulations
also delayed withholding on certain other payments received from other foreign financial institutions that are allocable, as provided
for under final Treasury Regulations, to payments of U.S.-source dividends, and other fixed or determinable annual or periodic income.
Although these proposed Treasury Regulations are not final, taxpayers generally may rely on them until final Treasury Regulations are
issued. Prospective investors should consult their own tax advisors regarding the effects of FATCA on their investment in our Class A
common stock.
126
PLAN OF DISTRIBUTION
We are registering the possible
resale by the Selling Holders of up to 175,541,507 shares of Class A common stock.
We will not receive any of
the proceeds from the sale of the securities by the Selling Holders. The aggregate proceeds to the Selling Holders will be the purchase
price of the securities less any discounts and commissions borne by the Selling Holders.
The Selling Holders will
pay any underwriting discounts and commissions and expenses incurred by the Selling Holders for brokerage, accounting, tax or legal services
or any other expenses incurred by the Selling Holders in disposing of the securities. We will bear all other costs, fees and expenses
incurred in effecting the registration of the securities covered by this prospectus, including, without limitation, all registration and
filing fees, Nasdaq listing fees and fees and expenses of our counsel and our independent registered public accountants.
The securities beneficially
owned by the Selling Holders covered by this prospectus may be offered and sold from time to time by the Selling Holders. The term "Selling
Holders" includes donees, pledgees, transferees or other successors in interest selling securities received after the date of this
prospectus from a Selling Holders as a gift, pledge, partnership distribution or other transfer. The Selling Holders will act independently
of us in making decisions with respect to the timing, manner and size of each sale. Such sales may be made on one or more exchanges or
in the over-the-counter market or otherwise, at prices and under terms then prevailing or at prices related to the then current
market price or in negotiated transactions. Each Selling Holders reserves the right to accept and, together with its respective agents,
to reject, any proposed purchase of securities to be made directly or through agents. The Selling Holders and any of their permitted transferees
may sell their securities offered by this prospectus on any stock exchange, market or trading facility on which the securities are traded
or in private transactions. If underwriters are used in the sale, such underwriters will acquire the shares for their own account. These
sales may be at a fixed price or varying prices, which may be changed, or at market prices prevailing at the time of sale, at prices relating
to prevailing market prices or at negotiated prices. The securities may be offered to the public through underwriting syndicates represented
by managing underwriters or by underwriters without a syndicate. The obligations of the underwriters to purchase the securities will be
subject to certain conditions. The underwriters will be obligated to purchase all the securities offered if any of the securities are
purchased.
Subject to the limitations
set forth in any applicable registration rights agreement, the Selling Holders may use any one or more of the following methods when selling
the securities offered by this prospectus:
●
purchases by a broker-dealer
as principal and resale by such broker-dealer for its own account pursuant to this prospectus;
●
ordinary brokerage transactions
and transactions in which the broker solicits purchasers;
●
block trades in which the broker-dealer
so engaged will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate
the transaction;
●
an over-the-counter distribution
in accordance with the rules of Nasdaq;
●
through trading plans entered
into by a Selling Holder pursuant to Rule 10b5-1 under the Exchange Act that are in place at the time of an offering pursuant
to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of their securities on the basis of
parameters described in such trading plans;
●
through one or more underwritten
offerings on a firm commitment or best efforts basis;
●
settlement of short sales entered
into after the date of this prospectus;
●
agreements with broker-dealers
to sell a specified number of the securities at a stipulated price per share or warrant;
●
in "at the market"
offerings, as defined in Rule 415 under the Securities Act, at negotiated prices, at prices prevailing at the time of sale or at prices
related to such prevailing market prices, including sales made directly on a national securities exchange or sales made through a market
maker other than on an exchange or other similar offerings through sales agents;
●
directly to purchasers, including
through a specific bidding, auction or other process or in privately negotiated transactions;
127
●
through the writing or settlement
of options or other hedging transactions, whether through an options exchange or otherwise;
●
through the distributions by
any Selling Holder or its affiliates to its partners, members or stockholders
●
through a combination of any
of the above methods of sale; or
●
any other method permitted
pursuant to applicable law.
In addition, a Selling Holder
that is an entity may elect to make a pro rata in-kind distribution of securities to its members, partners or stockholders pursuant
to the registration statement of which this prospectus is a part by delivering a prospectus with a plan of distribution. Such members,
partners or stockholders would thereby receive freely tradeable securities pursuant to the distribution through a registration statement.
To the extent a distributee is an affiliate of ours (or to the extent otherwise required by law), we may file a prospectus supplement
in order to permit the distributees to use the prospectus to resell the securities acquired in the distribution.
There can be no assurance
that the Selling Holders will sell all or any of the securities offered by this prospectus. In addition, the Selling Holders may also
sell securities under Rule 144 under the Securities Act, if available, or in other transactions exempt from registration, rather than
under this prospectus. The Selling Holders have the sole and absolute discretion not to accept any purchase offer or make any sale of
securities if they deem the purchase price to be unsatisfactory at any particular time.
The Selling Holders also
may transfer the securities in other circumstances, in which case the transferees, pledgees or other successors-in-interest will
be the selling beneficial owners for purposes of this prospectus. Upon being notified by a Selling Holder that a donee, pledgee, transferee,
other successor-in-interest intends to sell our securities, we will, to the extent required, promptly file a supplement to this
prospectus to name specifically such person as a Selling Holder.
With respect to a particular
offering of the securities held by the Selling Holders, to the extent required, an accompanying prospectus supplement or, if appropriate,
a post-effective amendment to the registration statement of which this prospectus is part, will be prepared and will set forth the following
information:
●
the specific securities to
be offered and sold;
●
the names of the Selling Holders;
●
the respective purchase prices
and public offering prices, the proceeds to be received from the sale, if any, and other material terms of the offering;
●
settlement of short sales entered
into after the date of this prospectus;
●
the names of any participating
agents, broker-dealers or underwriters; and
●
any applicable commissions,
discounts, concessions and other items constituting compensation from the Selling Holders.
In connection with distributions
of the securities or otherwise, the Selling Holders may enter into hedging transactions with broker-dealers or other financial institutions.
In connection with such transactions, broker-dealers or other financial institutions may engage in short sales of the securities in the
course of hedging the positions they assume with Selling Holders. The Selling Holders may also sell the securities short and redeliver
the securities to close out such short positions. The Selling Holders may also enter into option or other transactions with broker-dealers
or other financial institutions which require the delivery to such broker-dealer or other financial institution of securities offered
by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented
or amended to reflect such transaction). The Selling Holders may also pledge securities to a broker-dealer or other financial institution,
and, upon a default, such broker-dealer or other financial institution, may effect sales of the pledged securities pursuant to this prospectus
(as supplemented or amended to reflect such transaction).
In order to facilitate the
offering of the securities, any underwriters or agents, as the case may be, involved in the offering of such securities may engage in
transactions that stabilize, maintain or otherwise affect the price of our securities. Specifically, the underwriters or agents, as the
case may be, may overallot in connection with the offering, creating a short position in our securities for their own account. In addition,
to cover overallotments or to stabilize the price of our securities, the underwriters or agents, as the case may be, may bid for, and
purchase, such securities in the open market. Finally, in any offering of securities through a syndicate of underwriters, the underwriting
syndicate may reclaim selling concessions allotted to an underwriter or a broker-dealer for distributing such securities in the offering
if the syndicate repurchases previously distributed securities in transactions to cover syndicate short positions, in stabilization transactions
or otherwise. Any of these activities may stabilize or maintain the market price of the securities above independent market levels. The
underwriters or agents, as the case may be, are not required to engage in these activities, and may end any of these activities at any
time.
128
The Selling Holders may solicit
offers to purchase the securities directly from, and it may sell such securities directly to, institutional investors or others. In this
case, no underwriters or agents would be involved. The terms of any of those sales, including the terms of any bidding or auction process,
if utilized, will be described in the applicable prospectus supplement.
It is possible that one or
more underwriters may make a market in our securities, but such underwriters will not be obligated to do so and may discontinue any market
making at any time without notice. We cannot give any assurance as to the liquidity of the trading market for our securities. Our shares
of Class A common stock are currently listed on Nasdaq under the symbol "OPAL" and our public warrants are currently listed
on Nasdaq under the symbol "OPALW."
The Selling Holders may authorize
underwriters, broker-dealers or agents to solicit offers by certain purchasers to purchase the securities at the public offering price
set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in
the future. The contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement
will set forth any commissions we or the Selling Holders pay for solicitation of these contracts.
A Selling Holder may enter
into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated
transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities
covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may
use securities pledged by any Selling Holders or borrowed from any Selling Holders or others to settle those sales or to close out any
related open borrowings of stock, and may use securities received from any Selling Holder in settlement of those derivatives to close
out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and will be identified in the
applicable prospectus supplement (or a post-effective amendment). In addition, any Selling Holder may otherwise loan or pledge securities
to a financial institution or other third party that in turn may sell the securities short using this prospectus. Such financial institution
or other third party may transfer its economic short position to investors in our securities or in connection with a concurrent offering
of other securities.
In effecting sales, broker-dealers
or agents engaged by the Selling Holders may arrange for other broker-dealers to participate. Broker-dealers or agents may receive commissions,
discounts or concessions from the Selling Holders in amounts to be negotiated immediately prior to the sale.
In compliance with the guidelines
of the Financial Industry Regulatory Authority ("
FINRA
"), the aggregate maximum discount, commission, fees or
other items constituting underwriting compensation to be received by any FINRA member or independent broker-dealer will not exceed 8%
of the gross proceeds of any offering pursuant to this prospectus and any applicable prospectus supplement.
If at the time of any offering
made under this prospectus a member of FINRA participating in the offering has a "conflict of interest" as defined in FINRA
Rule 5121, that offering will be conducted in accordance with the relevant provisions of FINRA Rule 5121.
To our knowledge, there are
currently no plans, arrangements or understandings between the Selling Holders and any broker-dealer or agent regarding the sale of the
securities by the Selling Holders. Upon our notification by a Selling Holder that any material arrangement has been entered into with
an underwriter or broker-dealer for the sale of securities through a block trade, special offering, exchange distribution, secondary distribution
or a purchase by an underwriter or broker-dealer, we will file, if required by applicable law or regulation, a supplement to this prospectus
pursuant to Rule 424(b) under the Securities Act disclosing certain material information relating to such underwriter or broker-dealer
and such offering.
129
Underwriters, broker-dealers
or agents may facilitate the marketing of an offering online directly or through one of their affiliates. In those cases, prospective
investors may view offering terms and a prospectus online and, depending upon the particular underwriter, broker-dealer or agent, place
orders online or through their financial advisors.
In offering the securities
covered by this prospectus, the Selling Holders and any underwriters, broker-dealers or agents who execute sales for the Selling Holders
may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. Any discounts,
commissions, concessions or profit they earn on any resale of those securities may be underwriting discounts and commissions under the
Securities Act.
The underwriters, broker-dealers
and agents may engage in transactions with us or the Selling Holders, or perform services for us or the Selling Holders, in the ordinary
course of business.
In order to comply with the
securities laws of certain states, if applicable, the securities must be sold in such jurisdictions only through registered or licensed
brokers or dealers. In addition, in certain states the securities may not be sold unless they have been registered or qualified for sale
in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.
The Selling Holders and any
other persons participating in the sale or distribution of the securities will be subject to applicable provisions of the Securities Act
and the Exchange Act, and the rules and regulations thereunder, including, without limitation, Regulation M. These provisions may restrict
certain activities of, and limit the timing of purchases and sales of any of the securities by, the Selling Holders or any other person,
which limitations may affect the marketability of the shares of the securities.
We will make copies of this
prospectus available to the Selling Holders for the purpose of satisfying the prospectus delivery requirements of the Securities Act.
The Selling Holders may indemnify any agent, broker-dealer or underwriter that participates in transactions involving the sale of the
securities against certain liabilities, including liabilities arising under the Securities Act.
We have agreed to indemnify
the Selling Holders against certain liabilities, including certain liabilities under the Securities Act, the Exchange Act or other federal
or state law. Agents, broker-dealers and underwriters may be entitled to indemnification by us and the Selling Holders against certain
civil liabilities, including liabilities under the Securities Act, or to contribution with respect to payments which the agents, broker-dealers
or underwriters may be required to make in respect thereof.
130
LEGAL
MATTERS
Sheppard,
Mullin, Richter & Hampton LLP will pass upon the validity of the Class A common stock offered by this prospectus and certain other
matters related to this prospectus.
EXPERTS
The
financial statements of ArcLight Clean Transition Corp. II as of December 31, 2021, and for the period from January 13, 2021
(inception) through December 31, 2021, included in this prospectus and Registration Statement have been audited by Marcum LLP, an independent
registered public accounting firm, as stated in their report appearing herein. Such financial statements are included in reliance upon
the report of such firm given upon their authority as experts in accounting and auditing.
The
consolidated financial statements of OPAL Fuels LLC as of and for the years ended December 31, 2021, 2020 and 2019 included
in this prospectus and Registration Statement have been so included in reliance on the report of BDO USA, LLP, an independent registered
public accounting firm, appearing elsewhere herein and in the Registration Statement, given on the authority of said firm as experts
in auditing and accounting.
The
consolidated financial statements of Beacon RNG LLC as of April 30, 2021, December 31, 2020 and December 31, 2019 and for the period
ended April 30, 2021, and for the year ended December 31, 2021 and for the period from March 11, 2019 (Inception) through December 31,
2019 included in this prospectus and Registration Statement have been so included in reliance on the report of BDO USA, LLP, an independent
auditor, appearing elsewhere herein and in the Registration Statement, given on the authority of said firm as experts in auditing and
accounting.
WHERE
YOU CAN FIND MORE INFORMATION
We
have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the securities offered
by this prospectus. This prospectus, which forms a part of such registration statement, does not contain all of the information included
in the registration statement. For further information pertaining to us and our securities, you should refer to the registration statement
and to its exhibits. The registration statement has been filed electronically and may be obtained in any manner listed below. Whenever
we make reference in this prospectus to any of our contracts, agreements or other documents, the references are not necessarily complete.
If a contract or document has been filed as an exhibit to the registration statement or a report we file under the Exchange Act, you
should refer to the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or
document filed as an exhibit to a registration statement or report is qualified in all respects by the filed exhibit.
We
also file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to
the public over the Internet at the SEC's website at www.sec.gov and on our website at www.opalfuels.com. The information contained
on, or that may be accessed through, our website is not part of, and is not incorporated into, this prospectus. You may inspect a copy
of the registration statement through the SEC's website, as provided herein.
131
INDEX
TO FINANCIAL STATEMENTS
ARCLIGHT
CLEAN TRANSITION CORP. II FINANCIAL STATEMENTS
Page
Unaudited
    Financial Statements of ArcLight Clean Transition Corp. II
Balance
    Sheets as of June 30, 2022 (Unaudited) and December 31, 2021
F-3
Statements
    of Operations for the three and six months ended June 30, 2022 and for the three months ended June 30, 2021 and for the period from
    January 13, 2021 (inception) through June 30, 2021 (Unaudited)
F-4
Statements
    of Changes in Shareholders' Equity for the three and six months ended June 30, 2022 and for the period from January 13, 2021
    (inception) through June 30, 2021 (Unaudited)
F-5
Statements
    of Cash Flows for the six months ended June 30, 2022 and for the three months ended June 30, 2021 and for the period from January
    13, 2021 (inception) through June 30, 2021 (Unaudited)
F-6
Notes
    to Unaudited condensed Financial Statements
F-7
Page
Audited
    Financial Statements of ArcLight Clean Transition Corp. II
Report
    of Independent Registered Public Accounting Firm
F-23
Balance
    Sheet as of December 31, 2021
F-24
Statement
                                            of Operations for the period from January 13, 2021 (inception) through December 31, 2021
F-25
Statement
    of Changes in Shareholders' Equity for the period from January 13, 2021 (inception) through December 31, 2021
F-26
Statement
                                            of Cash Flows for the period from January 13, 2021 (inception) through December 31, 2021
F-27
Notes
    to Financial Statements
F-28
OPAL
FUELS LLC FINANCIAL STATEMENTS
Page
Unaudited
    Financial Statements of OPAL Fuels LLC
Condensed Consolidated Balance Sheets as of June 30, 2022 (unaudited) and December 31, 2021
F-44
Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2022 and 2021 (unaudited)
F-45
Condensed Consolidated Statements of Changes in Redeemable Preferred Units and Members' Equity for the Six Months Ended June 30, 2022 and 2021 (unaudited)
F-46
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 (unaudited)
F-48
Notes to Unaudited Condensed Consolidated Financial Statements
F-49
F-
1
Page
Audited
    Financial Statements of OPAL Fuels LLC
Report
    of Independent Registered Public Accounting Firm
F-77
Consolidated
    Balance Sheets as of December 31, 2021 and 2020 (restated)
F-78
Consolidated
    Statements of Operations for the Years Ended December 31, 2021, 2020 (restated) and 2019 (restated)
F-80
Consolidated
    Statements of Changes in Redeemable Preferred Units and Members' Equity (Deficit) for the Years Ended December 31, 2021, 2020
    (restated) and 2019 (restated)
F-81
Consolidated
    Statements of Cash Flows for the Years Ended December 31, 2021, 2020 (restated) and 2019 (restated)
F-82
Notes
    to Consolidated Financial Statements (restated)
F-84
BEACON
RNG LLC FINANCIAL STATEMENTS
Page
Audited
    Financial Statements of Beacon RNG LLC
Report
    of Independent Auditor
F-132
Consolidated
    Balance Sheet as of April 30, 2021
F-134
Consolidated
    Statements of Operations for the period Ended April 30, 2021
F-135
Consolidated
    Statements of Changes in Members' Equity for the period Ended April 30, 2021
F-136
Consolidated
    Statements of Cash Flows for the period Ended April 30, 2021
F-137
Notes
    to Consolidated Financial Statements
F-138
Page
Consolidated
    Balance Sheets as of December 31, 2020 and 2019
F-144
Consolidated
    Statements of Operations for the Year Ended 2020 and for the period from March 11, 2019 (Inception) through December 31, 2019
F-145
Consolidated
    Statements of Changes in Members' Equity for the Year Ended 2020 and for the period from March 11, 2019 (Inception) through
    December 31, 2019
F-146
Consolidated
    Statements of Cash Flows for the Year Ended 2020 and for the period from March 11, 2019 (Inception) through December 31, 2019
F-147
Notes
    to Consolidated Financial Statements
F-148
F-
2
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp.
II)
CONDENSED BALANCE SHEETS
June 30,
2022
December 31,
2021
(unaudited)
Assets
Current assets:
Cash
$
219,127
$
811,526
Prepaid expenses
546,368
701,663
Total current assets
765,495
1,513,189
Other assets
—
159,954
Investments held in Trust Account
311,615,892
311,175,471
Total Assets
$
312,381,387
$
312,848,614
Liabilities and Shareholders' Deficit:
Current liabilities:
Accounts payable
$
68,531
$
18,764
Accrued expenses
29,902
94,497
Due to related party
5,085
—
Total current liabilities
103,518
113,261
Deferred legal fees
6,193,192
3,966,447
Deferred underwriting commissions
—
10,890,707
Derivative warrant liabilities
16,218,840
25,795,700
Total liabilities
22,515,550
40,766,115
Commitments and Contingencies
Class A ordinary shares subject to possible redemption;
31,116,305
shares at redemption value
311,515,892
311,163,050
Shareholders' Deficit:
Preference shares, $
0.0001
par value;
5,000,000
shares authorized;
none
issued and outstanding
—
—
Class A ordinary shares, $
0.0001
par value;
500,000,000
shares authorized (excluding 31,116,305 shares subject to possible redemption) at June 30, 2022 and December 31, 2021
—
—
Class B ordinary shares, $
0.0001
par value;
50,000,000
shares authorized;
7,779,076
shares issued and outstanding at June 30, 2022 and December 31, 2021
778
778
Additional paid-in-capital
—
—
Accumulated deficit
(
21,650,833
)
(
39,081,329
)
Total shareholders' deficit
(
21,650,055
)
(
39,080,551
)
Total Liabilities and Shareholders' Deficit
$
312,381,387
$
312,848,614
The accompanying notes are an integral
part of these unaudited condensed financial statements.
F-
3
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition
Corp. II)
UNAUDITED CONDENSED STATEMENTS OF OPERATIONS
For
    the three
months ended
June 30,
2022
For the three
months ended
June 30,
2021
For
    the six
months ended
June 30,
2022
For the
period
January 13,
2021
(inception)
through
June 30,
2021
General and administrative expenses
$
1,733,643
$
394,413
$
3,124,650
$
522,889
Loss from operations
(
1,733,643
)
(
394,413
)
(
3,124,650
)
(
522,889
)
Other income (expense)
Change in fair value of derivative warrant liabilities
4,325,040
(
11,225,560
)
9,576,860
(
10,954,400
)
Gain on settlement of underwriting fees
279,890
—
279,890
(
462,620
)
Net gain on investments held in Trust Account
415,868
4,304
440,421
4,457
Total other income (expense)
5,020,798
(
11,221,256
)
10,297,171
(
11,412,563
)
Net income (loss)
$
3,287,155
$
(
11,615,669
)
$
7,172,521
$
(
11,935,452
)
Weighted average shares outstanding of Class A ordinary shares, basic and diluted
31,116,305
31,116,305
31,116,305
18,823,444
Basic and diluted  net income (loss) per ordinary share
$
0.08
$
(
0.30
)
$
0.18
$
(
0.45
)
Weighted average shares outstanding of Class B ordinary shares, basic and diluted
7,779,076
7,779,076
7,779,076
7,421,910
Basic and diluted  net income (loss) per ordinary share
$
0.08
$
(
0.30
)
$
0.18
$
(
0.45
)
The accompanying notes are an integral
part of these unaudited condensed financial statements.
F-
4
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
UNAUDITED
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT
For The Three and
    Six Months Ended
June 30, 2022
Ordinary Shares
Additional
Total
Class
    A
Class
    B
Paid-in
Accumulated
Shareholders'
Shares
Amount
Shares
Amount
Capital
Deficit
Deficit
Balance - January 1, 2022
—
$
—
7,779,076
$
778
$
—
$
(
39,081,329
)
$
(
39,080,551
)
Net income
—
—
—
—
—
3,885,366
3,885,366
Balance - March  31, 2022 (unaudited)
—
$
—
7,779,076
$
778
$
—
$
(
35,195,963
)
$
(
35,195,185
)
Remeasurement of Class A common stock subject to  possible redemption amount
—
—
—
—
—
(
352,842
)
(
352,842
)
Gain on settlement of underwriting fees
—
—
—
—
—
10,610,817
10,610,817
Net income
—
—
—
—
—
3,287,155
3,287,155
Balance - June 30, 2022 (unaudited)
—
$
—
7,779,076
$
778
$
—
$
(
21,650,833
)
$
(
21,650,055
)
For The Three Months Ended and For the Period From
January 13, 2021 (inception) through June 30, 2021
Ordinary Shares
Additional
Total
Class A
Class B
Paid-in
Accumulated
Shareholders'
Shares
Amount
Shares
Amount
Capital
Deficit
Deficit
Balance - January 13, 2021 (inception)
—
$
—
—
$
—
$
—
$
—
$
—
Issuance of Class B ordinary shares to Sponsor
—
—
7,906,250
791
24,209
—
25,000
Accretion on Class A ordinary shares subject to
—
—
—
—
(
199,953
)
(
22,886,667
)
(
23,086,620
)
possible redemption
Sale of private placement warrants to Sponsor less fair
value of private warrants
—
—
—
—
175,731
—
175,731
Forfeiture of Class B ordinary shares from Sponsor
—
—
(
127,174
)
(
13
)
13
—
—
Net loss
—
—
—
—
—
(
319,783
)
(
319,783
)
Balance - March  31, 2021 (unaudited)
—
$
—
7,779,076
$
778
$
—
$
(
23,206,450
)
$
(
23,205,672
)
Net loss
—
—
—
—
—
(
11,615,669
)
(
11,615,669
)
Balance - June 30, 2021 (unaudited)
—
$
—
7,779,076
$
778
$
—
$
(
34,822,119
)
$
(
34,821,341
)
The accompanying notes are an integral
part of these unaudited condensed financial statements.
F-
5
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
For the six
months
ended
June 30,
2022
For the
period
January 13,
2021
(inception)
through
June 30,
2021
Cash Flows from Operating Activities:
Net income (loss)
$
7,172,521
$
(
11,935,452
)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares
—
25,000
General and administrative expenses paid by related party under promissory note
—
26,800
Change in fair value of derivative warrant liabilities
(
9,576,860
)
10,954,400
Financing costs - warrant liabilities
—
462,620
Net gain on investments held in Trust Account
(
440,421
)
(
4,457
)
Gain on settlement of deferred underwriting fees
(
279,890
)
—
Changes in operating assets and liabilities:
Prepaid expenses
315,249
(
1,225,548
)
Accounts payable
49,767
—
Accrued expenses
(
64,595
)
105,056
Accrued expenses - related party
5,085
—
Deferred legal fees
2,226,745
—
Net cash used in operating activities
(
592,399
)
(
1,591,581
)
Cash Flows from Investing Activities:
Cash deposited in Trust Account
—
(
311,163,050
)
Net cash used in investing activities
—
(
311,163,050
)
Cash Flows from Financing Activities:
Proceeds from note payable to related party
—
100
Repayment of note payable to related party
—
(
171,742
)
Proceeds received from initial public offering
—
311,163,050
Proceeds received from private placement
—
9,223,261
Offering costs paid
—
(
6,295,461
)
Net cash provided by financing  activities
—
313,919,208
Net (decrease)  increase  in cash
(
592,399
)
1,164,577
Cash - beginning of the period
811,526
—
Cash - end of the period
$
219,127
$
1,164,577
Supplemental disclosure  of noncash  investing and financing  activities:
Remeasurement of Class A common stock subject to possible redemption amount
$
352,842
$
—
Offering costs included in accounts payable
$
—
$
200,000
Offering costs included in accrued expenses
$
—
$
70,000
Offering costs paid by related party under promissory note
$
—
$
144,842
Deferred underwriting commissions
$
—
$
10,890,707
Gain on settlement of underwriting fees
$
10,610,817
—
Forfeiture of Class B ordinary shares from Sponsor
$
—
$
13
The accompanying notes are an integral
part of these unaudited condensed financial statements.
F-
6
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
2
Note 1-Description of Organization, Business Operations and
Basis of Presentation
OPAL Fuels Inc. (formerly known as ArcLight Clean Transition
Corp. II) (the "Company") was incorporated as a Cayman Islands exempted company on January 13, 2021. The Company was incorporated
for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination
with one or more businesses.
Business Combination
On December 2, 2021, the Company, OPAL HoldCo
LLC, a Delaware limited liability company ("OPAL HoldCo"), and OPAL Fuels LLC, a Delaware limited liability company
("OPAL Fuels"), entered into a Business Combination Agreement (as it may be amended, supplemented or otherwise modified
from time to time, the "Business Combination Agreement"). On July 21, 2022, we closed the Business Combination Agreement
and consummated the transactions contemplated thereby (the "Business Combination"). The Business Combination Agreement
and the Business Combination were unanimously approved by the boards of directors of the Company and OPAL Fuels, and also approved
by OPAL Holdco, the sole member of OPAL Fuels. The Business Combination Agreement provides for, among other things, the following
transactions: (i) each outstanding Class B ordinary share, par value $
0.0001
per share, of the Company will convert into one Class A
ordinary share, par value $
0.0001
per share, of the Company; (ii) the Company will change the jurisdiction of its incorporation by
deregistering as an exempted company in the Cayman Islands and domesticating to, and continuing as a corporation incorporated under
the laws of, the State of Delaware (the "Domestication") and, in connection with the Domestication, (A) the
Company's name will be changed to "OPAL Fuels Inc." ("New OPAL"), (B) each outstanding Class A
ordinary share of the Company will become one share of Class A common stock, par value $
0.0001
per share, of New OPAL (the
"New OPAL Class A Common Stock"), (C) each outstanding warrant to purchase one Class A ordinary share of the Company
will become a warrant to purchase one share of New OPAL Class A common stock and (D) New OPAL will file its certificate of
incorporation and adopt bylaws to serve as its governing documents in connection with the Domestication; and (iii) (A) OPAL Fuels
will cause its existing limited liability company agreement to be amended and restated, (B) OPAL Fuels will cause all of its limited
liability company interests existing immediately prior to the closing of the Business Combination (the "Closing") to be
re-classified into a number of common units (collectively, the "OPAL Units") based on a pre-transaction equity value for
OPAL equal to $
1,501,870,000
, less all principal and accrued interest outstanding immediately after the Closing pursuant to that
certain convertible promissory note, dated as of May 1, 2021 (as amended, including that certain First Amendment to Convertible
Note, dated November 29, 2021, the "Ares Note"), held by ARCC Beacon LLC, a Delaware limited liability company
("Ares"), (C) the Company will contribute the (x) the amount of cash in the trust account (the "Trust
Account") established by the Company with the proceeds from its initial public offering as of immediately prior to the Closing
(and before, for the avoidance of doubt, giving effect to the exercise of redemption rights by any of the Company's
shareholders (the "Public Share Redemptions")), minus (y) the aggregate amount of cash required to fund the ACT Share
Redemptions and any other obligations to be funded from the Trust Account, plus (z) the aggregate cash proceeds actually received in
respect of the PIPE Investment (as defined below) and (E) New OPAL will issue to OPAL Fuels, and OPAL Fuels will in turn distribute
to OPAL HoldCo and Hillman RNG Investments, LLC ("Hillman") a number of shares of Class D common stock, par value
$
0.0001
per share, of New OPAL (the "New OPAL Class D Common Stock"), and distribute to Ares (together with OPAL HoldCo
and Hillman, collectively, the "OPAL Equityholders") shares of Class B common stock, par value $
0.0001
per share, of New
OPAL (the "New OPAL Class B Common Stock") (
neither of which will have any economic value but will entitle the holder
thereof to five votes per share or one vote per share, respectively), equal to the number of OPAL Units held by each of the OPAL
Equityholders.
In addition, if New OPAL's annual EBITDA for the calendar year
2023 exceeds $
238,000,000
(the "First Earnout Triggering Event"), New OPAL will issue to OPAL HoldCo, Ares and Hillman
(collectively, the "Earnout Participants") an aggregate of
5,000,000
shares of New OPAL Class B Common Stock and New
OPAL Class D Common Stock and corresponding OPAL Units (collectively, the "First Earnout Tranche") in accordance with
the allocations set forth in the Business Combination Agreement. Additionally, if New OPAL's annual EBITDA for the calendar
year 2024 exceeds $
446,000,000
(the "Second Earnout Triggering Event"), New OPAL will issue to the Earnout Participants
an aggregate of
5,000,000
additional shares of New OPAL Class B Common Stock and New OPAL Class D Common Stock and corresponding
OPAL Units (collectively, the "Second Earnout Tranche") in accordance with the allocations set forth in the Business
Combination Agreement. In the event that the First Earnout Triggering Event does not occur but the Second Earnout Triggering Event
does occur, New OPAL will be obligated to issue both the First Earnout Tranche and the Second Earnout Tranche upon the occurrence of
the Second Earnout Triggering Event.
F-
7
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
PIPE Financing (Private Placement)
Concurrently with the execution of the Business Combination
Agreement, the Company entered into subscription agreements (the "Subscription Agreements") with certain investors (the "PIPE
Investors"), including, among others, an affiliate of the Company, as well as additional third-party investors. Pursuant to the
Subscription Agreements, each investor agreed to subscribe for and purchase, and the Company agreed to issue and sell to such investors,
immediately prior to the Closing, an aggregate of
12,500,000
shares of the Company's common stock for a purchase price of $
10.00
per share, for aggregate gross proceeds of $
125,000,000
(the "PIPE Investment"). Effective as of May 11, 2022, the Company
and PIPE Investors representing $
110,806,000
of the original PIPE Investment entered into amendments with respect to such PIPE Investors'
Subscription Agreements (the "Amended Subscription Agreements"), whereby the termination rights described in the Subscription
Agreements were amended to extend the term of each Amended Subscription Agreement by 60 days to July 29, 2022.
The closing of the PIPE Investment is contingent upon, among
other things, the substantially concurrent consummation of the Business Combination. The Subscription Agreements provide that the Company
will grant the investors in the PIPE Investment certain customary registration rights.
Investor Rights Agreement
The Business Combination Agreement contemplates that, at the
Closing, OPAL Fuels, Ares, Hillman and the Class B Shareholders (collectively the "New OPAL Holders") will enter into an Investor
Rights Agreement (the "Investor Rights Agreement"), pursuant to which, among other things, (i) the Company and the Company's
Sponsor will agree to terminate the Registration and Shareholder Rights Agreement, dated as of March 25, 2021, entered into by them in
connection with the Company's initial public offering, (ii) New OPAL will provide the New OPAL Holders certain registration rights
with respect to certain shares of New OPAL Class A common stock held by them or otherwise issuable to them pursuant to the Business Combination
Agreement, Second A&R LLC Agreement or the certificate of incorporation of New OPAL and (iii) the New OPAL Holders will agree not
to transfer, sell, assign or otherwise dispose of their shares of New OPAL Class A common stock for up to 180 days following the Closing,
subject to certain exceptions.
Prior to Business Combination
All activity for the period from January 13, 2021 (inception)
through June 30, 2022 relates to the Company's formation and the initial public offering (the "Initial Public Offering"),
which is described below, and, since the closing of the Initial Public Offering, a search for a business combination candidate. The Company
will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company
will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.
The Company's sponsor is ArcLight CTC
Holdings II, L.P., a Delaware limited partnership ("Sponsor"). The registration statement for the Company's
Initial Public Offering was declared effective on March 22, 2021. On March 25, 2021, the Company consummated its Initial Public
Offering of
31,116,305
units (the "Units" and, with respect to the Class A ordinary shares included in the Units being
offered, the "Public Shares"), including the partial exercise of the underwriters' option to purchase
3,616,305
additional Units (the "Over-Allotment Units"), at $
10.00
per Unit, generating gross proceeds of approximately $
311.2
million (see Note 3), and incurring offering costs of approximately $
17.6
million, of which approximately
$
10.9
million was for deferred underwriting commissions (see
Note 6).
Simultaneously with the closing of the
Initial Public Offering, the Company consummated the private placement ("Private Placement") of
9,223,261
warrants (each,
a "Private Placement Warrant" and collectively, the "Private Placement Warrants"), at a price of $
1.00
per Private
Placement Warrant with the Sponsor, generating gross proceeds of approximately $
9.2
million (see Note 4).
F-
8
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Upon the closing of the Initial Public Offering and the Private
Placement, approximately $
311.2
million of the net proceeds of the Initial Public Offering and certain of the proceeds of the
Private Placement were placed in a trust account ("Trust Account") with Continental Stock Transfer & Trust Company
acting as trustee and invested in United States "government securities" within the meaning of Section 2(a)(16) of the
Investment Company Act of 1940, as amended, or the Investment Company Act, having a maturity of 185 days or less or in money market
funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S.
government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination
and (ii) the distribution of the Trust Account as described below.
The Company was required to provide its holders of Public Shares
(the "Public Shareholders") with the opportunity to redeem all or a portion of their Public Shares upon the completion of
a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of
a tender offer. The Company sought shareholder approval of a Business Combination in connection with the Business Combination. The Public
Shareholders were entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account. The per-share
amount distributed to Public Shareholders who redeemed their Public Shares was not reduced by the deferred underwriting commissions the
Company paid to the underwriters (as discussed in Note 6). These Public Shares are recorded at a redemption value and classified as temporary
equity upon and following the completion of the Initial Public Offering, in accordance with the Financial Accounting Standards Board's
("FASB") Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity"
("ASC 480").
Liquidity and Capital Resources
As of June 30, 2022, the Company had approximately $
219,000
in its operating bank account and working capital of approximately $
662,000
.
The Company's liquidity needs up to June 30, 2022 had
been satisfied through a payment of $
25,000
from the Sponsor to cover certain expenses on behalf of the Company in exchange for the issuance
of the Founder Shares (as defined below), the loan under the Note from the Sponsor of approximately $
172,000
(see Note 5) to the Company,
and the net proceeds from the consummation of the Private Placement not held in the Trust Account. The Note from the Sponsor was repaid
in full on March 26, 2021. In addition, in order to finance transaction costs in connection with a Business Combination, the Company's
officers, directors and Initial Shareholders may, but are not obligated to, provide the Company Working Capital Loans (see Note 5). On
May 16, 2022, the Company entered into a non-interest bearing promissory note with the Sponsor for $
1,000,000
. To date, there were no
amounts outstanding under any Working Capital Loans.
On July 21, 2022, we used substantially all of
the funds held in the Trust Account to complete the Business Combination. Funds held in the Trust Account were also used to fund the
redemption of publicly held Class A ordinary shares of ArcLight.
Management continues to evaluate the impact of
the COVID-19 pandemic and has concluded that the specific impact is not readily determinable as of the date of the unaudited condensed
financial statements. The unaudited condensed financial statement does not include any adjustments that might result from the outcome
of this uncertainty.
F-
9
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note
2-Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed financial statements of
the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP")
for interim financial information and Article 8 of Regulation S-X. Accordingly, certain disclosures included in the annual financial statements
have been condensed or omitted from these financial statements as they are not required for interim financial statements. In the opinion
of management, all adjustments (consisting of normal accruals) considered for a fair presentation have been included. Operating results
for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ended
December 31, 2022.
The accompanying unaudited condensed financial statements should
be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K filed by the
Company with the SEC on March 9, 2022.
Emerging Growth Company
The Company is an "emerging growth company," as
defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting
firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation
in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive
compensation and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act
exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private
companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of
securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The
JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the
requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected
not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different
application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard
at the time private companies adopt the new or revised standard.
This may make comparison of the Company's financial statement
with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the
extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP
requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statement. Making estimates requires management to
exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set
of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate,
could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Cash and Cash Equivalents
The Company considers all short-term investments with an original
maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents as of June 30, 2022 and December
31, 2021.
F-
10
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Investments Held in Trust Account
The Company's portfolio of investments is comprised of
U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of
185
days
or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair
value, or a combination thereof. When the Company's investments held in the Trust Account are comprised of U.S. government securities,
the investments are classified as trading securities. When the Company's investments held in the Trust Account are comprised of
money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented
on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these
securities is included in net gain on investments held in Trust Account in the accompanying statement of operations. The estimated fair
values of investments held in the Trust Account are determined using available market information.
Concentration of Credit Risk
Financial instruments that potentially subject the Company
to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository
Insurance Coverage of $
250,000
, and investments held in Trust Account. As of June 30, 2022 and December 31, 2021, the Company has not
experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Fair Value of Financial Instruments
The fair value of the Company's assets and
liabilities, which qualify as financial instruments under the FASB ASC Topic 820, "Fair Value Measurements,"
approximates the carrying amounts represented in the condensed balance sheets.
Fair Value Measurements
The hierarchy gives the highest priority to unadjusted quoted
prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level
3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices for
identical instruments in active markets;
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own
assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers
are unobservable.
In some circumstances, the inputs used to measure fair value
might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized
in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Derivative warrant liabilities
The Company does not use derivative instruments to hedge exposures
to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued share purchase
warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to FASB
ASC Topic 480 and ASC 815, "Derivatives and Hedging" ("ASC 815"). The classification of derivative instruments,
including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.
F-
11
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS
The warrants issued in the Initial Public Offering and
the underwriters' exercise of their overallotment option (the "Public Warrants") and the Private Placement Warrants
are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities
at fair value and adjusts the carrying value of the instruments to fair value at each reporting period for so long as they are outstanding.
The initial fair value of the Public Warrants issued in connection with the Public Offering and the fair value of the Private Placement
Warrants have been estimated using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have
been estimated using a Monte Carlo simulation model at each measurement date. The fair value of Public Warrants have subsequently been
measured based on the listed market price of such warrants. Derivative warrant liabilities are classified as non-current liabilities as
their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.
Offering Costs Associated with the Initial Public Offering
Offering costs consisted of legal, accounting,
underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering.
Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value
basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and
presented as non-operating expenses in the statements of operations. Offering costs associated with issuance of the Class A ordinary shares
were charged against the carrying value of the Class A ordinary shares subject to possible redemption upon the completion of the Initial
Public Offering. The Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably
expected to require the use of current assets or require the creation of current liabilities. In May, 2022, the Company reversed the deferred
underwriting fees as the underwriters resigned from their role in the Business Combination and thereby waived their entitlement of the
deferred underwriting commissions (Note 6).
Class A Ordinary Shares Subject to Possible Redemption
The Company accounts for its Class A ordinary shares
subject to possible redemption in accordance with ASC 480. Class A ordinary shares subject to mandatory redemption (if any) is
classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including
Class A ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption
upon the occurrence of uncertain events not solely within the Company's control) are classified as temporary equity. At all
other times, Class A ordinary shares is classified as shareholders' equity. The Company's Class A ordinary shares
feature certain redemption rights that are considered to be outside of the Company's control and subject to the occurrence of
uncertain future events. Accordingly, as of June 30, 2022 and December 31, 2021,
31,116,305
Class A ordinary shares subject to
possible redemption is presented at redemption value as temporary equity, outside of the shareholders' equity section of the
Company's condensed balance sheets.
Immediately upon the closing of the Initial Public
Offering, the Company recognized the re-measurement from initial book value to redemption amount, which approximates fair value. The
change in the carrying value of Class A ordinary shares subject to possible redemption resulted in charges against additional
paid-in capital (to the extent available), accumulated deficit, and Class A ordinary shares.
Income Taxes
The Company complies with the accounting and reporting requirements
of FASB ASC Topic 740, "Income Taxes" ("ASC 740"), which requires an asset and liability approach to financial
accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial
statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws
and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established,
when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC 740 prescribes a recognition threshold and a measurement
attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For
those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The
Company's management determined that the Cayman Islands is the Company's only major tax jurisdiction. The Company
F-
12
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
recognizes accrued interest and penalties related to unrecognized
tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June
30, 2022 and December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments,
accruals or material deviation from its position.
There is currently no taxation imposed on income by the
Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company.
Consequently, income taxes are not reflected in the Company's financial statement. The Company's management does not expect
that the total amount of unrecognized tax benefits will materially change over the next twelve months.
Net Income (Loss) Per Ordinary Share
The Company has two classes of shares, Class A
ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income
(loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding
during the periods. The Company has not considered the effect of the Public Warrants and the Private Placement to purchase an
aggregate of
15,446,522
, of the Company's Class A ordinary shares in the calculation of diluted net income (loss) per share,
because their exercise is contingent upon future events and their inclusion would be anti-dilutive under the treasury stock method.
As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the three and six months ended
June 30, 2022, the three months ended June 30, 2021 and for the period January 13, 2021 (inception) through June 30, 2021.
Re-measurement associated with the Class A ordinary shares subject to possible redemption is excluded from earnings per share as the
redemption value approximates fair value.
For the three months ended
June 30, 2022
For the six months ended
June 30, 2022
Class A
Class B
Class A
Class B
Basic and diluted net income per ordinary share:
Numerator:
Allocation of net income
$
2,629,724
$
657,431
$
5,738,017
$
1,434,504
Denominator:
Basic and diluted weighted average ordinary shares outstanding
31,116,305
7,779,076
31,116,305
7,779,076
Basic and diluted net income per ordinary share
$
0.08
$
0.08
$
0.18
$
0.18
For the three months ended
June 30, 2021
For the period
January 13, 2021
(inception) through
June 30, 2021
Class A
Class B
Class A
Class B
Basic and diluted net (loss) per ordinary share:
Numerator:
Allocation of net loss
$
(
9,292,535
)
$
(
2,323,134
)
$
(
8,560,232
)
$
(
3,375,220
)
Denominator:
Basic and diluted weighted average ordinary shares outstanding
31,116,305
7,779,076
18,823,444
7,421,910
Basic and diluted net loss per ordinary share
$
(
0.30
)
$
(
0.30
)
$
(
0.45
)
$
(
0.45
)
Recent Accounting Pronouncements
Management does not believe that any recently issued, but
not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company's unaudited condensed
financial statements.
F-
13
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED
FINANCIAL STATEMENTS
Note 3-Initial Public Offering
On March 25, 2021, the Company consummated its
Initial Public Offering of
31,116,305
Units, including the partial exercise of the underwriters' option to purchase
3,616,305
Over-Allotment
Units, at $
10.00
per Unit, generating gross proceeds of approximately $
311.2
million, and incurring offering costs of approximately $
17.6
million, of which approximately $
10.9
million was for deferred underwriting commissions. In May, 2022, the Company reversed the $
10.9
million of deferred underwriting fees as the underwriters resigned from their role in the Business Combination and thereby waived their
entitlement of the deferred underwriting commissions (Note 6).
Each Unit consists of one Class A ordinary share and
one-fifth of one redeemable warrant ("Public Warrant").
Each whole Public Warrant entitles the holder to purchase one Class
A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 9).
Note 4-Private Placement
Simultaneously with the closing of the Initial
Public Offering, the Company consummated the Private Placement of
9,223,261
Private Placement Warrants, at a price of $
1.00
per
Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $
9.2
million.
Each whole Private Placement Warrant is exercisable for
one whole share of Class A ordinary shares at a price of $
11.50
per share. A portion of the proceeds from the sale of the Private Placement
Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not
complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement
Warrants will be non-redeemable for cash and exercisable on a cashless basis so long as they are held by the Sponsor or its permitted
transferees.
The Sponsor and the Company's officers and
directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until
30
days after the completion of the initial Business Combination.
Note 5-Related Party Transactions
Founder Shares
On January 20, 2021, the Sponsor paid an
aggregate of $
25,000
for certain expenses on behalf of the Company in exchange for issuance of
7,187,500
Class B ordinary shares
(the "Founder Shares"). On February 2, 2021, the Sponsor transferred
35,000
founder shares to each of Arno Harris,
Ja-Chin Audrey Lee, Brian Goncher and Steven Berkenfeld, the Company's independent directors. On March 22, 2021, the Company
effected a share capitalization resulting in an aggregate of
7,906,250
Founder Shares issued and outstanding. The Sponsor agreed to
forfeit up to an aggregate of
1,031,250
Founder Shares to the extent that the option to purchase additional units is not exercised
in full by the underwriters, so that the Founder Shares will represent
20
% of the Company's issued and outstanding shares
after the Initial Public Offering. On March 25, 2021, the underwriters partially exercised the over-allotment option to purchase an
additional
3,616,305
Units, with the remaining portion of the over-allotment option expiring at the conclusion of the 45-day option
period. As a result, an aggregate of
127,174
Founder Shares were forfeited by the Sponsor upon the expiration of the over-allotment
option.
The Initial Shareholders agreed
not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (A) one year after the completion of the
initial Business Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of Class A ordinary
shares equals or exceeds $
12.00
per share (as adjusted for share subdivisions, share capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the
initial Business Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar
transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities
or other property.
F-
14
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS
Related Party Loans
On January 20, 2021, the Sponsor agreed to loan
the Company up to $
300,000
pursuant to a promissory note (the "Note"). The Note was non-interest bearing, unsecured and
due upon the closing of the Initial Public Offering. During the period from January 13, 2021 (inception) through March 31, 2021, the
Company borrowed approximately $
172,000
under the Note and fully repaid the Note on March 26, 2021.
In addition, in order to finance transaction costs in
connection with a Business Combination, the Sponsor, members of the Company's founding team or any of their affiliates may, but
are not obligated to, loan the Company funds as may be required ("Working Capital Loans"). If the Company completes a Business
Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise,
the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does
not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender's discretion, up to $
1.5
million of such Working Capital Loans may
be convertible into up to
1,500,000
private placement warrants of the post Business Combination entity at a price of $
1.00
per warrant.
The warrants would be identical to the Private Placement Warrants. As of June 30, 2022 and December 31, 2021, the Company had no borrowings
under the Working Capital Loans.
On May 16, 2022, the Company entered into a non-interest
bearing $
1,000,000
promissory note with the Sponsor. The promissory note is payable by the Company on the earlier of (i) September 25,
2023 and (ii) the date the Company consummates a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination.
Administrative Services Agreement
On March 25, 2021, the Company
entered into an agreement that provided that, commencing on the date that the Company's securities were first listed on Nasdaq
through the earlier of consummation of the initial Business Combination and the liquidation, the Company agreed to pay the Sponsor
$
10,000
per month for office space, secretarial and administrative services provided to the Company. The Company incurred $
30,000
and $
30,000
in expenses in connection with such services for the three months ended June 30, 2022 and 2021, respectively, as
reflected in the accompanying unaudited condensed statements of operations. The Company incurred $
60,000
and $
40,000
in expenses in
connection with such services for the six months ended June 30, 2022 and for the period from January 13, 2021 (inception) through
June 30, 2021, respectively, as reflected in the accompanying unaudited condensed statements of operations. The company ceased
paying these quarterly fees and periodic cost reimbursements following the consummation of the Business Combination.
In addition, the Sponsor, officers and directors, or their
respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company's
behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The Company's
audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, executive officers or directors,
or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account.
F-
15
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED FINANCIAL
STATEMENTS
Note 6-Commitments and Contingencies
Registration and Shareholder Rights Agreement
The holders of the Founder Shares, Private Placement Warrants,
and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of
the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled to registration
rights pursuant to a registration and shareholder rights agreement signed upon the effective date of the Initial Public Offering. The
holders of these securities were entitled to make up to three demands, excluding short form demands, that the Company registers such securities.
In addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent
to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any
such registration statements.
Legal Proceedings
On February 14, 2022 and March 7, 2022, respectively,
the Company received demand letters from two purported shareholders of the Company claiming certain alleged material omissions in the
registration statement on Form S-4, initially filed with the SEC on February 8, 2022, surrounding its planned transaction with OPAL Fuels.
Additional demand letters or complaints may follow in the future. The Company specifically denies all allegations in the demand letters
that any additional disclosure is required and believes these purported shareholders' claims are without merit.
Underwriting Agreement
The Company grant the underwriters
a
45
-day option from the date of this prospectus to purchase up to
4,125,000
additional Units at the Initial Public Offering price less
the underwriting discounts and commissions. On March 25, 2021, the underwriters partially exercised the over-allotment option to purchase
an additional
3,616,305
Units. The remaining unexercised over-allotment option expired at the conclusion of the
45
-day option period.
The underwriters were entitled to an underwriting discount
of $
0.20
per unit, or approximately $
6.2
million in the aggregate, paid upon the closing of the Initial Public Offering. In addition,
$
0.35
per unit, or approximately $
10.9
million in the aggregate will be payable to the underwriters for deferred underwriting commissions.
The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company
completes a Business Combination, subject to the terms of the underwriting agreement.
Effective as of May 14, 2022, the underwriters
from the Initial Public Offering resigned and withdrew from their role in the Business Combination and thereby waived their entitlement
to the deferred underwriting commissions in the amount of approximately $
10.9
million, which the Company has recorded as a gain on settlement
of underwriter fees on the statement of shareholders' equity for the three and six months ended June 30, 2022 for $
10.6
million,
which represents the original amount recorded to accumulated deficit, and the remaining representing the original amount recorded to the
statement of operations of approximately $
280,000
was recorded for the three and six months ended June 30, 2022, which represents the
original amount.
Deferred Legal Fees
The Company entered into an engagement letter to obtain
legal advisory services, pursuant to which the legal counsel agreed to defer the payment of their fees until the closing of the initial
Business Combination. As of June 30, 2022 and December 31, 2021, the Company recorded an aggregate of approximately $
6.2
million and $
4.0
million, respectively, in connection with such arrangement as deferred legal fees in the accompanying condensed balance sheets.
Note 7 - Class A Ordinary Shares Subject to Possible Redemption
The Company's Class A ordinary shares feature certain
redemption rights that are considered to be outside of the Company's control and subject to the occurrence of future events. The
Company is authorized to issue
500,000,000
Class A ordinary shares with a par value of $
0.0001
per share.
Holders of the Company's
Class A ordinary shares are entitled to one vote for each share.
As of June 30, 2022 and December 31, 2021, there were
31,116,305
shares
of Class A ordinary shares outstanding, all of which were subject to possible redemption.
F-
16
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED
CONDENSED FINANCIAL STATEMENTS
As of June 30, 2022, Class A ordinary shares subject
to possible redemption reflected on the condensed balance sheets is reconciled on the following table:
Gross Proceeds
$
311,163,050
Less:
Offering costs allocated to Class A shares subject to possible redemption
(
17,138,390
)
Proceeds allocated to Public Warrants at issuance
(
5,948,230
)
Plus:
Re-measurement on Class A ordinary shares subject to possible redemption amount
23,086,620
Class A ordinary shares subject  to possible redemption at December 31, 2021
311,163,050
Remeasurement of Class A common stock subject to possible redemption
    amount
352,842
Class A ordinary shares subject  to possible redemption at June 30, 2022
$
311,515,892
Note 8-Shareholders' Deficit
Class A Ordinary Shares-The Company is authorized to issue
500,000,000
Class A ordinary shares with a par value of $
0.0001
per share. Holders of the Company's Class A ordinary shares are
entitled to
one
vote for each share. As of June 30, 2022 and December 31, 2021, there were
31,116,305
Class A ordinary shares issued and
outstanding. All Class A ordinary shares subject to possible redemption have been classified as temporary equity (see Note 7).
Class B Ordinary Shares-The Company is
authorized to issue
50,000,000
Class B ordinary shares with a par value of $
0.0001
per share. On January 20, 2021, the Company
issued
7,187,500
Class B ordinary shares. On March 22, 2021, the Company effected a share capitalization resulting in an aggregate
of
7,906,250
Class B ordinary shares issued and outstanding. Of the
7,906,250
Class B ordinary shares outstanding, up to
1,031,250
Class B ordinary shares were subject to forfeiture, to the Company by the Initial Shareholders for no consideration to the extent
that the underwriters' over-allotment option was not exercised in full or in part, so that the Initial Shareholders would
collectively own
20
% of the Company's issued and outstanding ordinary shares after the Initial Public Offering. On March 25,
2021, the underwriters partially exercised the over-allotment option to purchase an additional
3,616,305
Units with the remaining
portion of the over-allotment option expiring at the conclusion of the 45-day option period. As a result, an aggregate of
127,174
Founder Shares were forfeited by the Sponsor upon the expiration of the over-allotment option. As of June 30, 2022 and December 31,
2021, there were
7,779,076
Class B ordinary shares issued and outstanding.
Ordinary shareholders of record are
entitled to one vote for each share held on all matters to be voted on by shareholders. Except as described below, holders of Class A
ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the
shareholders except as required by law.
The Class B ordinary shares will
automatically convert into Class A ordinary shares, which such Class A ordinary shares delivered upon conversion will not have any redemption
rights or be entitled to liquidating distributions if the Company does not consummate an initial Business Combination, at the time of
the initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary
shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis,
20
% of the sum of (i) the
total number of ordinary shares issued and outstanding upon completion of the Initial Public Offering, plus (ii) the total number of
Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued
or deemed issued, by the Company in connection with or in relation to the consummation of the initial Business Combination, excluding
any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued,
or to be issued, to any seller in the initial Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates
or any member of the management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into
Class A ordinary shares at a rate of less than one-to-one.
Preference Shares-The Company is authorized to issue
5,000,000
preference shares with a par value of $
0.0001
per share. As of June 30, 2022 and December 31, 2021, there were no preference shares
issued or outstanding.
F-
17
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED
FINANCIAL STATEMENTS
Note 9-Derivative Warrant Liabilities
As of June 30, 2022 and December 31, 2021, the Company had
an aggregate of
15,446,522
warrants outstanding, comprised of
6,223,261
and
9,223,261
Public Warrants and Private Placement Warrants, respectively.
Public Warrants may only be exercised for a whole
number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will
trade. The Public Warrants will become exercisable
30
days after the completion of a Business Combination; provided that the Company
has an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the
Public Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from
registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permit holders to
exercise their warrants on a cashless basis under certain circumstances). The Company agreed that as soon as practicable, but in no
event later than
20
business days after the closing of the initial Business Combination, the Company will use commercially
reasonable efforts to file with the SEC and have an effective registration statement covering the Class A ordinary shares issuable
upon exercise of the warrants and to maintain a current prospectus relating to those Class A ordinary shares until the warrants
expire or are redeemed, as specified in the warrant agreement. If a registration statement covering the Class A ordinary shares
issuable upon exercise of the warrants is not effective by the 60th day after the closing of the initial Business Combination,
warrant holders may, until such time as there is an effective registration statement and during any period when the Company will
have failed to maintain an effective registration statement, exercise warrants on a "cashless basis" in accordance with
Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if the Class A ordinary shares are at the
time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a
"covered security" under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of
Public Warrants who exercise their warrants to do so on a "cashless basis" and, in the event the Company so elects, the
Company will not be required to file or maintain in effect a registration statement, and in the event the Company does not so elect,
it will use commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an
exemption is not available.
The warrants have an exercise price of $
11.50
per share,
subject to adjustments, and will expire
five years
after the completion of a Business Combination or earlier upon redemption or liquidation.
In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in
connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $
9.20
per ordinary
share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any
such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates,
as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross. proceeds from such issuances represent
more than
60
% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the
date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of
the Class A ordinary shares during the
20
trading day period starting on the trading day prior to the day on which the Company consummates
its initial Business Combination (such price, the "Market Value") is below $
9.20
per share, the exercise price of the warrants
will be adjusted (to the nearest cent) to be equal to
115
% of the higher of the Market Value and the Newly Issued Price, and the $
18.00
per share redemption trigger price described under "Redemption of warrants when the price per Class A ordinary share equals or exceeds
$18.00" will be adjusted (to the nearest cent) to be equal to
180
% of the higher of the Market Value and the Newly Issued Price,
and the $
10.00
per share redemption trigger price described under the caption "Redemption of warrants when the price per Class A
ordinary share equals or exceeds $10.00" will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and
the Newly Issued Price.
The Private Placement Warrants are identical to the Public
Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary
shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the
completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be non-redeemable
so long as they are held by the initial purchasers or such purchasers' permitted transferees. If the Private Placement Warrants
are held by someone other than the Initial Shareholders or their permitted transferees, the Private Placement Warrants will be redeemable
by the Company and exercisable by such holders on the same basis as the Public Warrants.
F-
18
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED
FINANCIAL STATEMENTS
Redemption of warrants when the price per Class A ordinary
share equals or exceeds $18.00:
Once the warrants become exercisable, the Company
may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):
●
in whole and not in part;
●
at a price of $
0.01
per warrant;
●
upon not less than
30
days' prior written notice of
redemption to each warrant holder; and
●
if, and only if, the last reported sale price of Class A
ordinary shares for any
20
trading days within a
30
-trading day period ending on the third trading day prior to the date on which the
Company sends the notice of redemption to the warrant holders (the "Reference Value") equals or exceeds $
18.00
per share
(as adjusted).
The Company will not redeem the warrants as described
above unless a registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the warrants
is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day redemption period.
Redemption of warrants when the price per Class A ordinary
share equals or exceeds $10.00:
Once the warrants become exercisable, the Company
may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):
●
in whole and not in part;
●
at $
0.10
per warrant upon a minimum of
30
days' prior
written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and
receive that number of shares determined by reference to an agreed table based on the redemption date and the "fair market value"
of Class A ordinary shares;
●
if, and only if, the Reference Value equals or exceeds $
10.00
per share (as adjusted); and
●
if the Reference Value is less than $18.00 per share (as
adjusted), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public
Warrants, as described above.
The "fair market value" of Class A ordinary
shares for the above purpose shall mean the volume weighted average price of our Class A ordinary shares during the 10 trading days immediately
following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable
in connection with this redemption feature for more than
0.361
Class A ordinary shares per warrant (subject to adjustment).
In no event will the Company be required to net cash settle
any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the
funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they
receive any distribution from the Company's assets held outside of the Trust Account with the respect to such warrants. Accordingly,
the warrants may expire worthless.
F-
19
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note 10-Fair Value Measurements
The following table presents information about
the Company's assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2022 and December 31,
2021 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
June 30, 2022:
Quoted
Prices
in Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant Other
Unobservable
Inputs
(Level 3)
Description
Assets:
Investments held in Trust Account
$
311,615,892
$
—
$
—
Liabilities:
Derivative warrant liabilities-public
$
6,534,420
$
—
$
—
Derivative warrant liabilities-private
$
—
$
—
$
9,684,420
December 31, 2021:
Quoted
Prices
in Active
Markets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Other
Unobservable
Inputs
(Level 3)
Description
Assets:
Investments held in Trust Account
$
311,175,471
$
—
$
—
Liabilities:
Derivative warrant liabilities-public
$
10,392,850
$
—
$
—
Derivative warrant liabilities-private
$
—
$
—
$
15,402,850
Transfers to/from Levels 1, 2, and 3 are recognized at
the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level
1 fair value measurement on April 1, 2021 because the Public Warrants were separately listed and traded in an active market. There were
no transfers between levels for the six months ended June 30, 2022 or for the period from January 13, 2021 (inception) through June 30,
2021.
Level 1 assets include investments in money market funds
or U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or
brokers, and other similar sources to determine the fair value of its investments.
The fair value of the Public
Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a
Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte
Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public
Offering have been subsequently measured based on the listed market price of such warrants, a Level 1 measurement. For the three
months ended June 30, 2022 and 2021, the Company recognized a gain/(loss) to the unaudited condensed statements of operations
resulting from a decrease (increase) in the fair value of liabilities of approximately $
4.3
million and ($
11.2
million),
respectively, presented as change in fair value of derivative warrant liabilities in the accompanying unaudited condensed statements
of operations. For the six months ended June 30, 2022 and for the period from January 13, 2021 (inception) through June 30, 2021,
the Company recognized a gain/(loss) to the unaudited condensed statements of operations resulting from a decrease (increase) in the
fair value of liabilities of approximately $
9.6
million and ($
11.0
million), respectively, presented as change in fair value of
derivative warrant liabilities in the accompanying unaudited condensed statements of operations.
The estimated fair value of the Private
Placement Warrants, and the Public Warrants prior to being separately listed and traded, is determined using Level 3 inputs.
Inherent in a Monte Carlo simulation are assumptions related to expected share-price volatility, expected life, risk-free interest
rate and dividend yield. The Company estimates the volatility of its warrants based on implied volatility from the Company's
traded warrants and from historical volatility of select peer company's ordinary shares that matches
the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the
grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent
to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.
F-
20
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
The following table provides
quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
June 30,
2022
December 31,
2021
Share price
$
9.95
$
9.98
Volatility
11.8
%
21.8
%
Expected life of the options to convert
5.05
5.50
Risk-free rate
3.0
%
1.3
%
Dividend yield
—
—
The change in the fair value of the Level 3 derivative
warrant liabilities for the period from January 13, 2021 (inception) through June 30, 2022 is summarized as follows:
Public
Warrants
Private
Warrants
Total
Derivative warrant liabilities at January 13, 2021 (inception)
$
—
$
—
$
—
Issuance of Public and Private Warrants
5,948,230
9,047,530
14,995,760
Transfer to Level 1
(
10,455,080
)
—
(
10,455,080
)
Change in fair value of derivative warrant liabilities
4,506,850
6,355,320
10,862,170
Derivative warrant liabilities at December 31, 2021
$
—
$
15,402,850
$
15,402,850
Public
Warrants
Private
Warrants
Total
Derivative warrant liabilities at December 31, 2021
$
—
$
15,402,850
$
15,402,850
Change in fair value of derivative warrant liabilities
—
(
3,135,910
)
(
3,135,910
)
Derivative warrant liabilities at March 31, 2022
—
12,266,940
12,266,940
Change in fair value of derivative warrant liabilities
—
(
2,582,520
)
(
2,582,520
)
Derivative warrant liabilities at June 30, 2022
$
—
$
6,534,420
$
6,534,420
Note 11-Subsequent Events
Management has evaluated subsequent events to determine
if events or transactions occurring through the date the unaudited condensed financial statements were issued. Except as discussed below,
there are no such events requiring potential adjustment to or disclosure in the unaudited condensed financial statements and the Company
has concluded that all such events that would require recognition or disclosure have been recognized or disclosed.
Business Combination
On July 21, 2022, subsequent to the fiscal quarter
ended June 30, 2022, OPAL Fuels Inc. consummated the previously announced Business Combination with OPAL HoldCo, and OPAL Fuels, pursuant
to the Business Combination Agreement.
Holders of
27,364,124
Class A ordinary shares sold in
ArcLight's initial public offering (the "public shares") properly exercised their right to have their public shares
redeemed for a full pro rata portion of the trust account holding the proceeds from ArcLight's initial public offering, calculated
as of two business days prior to the Closing, which was approximately $
10.00
per share, or $
274,186,522
in the aggregate.
Cash proceeds of the Business Combination were funded
through a combination of Company cash held in trust, net of redemptions, and $
110,806,000
in aggregate gross proceeds to New OPAL from
the PIPE Investment.
Credit Agreement
On August 4, 2022, OPAL Fuels Intermediate Holdco
2 LLC ("OPAL Intermediate Holdco 2"), a wholly-owned subsidiary the Company, entered into a new senior secured credit facility
(the "Credit Agreement") with OPAL Intermediate Holdco 2 as the Borrower, direct and indirect subsidiary of the Borrower as
Guarantors, the lenders party thereto (the "Lenders"), Bank of Montreal as the administration agent, and Wilmington Trust
as collateral and depositary agent. The Credit Agreement provides for an approximately two year delayed term loan facility (the "DDTL
Facility") of up to a maximum aggregate principal amount of $
100.0
million and Debt Service Reserve facility (the "DSR Facility")
of up to a maximum aggregate principal amount of $
5.0
million. The proceeds of the DDTL Facility are to be used to fund a portion of the
construction of the RNG projects owned, either in full or through a joint venture with a third party, by the subsidiary Guarantors and
the proceeds of DSR Facility are to be used solely to satisfy the balance to be maintained in the debt service reserve account.
The outstanding borrowings under the Credit Agreement
bear interest at the benchmark rate of adjusted Term SOFR plus
(i) for the period from closing to the earlier of the date of conversion
of the construction loan to a term loan (the "Conversion Date") or September 30, 2024, a spread of 3.5%, and (ii) thereafter
a spread of 3.75%. Accrued interest on amounts outstanding under the DDTL Facility must be paid on the last day of each applicable interest
period. The outstanding principal amount of the DDTL Facility is subject to quarterly amortization payments commencing September 30, 2024
equal to 2.5% of the aggregate principal amount of the outstanding term loan balance as of the Conversion Date, subject to adjustment
based on certain mandatory prepayments, with the balance due at maturity. The DSR Facility is due at maturity. The Credit Agreement matures
on August 4, 2027.
F-
21
OPAL FUELS INC.
(f/k/a ArcLight Clean Transition Corp. II)
NOTES TO UNAUDITED CONDENSED
FINANCIAL STATEMENTS
Forward Purchase Agreement
On July 18, 2022, the Company entered into a forward share
purchase agreement (the "Purchase Agreement") with Meteora Capital Partners and its affiliates (collectively, "Meteora")
pursuant to which, provided that so long as Meteora will have acquired from redeeming shareholders of the Company at least
1,900,000
ArcLight
Class A ordinary shares as of the closing of the Company's Business Combination with OPAL Fuels, and has not redeemed any of such
the Company's Class A ordinary shares, in connection with the Business Combination, then Meteora may elect to sell and transfer
to the combined company following the Business Combination (the "Combined Company"), and the Combined Company will purchase
from Meteora, on the six month anniversary of the closing of the Business Combination, up to
2,000,000
shares of Class A common stock
of the Combined Company (the "Share Repurchase") held by Meteora at the time of closing of the Business Combination (the "Meteora
Shares"). Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed thereto in the Purchase
Agreement.
The price at which Meteora has the right to sell the Meteora
Shares to the Combined Company is $
10.02
per share. Meteora will notify the Combined Company in writing not less than five (5) business
days prior to the closing date of the Share Repurchase (the "Put Date"), specifying the number of Meteora Shares that the
Combined Company will be required to purchase.
Pursuant to the Purchase Agreement, Meteora is also permitted
at its election to sell any or all of the Meteora Shares in the open market commencing after the closing of the Business Combination,
so long as the sale price exceeds $
10.02
per share prior to the payment of any commissions due by Meteora for such sale.
Pursuant to an escrow agreement (the "Escrow Agreement"),
to be entered into by and among Continental Stock Transfer and Trust Co. ("Continental") and Meteora, to secure its purchase
obligation to Meteora, at the closing of the Business Combination, the Company will place into escrow with Continental an aggregate amount
of up to $
20,040,000
(the "Escrow Amount"). If and when Meteora sells the Meteora Shares to any third party, an amount equal
to the Combined Company's purchase price obligation for that portion of such Meteora Shares, which Meteora sells in the open market,
will be released from escrow to the Combined Company.
In exchange for the Company's commitment to purchase
the Meteora Shares on the Put Date, Meteora agrees to continue to hold, and not to redeem, the Meteora Shares prior to the closing date
of the Business Combination. In consideration for Meteora's entry into the Purchase Agreement and the transactions and covenants
therein, the Company shall, at its option, (i) issue to Meteora
112,500
shares of Class A common stock of the Combined Company or (ii)
pay to Meteora a cash payment in the amount of $
600,000
upon consummation of the Business Combination.
F-
22
Report
of Independent Registered Public Accounting Firm
To
the Shareholders and the Board of Directors of
ArcLight
Clean Transition Corp. II
Opinion
on the Financial Statements
We
have audited the accompanying balance sheet of ArcLight Clean Transition Corp. II (the "Company") as of December 31,
2021, the related statements of operations, changes in shareholders' deficit and cash flows for the period from January 13,
2021 (inception) through December 31, 2021, and the related notes (collectively referred to as the "financial statements").
In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31,
2021, and the results of its operations and its cash flows for the period from January 13, 2021 (inception) through December 31,
2021, in conformity with accounting principles generally accepted in the United States of America.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
/s/
Marcum LLP
Marcum
LLP
We
have served as the Company's auditor since 2021.
Hartford,
CT
March 9,
2022
F-
23
ARCLIGHT
CLEAN TRANSITION CORP. II
BALANCE
SHEET
DECEMBER
31, 2021
Assets
Current assets:
Cash
$
811,526
Prepaid
    expenses
701,663
Total
    current assets
1,513,189
Other
    assets
159,954
Investments
    held in Trust Account
311,175,471
Total
    Assets
$
312,848,614
Liabilities
    and Shareholders' Deficit:
Current
    liabilities:
Accounts
    payable
$
18,764
Accrued
    expenses
94,497
Total
    current liabilities
113,261
Deferred
    legal fees
3,966,447
Deferred
    underwriting commissions
10,890,707
Derivative
    warrant liabilities
25,795,700
Total
    liabilities
40,766,115
Commitments
    and Contingencies
Class A ordinary shares subject to possible redemption;
31,116,305
shares at redemption value of $
10.00
311,163,050
Shareholders'
    Deficit:
Preference shares, $
0.0001
par value;
5,000,000
shares authorized;
none
issued and outstanding
—
Class A ordinary shares, $
0.0001
par value;
500,000,000
shares authorized; no n on-redeemable shares issued and outstanding
—
Class B ordinary shares, $
0.0001
par value;
50,000,000
shares authorized;
7,779,076
shares issued and outstanding
778
Accumulated
    deficit
(
39,081,329
)
Total
    shareholders' deficit
(
39,080,551
)
Total
    Liabilities and Shareholders' Deficit
$
312,848,614
The
accompanying notes are an integral part of these financial statements.
F-
24
ARCLIGHT
CLEAN TRANSITION CORP. II
STATEMENT
OF OPERATIONS
FOR
THE PERIOD FROM JANUARY 13, 2021 (INCEPTION) THROUGH DECEMBER 31, 2021
General
    and administrative expenses
$
4,944,523
Loss
    from operations
(
4,944,523
)
Other
    income (expense)
Change
    in fair value of derivative warrant liabilities
(
10,799,940
)
Financing
    costs – warrant liabilities
(
462,620
)
Net
    gain on investments held in Trust Account
12,421
Total
    other income (expense)
(
11,250,139
)
Net
    loss
$
(
16,194,662
)
Weighted average shares outstanding of Class A ordinary shares, basic and diluted
25,360,688
Basic and diluted net (loss) per ordinary share
$
(
0.49
)
Weighted average shares outstanding of Class B ordinary shares, basic and diluted
7,611,848
Basic and diluted net (loss) per ordinary share
$
(
0.49
)
The
accompanying notes are an integral part of these financial statements.
F-
25
ARCLIGHT
CLEAN TRANSITION CORP. II
STATEMENT
OF CHANGES IN SHAREHOLDERS' DEFICIT
FOR
THE PERIOD FROM JANUARY 13, 2021 (INCEPTION) THROUGH DECEMBER 31, 2021
Ordinary
    Shares
Additional
Total
Class A
Class B
Paid-in
Accumulated
Shareholders'
Shares
Amount
Shares
Amount
Capital
Deficit
Deficit
Balance – January 13,
    2021 (inception)
—
$
—
—
$
—
$
—
$
—
$
—
Issuance
    of Class B ordinary shares to Sponsor
—
—
7,906,250
791
24,209
—
25,000
Accretion
    on Class A ordinary shares subject to possible redemption
—
—
—
—
(
199,953
)
(
22,886,667
)
(
23,086,620
)
Sale
    of private placement warrants to Sponsor less fair value of private warrants
—
—
—
—
175,731
—
175,731
Forfeiture
    of Class B ordinary shares from Sponsor
—
—
(
127,174
)
(
13
)
13
—
—
Net
    loss
—
—
—
—
—
(
16,194,662
)
(
16,194,662
)
Balance – December 31,
    2021
—
$
—
7,779,076
$
778
$
—
$
(
39,081,329
)
$
(
39,080,551
)
The
accompanying notes are an integral part of these financial statements.
F-
26
ARCLIGHT
CLEAN TRANSITION CORP. II
STATEMENT
OF CASH FLOWS
FOR
THE PERIOD FROM JANUARY 13, 2021 (INCEPTION) THROUGH DECEMBER 31, 2021
Cash Flows from Operating
    Activities:
Net
    loss
$
(
16,194,662
)
Adjustments
    to reconcile net loss to net cash used in operating activities:
General
    and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares
25,000
General
    and administrative expenses paid by related party under promissory note
26,800
Change
    in fair value of derivative warrant liabilities
10,799,940
Financing
    costs – warrant liabilities
462,620
Net
    gain on investments held in Trust Account
(
12,421
)
Changes
    in operating assets and liabilities:
Prepaid
    expenses
(
861,617
)
Accounts
    payable
(
181,236
)
Accrued
    expenses
24,497
Deferred
    legal fees
3,966,447
Net
    cash used in operating activities
(
1,944,632
)
Cash
    Flows from Investing Activities:
Cash
    deposited in Trust Account
(
311,163,050
)
Net
    cash used in investing activities
(
311,163,050
)
Cash
    Flows from Financing Activities:
Proceeds
    from note payable to related party
100
Repayment
    of note payable to related party
(
171,742
)
Proceeds
    received from initial public offering
311,163,050
Proceeds
    received from private placement
9,223,261
Offering
    costs paid
(
6,295,461
)
Net
    cash provided by financing activities
313,919,208
Net
    increase in cash
811,526
Cash – beginning
    of the period
—
Cash – end
    of the period
$
811,526
Supplemental
    disclosure of noncash investing and financing activities:
Offering
    costs included in accounts payable
$
200,000
Offering
    costs included in accrued expenses
$
70,000
Offering
    costs paid by related party under promissory note
$
144,842
Deferred
    underwriting commissions
$
10,890,707
Forfeiture
    of Class B ordinary shares from Sponsor
$
13
The
accompanying notes are an integral part of these financial statements.
F-
27
ARCLIGHT
CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 1
— Description of Organization and Business Operations
ArcLight
Clean Transition Corp. II (the "Company") is a blank check company incorporated as a Cayman Islands exempted company
on January 13, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one or more businesses that the Company has not finalized ("Business
Combination").
As
of December 31, 2021, the Company had not yet commenced operations. All activity for the period from January 13, 2021 (inception)
through December 31, 2021 relates to the Company's formation and the initial public offering (the "Initial Public Offering"),
which is described below, and, since the closing of the Initial Public Offering, a search for a business combination candidate. The Company
will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company
will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company
has selected December 31 as its fiscal year end.
The
Company's sponsor is ArcLight CTC Holdings II, L.P., a Delaware limited partnership ("Sponsor"). The registration
statement for the Company's Initial Public Offering was declared effective on March 22, 2021. On March 25, 2021, the
Company consummated its Initial Public Offering of
31,116,305
units (the "Units" and, with respect to the Class A
ordinary shares included in the Units being offered, the "Public Shares"), including the partial exercise of the underwriters'
option to purchase
3,616,305
additional Units (the "Over-Allotment Units"), at $
10.00
per Unit, generating gross proceeds
of approximately $
311.2
million (see Note 3), and incurring offering costs of approximately $
17.6
million, of which approximately
$
10.9
million was for deferred underwriting commissions (see Note 6).
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the private placement ("Private Placement") of
9,223,261
warrants
(each, a "Private Placement Warrant" and collectively, the "Private Placement Warrants"), at a price of $
1.00
per Private Placement Warrant with the Sponsor, generating gross proceeds of approximately $
9.2
million (see Note 4).
Upon
the closing of the Initial Public Offering and the Private Placement, approximately $
311.2
million of the net proceeds of the Initial
Public Offering and certain of the proceeds of the Private Placement were placed in a trust account ("Trust Account") with
Continental Stock Transfer & Trust Company acting as trustee and invested in United States "government securities"
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, or the Investment Company
Act, having a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated
under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by the Company,
until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described
below.
The
Company's management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering
and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. The Company's initial Business Combination must be with one or more operating businesses or
assets with a fair market value equal to at least
80
% of the net assets held in the Trust Account (excluding the deferred underwriting
commissions and taxes payable on the interest earned on the Trust Account) at the time the Company signs a definitive agreement in connection
with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company
owns or acquires
50
% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target
sufficient for it not to be required to register as an investment company under the Investment Company Act.
F-
28
ARCLIGHT
CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 1
— Description of Organization and Business Operations
(cont.)
The
Company will provide its holders of the Public Shares (the "Public Shareholders") with the opportunity to redeem all or a
portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting
called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek
shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public
Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account ($
10.00
per
share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its
tax obligations). The per-share amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by
the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). These Public Shares were
recorded at a redemption value and classified as temporary equity, in accordance with the Financial Accounting Standards Board's
("FASB") Accounting Standards Codification ("ASC") Topic 480 "Distinguishing Liabilities from Equity"
("ASC 480"). In such case, the Company will proceed with a Business Combination if the Company has net tangible assets
of at least $
5,000,001
upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the
Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business
or other legal reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which will be adopted
by the Company upon the consummation of the Initial Public Offering (the "Amended and Restated Memorandum and Articles of Association"),
conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the "SEC"),
and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a shareholder approval of the transactions
is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem
shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally,
each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.
If the Company seeks shareholder approval in connection with a Business Combination, the holders of the Founder Shares prior to this
Initial Public Offering (the "Initial Shareholders") agreed to vote their Founder Shares (as defined in Note 5) and
any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial
Shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion
of a Business Combination. In addition, the Company agreed not to enter into a definitive agreement regarding an initial Business Combination
without the prior consent of the Sponsor.
Notwithstanding
the foregoing, the Company's Amended and Restated Memorandum and Articles of Association provide that a Public Shareholder, together
with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group"
(as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act")),
will be restricted from redeeming its shares with respect to more than an aggregate of
15
% or more of the Class A ordinary shares
sold in the Initial Public Offering, without the prior consent of the Company.
The
Company's Sponsor, executive officers and directors agreed not to propose an amendment to the Company's Amended and Restated
Memorandum and Articles of Association that would affect the substance or timing of the Company's obligation to provide for the
redemption of its Public Shares in connection with a Business Combination or to redeem
100
% of its Public Shares if the Company does
not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A
ordinary shares in conjunction with any such amendment.
If
the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or March 25,
2023 (the "Combination Period"), the Company will (i) cease all operations except for the purpose of winding up; (ii) as
promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the
Trust Account and not previously released to the Company to pay its income taxes, if any (less up to $
100,000
of interest to pay dissolution
expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders'
rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve,
subject in the case of clauses (ii) and (iii), to the Company's obligations under Cayman Islands law to provide for claims
of creditors and the requirements of other applicable law.
F-
29
ARCLIGHT
CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 1
— Description of Organization and Business Operations
(cont.)
In
connection with the redemption of
100
% of the Company's outstanding Public Shares for a portion of the funds held in the Trust
Account, each holder will receive a full pro rata portion of the amount then in the Trust Account, plus any pro rata interest earned
on the funds held in the Trust Account and not previously released to the Company to pay the Company's taxes payable (less up to
$
100,000
of interest to pay dissolution expenses).
The
Initial Shareholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business
Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the Initial
Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the
Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their
deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a
Business Combination
within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be
available to fund the redemption of the Company's Public Shares. In the event of such distribution, it is possible that the per
share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share
initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor agreed that it will be liable
to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective
target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business
combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the
actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00
per share due to reductions in the value of the Trust assets, less taxes payable, provided that such liability will not apply to any
claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account
(whether or not such waiver is enforceable) nor will it apply to any claims under the Company's indemnity of the underwriters of
the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended
(the "Securities Act").
In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor
will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that
the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have vendors, service providers (except
the Company's independent registered public accounting firm), prospective target businesses or other entities with which the Company
does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the
Trust Account.
Proposed
Business Combination
On
December 2, 2021, the Company, OPAL HoldCo LLC, a Delaware limited liability company ("
OPAL HoldCo
"), and OPAL
Fuels LLC, a Delaware limited liability company ("
OPAL Fuels
"), entered into a Business Combination Agreement (as
it may be amended, supplemented or otherwise modified from time to time, the "
Business Combination Agreement
").
F-
30
ARCLIGHT
CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 1
— Description of Organization and Business Operations
(cont.)
The
Business Combination Agreement and the transactions contemplated thereby (collectively, the "
Business Combination
")
were unanimously approved by the boards of directors of each of the Company and OPAL and also approved by OPAL Holdco, the sole member
of OPAL Fuels. The Business Combination Agreement provides for, among other things, the following transactions:
(i) each outstanding
Class B ordinary share, par value $0.0001 per share, of the Company will convert into one Class A ordinary share, par value
$0.0001 per share, of the Company; (ii) the Company will change the jurisdiction of its incorporation by deregistering as an exempted
company in the Cayman Islands and domesticating to, and continuing as a corporation incorporated under the laws of, the State of Delaware
(the "
Domestication
") and, in connection with the Domestication, (A) the Company's name will be changed
to "OPAL Fuels Inc." ("
New OPAL
"), (B) each outstanding Class A ordinary share of the Company
will become one share of Class A common stock, par value $0.0001 per share, of New OPAL (the "
New OPAL Class A Common
Stock
"), (C) each outstanding warrant to purchase one Class A ordinary share of the Company will become a warrant
to purchase one share of New OPAL Class A common stock and (D) New OPAL will file its certificate of incorporation and adopt
bylaws to serve as its governing documents in connection with the Domestication; and (iii) (A) OPAL Fuels will cause its existing
limited liability company agreement to be amended and restated, (B) OPAL Fuels will cause all of its limited liability company interests
existing immediately prior to the closing of the Business Combination (the "
Closing
")to be re-classified into a number
of common units (collectively, the "
OPAL Units
") based on a pre-transaction equity value for OPAL equal to $1,501,870,000,
less all principal and accrued interest outstanding immediately after the Closing pursuant to that certain convertible promissory note,
dated as of May 1, 2021 (as amended, including that certain First Amendment to Convertible Note, dated November 29, 2021"),
held by ARCC Beacon LLC, a Delaware limited liability company ("
Ares
"), (C) the Company will contribute the (x) the
amount of cash in the trust account (the "
Trust Account
") established by the Company with the proceeds from its initial
public offering as of immediately prior to the Closing (and before, for the avoidance of doubt, giving effect to the exercise of redemption
rights by any of the Company's shareholders (the "
Public Share Redemptions
")), minus (y) the aggregate
amount of cash required to fund the ACT Share Redemptions and any other obligations to be funded from the Trust Account, plus (z) the
aggregate cash proceeds actually received in respect of the PIPE Investment (as defined below) and (E) New OPAL will issue to OPAL
Fuels, and OPAL Fuels will in turn distribute to OPAL HoldCo and Hillman RNG Investments, LLC ("
Hillman
") a number
of shares of Class D common stock, par value $0.0001 per share, of New OPAL (the "
New OPAL Class D Common Stock
"),
and distribute to Ares (together with OPAL HoldCo and Hillman, collectively, the "
OPAL Equityholders
") shares of Class B
common stock, par value $0.0001 per share, of New OPAL (the "
New OPAL Class B Common Stock
") (neither of which
will have any economic value but will entitle the holder thereof to five votes per share or one vote per share, respectively), equal
to the number of OPAL Units held by each of the OPAL Equityholders.
In
addition, if New OPAL's annual EBITDA for the calendar year 2023 exceeds $
238,000,000
(the "
First Earnout Triggering Event
"),
New OPAL will issue to OPAL HoldCo, Ares and Hillman (collectively, the "
Earnout Participants
") an aggregate of
5,000,000
shares of New OPAL Class B Common Stock and New OPAL Class D Common Stock and corresponding OPAL Units (collectively,
the "
First Earnout Tranche
") in accordance with the allocations set forth in the Business Combination Agreement. Additionally,
if New OPAL's annual EBITDA for the calendar year 2024 exceeds $
446,000,000
(the "
Second Earnout Triggering Event
"),
New OPAL will issue to the Earnout Participants an aggregate of
5,000,000
additional shares of New OPAL Class B Common Stock and
New OPAL Class D Common Stock and corresponding OPAL Units (collectively, the "
Second Earnout Tranche
")
in accordance with the allocations set forth in the Business Combination Agreement. In the event that the First Earnout Triggering Event
does not occur but the Second Earnout Triggering Event does occur, New OPAL will be obligated to issue both the First Earnout Tranche
and the Second Earnout Tranche upon the occurrence of the Second Earnout Triggering Event.
The
Business Combination is expected to close late in first half of 2022, following the receipt of the required approval by the Company's
shareholders and the fulfillment of other customary closing conditions.
PIPE
Financing (Private Placement)
Concurrently
with the execution of the Business Combination Agreement, the Company entered into subscription agreements (the "
Subscription
Agreements
") with certain investors, including, among others, an affiliate of the Company, as well as additional third-party
investors. Pursuant to the Subscription Agreements, each investor agreed to subscribe for and purchase, and the Company agreed to issue
and sell to such investors, immediately prior to the Closing, an aggregate of
12,500,000
shares of the Company's common stock for
a purchase price of $
10.00
per share, for aggregate gross proceeds of $
125,000,000
(the "
PIPE Investment
").
The
closing of the PIPE Investment is contingent upon, among other things, the substantially concurrent consummation of the Business Combination.
The Subscription Agreements provide that the Company will grant the investors in the PIPE Investment certain customary registration rights.
F-
31
ARCLIGHT
CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 1
— Description of Organization and Business Operations
(cont.)
Investor
Rights Agreement
The
Business Combination Agreement contemplates that, at the Closing, OPAL Fuels, Ares, Hillman and the Class B Shareholders (collectively
the "
New OPAL Holders
") will enter into an Investor Rights Agreement (the "
Investor Rights Agreement
"),
pursuant to which, among other things, (i) the Company and the Company's Sponsor will agree to terminate the Registration
and Shareholder Rights Agreement, dated as of March 25, 2021, entered into by them in connection with the Company's initial
public offering, (ii) New OPAL will provide the New OPAL Holders certain registration rights with respect to certain shares of New
OPAL Class A common stock held by them or otherwise issuable to them pursuant to the Business Combination Agreement, Second A&R
LLC Agreement or the certificate of incorporation of New OPAL and (iii) the New OPAL Holders will agree not to transfer, sell, assign
or otherwise dispose of their shares of New OPAL Class A common stock for up to 180 days following the Closing, subject to
certain exceptions.
Liquidity
and Capital Resources
As
of December 31, 2021, the Company had approximately $
812,000
in its operating bank account and working capital of approximately
$
1.4
million.
The
Company's liquidity needs up to December 31, 2021 had been satisfied through a payment of $
25,000
from the Sponsor to cover
certain expenses on behalf of the Company in exchange for the issuance of the Founder Shares (as defined below), the loan under the promissory
note from the Sponsor of approximately $
172,000
(the "Note") (see Note 5) to the Company, and the net proceeds from
the consummation of the Private Placement not held in the Trust Account. The Note from the Sponsor was repaid in full on March 26,
2021.
Based
on the foregoing, management believes that the Company will have sufficient working capital to meet its needs through the earlier of
the consummation of a Business Combination or one year from this filing. Over this time period, the Company will be using these funds
for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due
diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and
structuring, negotiating and consummating the Business Combination.
Management
continues to evaluate the impact of the COVID-19 pandemic and have concluded that the specific impact is not readily determinable as
of the date of financial statements. The financial statement does not include any adjustments that might result from the outcome of this
uncertainty.
Note 2
— Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the
United States of America ("GAAP") for financial information and pursuant to the rules and regulations of the SEC and
include all adjustments necessary for the fair presentation of the Company's financial position for the periods presented.
F-
32
ARCLIGHT
CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 2
— Summary of Significant Accounting Policies
(cont.)
Emerging
Growth Company
The
Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart
Our Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited
to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404
of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements,
and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any
golden parachute payments not previously approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial
accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective
or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial
accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and
comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company
has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different
application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard
at the time private companies adopt the new or revised standard. This may make comparison of the Company's financial statement
with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the
extended transition period difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of our financial statements in conformity with GAAP requires the Company's management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statement. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate
of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management
considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual
results could differ significantly from those estimates.
Cash
and Cash Equivalents
The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
There were no cash equivalents as of December 31, 2021.
Investments
Held in Trust Account
The
Company's portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of
the Investment Company Act, with a maturity of
185
days or less, or investments in money market funds that invest in U.S. government
securities and generally have a readily determinable fair value, or a combination thereof. When the Company's investments held
in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the
Company's investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value.
Trading securities and investments in money market funds are presented on the balance sheet at fair value at the end of each reporting
period. Gains and losses resulting from the change in fair value of these securities is included in net gain on investments held in Trust
Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined
using available market information.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution,
which, at times, may exceed the Federal Depository Insurance Coverage of $
250,000
, and investments held in Trust Account. At December 31,
2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks
on such accounts.
F-
33
ARCLIGHT CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 2 — Summary of Significant
Accounting Policies
(cont.)
Fair Value of Financial Instruments
The fair value of the Company's assets and
liabilities, which qualify as financial instruments under the FASB ASC Topic 820, "Fair Value Measurements," approximates
the carrying amounts represented in the balance sheets.
Fair Value Measurements
The hierarchy gives the highest priority to unadjusted
quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs
(Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices
for identical instruments in active markets;
●
Level 2, defined as inputs other than quoted prices in active
markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices
for identical or similar instruments in markets that are not active; and
●
Level 3, defined as unobservable inputs in which little or
no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques
in which one or more significant inputs or significant value drivers are unobservable.
In some circumstances, the inputs used to measure
fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is
categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Derivative warrant liabilities
The Company does not use derivative instruments
to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including
issued share purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives,
pursuant to ASC 480 and FASB ASC Topic 815, "Derivatives and Hedging" ("ASC 815"). The classification
of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end
of each reporting period.
The warrants issued in the Initial Public Offering
and the underwriters' exercise of their overallotment option (the "Public Warrants") and the Private Placement Warrants
are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments
as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period for so long as they
are outstanding. The initial fair value of the Public Warrants issued in connection with the Public Offering and the fair value of the
Private Placement Warrants have been estimated using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement
Warrants have been estimated using a Monte Carlo simulation model at each measurement date. The fair value of Public Warrants have subsequently
been measured based on the listed market price of such warrants. Derivative warrant liabilities are classified as non-current liabilities
as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.
Offering Costs Associated with the Initial Public Offering
Offering costs consisted of legal, accounting, underwriting
fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering
costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis,
compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented
as non-operating expenses in the statements of operations. Offering costs associated with issuance of the Class A ordinary shares
were charged against the carrying value of the Class A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering. The
Company classifies deferred underwriting commissions as non-current liabilities as their liquidation is not reasonably expected to require
the use of current assets or require the creation of current liabilities.
F-
34
ARCLIGHT CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 2 — Summary of Significant
Accounting Policies
(cont.)
Class A Ordinary Shares Subject to Possible Redemption
The Company accounts for its Class A ordinary
shares subject to possible redemption in accordance with ASC 480. Class A ordinary shares subject to mandatory redemption (if
any) is classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including
Class A ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption
upon the occurrence of uncertain events not solely within the Company's control) are classified as temporary equity. At all other
times, Class A ordinary shares is classified as shareholders' equity. The Company's Class A ordinary shares feature
certain redemption rights that are considered to be outside of the Company's control and subject to the occurrence of uncertain
future events. Accordingly, as of December 31, 2021,
31,116,305
Class A ordinary shares subject to possible redemption is presented
at redemption value as temporary equity, outside of the shareholders' equity section of the Company's balance sheet.
Immediately upon the closing of the Initial Public
Offering, the Company recognized the accretion from initial book value to redemption amount, which approximates fair value. The change
in the carrying value of Class A ordinary shares subject to possible redemption resulted in charges against additional paid-in capital
(to the extent available), accumulated deficit and Class A ordinary shares.
Income Taxes
The Company complies with the accounting and reporting
requirements of FASB ASC Topic 740, "Income Taxes" ("ASC 740"), which requires an asset and liability
approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences
between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based
on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances
are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC 740 prescribes a recognition threshold
and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in
a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing
authorities. The Company's management determined that the Cayman Islands is the Company's only major tax jurisdiction. The
Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized
tax benefits and no amounts accrued for interest and penalties as of December 31, 2021. The Company is currently not aware of any
issues under review that could result in significant payments, accruals or material deviation from its position.
There is currently no taxation imposed on income
by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the
Company. Consequently, income taxes are not reflected in the Company's financial statement. The Company's management does
not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.
Net Income (Loss) Per Ordinary Share
The Company has two
classes of shares, Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the
two classes of shares. Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number
of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial
Public Offering and the Private Placement to purchase an aggregate of
15,446,522
, of the Company's Class A
ordinary shares in the calculation of diluted net income (loss) per share, since their inclusion would be anti-dilutive under the treasury
stock method. As a result, diluted net income (loss) per share is the same as basic net income (loss) per share for the period January 13,
2021 (inception) through December 31, 2021. Accretion associated with the Class A ordinary shares subject to possible redemption
is excluded from earnings per share as the redemption value approximates fair value.
F-
35
ARCLIGHT CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 2 — Summary of Significant
Accounting Policies
(cont.)
The following table presents a reconciliation of
the numerator and denominator used to compute basic and diluted net income (loss) per share for each ordinary share class:
For the period
January 13,
2021
(inception) through
December 31,
2021
Class A
Class B
Basic and diluted net (loss) per ordinary share:
Numerator:
Allocation of net (loss)
$
(
12,456,056
)
$
(
3,738,606
)
Denominator:
Basic and diluted weighted average ordinary shares outstanding
25,360,688
7,611,848
Basic and diluted net (loss) per ordinary share
$
(
0.49
)
$
(
0.49
)
Recent Accounting Pronouncements
In August 2020, the FASB issued Accounting
Standards Update ("ASU") 2020-06, "Debt — Debt with Conversion and Other Options (Subtopic 470-20)
and Derivatives and Hedging — Contracts in Entity's Own Equity (Subtopic 815-40)" ("ASU 2020-06")
to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial
conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining
to equity classification of contracts in an entity's own equity. The new standard also introduces additional disclosures for convertible
debt and freestanding instruments that are indexed to and settled in an entity's own equity. ASU 2020-06 amends the diluted
earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06
is effective for the Company on January 1, 2024 and should be applied on a full or modified retrospective basis, with early adoption
permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on
its financial position, results of operations or cash flows.
The Company's management does not believe
that any other recently issued, but not yet effective, accounting standards updates, if currently adopted, would have a material effect
on the Company's financial statements.
Note 3 — Initial Public Offering
On March 25, 2021, the Company consummated
its Initial Public Offering of
31,116,305
Units, including the partial exercise of the underwriters' option to purchase
3,616,305
Over-Allotment Units, at $
10.00
per Unit, generating gross proceeds of approximately $
311.2
million, and incurring offering costs
of approximately $
17.6
million, of which approximately $
10.9
million was for deferred underwriting commissions.
Each Unit consists of one Class A ordinary
share and one-fifth of one redeemable warrant ("Public Warrant").
Each whole Public Warrant entitles the holder to purchase
one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 9).
F-
36
ARCLIGHT CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 4 — Private Placement
Simultaneously with the closing of the Initial Public
Offering, the Company consummated the Private Placement of
9,223,261
Private Placement Warrants, at a price of $
1.00
per Private Placement
Warrant with the Sponsor, generating gross proceeds of approximately $
9.2
million.
Each whole Private Placement Warrant is exercisable
for one whole share of Class A ordinary shares at a price of $
11.50
per share. A portion of the proceeds from the sale of the Private
Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company
does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private
Placement Warrants will be non-redeemable for cash and exercisable on a cashless basis so long as they are held by the Sponsor or its
permitted transferees.
The Sponsor and the Company's officers and
directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until
30
days
after the completion of the initial Business Combination.
Note 5 — Related Party Transactions
Founder Shares
On January 20, 2021, the Sponsor paid an aggregate
of $
25,000
for certain expenses on behalf of the Company in exchange for issuance of
7,187,500
Class B ordinary shares (the "Founder
Shares"). On February 2, 2021, the Sponsor transferred
35,000
founder shares to each of Arno Harris, Ja-Chin Audrey Lee, Brian
Goncher and Steven Berkenfeld, the Company's independent directors. On March 22, 2021, the Company effected a share capitalization
resulting in an aggregate of
7,906,250
Founder Shares issued and outstanding. The Sponsor agreed to forfeit up to an aggregate of
1,031,250
Founder Shares to the extent that the option to purchase additional units is not exercised in full by the underwriters, so that the Founder
Shares will represent
20
% of the Company's issued and outstanding shares after the Initial Public Offering. On March 25, 2021,
the underwriters partially exercised the over-allotment option to purchase an additional
3,616,305
Units, with the remaining portion
of the over-allotment option expiring at the conclusion of the 45-day option period. As a result, an aggregate of
127,174
Founder Shares
were forfeited by the Sponsor upon the expiration of the over-allotment option.
The Initial Shareholders agreed not to transfer,
assign or sell any of their Founder Shares until the earlier to occur of (A) one year after the completion of the initial Business
Combination and (B) subsequent to the initial Business Combination, (x) if the closing price of Class A ordinary shares
equals or exceeds $
12.00
per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business
Combination, or (y) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction that
results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Related Party Loans
On January 20, 2021, the Sponsor agreed to
loan the Company up to $
300,000
pursuant to a promissory note (the "Note"). The Note was non-interest bearing, unsecured and
due upon the closing of the Initial Public Offering. During the period from January 13, 2021 (inception) through March 31, 2021,
the Company borrowed approximately $
172,000
under the Note and fully repaid the Note on March 26, 2021.
In addition, in order to finance transaction costs
in connection with a Business Combination, the Sponsor, members of the Company's founding team or any of their affiliates may, but
are not obligated to, loan the Company funds as may be required ("Working Capital Loans"). If the Company completes a Business
Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise,
the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does
not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held
in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation
of a Business Combination, without interest, or, at the lender's discretion, up to $
1.5
million of such Working Capital Loans
may be convertible into up to
1,500,000
private placement warrants of the post Business Combination entity at a price of $
1.00
per warrant.
The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans,
if any, have not been determined and no written agreements exist with respect to such loans. As of December 31, 2021, the Company
had no borrowings under the Working Capital Loans.
F-
37
ARCLIGHT CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 5 — Related Party Transactions
(cont.)
Administrative Services Agreement
On March 25, 2021, the Company entered into
an agreement that provided that, commencing on the date that the Company's securities were first listed on Nasdaq through the earlier
of consummation of the initial Business Combination and the liquidation, the Company agreed to pay the Sponsor $
10,000
per month for office
space, secretarial and administrative services provided to the Company. The Company incurred $
100,000
in expenses in connection with such
services for the period from January 13, 2021 (inception) ended December 31, 2021 which is included in general and administrative
expenses in the accompanying statement of operations.
In addition, the Sponsor, officers and directors,
or their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the Company's
behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The Company's
audit committee will review on a quarterly basis all payments that were made by the Company to the Sponsor, executive officers or directors,
or their affiliates. Any such payments prior to an initial Business Combination will be made using funds held outside the Trust Account.
Note 6 — Commitments & Contingencies
Registration and Shareholder Rights Agreement
The holders of the Founder Shares, Private Placement
Warrants, and warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon
the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of Working Capital Loans) were entitled
to registration rights pursuant to a registration and shareholder rights agreement signed upon the effective date of the Initial Public
Offering. The holders of these securities were entitled to make up to three demands, excluding short form demands, that the Company registers
such securities. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements
filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with
the filing of any such registration statements.
Underwriting Agreement
The Company grant the underwriters a
45
-day option
from the date of this prospectus to purchase up to
4,125,000
additional Units at the Initial Public Offering price less the underwriting
discounts and commissions. On March 25, 2021, the underwriters partially exercised the over-allotment option to purchase an additional
3,616,305
Units. The remaining unexercised over-allotment option expired at the conclusion of the
45
-day option period.
The underwriters were entitled to an underwriting
discount of $
0.20
per unit, or approximately $
6.2
million in the aggregate, paid upon the closing of the Initial Public Offering.
In addition, $
0.35
per unit, or approximately $
10.9
million in the aggregate will be payable to the underwriters for deferred underwriting
commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that
the Company completes a Business Combination, subject to the terms of the underwriting agreement.
F-
38
ARCLIGHT CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 6 — Commitments &
Contingencies
(cont.)
Deferred Legal Fees
We entered into an engagement letter to obtain legal
advisory services, pursuant to which the legal counsel agreed to defer their fees until the closing of the initial Business Combination.
As of December 31, 2021, the Company recorded an aggregate of approximately $
4.0
million in connection with such arrangement
as deferred legal fees in the accompanying balance sheet.
Note 7 — Class A Ordinary Shares Subject to
Possible Redemption
The Company's Class A ordinary shares
feature certain redemption rights that are considered to be outside of the Company's control and subject to the occurrence of future
events. The Company is authorized to issue
500,000,000
Class A ordinary shares with a par value of $
0.0001
per share.
Holders of
the Company's Class A ordinary shares are entitled to one vote for each share.
As of December 31, 2021, there were
31,116,305
shares of Class A ordinary shares outstanding, all of which were subject to possible redemption.
As of December 31, 2021, Class A ordinary
shares subject to possible redemption reflected on the balance sheet is reconciled on the following table:
Gross Proceeds
$
311,163,050
Less:
Offering costs allocated to Class A shares subject to possible redemption
(
17,138,390
)
Proceeds allocated to Public Warrants at issuance
(
5,948,230
)
Plus:
Accretion on Class A ordinary shares subject to possible redemption amount
23,086,620
Class A ordinary shares subject to possible redemption
$
311,163,050
Note 8 — Shareholders' Deficit
Class A Ordinary Shares
— The
Company is authorized to issue
500,000,000
Class A ordinary shares with a par value of $
0.0001
per share. Holders of the Company's
Class A ordinary shares are entitled to
one
vote for each share. As of December 31, 2021, there were
31,116,305
Class A
ordinary shares issued and outstanding. All Class A ordinary shares subject to possible redemption have been classified as temporary
equity (see Note 7).
Class B Ordinary Shares
— The
Company is authorized to issue
50,000,000
Class B ordinary shares with a par value of $
0.0001
per share. On January 20, 2021,
the Company issued
7,187,500
Class B ordinary shares. On March 22, 2021, the Company effected a share capitalization resulting
in an aggregate of
7,906,250
Class B ordinary shares issued and outstanding. Of the
7,906,250
Class B ordinary shares outstanding,
up to
1,031,250
Class B ordinary shares were subject to forfeiture, to the Company by the Initial Shareholders for no consideration
to the extent that the underwriters' over-allotment option was not exercised in full or in part, so that the Initial Shareholders
would collectively own
20
% of the Company's issued and outstanding ordinary shares after the Initial Public Offering. On March 25,
2021, the underwriters partially exercised the over-allotment option to purchase an additional
3,616,305
Units with the remaining
portion of the over-allotment option expiring at the conclusion of the 45-day option period. As a result, an aggregate of
127,174
Founder
Shares were forfeited by the Sponsor upon the expiration of the over-allotment option. As of December 31, 2021, there were
7,779,076
Class B ordinary shares issued and outstanding.
Ordinary shareholders of record are entitled to
one vote for each share held on all matters to be voted on by shareholders. Except as described below, holders of Class A ordinary
shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the shareholders
except as required by law.
F-
39
ARCLIGHT CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 8 — Shareholders'
Deficit
(cont.)
The Class B ordinary shares will
automatically convert into Class A ordinary shares, which such Class A ordinary shares delivered upon conversion will not
have any redemption rights or be entitled to liquidating distributions if the Company does not consummate an initial Business
Combination, at the time of the initial Business Combination or earlier at the option of the holders thereof at a ratio such that
the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an
as-converted basis,
20
% of the sum of (i) the total number of ordinary shares issued and outstanding upon completion of the
Initial Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable upon
conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in
relation to the consummation of the initial Business Combination, excluding any Class A ordinary shares or equity-linked
securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in
the initial Business Combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the
management team upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into
Class A ordinary shares at a rate of less than one-to-one.
Preference Shares
— The
Company is authorized to issue
5,000,000
preference shares with a par value of $
0.0001
per share. As of December 31, 2021, there
were no preference shares issued or outstanding.
Note 9 — Derivative Warrant Liabilities
As of December 31, 2021, the Company had
6,223,261
and
9,223,261
Public Warrants and Private Placement Warrants, respectively, outstanding.
Public Warrants may only be exercised for a whole
number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade.
The Public Warrants will become exercisable
30
days after the completion of a Business Combination; provided that the Company has
an effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the Public
Warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration
under the securities, or blue sky, laws of the state of residence of the holder (or the Company permit holders to exercise their warrants
on a cashless basis under certain circumstances). The Company agreed that as soon as practicable, but in no event later than
20
business
days after the closing of the initial Business Combination, the Company will use commercially reasonable efforts to file with the SEC
and have an effective registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and to maintain
a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant
agreement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective
by the 60
th
day after the closing of the initial Business Combination, warrant holders may, until such time as there is
an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement,
exercise warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption.
Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities
exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities
Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a "cashless basis"
and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, and
in the event the Company does not so elect, it will use commercially reasonable efforts to register or qualify the shares under applicable
blue sky laws to the extent an exemption is not available.
The warrants have an exercise price of $
11.50
per
share, subject to adjustments, and will expire
five
years after the completion of a Business Combination or earlier upon redemption
or liquidation. In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital
raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less
than $
9.20
per ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors
and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor
or such affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross. proceeds
from such issuances represent more than
60
% of the total equity proceeds, and interest thereon, available for the funding of the initial
Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (z) the volume
weighted average trading price of the Class A ordinary shares during the
20
trading day period starting on the trading
day prior to the day on which the Company consummates its initial Business Combination (such price, the "Market Value")
is below $
9.20
per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to
115
% of the higher
of the Market Value and the Newly Issued Price, and the $
18.00
per share redemption trigger price described under "Redemption of
warrants when the price per Class A ordinary share equals or exceeds $
18.00
" will be adjusted (to the nearest cent) to be equal
to
180
% of the higher of the Market Value and the Newly Issued Price, and the $
10.00
per share redemption trigger price described under
the caption "Redemption of warrants when the price per Class A ordinary share equals or exceeds $
10.00
" will be adjusted
(to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.
F-
40
ARCLIGHT CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 9
— Derivative Warrant Liabilities
(cont.)
The Private Placement Warrants are identical to
the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the
Class A ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable
until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement
Warrants will be non-redeemable so long as they are held by the initial purchasers or such purchasers' permitted transferees. If
the Private Placement Warrants are held by someone other than the Initial Shareholders or their permitted transferees, the Private Placement
Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
Redemption of warrants for cash when the price per Class A
ordinary share equals or exceeds $18.00:
Once the warrants become exercisable, the Company
may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):
●
in whole and not in part;
●
at a price of $
0.01
per warrant;
●
upon a minimum of
30
days' prior written notice
of redemption to each warrant holder; and
●
if, and only if, the last reported sale price (the "closing
price") of Class A ordinary shares equals or exceeds $
18.00
per share (as adjusted) for any
20
trading days within a
30
-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption
to the warrant holders.
The Company will not redeem the warrants as described
above unless a registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the
warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the 30-day
redemption period.
Redemption of warrants for Class A ordinary shares when the
price per Class A ordinary share equals or exceeds $10.00:
Once the warrants become exercisable, the Company
may redeem the outstanding warrants:
●
in whole and not in part;
●
at $
0.10
per warrant upon a minimum of
30
days'
prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption
and receive that number of shares determined by reference to an agreed table based on the redemption date and the "fair market
value" of Class A ordinary shares;
●
if, and only if, the closing price of Class A ordinary
shares equals or exceeds $
10.00
per Public Share (as adjusted) for any
20
trading days within the
30
— trading day period
ending three trading days before the Company sends the notice of redemption to the warrant holders; and
F-
41
ARCLIGHT CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 9 — Derivative Warrant
Liabilities
(cont.)
●
if the closing price of the Class A ordinary shares
for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the
Company sends the notice of redemption to the warrant holders is less than $18.00 per share (as adjusted), the Private Placement Warrants
must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.
The "fair market value" of Class A
ordinary shares for the above purpose shall mean the volume weighted average price of our Class A ordinary shares during the 10 trading
days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants
be exercisable in connection with this redemption feature for more than
0.361
Class A ordinary shares per warrant (subject to adjustment).
In no event will the Company be required to net
cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates
the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they
receive any distribution from the Company's assets held outside of the Trust Account with the respect to such warrants. Accordingly,
the warrants may expire worthless.
Note 10 — Fair Value Measurements
The following table presents information about the
Company's assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2021 and indicates
the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
December 31, 2021
Description
Level 1
Level 2
Level 3
Assets:
Investments held in Trust Account – money market fund
$
311,175,471
$
—
$
—
Liabilities:
Derivative liabilities – Public Warrants
$
10,392,850
$
—
$
—
Derivative liabilities – Private Warrants
$
—
$
—
$
15,402,850
Transfers to/from Levels 1, 2, and 3 are recognized
at the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a
Level 1 fair value measurement on April 1, 2021 because the Public Warrants were separately listed and traded in an active market.
Level 1 assets include investments in money market
funds or U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from
dealers or brokers, and other similar sources to determine the fair value of its investments.
The fair value of the Public Warrants issued in
connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation
model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each
measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have been subsequently measured
based on the listed market price of such warrants, a Level 1 measurement. For the period from January 13, 2021 (inception) through
December 31, 2021, the Company recognized a change to the statement of operations resulting from an increase in the fair value of
liabilities of approximately $
10.8
million presented as change in fair value of derivative warrant liabilities in the accompanying
statement of operations.
The estimated fair value of
the Private Placement Warrants, and the Public Warrants prior to being separately listed and traded, is determined using Level 3 inputs.
Inherent in a Monte Carlo simulation are assumptions related to expected share-price volatility, expected life, risk-free interest rate
and dividend yield. The Company estimates the volatility of its warrants based on implied volatility from the Company's traded
warrants and from historical volatility of select peer company's ordinary shares that matches the expected remaining life of the
warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar
to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual
term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.
F-
42
ARCLIGHT CLEAN TRANSITION CORP. II
NOTES TO FINANCIAL STATEMENTS
Note 10
— Fair Value Measurements
(cont.)
The following table provides quantitative information
regarding Level 3 fair value measurements inputs at their measurement dates:
March 22,
2021
December 31,
2021
Share price
$
9.81
$
9.98
Volatility
14.3
%
21.8
%
Expected life of the options to convert
6.53
5.50
Risk-free rate
1.2
%
1.3
%
Dividend yield
—
—
The change in the level 3 fair value of the derivative
warrant liabilities for the period from January 13, 2021 (inception) through December 31, 2021 is summarized as follows:
Public
Private
Total
Derivative warrant liabilities at January 13, 2021 (inception)
$
—
$
—
$
—
Issuance of Public and Private Warrants
5,948,230
9,047,530
14,995,760
Transfer to Level 1
(
10,455,080
)
—
(
10,455,080
)
Change in fair value of derivative warrant liabilities
4,506,850
6,355,320
10,862,170
Derivative warrant liabilities at December 31, 2021
$
—
$
15,402,850
$
15,402,850
Note 11 — Subsequent Events
The Company evaluated subsequent events and transactions
that occurred up to the date financial statements were issued. Based upon this review, the Company determined that there have been no
events that have occurred that would require adjustments to the disclosures in the financial statements.
F-
43
OPAL
FUELS LLC
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In
thousands of U.S. dollars, except per unit data)
June 30,
2022
December 31,
2021
(Unaudited)
Assets
Current assets:
Cash and cash equivalents (includes $23,864 and $1,991 at June 30, 2022 and December 31, 2021, respectively, related to consolidated VIEs)
$
97,091
$
39,314
Accounts receivable, net (includes $100 and $40 at June 30, 2022 and December 31, 2021, respectively, related to consolidated VIEs)
24,781
25,391
Fuel tax credits receivable
1,136
2,393
Contract assets
15,589
8,484
Parts inventory
8,398
5,143
Note receivable
9,518
—
Environmental credits held for sale
646
386
Prepaid expense and other current assets (includes $496 and $113 at June 30, 2022 and December 31, 2021, respectively, related to consolidated VIEs)
5,810
5,482
Derivative financial asset, current portion
—
382
Total current assets
162,969
86,975
Capital spares
3,066
3,025
Property, plant, and equipment, net (includes $36,653 and $27,794 at June 30, 2022 and December 31, 2021, respectively, related to consolidated VIEs)
229,411
169,770
Investment in other entities
47,113
47,150
Note receivable
—
9,200
Note receivable - variable fee component
1,792
1,656
Deferred financing costs
7,143
2,370
Other long-term assets
489
489
Intangible assets, net
2,463
2,861
Restricted cash (includes $1,164 and $1,163 at June 30, 2022 and December 31, 2021, respectively, related to consolidated VIEs)
3,188
2,740
Goodwill
54,608
54,608
Total assets
$
512,242
$
380,844
Liabilities and Equity
Current liabilities:
Accounts payable (includes $217 and $544 at June 30, 2022 and December 31, 2021, respectively, related to consolidated VIEs)
7,676
12,581
Accounts payable, related party (includes $939 and $— at June 30, 2022 and December 31, 2021, respectively, related to consolidated VIEs)
1,141
166
Fuel tax credits payable
683
1,978
Accrued payroll
4,410
7,652
Accrued capital expenses (includes $— and $1,722 at June 30, 2022 and December 31, 2021, respectively, related to consolidated VIEs)
18,263
5,517
Accrued expenses and other current liabilities (includes $184 and $— at June 30, 2022 and December 31, 2021, respectively, related to consolidated VIEs)
12,803
7,220
Contract liabilities
7,159
9,785
Senior secured credit facility - term loan, current portion, net of debt issuance costs
72,396
73,145
Senior secured credit facility - working capital facility, current portion
7,500
7,500
OPAL term loan, current portion
19,332
13,425
Sunoma loan, current portion (includes $1,418 and $756 at June 30, 2022 and December 31, 2021, respectively, related to consolidated VIEs)
1,418
756
Municipality loan
174
194
Derivative financial liability, current portion
592
992
Other current liabilities
625
374
Asset retirement obligation, current portion
1,586
831
Total current liabilities
155,758
142,116
Asset retirement obligation, non-current portion
4,301
4,907
OPAL term loan
62,013
59,090
Convertible note payable
60,820
58,710
Sunoma loan, net of debt issuance costs (includes $17,469 and $16,199 at June 30, 2022 and December 31, 2021, respectively, related to consolidated VIEs)
17,469
16,199
Municipality loan
—
84
Other long-term liabilities
4,962
4,781
Total liabilities
305,323
285,887
Commitments and contingencies
Redeemable preferred units:
Series A-1 preferred units, subject to redemption, $100 par value, 600,000 authorized, and 300,000 units issued and outstanding at June 30, 2022 and December 31, 2021
31,417
30,210
Series A preferred units, subject to redemption, $100 par value, 2,000,000 units authorized, and 1,000,000 and 0 units issued and outstanding at June 30, 2022 and December 31, 2021, respectively.
101,228
—
Members' equity
Common units, without par value, 1,000 units authorized, and 1,000 units issued and outstanding at June 30, 2022 and December 31, 2021
47,681
47,592
Retained earnings
8,955
15,967
Total OPAL Fuels LLC members' equity
56,636
63,559
Non-controlling interest in subsidiaries
17,638
1,188
Total members' equity
74,274
64,747
Total liabilities, redeemable preferred units and members' equity
$
512,242
$
380,844
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-
44
OPAL
FUELS LLC
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In
thousands of U.S. dollars, except per unit data)
(Unaudited)
Six
Months Ended
June 30,
2022
2021
Revenues:
RNG fuel
$
50,815
$
19,174
Renewable power
19,152
21,437
Fuel station services
32,297
17,173
Total revenues
102,264
57,784
Operating expenses:
Cost of sales - RNG fuel
30,884
11,080
Cost of sales - Renewable power
15,948
17,888
Cost of sales - Fuel station services
28,757
14,317
Selling, general, and administrative
18,810
11,185
Depreciation, amortization, and accretion
6,558
4,059
Total expenses
100,957
58,529
Operating income (loss)
1,307
(745
)
Other (expense) income:
Interest and financing expense, net
(6,408
)
(3,305
)
Realized and unrealized gain on interest rate swaps, net
328
17
Gain on acquisition of equity method investment
—
19,818
(Loss) income from equity method investments
(36
)
2,392
Net (loss) income
(4,809
)
18,177
Paid-in-kind preferred dividends
2,435
—
Net loss attributable to non-controlling interests
(499
)
(198
)
Net (loss) income attributable to OPAL Fuels LLC
$
(6,745
)
$
18,375
Weighted average units outstanding:
Basic
1,000
986
Diluted
1,000
986
Per unit amounts:
Basic
$
(6,745
)
$
18,636
Diluted
$
(6,745
)
$
18,636
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-
45
OPAL
FUELS LLC
CONDENSED
CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED UNITS AND MEMBERS' EQUITY
(In
thousands of U.S. dollars, except per unit data)
(Unaudited)
Series A Preferred Units
Series A-1 Preferred Units
Common Units
Total
Non-
Number
of Units
Amount
Number
of Units
Amount
Number
of Units
Members'
Equity
Retained
Earnings
Members'
Equity
Controlling
Interest
Total
Equity
Balance, December 31, 2021
—
$
—
300,000
$
30,210
1,000
$
47,592
$
15,967
$
63,559
$
1,188
$
64,747
Net loss
—
—
—
—
—
—
(4,310
)
(4,310
)
(499
)
(4,809
)
Initial non-controlling interests
(1)
—
—
—
—
—
(48
)
—
(48
)
16,949
16,901
Amortization on payment to acquire non-controlling interest
—
—
—
—
—
(183
)
—
(183
)
—
(183
)
Series A redeemable preferred units, net of issuance costs
(2)
1,000,000
100,000
—
—
—
—
(267
)
(267
)
—
(267
)
Stock-based compensation
—
—
—
—
—
320
—
320
—
320
Paid-in-kind preferred dividends
1,228
—
1,207
—
—
(2,435
)
(2,435
)
—
(2,435
)
Balance, June 30, 2022
1,000,000
$
101,228
300,000
$
31,417
1,000
$
47,681
$
8,955
$
56,636
$
17,638
$
74,274
(1)
Represents partner's
contribution towards a newly formed joint venture Emerald RNG LLC. See Note.12
Variable Interest Entities
for additional information.
(2)
The Company issued
1,000,000 redeemable preferred units to NextEra Energy("
NextEra
") for aggregate proceeds of $100,000. The issuance
costs of $267 were reduced from retained earnings. Please see Note.13
Redeemable preferred units
for additional information.
F-
46
Common Units
Total
Number
of Units
Members
Equity
Accumulated
Deficit
Members'
Equity
Non-Controlling
Interest
Total
Equity
Balance, December 31, 2020
986
$
49,170
$
(25,396
)
$
23,774
$
6,685
$
30,459
Net loss
—
—
18,375
18,375
(198
)
18,177
Initial non-controlling interest
(1)
—
3,857
—
3,857
6,174
10,031
Contributions from non-controlling interest
—
—
—
—
5,171
5,171
Contributions
—
7,522
—
7,522
—
7,522
Distributions to members
—
(3,695
)
—
(3,695
)
—
(3,695
)
Stock-based compensation
—
320
—
320
—
320
Balance, June 30, 2021
986
$
57,174
$
(7,021
)
$
50,153
$
17,832
$
67,985
(1)
Represents partner's
contribution from sale of non-controlling interest in an RNG facility.
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-
47
OPAL
FUELS LLC
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
thousands of U.S. dollars)
(Unaudited)
Six Months Ended
June 30,
2022
2021
Cash flows from operating activities:
Net (loss) income
$
(4,809
)
$
18,177
Adjustments to reconcile net (loss) income  to net cash (used in) provided by operating activities:
Income from equity method investment
36
(2,392
)
Depreciation and amortization
6,403
3,954
Amortization of deferred financing costs
898
477
Amortization of PPA liability
—
(129
)
Accretion expense related to asset retirement obligation
155
104
Stock-based compensation
320
320
Paid-in-kind interest income
(454
)
—
Paid-in-kind interest expense
2,110
888
Unrealized (gain) loss on derivative financial instruments
(18
)
1,059
Gain on equity method investment
—
(19,818
)
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable
610
8,437
Fuel tax credits receivable
1,257
(547
)
Capital spares
(41
)
65
Parts inventory
(3,255
)
(576
)
Environmental credits held for sale
(260
)
545
Prepaid expense and other current assets
(328
)
946
Contract assets
(7,111
)
2,549
Accounts payable
(4,217
)
(4,029
)
Accounts payable, related party
780
511
Fuel tax credits payable
(1,295
)
950
Accrued payroll
(3,242
)
(612
)
Accrued expense and other current liabilities
5,398
(113
)
Other liabilities
251
6,551
Contract liabilities
(2,626
)
(509
)
Net cash (used in) provided by operating activities
(9,438
)
16,808
Cash flows from investing activities:
Purchase of property, plant, and equipment
(54,298
)
(34,422
)
Cash acquired on acquisition of equity method investment
—
1,975
Distributions received from equity method investment
—
3,695
Net cash used in investing activities
(54,298
)
(28,752
)
Cash flows from financing activities:
Proceeds from Sunoma loan
1,046
11,809
Proceeds from OPAL term loan
15,000
—
Financing costs paid to other third parties
(3,216
)
—
Repayment of Senior secured credit facility
(1,221
)
(2,459
)
Repayment of OPAL term loan
(6,444
)
—
Repayment of Municipality loan
(105
)
(101
)
Proceeds from sale of non-controlling interest
16,901
15,202
Proceeds from issuance of redeemable preferred units
100,000
—
Contributions from members
—
7,522
Distributions to members
—
(3,695
)
Net cash provided by financing activities
121,961
28,278
Net increase in cash, restricted cash, and cash equivalents
58,225
16,334
Cash, restricted cash, and cash equivalents, beginning of period
42,054
15,388
Cash, restricted cash, and cash equivalents, end of period
$
100,279
$
31,722
Supplemental disclosure of cash flow information
Interest paid, net of $— and $168 capitalized, respectively
$
2,860
$
1,952
Noncash investing and financing activities:
Fair value of contingent consideration to redeem the non-controlling interest included in other long-term liabilities
$
183
$
—
Paid-in-kind dividend on redeemable preferred units
$
2,435
$
—
Accrual for purchase of Property, plant and equipment included in Accounts payable and Accrued capital expenses
$
20,096
$
10,214
Accrual for deferred financing costs included in Accrued expenses and other current liabilities
$
1,750
$
—
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
F-
48
1.
Description of Business
OPAL
Fuels LLC (including its subsidiaries, the "
Company
," "
we
," "
us
"
or "
our
") is engaged in the business of producing and distributing renewable natural gas ("
RNG
")
to power transportation throughout the United States. The Company owns RNG production facilities that are in operation, under construction,
and in late-stage development. OPAL Fuels LLC also constructs, owns, and services fueling stations that dispense RNG and compressed natural
gas ("
CNG
") for vehicle fleets across the country that use RNG and CNG to displace diesel as their transportation
fuel. RNG is derived from landfill gas ("
LFG
") and dairy digester gas. In addition, the Company owns LFG fueled
power plants that sell renewable power to public utilities. The Company is a subsidiary of Opal Holdco LLC which, in turn, is an indirect
subsidiary of Fortistar LLC (the "
Ultimate Parent
").
Unless
otherwise expressly stated, all dollar amounts set forth in these notes are presented in thousands of dollars except per share data.
COVID-19
Impact
In
March 2020, the World Health Organization categorized the coronavirus disease 2019 ("
COVID-19
") as a pandemic
and the President of the United States declared the COVID-19 outbreak as a national emergency. Management considered the impact of COVID-19
on the assumptions and estimates used and determined that, because the Company was deemed to be an essential business by the U.S. government
and incurred neither layoffs of personnel nor a decline in its customer base or business operations, there was no material adverse impact
on the Company's statement of position and result of operations as of, and for the six months ended June 30, 2022.
The
future impact of the COVID-19 pandemic on the Company's business will depend on a number of factors, including, but not limited
to, the duration and severity of the pandemic and its impact on our customers, all of which are uncertain and cannot be predicted.
Liquidity
and Capital Resources
As
of June 30, 2022, our liquidity consisted of cash and cash equivalents including restricted cash of $100,279.
As
of June 30, 2022, we had total indebtedness excluding the deferred financing costs of $244,113 in principal amount which primarily
consists of $80,132 under the Senior secured credit facility, $60,820 under the Convertible note payable, $83,556 under the OPAL term
loan, $174 under the Municipality loan, and $19,431 under the Sunoma loan. The outstanding debt under the Senior secured credit facility
is due to be paid in December 2022 and therefore has been classified as a current liability.
We completed the Business
Combination (further described in Note 16 below) in July 2022 which resulted in additional cash infusion of $123,363. The Company received
the remaining $5,000 subscribed for pursuant to the PIPE Investment (defined below in Note 16) from one of the PIPE Investors (defined
below in Note 16) subsequent to the Closing. Additionally, on August 4, 2022, we entered into a senior secured credit facility for $105,000
which will be used to fund a portfolio of RNG projects currently in, or going into, construction. In July 2022, we received a redemption
notice from Biotown for the Note receivable and the Company subsequently received $11,555 including the payment of the principal balance
of $10,915, prepayment penalty of $546 and accrued interest of $94. We would have an additional $35,000 available under the OPAL term
loan in second half of 2022 upon the commencement of operations of three additional RNG facilities.
We
expect that our available cash following the consummation of the Business Combination and PIPE Investment, together with our other assets,
expected cash flows from operations, and available lines of credit under various debt facilities will be sufficient to meet our existing
commitments for a period of at least twelve months following the date of this prospectus.
To
fuel future growth, we may seek additional capital through equity offerings or debt financings. The amount and timing of our future funding
requirements will depend on many factors, including the pace and results of our project development efforts. We may be unable to obtain
any such additional financing on acceptable terms or at all. Our ability to access capital when needed is not assured and, if capital
is not available when, and in the amounts, needed, we could be required to delay, scale back, or abandon some or all of our development
programs and other operations, which could materially harm our business, prospects, financial condition, and operating results.
F-
49
The
accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization
of assets and the satisfaction of liabilities in the normal course of business. The accompanying condensed consolidated financial statements
do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts
and classification of liabilities that may result from uncertainty related to our ability to continue as a going concern.
2.
Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
These unaudited condensed
consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States ("
U.S.
GAAP
"). In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all
normal and recurring adjustments, which are necessary in order to make the financial statements not misleading and to provide a fair presentation
of the Company's financial position, operating results, and cash flows for the interim periods presented. The results of operations
for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year. The information
herein should be read in conjunction with the Company's audited consolidated financial statements and notes thereto.
The unaudited condensed consolidated
financial statements include the accounts of the Company and all other entities in which the Company has a controlling financial interest:
Fortistar Methane 3 LLC ("
FM3
"), Fortistar Methane 4 LLC, Sunoma Holdings, LLC ("
Sunoma
"),
Emerald RNG LLC ("
Emerald
"), Sapphire RNG LLC ("
Sapphire
"), New River LLC ("
New
River
"), Reynolds NRG LLC ("
Reynolds
"), Beacon RNG LLC ("
Beacon
"), Central
Valley LLC ("
Central Valley
"), Fortistar Contracting LLC, Fortistar RNG LLC, and TruStar Energy LLC ("
TruStar
").
The Company's condensed consolidated financial statements include the assets and liabilities of these subsidiaries. All intercompany
transactions and balances have been eliminated in consolidation. The non-controlling interest attributable to the Company's variable
interest entities ("
VIE
") are presented as a separate component from OPAL Fuels LLC members' equity in
the condensed consolidated balance sheets and as a non-controlling interest in the condensed consolidated statements of changes in redeemable
preferred units and members' equity.
The
accompanying condensed consolidated financial statements reflect the activities of the Company, its subsidiaries, and its equity method
investments for the six months ended June 30, 2022 and 2021. Investments in unconsolidated entities in which the Company can influence
the operating or financial decisions are accounted for under the equity method. As of June 30, 2022 and December 31, 2021, the Company
accounted for its ownership interests in Pine Bend RNG LLC ("
Pine Bend
"), Noble Road RNG LLC ("
Noble
Road
") and GREP BTB Holdings LLC ("
GREP
") under the equity method. The Company's interests in
Beacon for the period between January 1, 2021 and April 30, 2021 were accounted for under the equity method. Please see Note 3.
Investment
in other entities,
for additional information. Beacon was consolidated after acquisition of remaining ownership interests increasing
the ownership interest from 44.3% to 100% on May 1, 2021.
The preparation of condensed
consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
The significant estimates and assumptions of the Company include the residual value of the useful lives of our property, plant and equipment,
the fair value of stock-based compensation, the estimated losses on our trade receivables, the fair value of the Convertible note payable
(as defined below), the impairment assessment of goodwill, and the fair value of derivatives. Actual results could differ from those estimates.
The Company's estimates and assumptions are subject to uncertainties, including those associated with market conditions, risks and
trends and the ongoing COVID-19 pandemic.
The
results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire
year.
Certain financial information
or footnote disclosures normally included in the annual financial statements prepared in accordance with U.S. GAAP have been condensed
or omitted, pursuant to the rules and regulations of the Securities Exchange Commission for interim financial reporting. Accordingly,
it does not include all the information and notes necessary for a complete presentation of financial position, results of operations,
or cash flows.
F-
50
Accounting
Pronouncements
In
June 2022, the Financial Accounting Standards Board ("
FASB
") issued Accounting Standards Update ("
ASU
")
2022-03,
Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
which states that a contractual
restriction on the sale of an equity security is not considered part of the unit of account of the equity security and therefore, is
not considered in measuring fair value. The ASU clarifies that an entity cannot, as a separate unit of account, recognize and measure
a contractual sale restriction. The ASU requires an entity to disclose (i) the fair value of equity securities subject to contractual
sale restrictions reflected in the balance sheet (ii) the nature and remaining duration of the restriction and (iii) the circumstances
that could cause a lapse in the restriction. The amendments in this ASU are effective for fiscal years beginning after December 15, 2023,
and interim periods within those fiscal years for public entities and fiscal year beginning December 15, 2024 for all other entities.
The Company is currently evaluating the impact on its financial statements of adopting this standard.
Cash,
Cash Equivalents, and Restricted Cash
Cash,
cash equivalents, and restricted cash consisted of the following as of June 30, 2022 and December 31, 2021
June 30,
2022
December 31,
2021
Current assets:
Cash and cash equivalents
$
97,091
$
39,314
Long-term assets:
Restricted cash held as collateral
3,188
2,740
Total cash, cash equivalents, and restricted cash
$
100,279
$
42,054
Restricted
cash held as collateral represents the collateral requirements on our debt facilities.
Accounts
Receivable, Net
The
Company's allowance for doubtful accounts was $100 and $0 at June 30, 2022 and December 31, 2021, respectively.
Asset
Retirement Obligation
The
Company accounts for asset retirement obligations in accordance with FASB Accounting Standards Codification ("
ASC
")
410,
Asset Retirement and Environmental Obligations,
which requires entities to record the fair value of a liability for an asset
retirement obligation in the period in which it is incurred and when a reasonable estimate of fair value can be made. The fair value
of the estimated asset retirement obligations is recorded as a long-term liability, with a corresponding increase in the carrying amount
of the related asset. The discounted asset retirement costs capitalized amount are accreted over the life of the sublease or site lease
agreement. Asset retirement obligations are deemed Level 3 fair value measurements as the inputs used to measure the fair value are unobservable.
The Company estimates the fair value of asset retirement obligations by calculating the estimated present value of the cost to retire
the asset. This estimate requires assumptions and judgments regarding the existence of liabilities, the amount and timing of cash outflows
required to settle the liability, inflation factors, credit adjusted discount rates, and consideration of changes in legal, regulatory,
environmental, and political environments. In addition, the Company determines the Level 3 fair value measurements based on historical
information and current market conditions.
As
of June 30, 2022 and December 31, 2021, the Company estimated the value of its total asset retirement obligations to be $5,887
and $5,738, respectively.
F-
51
The
changes in the asset retirement obligations were as follows as of June 30, 2022:
June 30,
2022
Balance, December 31, 2021
$
5,738
Write off of Asset retirement obligation
(6
)
Accretion expense
155
Total asset retirement obligation
5,887
Less: current portion
(1,586
)
Total asset retirement obligation, net of current portion
$
4,301
Revenue
Recognition
The
Company's revenue arrangements generally consist of a single performance obligation to transfer goods or services. Revenue from
the sale of RNG, CNG and, electricity is recognized by applying the "right to invoice" practical expedient within the accounting
guidance for
Revenue from Contracts with Customers
that allows for the recognition of revenue from performance obligations in
the amount of consideration to which there is a right to invoice the customer and when the amount for which there is a right to invoice
corresponds directly to the value transferred to the customer. For some public CNG fueling stations where there is no contract with the
customer, the Company recognizes revenue at the point in time that the customer takes control of the fuel.
The
Company also performs maintenance services throughout the country. Maintenance consists of monitoring equipment and replacing parts as
necessary to ensure optimum performance. Revenue from service agreements is recognized over time as services are provided. Capacity payments
fluctuate based on peak times of the year and revenues from capacity payments are recognized monthly as earned.
The
Company has agreements with two natural gas producers ("
Producers
") to transport Producers' natural gas
using the Company's RNG gathering system ("
System
"). The performance obligation is the delivery of Producers'
natural gas to an agreed delivery point on an interstate gas pipeline. The quantity of natural gas transported for the Producers is measured
at a certain specified meter. The price is fixed at contracted rates and the Producers pay approximately 30 days after month-end. As
such, transportation sales are recognized over time, using the output method to measure progress.
The
Company provides credit monetization services to customers that own renewable gas generation facilities. The Company recognizes revenue
from these services as the credits are minted on behalf of the customer. The Company receives non-cash consideration in the form of RINs
or LCFSs for providing these services and recognizes the RINs or LCFSs received as a current asset based on their estimated fair value
at contract inception. When the Company receives RINs or LCFSs as payment for providing credit monetization services, it records the
non-cash consideration in inventory based on the fair value of RINs or LCFSs at contract commencement.
On November 29, 2021, the
Company entered into a purchase and sale agreement with NextEra for the environmental attributes generated by the RNG Fuels business.
Under this agreement, the Company plans to sell a minimum of 90% of the environmental attributes generated and will receive net proceeds
based on the agreed upon price less a specified discount. A specified volume of environmental attributes sold per quarter will incur a
fee per environmental attribute in addition to the specified discount. The agreement was effective beginning first quarter of 2022. During
the six months ended June 30, 2022, the Company earned net revenues after discount and fees of $29,688 under this contract which
was recorded as part of Revenues - RNG fuel.
Sales
of environmental attributes such as RINs, RECs, and LCFS are generally recorded as revenue when the certificates related to them are
delivered to a buyer. However, the Company may recognize revenue from the sale of such environmental attributes at the time of the related
RNG or renewable power sales when the contract provides that title to the environmental attributes transfers at the time of production,
the Company's price to the buyer is fixed, and collection of the sales proceeds occurs within 60 days after generation of the renewable
power.
Management
operating fees are earned for the operation, maintenance, and repair of the gas collection system of a landfill site. Revenue is calculated
on the volume of per million British thermal units ("
MMBtu
") of LFG collected and the megawatt hours ("
MWhs
")
produced at that site. This revenue is recognized when LFG is collected and renewable power is delivered.
F-
52
The
Company has various fixed price contracts for the construction of fueling stations for customers. Revenues from these contracts, including
change orders, are recognized over time, with progress measured by the percentage of costs incurred to date compared to estimated total
costs for each contract. This method is used as management considers costs incurred to be the best available measure of progress on these
contracts. Costs capitalized to fulfill certain contracts were not material in any of the periods presented.
The
Company owns fueling stations for use by customers under fuel sale agreements. The Company bills these customers at an agreed upon price
for each gallon sold and recognizes revenue based on the amounts invoiced in accordance with the "right to invoice" practical
expedient. For some public stations where there is no contract with the customer, the Company recognizes revenue at the point-in-time
that the customer takes control of the fuel.
The
Company from time-to-time enters into fuel purchase agreements with customers whereby the Company is contracted to design and build a
fueling station on the customer's property in exchange for the Company providing CNG/RNG to the customer for a determined number
of years. In accordance with the standards of ASC 840,
Leases
, the Company has concluded these agreements meet the criteria for
a lease and are classified as operating leases. Typically, these agreements do not require any minimum consumption amounts and, therefore,
no minimum payments. Included in "RNG fuel" revenues are $1,050 and $950 related to the lease portion of these agreements
for the six months ended June 30, 2022 and 2021. In addition, the Company has assessed all PPAs and concluded that certain PPAs
contain a lease element requiring lease accounting. Included in "Renewable power" revenues are $630 and $877 related to the
lease element of these PPAs for the six months ended June 30, 2022 and 2021.
Disaggregation
of Revenue
The
following table shows the disaggregation of revenue according to product line:
Six Months Ended
June 30,
2022
2021
Renewable power sales
$
17,539
$
18,612
Third party construction
22,816
9,270
Service
8,430
8,004
Brown gas sales
10,968
6,225
Environmental credits
38,795
11,995
Parts sales
977
(101
)
Operating agreements
893
1,726
Other
166
226
Total revenue from contracts with customers
100,584
55,957
Lease revenue
1,680
1,827
Total revenue
$
102,264
$
57,784
For
the six months ended June 30, 2022 and 2021, approximately 22.3% and 16.0%, respectively, of revenue was recognized over time, and
the remainder was for products and services transferred at a point in time.
Contract
Balances
The
following table provides information about receivables, contract assets, and contract liabilities from contracts with customers:
June 30,
2022
December 31,
2021
Accounts receivable, net
$
24,781
$
25,391
Contract assets:
Cost and estimated earnings in excess of billings
$
13,430
$
5,989
Accounts receivable retainage, net
2,159
2,495
Contract assets total
$
15,589
$
8,484
Contract liabilities:
Billings in excess of costs and estimated earnings
$
7,159
$
9,785
Contract liabilities total
$
7,159
$
9,785
During
the six months ended June 30, 2022, the Company recognized revenue of $9,785 that was included in "Contract liabilities"
at December 31, 2021. During the six months ended June 30, 2021, the Company recognized revenue of $4,678 that was included
in "Contract liabilities" at December 31, 2020.
F-
53
Backlog
The
Company's remaining performance obligations ("
backlog
") represent the unrecognized revenue value of its
contract commitments. The Company's backlog may significantly vary each reporting period based on the timing of major new contract
commitments. At June 30, 2022, the Company had a backlog of $46,028 with out of which $44,691 of its backlog is anticipated to be
recognized as revenue in the next 12 months.
Income
Taxes
The
Company and most of its subsidiaries are disregarded entities for federal income tax purposes and for certain states, with the results
of its operations included with the consolidated federal and applicable state tax returns of its member. Some subsidiaries are partnerships
for federal income tax purposes. Accordingly, tax liabilities are the responsibility of the member except for the minimum state tax requirements.
Minimum state tax requirements are immaterial.
Significant
Customers and Concentration of Credit Risk
For
the six months ended June 30, 2022 and 2021, two customers accounted for 45% and 41% of revenue, respectively. At June 30,
2022, two customers accounted for 38% of accounts receivable. At December 31, 2021, one customer accounted for 11%, of accounts
receivable.
Financial
instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, and
trade receivables. The Company places its cash with high credit quality financial institutions located in the United States of America.
The Company performs ongoing credit evaluations of its customers.
3.
Investment in Other Entities
The
Company uses the equity method to account for investments in affiliates that it does not control, but in which it has the ability to
exercise significant influence over operating and financial policies. The Company's investments in these nonconsolidated affiliates
are reflected in the Company's condensed consolidated balance sheets under the equity method, and the Company's proportionate
net (loss) income, if any, is included in the Company's condensed consolidated statements of operations as (loss) income from equity
method investments.
Our
equity method investments were as follows as of June 30, 2022 and December 31, 2021:
Carrying Value
Percentage of  ownership
June 30,
2022
December 31,
2021
Pine Bend
50.0
%
$
21,082
$
21,188
Noble Road
50.0
%
25,140
24,516
GREP
20.0
%
891
1,446
Total investment in other entities
$
47,113
$
47,150
F-
54
Note
receivable
In August 2021, the Company
acquired 100% ownership interests in Reynolds RNG LLC ("
Reynolds
") which held a note receivable of $10,450 to
Biotown Bio Gas LLC ("
Biotown
"). The Note receivable was set to mature on July 15, 2027 and carries an interest
of 12.5% out of which 8% is payable in cash on a quarterly basis from the inception of the loan and 4.5% payment-in-kind interest adding
to the outstanding debt balance until the facility becomes operational. The Company recorded $746 as a reduction to interest and financing
expense, net in its condensed consolidated statement of operations for the six months ended June 30, 2022. The Note receivable also
entitled Reynolds to receive 4.25% of any revenue based distributions made with a cap of $4,500 over the term of the debt. The Company
recorded the fair value of the Note receivable — variable fee component of $1,538 as an allocation of the initial investment balance
of $10,450 and recorded an payment-in-kind interest income of $136 as a reduction to interest and financing expense, net in the condensed
consolidated statement of operations for the six months ended June 30, 2022.
The
Note receivable of $9,518 has been recorded as a current asset as the repayment was received in July 2022 and Note receivable - variable
fee component of $1,792 have been recorded as long-term asset on its condensed consolidated balance sheet as of June 30, 2022.
The
following table summarizes the net (loss) income from equity method investments:
Six Months Ended
June 30,
2022
June 30,
2021
Revenue
$
5,089
$
14,181
Gross profit
1,612
6,459
Net (loss) income
(1,741
)
5,400
Net
    (loss) income from equity method investments
(1)
$
(36
)
$
2,392
(1)
Net income from
equity method investments represents our portion of the net income from equity method investments in Pine Bend, Noble Road and GREP for
the six months ended June 30, 2022 and Beacon for the six months ended June 30, 2021.
4.
Property, Plant, and Equipment, Net
Property,
plant, and equipment, net, consisted of the following as of June 30, 2022 and December 31, 2021:
June 30,
2022
December 31,
2021
Plant and equipment
$
160,367
$
161,387
CNG/RNG fueling stations
32,491
27,892
Construction in progress
123,520
62,616
Buildings
2,585
2,544
Land
1,303
1,303
Service equipment
1,568
1,521
Leasehold improvements
815
815
Vehicles
313
407
Office furniture and equipment
307
302
Computer software
277
277
Other
458
416
324,004
259,480
Less: accumulated depreciation
(94,593
)
(89,710
)
Property, plant, and equipment, net
$
229,411
$
169,770
As
of June 30, 2022, there has been an increase in property, plant, and equipment as a result of the increase in construction of RNG
generation facilities including, but not limited to Central Valley, Emerald, New River, and RNG dispensing facilities. The majority of
these facilities, for which costs are in construction-in-progress as of June 30, 2022, are expected to be operational within the
next year.
Depreciation
expense on property, plant, and equipment for the six months ended June 30, 2022 and June 30, 2021 was $6,005 and $3,723, respectively.
F-
55
5.
Intangible Assets, Net
Intangible
assets, net, consisted of the following at June 30, 2022 and December 31, 2021:
June 30, 2022
Cost
Accumulated
Amortization
Intangible
Assets,
Net
Weighted
Average
Amortization
Period
(Years)
Power purchase agreements
$
8,999
$
(7,288
)
$
1,711
18.1
Transmission/distribution interconnection
1,600
(918
)
682
15.1
CNG sales contract
807
(759
)
48
10.0
Intellectual property
43
(21
)
22
5.0
Total intangible assets
$
11,449
$
(8,986
)
$
2,463
December 31, 2021
Cost
Accumulated
Amortization
Intangible
Assets,
Net
Weighted
Average
Amortization
Period
(Years)
Power purchase agreements
$
8,999
$
(6,986
)
$
2,013
18.1
Transmission/distribution interconnection
1,600
(865
)
735
15.1
CNG sales contract
807
(719
)
88
10.0
Intellectual property
43
(18
)
25
5.0
Total intangible assets
$
11,449
$
(8,588
)
$
2,861
The
transmission/distribution interconnection represents an interconnector for one of the Company's LFG recovery facilities. The interconnection
construction was initially funded by a municipality. The Company is scheduled to repay the funding for the construction through April
1, 2023. The remaining liability of $174 under the Municipality loan is shown as part of current liabilities on its condensed consolidated
balance sheet as of June 30, 2022. Please see Note 7.
Borrowings,
for additional information.
Amortization
expense for the six months ended June 30, 2022 and 2021 was $398 and $231, respectively. At June 30, 2022, estimated future
amortization expense for intangible assets is as follows:
Remaining six months ending December 31, 2022
$
395
Fiscal year:
2023
465
2024
275
2025
266
2026
238
Thereafter
824
$
2,463
6.
Goodwill
The
following table summarizes the changes in goodwill, if any, by reporting segment from the beginning of the period to the end of the period:
RNG Fuel
Fuel Station
Services
Total
Balance December 31, 2021
$
51,155
$
3,453
$
54,608
Balance June 30, 2022
$
51,155
$
3,453
$
54,608
F-
56
7.
Borrowings
The
following table summarizes the borrowings under the various debt facilities as of June 30, 2022 and December 31, 2021:
June 30,
2022
December 31,
2021
Senior secured facility, term loan
$
72,632
$
73,869
Less: unamortized debt issuance costs
(236
)
(724
)
Less: current portion
(72,396
)
(73,145
)
Senior secured facility, term loan, net of debt issuance costs
—
—
Senior secured facility, working capital facility
7,500
7,500
Less: current portion
(7,500
)
(7,500
)
Senior secured facility, working capital facility
—
—
OPAL term loan
83,556
75,000
Less: unamortized debt issuance costs
(2,211
)
(2,485
)
Less: current portion
(19,332
)
(13,425
)
OPAL term loan, net of debt issuance costs
62,013
59,090
Sunoma loan
19,431
17,524
Less: unamortized debt issuance costs
(544
)
(569
)
Less: current portion
(1,418
)
(756
)
Sunoma loan, net of debt issuance costs
17,469
16,199
Convertible note payable
60,820
58,710
Municipality loan
174
278
Less: current portion
(174
)
(194
)
Municipality loan
—
84
Non-current borrowings total
$
140,302
$
134,083
As
of June 30, 2022, principal maturities of debt are expected as follows, excluding any subsequent refinancing transactions:
Senior
Secured
Credit
Facility
OPAL
Term Loan
Sunoma loan
Convertible
Note
Payable
Municipality
Loan
Total
Six months ending December 31, 2022
$
80,132
$
9,666
$
709
$
—
$
110
$
90,617
Fiscal year:
2023
—
19,332
2,237
—
64
21,633
2024
—
19,332
3,056
—
—
22,388
2025
—
35,226
3,056
—
—
38,282
2026
—
—
3,056
60,820
—
63,876
2027
—
—
7,317
—
—
7,317
$
80,132
$
83,556
$
19,431
$
60,820
$
174
$
244,113
Senior
secured credit facility
On
September 21, 2015, FM3, entered into a senior secured credit facility as a borrower and Investec Bank PLC and MUFG Union Bank N.A.,
as joint lead arranger and book runners and CoBank ACB as documentation agent and LC issuing bank, which provides for an aggregate principal
amount of $150,000, which consists of (i) a term loan of $125,000 ( "
Term Loan Facility
") and a (ii) working
capital letter of credit facility ("
Working Capital Facility
") of up to $19,000 and a (iii) Debt service reserve
and liquidity facility ("
Debt Reserve and Liquidity Facility
") of up to $6,000. The Company paid $14,300 to
the lenders in connection with the transaction. As of June 30, 2022 and December 31, 2021, $72,632 and $73,869, respectively, was
outstanding under the Senior secured facility, term loan.
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57
The
borrowings under the Senior secured credit facility bear an interest rate of a fixed margin plus LIBOR for the relevant interest period.
The fixed margin is 2.75% for the first four years, then 3.0% until October 8, 2021, and 3.25% thereafter. Pursuant to the terms of facility,
FM3 is required to repay 1% of the outstanding debt under the Term Loan Facility amounting to $125,000 on a quarterly basis which is
then adjusted based on available cash and a target debt balance that declines each quarter. The Working Capital Facility contains a provision
whereby the Company is obligated to reduce the amount borrowed to $7,500 or less for a period of 10 consecutive business days annually.
As of June 30, 2022 and December 31, 2021, the total amount outstanding under the Working Capital Facility was $7,500. Additionally,
the Company pays commitment fee of 0.75% on unused portion of the facility.
On
October 8, 2021, the Company entered into the Amendment to Second Amended and Restated Credit Agreement (the "
Amendment
")
which extended the maturity date of the credit facility that supports the Renewable Power business to December 20, 2022. In addition,
the minimum required debt service coverage ratio was reduced from 1.1 to 1.0 and the calculation of the Cash Flows Available for Debt
Service was amended to exclude the proceeds of working capital loans deposited into the operating account going forward. Additionally,
the Company is not allowed to make any distributions or restricted payments. In exchange for these accommodations, the Company agreed
to repay $5,182 as a permanent reduction of the Working Capital Facility and to increase the interest rate on the credit facility by
25 basis points.
At
June 30, 2022 and December 31, 2021, the Company had outstanding letters of credit that support obligations of the Company
and its subsidiaries of $7,971 and $7,823, respectively. The Senior secured credit facility is collateralized by substantially all the
assets of FM3 and assignment of FM3's rights, title, and interests in purchase and sale agreements and landfill gas rights agreements.
The
debt agreement contains certain warranties and financial covenants including but not limited to debt service coverage ratio to not be
less than 1.0 and restrictions on distributions and additional indebtedness. The lenders only have recourse to the assets of FM3. For
the six months ended June 30, 2022, FM3 was in compliance with all debt covenants. The Company received a waiver granting exemption
from certain non-financial covenants as per the terms of the debt agreement.
Patronage
dividends
The
Company is eligible to receive annual patronage dividends from one of its lenders, Cobank ACB under a profit sharing program made available
to the borrowers. For the six months ended June 30, 2022 and 2021, the Company received cash dividend of $126 and $139, respectively,
which was recorded as a credit to interest expense in its condensed consolidated statements of operations. Additionally, the Company
recorded $489 as long-term asset on its condensed consolidated balance sheets at June 30, 2022 and December 31, 2021, which represents
the Company's equity interest in Cobank SCB which will be redeemed for cash beginning 2024.
TruStar
revolver credit facility
On
September 27, 2021, TruStar renewed the existing revolving credit arrangement with JP Morgan Chase Bank, N.A., for an aggregate amount
of $10,000. This revolver credit facility was secured by marketable securities pledged by the Ultimate Parent. The amounts outstanding
under this credit facility had an interest rate of 1.00% plus one month LIBOR. In the fourth quarter of 2021, the outstanding balance
under this credit facility was fully repaid and the revolver credit facility was cancelled.
Sunoma
loan
On
August 27, 2020, Sunoma entered into a debt agreement with Live Oak Banking Company ("
Lender
") for an aggregate
principal amount of $20,000. At June 30, 2022, the total amount outstanding under the Sunoma Loan Agreement, including accrued interest
of $1,615, was $19,431 and the loan proceeds were used for the construction of the subsidiary's dairy digester-to-RNG project.
Sunoma paid $635 as financing fees. The loan bears interest at the greater of Prime plus 3.50%, or 7.75%.
The
amounts outstanding under the Sunoma loan are secured by the assets of Sunoma.
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58
The
Sunoma loan agreement contains certain financial covenants which require Sunoma to maintain (i) maximum debt to worth ratio cannot exceed
5:1 (ii) the minimum current ratio cannot be less than 1.0 (iii) minimum debt service coverage ratio of trailing four quarters cannot
be less than 1.25. These covenants apply after the construction is complete and the facility meets certain predetermined operational
standards and documentation criteria and the loan converts to a term loan which is expected to be in third quarter of 2022.
The construction loan had
an original maturity date of April 27, 2022. During the first quarter of 2022, the Company received an extension to the original maturity
date until July 27, 2022. At maturity, the construction loan outstanding under the Sunoma loan is convertible to a permanent loan guaranteed
by the United States Department of Agriculture ("
USDA
"). The loan was converted into a permanent loan in July
2022. The Permanent USDA loan will consist of an 11-year term and bear interest at the then-current 10-year LIBOR Swap rate plus 5.45%,
fixed for the term of the loan. The floor rate of the USDA loan will be equal to 6.75%. The Permanent USDA loan will be secured by the
assets of Sunoma. The accrued interest is payable after the conversion to a permanent loan.
The
significant assets of Sunoma are parenthesized in the condensed consolidated balance sheets as June 30, 2022 and December 31,
2021. Refer to Note 12,
Variable Interest Entities
, to the condensed consolidated financial statements.
OPAL
term loan
On
October 22, 2021, the Company executed a term loan at a newly formed entity, OPAL Fuels Intermediate Holding Company LLC ("
OPAL
Intermediate Holdco
") as the borrower and Bank of America N.A., Customers Bank, Citi Bank N.A., Barclays Bank PLC as lenders
("
Lenders
"), Bank of America as administrative agent and Customers Bank as Syndication Agent, which permitted
borrowings of up to $125,000. Of the $125,000, the Company had $90,000 available for borrowing upon closing and the remaining $35,000
to be made available as three more RNG facilities become operational. The facility is secured by a pledge in the equity interest of the
following subsidiaries of the Company at the time the loan was executed: Beacon Holdco LLC, OPAL Environmental Credit Marketing LLC,
TruStar Energy LLC, and OPAL Fuels Services LLC along with cash bank accounts and a security interest in the Company's environmental
credits. A portion of the proceeds of this loan were used to pay off the outstanding balance under the TruStar revolver credit facility
in October 2021 and the remainder will be used for general corporate purposes, including investments in RNG projects being developed
by the Company. As of June 30, 2022, the Company expects that the three additional RNG facilities will be operational in the third
quarter of 2022 at which time the additional $35,000 would be made available to the Company.
Pursuant
to the above, the Company borrowed $75,000 in October 2021 and an another $15,000 in February 2022 pursuant to an amendment allowing
the Company to drawdown later than the original commitment date. As of June 30, 2022 and December 31, 2021, $83,556 and $75,000,
respectively, were outstanding under this term loan.
The loan matures April 22,
2025 and bears interest at 3.0% plus LIBOR. In accordance to the terms of the facility, OPAL Intermediate Holdco is required to repay
1.79% or $1,611 per month beginning March 2022 and an additional $700 per month beginning after the additional drawdown of the $35.0 million
in September 2022.
The
OPAL term loan contains certain financial covenants which require OPAL Intermediate Holdco to maintain a (i) minimum liquidity of $15,000
until March 31, 2022 and $10,000 thereafter and (ii) leverage ratio not to exceed 4:1. As of June 30, 2022, the Company is in compliance
with the financial covenants under this debt facility. Additionally, the debt agreement contains certain customary warranties and representations
including but not limited to restrictions on distributions and additional indebtedness.
Convertible
note payable
On
May 1, 2021, the Company acquired the remaining ownership interests in Beacon and signed an unsecured, contingently convertible note
(the "
Note
") for a total aggregate amount for $50,000 at an interest rate of 8.00% per annum. The Company has
the option to pay the interest in cash on a quarterly basis or payment-in-kind interest. The Company chose the option of payment-in-kind
interest.
F-
59
The
Convertible note payable matures the earlier of December 31, 2026 or the date on which a change in control occurs as defined in the terms
of the Note. Upon the consummation of the BCA, the counterparty may choose to convert the total amount outstanding under the Note to
common shares based on a certain pre-determined conversion formula. If the BCA is not complete by September 30, 2022, the Company can
redeem the Note by repaying the amounts outstanding in full plus a 10.00% penalty. After September 30, 2022, there is no prepayment penalty.
If the BCA is consummated prior to September 30, 2022, the counterparty may elect not to take common shares and require the Company to
redeem the Note in cash. On July 21, 2022, 50% of the Convertible note payable was converted to equity upon consummation of the Business
Combination. Please see Note 16,
Subsequent Events
for additional information.
The
Company elected to account for the Note using the fair value option in accordance with ASC 820,
Fair Value Measurement
, on May
1, 2021, which was determined to be $55,410. The fair value was subsequently remeasured on each reporting date and the change in fair
value recorded as interest expense in the condensed consolidated statement of operations for each reporting period. At June 30,
2022 and December 31,2021, the Note was classified as non-current liability in the condensed consolidated balance sheets at a fair value
of $60,820 and $58,710, respectively. The Company recorded $2,110 and $888 as payment-in-kind interest expense in the condensed consolidated
statement of operations for the six months ended June 30, 2022 and 2021, respectively.
Municipality
loan
FM3
entered into a loan agreement for the construction of an interconnection that was initially funded by the municipality. The Company is
scheduled to make payments to a municipality of the amount of $1,600 plus interest at a fixed annual rate of 3.00% through April 1, 2023.
At June 30, 2022 and December 31, 2021, $174 and $278, respectively, were outstanding on the loan.
Interest
rates
2022
For
the six months ended June 30, 2022, the weighted average effective interest rate including amortization of debt issuance costs on
Senior secured facility was 4.25% including a margin plus LIBOR.
For
the six months ended June 30, 2022, the weighted average effective interest rate including amortization of debt issuance costs on
OPAL term loan was 4.93%.
For six months ended June
30, 2022, the interest rate on the Sunoma loan was 7.75%.
For
the six months ended June 30, 2022, the payment-in-kind interest rate on Convertible note payable was 8.00%. The change in fair
value of the Note recorded as interest expense between May 1, 2021 and June 30, 2022 was $5,410.
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60
For
the six months ended June 30, 2022, the weighted average interest rate on Municipality loan was 3.00%.
2021
For
the six months ended June 30, 2021, the weighted average effective interest rate for this period was 4.23%.
For
the six months ended June 30, 2021, the interest rate on TruStar revolver credit facility was 3.34%.
For
the six months ended June 30, 2021, the weighted average interest rate on Municipality loan was 3.00%.
The
following table summarizes the Company's total interest expense for the six months ended June 30, 2022 and 2021:
Six Months Ended
June 30,
2022
2021
Senior secured credit facility
$
1,440
$
1,334
Municipality loan
2
5
OPAL term loan
1,743
—
Sunoma loan
(1)
911
—
TruStar revolver credit facility
—
334
Convertible note payable mark-to-market
2,110
888
Commitment fees and other finance fees
204
279
Amortization of deferred financing cost
898
477
Interest income on Note receivable
(900
)
(12
)
Total interest expense
$
6,408
$
3,305
(1)
The interest on
the Sunoma loan was capitalized during the construction phase of the RNG facility. Sunoma became operational in December 2021. Therefore,
the interest for the six months ended June 30, 2022 has been expensed.
8.
Leases
During
2018, the Company renewed a lease for office and warehouse space that became effective upon the termination of the original lease term
on January 31, 2018. The term of the lease renewal was 36 months and contained an option to renew for an additional 24 months. In September
2020, the Company exercised this option. In March, 2022, the Company entered into an amendment to the lease which extended the lease
term till January 2026. In addition, the Company maintains a fleet of vehicles under lease with terms ranging from 48 to 60 months and
with lease expiration dates ranging from April 2021 to June 2026.
Future
minimum lease payments are as follows:
Six months ending December 31, 2022
$
339
Fiscal year:
2023
816
2024
760
2025
675
2026
75
$
2,665
The
Company incurred rent expense of $690 and $403 for the six months ended June 30, 2022 and 2021, respectively.
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61
9.
Derivative Financial Instruments and Fair Value Measurements
Interest
rate swaps
The
Company has various interest rate swap agreements, including swaps entered into in early 2020. The average annual fixed rate ranges from
2.38% in 2020 to 2.50% in 2022. These transactions involved the exchange of fixed and floating rate interest payment obligations without
the exchange of the underlying principal amounts. The Company has accounted for these instruments as economic hedges and has included
changes in their fair market value in the condensed consolidated statements of operations.
The
location and amounts of derivatives fair values in the condensed consolidated balance sheets are:
June 30,
2022
December 31,
2021
Location of
Fair Value
Recognized in
Balance Sheet
Derivatives designated as economic hedges:
Current portion of interest swaps
$
(38
)
$
(992
)
Derivative financial liability, current portion
$
(38
)
$
(992
)
The
effect of derivative instruments on the condensed consolidated statement of operations were as follows:
Six Months Ended
June 30,
Location of
(Loss) Gain
Recognized in
Operations
from Derivatives
2022
2021
Interest rate swaps
$
626
$
853
Net periodic settlements
(954
)
(870
)
$
(328
)
$
(17
)
Realized and unrealized gain on interest rate swaps, net
The
Company may be exposed to credit risk on any of the derivative financial instruments that are in an asset position. Credit risk relates
to the risk of loss that the Company would incur because of nonperformance by counterparties pursuant to the terms of their contractual
obligations. To mitigate this risk, management monitors counterparty credit exposure on an annual basis, and the necessary credit adjustment
have been reflected in the fair value of financial derivative instruments. There are no credit-risk-related contingent features that
could be triggered in derivative financial instruments that are in a liability position.
The
Company enters into interest rate swap contracts with counterparties that allow for net settlement of derivative assets and derivative
liabilities. The Company has made an accounting policy election to offset recognized amounts relating to these interest swaps within
the condensed consolidated balance sheets.
The
following tables summarize the fair value of derivative instruments on the Company's condensed consolidated balance sheets and
the effect of netting arrangements and collateral on its financial position:
Gross
Amounts
of Recognized
Assets/
(Liabilities)
Gross
Amounts
Offset in
the
Balance
Sheet
Net
Amounts
of
Assets/
(Liabilities)
in the
Balance
Sheet
Balance, June 30, 2022:
Interest rate swap liability
$
(38
)
$
—
$
(38
)
Balance, December 31, 2021:
Interest rate swap liability
$
(992
)
$
—
$
(992
)
There
were no collateral balances with counterparties outstanding as of the period-end dates.
F-
62
Commodity
swap contracts
The
Company utilizes commodity swap contracts to hedge against the unfavorable price fluctuations in market prices of electricity. The Company
does not apply hedge accounting to these contracts. As such, unrealized and realized gain (loss) is recognized as component of Renewable
Power revenues in the condensed consolidated statement of operations and Derivative financial asset — current and non-current in
the condensed consolidated balance sheets. These are considered to be Level 2 instruments in the fair value hierarchy. By using commodity
swaps, the Company exposes itself to credit risk and market risk. Credit risk is the failure of the counter party to perform under the
terms of the swap contract. When the fair value of the swap contract is positive, the counter party owes the Company creating a credit
risk. The Company manages the credit risk by entering into contracts with financially sound counter parties. To mitigate this risk, management
monitors counterparty credit exposure on an annual basis, and the necessary credit adjustments have been reflected in the fair value
of financial derivative instruments. When the fair value of the swap contract is negative, the Company owes the counterparty creating
a market risk that the market price is higher the contract price causing loss of higher revenues.
In
December 2018, the Company signed an amendment that converted an existing power purchase agreement ("
PPA
")
into a commodity swap contract to allow the Company flexibility to sell the capacity separately and schedule sale of electricity to independent
third parties. Post the amendment, the Company agreed to net settle the contract in cash on a monthly basis based on the difference between
the contract price and market price. The contract has a default minimum of 34,554 MWh per year. Additionally, the Company entered into
an ISDA agreement with a counterparty in November 2019. Pursuant to the agreement, the Company entered into swaps with contract prices
ranging between $35.75 and $51.25 per MWh.
The
following table summarizes the commodity swaps in place as of June 30, 2022 and December 31, 2021. There were no new commodity
swap contracts entered in the six months ended June 30, 2022.
Trade Date
Period
From
Period
To
Notional
Quantity
per Year
("MWh")
Average
Contract
Price
(per MWh)
December 14, 2018
January 1, 2019
September 30, 2022
34,554
$
66.12
October 28, 2021
November 1, 2021
December 31, 2022
30,660
$
48.75
December 27, 2021
January 1, 2022
December 31, 2022
26,280
$
50.75
The
following table summarizes the effect of commodity swaps on the condensed consolidated statements of operations for the six months ended
June 30, 2022 and 2021:
Derivatives not designated as hedging instruments
Location of (loss) gain recognized
Six Months Ended
June 30,
2022
2021
Commodity swaps - realized loss
Revenues - Renewable power
$
(187
)
$
497
Commodity swaps - unrealized loss
Revenues - Renewable power
(936
)
(1,929
)
Total realized and unrealized loss
Revenues - Renewable power
$
(1,123
)
$
(1,432
)
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63
The
following table summarizes the derivative assets and liabilities related to commodity swaps as of June 30, 2022 and December 31,
2021:
Fair Value
Location of
Fair value
recognized in
June 30,
2022
December
    31,
2021
Balance
Sheet
Derivatives designated as economic hedges
Current portion of unrealized gain on commodity swaps
$
—
$
382
Derivative financial asset, current portion
Current portion of unrealized loss on commodity swaps
$
(554
)
$
—
Derivative financial liability, current portion
Fair
value measurements
The
fair value of financial instruments, including long-term debt and derivative instruments is defined as the amount at which the instruments
could be exchanged in a current transaction between willing parties. The carrying amount of cash and cash equivalents, accounts receivable,
net, and accounts payable and accrued expenses approximates fair value due to their short-term maturities.
The
carrying value of the Company's long-term debt of $140,302 and $134,083 as of June 30, 2022 and December 31, 2021, respectively,
represents the total amount to be repaid if the debt has to be discharged in full and therefore approximates its fair value.
The
Company follows ASC 820,
Fair Value Measurement
, regarding fair value measurements which establishes a three-tier fair value hierarchy
and prioritizes the inputs used in valuation techniques that measure fair value. These tiers include:
Level
1 — defined as observable inputs such as quoted prices for identical instruments in active markets;
Level
2 — defined as quoted prices for similar instruments in active market, quoted prices for identical or similar instruments in markets
that are not active, or model-derived valuations for which all significant inputs are observable market data;
Level
3 — defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Financial
assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
The Company's assessment of the significance of an input to the fair value measurement requires judgment and may affect the valuation
of fair value assets and liabilities and their placement within the fair value hierarchy levels.
The
Company's interest rate swap contracts are valued with pricing models commonly used by the financial services industry using discounted
cash flows of forecast future swap settlements based on projected three-month LIBOR rates. The Company does not consider these models
to involve significant judgment on the part of management and corroborated the fair value measurements with counterparty valuations.
The Company's interest rate swaps are classified within Level 2 of the valuation hierarchy based on the observable market rates
used to determine its fair value. The Company does not expect to change its valuation techniques and therefore does not anticipate any
transfers into or out of different levels of hierarchy. These interest rate swaps are accounted for as derivative financial instrument
liabilities.
F-
64
The
Company values its energy commodity swap contracts based on the applicable geographical market energy forward curve. The forward curves
are derived based on the quotes provided by New York Mercantile Exchange ("
NYMEX
"), Amerex Energy Services
("
Amerex
") and Tradition Energy ("
Tradition
"). The Company does not consider that
the pricing index used involves significant judgement on the part of management. Therefore, the Company classifies these commodity swap
contracts within Level 2 of the valuation hierarchy based on the observable market rates used to determine fair value.
The
Company accounts for asset retirement obligations by recording the fair value of a liability for an asset retirement obligation in the
period in which it is incurred and when a reasonable estimate of fair value can be made. The Company estimates the fair value of asset
retirement obligations by calculating the estimated present value of the cost to retire the asset. This estimate requires assumptions
and judgments regarding the existence of liabilities, the amount and timing of cash outflows required to settle the liability, inflation
factors, credit adjusted discount rates, and consideration of changes in legal, regulatory, environmental, and political environments.
In addition, the Company determines the Level 3 fair value measurements based on historical information and current market conditions.
These assumptions represent Level 3 inputs, which can regularly change. As such, the fair value measurement of asset retirement obligations
is subject to changes in these unobservable inputs as of the measurement date. The Company used a discounted cash flow ("
DCF
")
model in which cash outflows estimated to retire the asset are discounted to their present value using an expected discount rate. A significant
increase (decrease) in the discount rate in isolation could result in a significantly lower (higher) fair value measurement. The Company
estimated the fair value of its asset retirement obligations based on discount rates ranging from 5.75% to 8.5%.
The
Company's convertible note is valued with a discounted cash flow analysis to estimate the present value of the cash outflows associated
with the arrangement. A synthetic credit rating model is utilized to estimate the Company's credit rating based on the Company's
financial condition and the Company's forecasts and plans with respect to debt service, which is then used as input to perform
a comparable yield analysis with similarly rated companies to obtain an appropriate discount rate. Other significant inputs include the
principal amount, the stated coupon rate, the maturity date of the note and the conversion multiple, all of which are directly observable
from the contract. This estimate also requires assumptions and judgements regarding the probability and the timing of the event occurring
that would lead to automatic conversion. Certain significant assumptions used to determine the fair value of the convertible note represent
Level 3 inputs and can regularly change. As such, the fair value measurement of the convertible note is subject to changes in these unobservable
inputs as of the measurement date. A significant increase (decrease) in the discount rate in isolation could result in a significantly
lower (higher) fair value measurement. The Company estimated the fair value of the convertible note based on discount rates ranging from
7.0% to 7.5%.
There
were no transfers of assets between Level 1, Level 2, or Level 3 of the fair value hierarchy as of June 30, 2022 or December 31,
2021.
The
Company's assets and liabilities that are measured at fair value on a recurring basis include the following as of June 30,
2022 and December 31, 2021, set forth by level, within the fair value hierarchy:
Fair value as of June 30, 2022
Level 1
Level 2
Level 3
Total
Liabilities:
Asset retirement obligation
$
—
$
—
$
5,807
$
5,807
Contingent consideration on acquisition of non-controlling interest
—
—
4,639
4,639
Convertible note payable
—
—
60,820
60,820
Interest rate swap
—
38
—
38
Commodity swap contracts
—
554
—
554
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65
Fair value as of December 31, 2021
Level 1
Level 2
Level 3
Total
Liabilities:
Asset retirement obligation
$
—
$
—
$
5,738
$
5,738
Contingent consideration on acquisition of non-controlling interest
—
—
4,456
4,456
Convertible note payable
—
—
58,710
58,710
Interest rate swap
—
992
—
992
Assets:
Commodity swap contracts
—
382
—
382
A
summary of changes in the fair values of the Company's Level 3 instruments, attributable to asset retirement obligations, for the
six months ended June 30, 2022 is included in Note 2,
Summary of Significant Accounting Policies
.
10.
Related Parties
Related
parties are represented by our Ultimate Parent and other affiliates, subsidiaries and other entities under common control with the Ultimate
Parent.
Capital
contributions and distribution from and to members
During
the six months ended June 30, 2022 and 2021, the Company received contributions from its Ultimate Parent of $0 and $7,522, respectively.
Additionally, the Company made distributions to its Ultimate Parent of $0 and $3,695 for the six months ended June 30, 2022 and
2021, respectively.
Sale
of non-controlling interests to Related Parties
On
November 29, 2021, as part of an exchange agreement ("
Hillman exchange
"), the Company issued 14 newly authorized
common units and 300,000 Series A-1 preferred units to Hillman in return for Hillman's non-controlling interest in four RNG project
subsidiaries for total consideration of $30,000. The Company recorded paid-in-kind preferred dividend of $1,207 for the six months ended
June 30, 2022. Please see Note 13,
Redeemable Preferred Units and Equity,
for additional information.
Purchase
of investments from Related Parties
In August 2021, the Company
acquired a 100% ownership interests in Reynolds RNG LLC ("
Reynolds
"), an RNG production facility for $12,020
which was funded with cash on hand. Reynolds held an equity investment of 1,570 Class B units in GREP BTB Holdings LLC ("
GREP
")
representing 20% interest for a cash consideration of $1,570 which owns 50% of BioTown Biogas LLC ("
Biotown
"),
a power generation facility under development to convert to an RNG facility. The Reynolds transaction was an asset acquisition from an
affiliate under common control. The Company accounts for its 20% equity investment in GREP under the equity method. The Company recorded
a loss of $556 as its share of net loss for the six months ended June 30, 2022 and reduced its investment in GREP as of June 30,
2022.
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66
Equity
commitment letters
During
2021, the Ultimate Parent entered into two equity commitment agreements with third-party investors which established the amount of capital
contributions to be made by these investors in four RNG projects being developed by the Company in exchange for which the third-party
investor would acquire a specified ownership percentage in the RNG project. In conjunction with this, for the purpose of satisfying the
Engineering, Procurement, and Construction Agreements under which these RNG projects would be built, the Ultimate Parent issued four
equity commitment letters to the contractor hired to construct these RNG projects. As of June 30, 2022, the equity commitments for three
RNG facilities have been fulfilled and only one equity commitment letter is outstanding which is shown below:
Equity
Commitment
Letters
Amount
Distributed
Under the
Equity
Commitment
Letters
Amount
Outstanding
Yet to be
Fulfilled
June 30, 2022:
New River RNG
$
16,562
$
14,775
$
1,787
$
16,562
$
14,775
$
1,787
Sales
contracts with Related Parties
In
June 2020, TruStar, a wholly-owned subsidiary of the Company, contracted with Beacon to dispense Beacon's RNG, generate and market
the resulting RINs created on behalf of Beacon. The term of this contract is September 1, 2020 through October 31, 2030. The Company
receives non-cash consideration in the form of RINs or LCFSs for providing these services and recognizes the RINs or LCFSs received as
inventory based on their estimated fair value at contract inception. During 2021, the Company acquired the remaining interests in Beacon.
Therefore, all environmental fees earned is eliminated in the condensed consolidated statements of operations for the six months ended
June 30, 2022. During 2021, the Company accounted Beacon under equity method for the period between January 1, 2021 and April 30,
2021 and consolidated Beacon for the remaining part of the year. Therefore, all environmental fees earned after May 1, 2021 is eliminated
in the condensed consolidated statement of operations. For the period between January 1, 2021 and April 30, 2021, the company earned
environmental processing fees of $632, net of intersegment elimination.
In
March 2021, TruStar, a wholly-owned subsidiary of the Company, contracted with Noble Road to dispense Noble Road's RNG, generate and
market the resulting RINs created on behalf of Noble Road The term of this contract is November 1, 2021 through June 30, 2032. The Company
receives non-cash consideration in the form of RINs or LCFSs for providing these services and recognizes the RINs or LCFSs received as
inventory based on their estimated fair value at contract inception. The facility came online in first quarter of 2022. For the six months
ended June 30, 2022 and 2021, the Company earned environmental processing fees of $242 and $0, net of intersegment elimination,
under this agreement which are included in Fuel Station Services revenues in the condensed consolidated statements of operations.
Service
agreements with Related Parties
On
December 31, 2020, the Company signed a management, operations, and maintenance services agreement ("
Administrative services
agreement
") with the Ultimate Parent, pursuant to which the Ultimate Parent provides management, operations, and maintenance
services to the Company. The agreement expires on December 31, 2023, unless the termination occurs earlier due to dissolution of the
Company or terminated by the Company's secured lenders in certain circumstances. The agreement provides for payment of service
fees based on actual time incurred at contractually agreed rates provided for in the Administrative services agreement and a fixed annual
payment of $580,000 per year adjusted annually for inflation. Additionally, the agreement provides for the Company to receive credits
for any services provided by the Company's employees to its Ultimate Parent. For the six months ended June 30, 2022 and 2021,
there have been no material services by the Company's employees to its Ultimate Parent.
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67
In
June 2021, the company entered into an management services agreement with Costar Partners LLC ("
Costar
"), an
affiliate of the Ultimate Parent. As per the agreement, Costar provides information technology ("
IT'
) support
services, software use, licensing services, management of third party infrastructure and security services and additional IT services
as needed by the Company. The agreement provides for Costar to be compensated based on actual costs incurred and licensing fees per user
for certain software applications. The agreement expires in June 2024 unless the termination occurs earlier due to dissolution of the
Company or terminated by the Company's secured lenders in certain circumstances.
The following table summarizes
the various fees recorded under the agreements described above which are included in "Selling, general, and administrative"
expenses except for $1,516 which was recorded as part of "Deferred financing costs" as of June 30, 2022:
Six months ended
June 30, 2022
June 30, 2021
Staffing and management services
$
1,105
$
3,920
Rent - fixed compensation
274
—
IT services
1,085
—
Total
$
2,464
$
3,920
As of June 30, 2022
and December 31, 2021, the Company had Accounts payable, related party in the amounts of $1,141 and $166, respectively.
11. Reportable
Segments and Geographic Information
The Company is organized
into four operating segments based on the characteristics of its renewable power generation, dispensing portfolio, and the nature of other
products and services. During the second quarter of 2022, the Company changed its internal reporting to its Chief Operating Decision Makers.
We aligned our reportable segments disclosure to align with the information and internal reporting that is provided to our Chief Operating
Decision Makers. Therefore, the Company reassessed its reportable segments and revised all the prior periods to make the segment disclosures
comparable.
●
Renewable Power Portfolio.
The Renewable Power 3 ("
RP3
") portfolio generates
renewable power through methane-rich landfills and digester gas collection systems primarily located in Southern California. RP3 sells
renewable power to public utilities throughout the United States. The Renewable Power 4 ("
RP4
") portfolio generates
renewable power through methane-rich landfills and digester gas collection systems. RP4 sells renewable power to public utilities throughout
the United States.
●
RNG Fuel.
This division relates to all RNG supply and dispensing related activities directly related
to the generation and sale of brown gas and environmental credits.
◦
Development and construction – RNG facilities in which long term gas right contracts have been or
in the process of being ratified and the building of RNG generation facilities.
◦
RNG supply operating facilities – This includes the generation, extraction, and sale of RNG - (plus
associated RINs and LCFSs from landfills (includes Beacon, Emerald, Reynolds, Sapphire, Noble Road, Central Valley New River, and Pine
Bend) and dairy farms (Sunoma).
◦
RNG and CNG fuel dispensing stations for vehicle fleets - This includes both dispensing/sale of brown
gas and the environmental credit generation and monetization. This company operates fueling stations that dispense gas into transportation
vehicles. Also includes the development and construction of these facilities.
The RNG Fuel portfolio consists
of the Company's interests in Beacon, Noble Road, Pine Bend, New River, Central Valley, Emerald, Reynolds, Sapphire, and Sunoma.
For the six months ended June 30, 2022, the Company has accounted for its interests in Pine Bend, Reynolds and Noble Road under the
equity method of accounting and the results of operations of Beacon, New River, Central Valley, Emerald, Sapphire, and Sunoma were consolidated
in its condensed consolidated statement of operations. The Company has accounted for its interest in Beacon under the equity method of
accounting for the period between January 1, 2021 and April 30, 2021 and had consolidated for the period May 1, 2021 and June 30, 2021.
The results of operations of Noble Road, Pine Bend and Sunoma for the period between January 1, 2021 and June 30, 2021 were consolidated
in its condensed consolidated statement of operations. As of June 30, 2022, Pine Bend, Central Valley, Emerald, and Sapphire are not operational.
Sunoma became operational in December 2021, Noble Road in January 2022 and New river in April 2022.
●
Fuel Station Services.
The Company also provides maintenance services to third-party owners of
vehicle fueling stations. It includes
◦
Service and maintenance contracts for RNG/CNG fueling sites across the US. Includes a manufacturing division
that builds Compact Fueling Systems (CFS) and Defueling systems.
◦
Third Party CNG Construction of Fueling Stations. Design/build and serve as general contractor for typically
Guarantee Maxim Price (GMP) or fixed priced contracts for customers typically lasting less than one year.
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68
●
Corporate.
Consists of a multitude of activities managed and maintained at a corporate level primarily
including but not limited to:
◦
Executive, accounting, finance, sales activities such as: payroll, stock compensation expense, travel
and other related costs
◦
Insurance, professional fees (Audit, tax, legal etc.)
The Company determined that
each of the four operating segments meets the characteristics of a reportable segment in U.S. GAAP. The Company activities and assets
that are not associated with the four reportable segments are summarized in the "Other" category below. These include corporate
investment income, interest income and interest expense, income tax expense, and other non-allocated costs.
Six Months Ended
June 30,
2022
2021
Revenues:
Renewable Power
$
20,088
$
22,321
RNG Fuel
59,475
34,903
Fuel Station Services
32,685
17,177
Other
(1)
127
49
Intersegment
(5,022
)
(2,485
)
Equity Method Investment(s)
(5,089
)
(14,181
)
$
102,264
$
57,784
(1)
Other includes
revenues of Fortistar Contracting LLC.
Six Months Ended
June 30,
2022
2021
Interest and Financing Expense, Net:
Renewable Power
$
(2,119
)
$
(2,070
)
RNG Fuel
(51
)
(24
)
Corporate
(4,238
)
(323
)
$
(6,408
)
$
(2,417
)
Six Months Ended
June 30,
2022
2021
Depreciation, Amortization, and Accretion:
Renewable Power
$
3,107
$
2,467
RNG Fuel
3,758
2,378
Fuel Station Services
202
209
Other
(1)
64
64
Equity Method Investment(s)
(573
)
(1,059
)
$
6,558
$
4,059
(1)
Other includes amortization of intangible assets and depreciation expense not allocated to any segment.
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69
Six Months Ended
June 30,
2022
2021
Net (Loss) Income:
Renewable Power
(2)
$
(2,169
)
$
(4,850
)
RNG Fuel
13,642
4,510
Fuel Station Services
(2)
3,414
2,681
Corporate
(1) (2)
(19,660
)
13,444
Equity Method Investment(s)
(36
)
2,392
$
(4,809
)
$
18,177
(1)
The Net Income for Corporate segment includes $19,818 gain on acquisition of equity method investment
for the six months ended June 30, 2021.
(2)
The Net Income for Corporate segment for the six months ended June 30, 2021, includes certain payroll
expenses for employees who were transferred from Renewable Power and Fuel Station Services segment for the six months ended June 30, 2022.
Six Months Ended
June 30,
2022
2021
Cash paid for Purchases of Property, Plant, and Equipment:
Renewable Power
$
1,300
$
—
Fuel Station Services
$
3,300
$
—
RNG Fuel
$
50,559
$
34,422
$
55,159
$
34,422
June 30,
2022
December 31,
2021
Total Assets:
Renewable Power
$
44,828
$
43,728
RNG Fuel
303,520
215,512
Fuel Station Services
60,700
56,567
Corporate
56,083
17,528
Other
(1)
—
359
Equity Method Investment(s)
47,113
47,150
$
512,242
$
380,844
(1)
Other includes total assets associated with Fortistar Contracting LLC as the Company does not maintain
segment-level records for these balances.
Geographic Information: The
Company's assets and revenue generating activities are domiciled in the United States.
12. Variable Interest
Entities
We determine whether we are
the primary beneficiary of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a
VIE on an ongoing basis. Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances
for each VIE and requires judgment. Our considerations in determining the VIE's most significant activities and whether we have
power to direct those activities include, but are not limited to, the VIE's purpose and design and the risks passed through to investors,
the voting interests of the VIE, management, service and/or other agreements of the VIE, involvement in the VIE's initial design,
and the existence of explicit or implicit financial guarantees. If we are the party with the power over the most significant activities,
we meet the "power" criteria of the primary beneficiary. If we do not have the power over the most significant activities
or we determine that all significant decisions require consent of a third-party, we do not meet the "power" criteria of the
primary beneficiary.
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70
We assess our variable interests
in a VIE both individually and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits
from the VIE that could potentially be significant to the VIE. The determination of whether our variable interest is significant to the
VIE requires judgment. In determining the significance of our variable interest, we consider the terms, characteristics and size of the
variable interests, the design and characteristics of the VIE, our involvement in the VIE, and our market-making activities related to
the variable interests.
As of June 30, 2022
and December 31, 2021, the Company held equity interests in five VIEs — Sunoma, GREP, Emerald, Sapphire, and Central Valley.
GREP has been presented as
an equity method investment and the remaining four VIEs Sunoma, Emerald, Sapphire, and Central Valley are consolidated by the Company.
In 2020, the Company acquired
a variable interest in Sunoma in a joint venture with a third-party who does not have any equity at risk but participates in proportionate
share of income or losses, which may be significant. Additionally, the assets in Sunoma are collateralized under the Sunoma loan, the
proceeds of which are used for partial financing of the construction of the facility. Therefore, the significant assets and liabilities
of Sunoma are parenthesized in the condensed consolidated balance sheets as of June 30, 2022 and December 31, 2021.
The Company determined that
each of these entities are VIEs and in its capacity as a managing member except for Emerald and Sapphire, the Company is the primary beneficiary.
The Company is deemed as a primary beneficiary based on two conditions
●
The Company, as a managing member, has the power to order the activities that significantly impact the
economic performance of the four entities including establishment of strategic, operating, and capital decisions for each of these entities;
●
The Company has the obligation to absorb the potential losses for the right to receive potential benefits,
which could be significant to the VIE;
As a primary beneficiary,
the Company consolidates these entities in accordance with the variable interest entity model guidance under ASC 810,
Consolidation
.
The VIEs, Emerald and Sapphire
are organized as 50/50 joint ventures managed by an independent board consisting of four members appointed by the Company and the joint
venture partner. The board of managers has sole power and authority to conduct, direct and exercise control over the joint venture's
activities except with respect to certain terms under certain operating agreements. The Company determined that it is the primary beneficiary
as a result of its economic exposure and incremental power to direct certain key economic activities of the joint venture and therefore
consolidated the VIEs in its condensed consolidated financial statements.
Our variable interests in
each of our VIEs arise primarily from our ownership of membership interests, construction commitments, our provision of operating and
maintenance services, and our provision of environmental credit processing services to VIEs.
The following table summarizes
the major condensed consolidated balance sheet items for consolidated VIEs as of June 30, 2022 and December 31, 2021. The VIE
information below is presented on an aggregate basis based on similar risk and reward characteristics and the nature of our involvement
with the VIEs, such as:
●
All of the VIEs are RNG facilities and they are reported under the RNG Fuel Supply segment;
●
The nature of our interest in these entities is primarily equity based and therefore carry similar risk
and reward characteristics;
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71
The amount of assets that
can only be used to settle obligations of the VIEs are parenthesized in the condensed consolidated balance sheets and are included in
the asset totals listed in the table below.
As of
June 30,
2022
As of
December 31,
2021
Assets
Current assets:
Cash and cash equivalents
$
23,864
$
1,991
Accounts receivable, net
100
40
Prepaid expenses and other current assets
496
113
Total current assets
24,460
2,144
Property, plant and equipment, net
36,653
27,794
Restricted cash, non-current
1,164
1,163
Total assets
$
62,277
$
31,101
Liabilities and equity
Current liabilities:
Accounts payable
$
217
$
544
Accounts payable, related party
939
—
Accrued capital expenses
—
1,722
Sunoma loan - current portion
1,418
756
Accrued expenses and other current liabilities
184
—
Total current liabilities
2,758
3,022
Sunoma loan, net of debt issuance costs
17,469
16,199
Total liabilities
20,227
19,221
Equity
OPAL Fuels LLC equity
24,412
10,692
Non-controlling interest
17,638
1,188
Total equity
42,050
11,880
Total Liabilities and Equity
$
62,277
$
31,101
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72
13. Redeemable Preferred Units and Equity
On November 29, 2021, as
part of an exchange agreement ("
Hillman exchange
"), the Company issued the 14 newly authorized common units
and 300,000
Series A-1 preferred units
to Hillman in return for Hillman's
non-controlling interest in four RNG project subsidiaries.
On November 29, 2021, Mendocino
Capital LLC ("
NextEra
") subscribed for up to 1,000,000 Series A preferred units, which are issuable (in whole
or in increments) at the Company's discretion prior to June 30, 2022. As of June 30, 2022, the Company issued 1,000,000 units
for total proceeds of $100,000. The Company incurred issuance costs of $267 in third-party legal fees in the fourth quarter of 2021, which
was presented as Deferred financing costs in the condensed consolidated balance sheet as of December 31, 2021. The Company has elected
to adjust the carrying value of the preferred units to the redemption value at the end of each reporting period by immediately amortizing
the issuance costs in the first reporting period after issuance of the preferred units. Therefore, the Company amortized the $267 to Retained
earnings component of Members' equity as of June 30, 2022.
The following table summarizes
the changes in the redeemable preferred units from December 31, 2021 to June 30, 2022:
Series A-1 Preferred Units
Series A Preferred Units
Units
Amount
Units
Amount
Balance, December 31, 2021
300,000
$
30,210
—
$
—
Series A units issued
—
$
—
1,000,000
$
100,000
Paid-in kind dividends on issued and outstanding units
—
$
1,207
—
$
1,228
Balance, June 30, 2022
300,000
$
31,417
1,000,000
$
101,228
14. Net (Loss) Income Per Unit
The Basic loss per unit attributable
to members of OPAL Fuels LLC for the six months ended June 30, 2022 and 2021 is computed by dividing the net loss attributable to
OPAL Fuels LLC by the weighted-average number of common units outstanding during the period. Diluted net loss for the six months ended
June 30, 2022 and 2021 does not include 1,000,000 Series A redeemable preferred units and 300,000 Series A-1 redeemable preferred
units because the substantive contingency for conversion has not been met as of June 30, 2022.
Six Months Ended
June 30,
2022
2021
Net (loss) income attributable to OPAL Fuels LLC
$
(6,745
)
$
18,375
Weighted average units - Basic
1,000
986
Weighted average units - Diluted
1,000
986
Basic net (loss) income per unit
$
(6,745
)
$
18,636
Diluted (net loss) income per unit
$
(6,745
)
$
18,636
15. Commitments
and Contingencies
Letters of Credit
As of June 30, 2022
and December 31, 2021, the Company was required to maintain eight standby letters of credit totaling $9,348 and $9,023, respectively,
to support obligations of Company subsidiaries. These letters of credit were issued in favor of a lender, utilities, a governmental agency,
and an independent system operator under PPA electrical interconnection agreements, and in place of a debt service reserve. There have
been no draws to date on these letters of credit.
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73
Purchase Options
The Company has two contracts
with customers to provide CNG for periods of seven and ten years, respectively. The customers have an option to terminate the contracts
and purchase the Company's CNG fueling station at the customers' sites for a fixed amount that declines annually.
In July 2015, the Company
entered into a 10-year fuel sales agreement with a customer that included the construction of a CNG fueling station owned and managed
by the Company on the customer's premises. At the end of the contract term, the customer has an option to purchase the CNG fueling
station for a fixed amount. The cost of the CNG fueling station was recorded to Property, plant, and equipment and is being depreciated
over the contract term.
Legal Matters
The Company is engaged in
a dispute with a municipality relating to the proceeds from a Section 1603 Treasury grant. The municipality has filed a claim for one-half
of the proceeds, plus interest. While it is not possible to determine the outcome at this time, the Company could be liable for an amount
ranging from $0 to $1,500 in this proceeding.
On June 26, 2020, Richmond
Energy LLC ("
Richmond
") declared a Force Majeure event under its PPA with Old Dominion Electric Cooperative
("
ODEC
"), dated as of November 3, 2010. The Force Majeure declaration stated that inspections of its Old Dominion
landfill gas-to-electric facility (the "
OD Facility
") under a scheduled maintenance outage revealed extensive
damage to the engine generator sets. Richmond is currently undertaking significant capital expenditures, in cooperation with the landfill
owner, to prepare the OD Facility to restart during calendar year 2022. On January 7, 2022, Richmond received an invoice and associated
correspondence from ODEC asserting aggregated liquidated damages under the PPA for calendar years 2020 and 2021, reflecting the cover
value of renewable energy certificates that would have been generated in those years, in the amount of $467. Richmond and ODEC entered
into a settlement agreement whereby Richmond would pay ODEC the specified damages for calendar years 2020 and 2021, as well as those to
be assessed for calendar year 2022 ("
Settlement Agreement
"). On February 8, 2022, Richmond paid ODEC $467 pursuant
to the Settlement Agreement; liquidated damages for calendar year 2022, if any, will be assessed by ODEC during the first quarter of 2023.
The Company is also involved
in various claims arising in the normal course of business. Management believes that the outcome of these claims will not have a material
adverse effect on the Company's financial position, results of operations or cash flows.
16. Subsequent
Events
As previously announced,
ArcLight Clean Transition Corp. II ("
ArcLight
" and, after the Domestication as described below, ("
OPAL
"),
a Cayman Islands exempted company, entered into that certain Business Combination Agreement, dated December 2, 2021 (the "Business
Combination Agreement"), by and among ArcLight, Opal Holdco LLC ("
OPAL Holdco
"), and OPAL Fuels LLC, a
Delaware limited liability company ("
Opco
").
On July 21, 2022 (the "
Domestication
Date
"), Arclight completed the Business Combination as contemplated by the Business Combination Agreement. In connection
therewith, ArcLight filed a notice of deregistration with the Cayman Islands Registrar of Companies, together with the necessary accompanying
documents, and filed a certificate of incorporation and a certificate of corporate domestication with the Secretary of State of the State
of Delaware, under which ArcLight was domesticated and continued as a Delaware corporation (the "
Domestication
").
Pursuant to the Domestication, (i) each outstanding Class B ordinary share, par value $0.0001 per share (the "
Class B ordinary
shares
"), of ArcLight was automatically converted, on a one-for-one basis, into a Class A ordinary share, par value $0.0001
per share (the "
Class A ordinary shares
"), of ArcLight; (ii) each issued and outstanding Class A ordinary share
(including Class A ordinary shares resulting from the conversion of Class B ordinary shares into Class A ordinary shares) was automatically
converted, on a one-for-one basis, into a share of Class A common stock, par value $0.0001 per share (the "
Class A common
stock
"); (iii) each issued and outstanding whole warrant to purchase Class A ordinary shares of ArcLight automatically converted
into a warrant to acquire one share of Class A common stock at an exercise price of $11.50 per share (each an "
OPAL warrant
");
and (iv) each issued and outstanding unit of ArcLight that had not been previously separated into the underlying Class A ordinary shares
of ArcLight and the underlying warrants of ArcLight upon the request of the holder thereof prior to the Domestication was cancelled and
entitled the holder thereof to one share of Class A common stock and one-fifth of one OPAL warrant.
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74
On July 21, 2022 (the "
Closing
Date
"), as contemplated by the Business Combination Agreement:
●
Opco and its existing members caused Opco's existing limited liability company agreement to be amended
and restated and in connection therewith, all of the common units of Opco issued and outstanding immediately prior to the closing were
re-classified into 144,399,037 Class B common units of Opco (collectively, the "
Opco Common Units
");
●
OPAL contributed to Opco $123,363 (representing (x) the amount of cash in the trust account established
by ArcLight with the proceeds from its initial public offering as of immediately prior to the Closing, after giving effect to the exercise
of redemption rights by any ArcLight shareholders and the set aside of funds in escrow to support a forward purchase agreement (described
further below), plus (y) the aggregate cash proceeds received in respect of the PIPE Investment (as defined below);
●
OPAL contributed to Opco, and Opco in turn distributed to pre-closing members of Opco, 144,399,037 shares
of Class D common stock, par value $0.0001 per share, of OPAL (the "
Class D common stock
") (such shares of Class
D common stock do not have any economic value but entitle the holder thereof to five votes per share) with the number of such shares of
Class D common stock equal to the number of Opco Common Units held by each pre-closing member of Opco;
●
OPAL issued directly to ARCC Beacon LLC, a Delaware limited liability company ("
Ares
"),
3,059,533 shares of Class A common stock; and
●
Opco issued to OPAL 25,171,390 Class A Units of Opco (the foregoing transactions being referred to as
the "
Business Combination
").
In addition, pursuant to
subscription agreements entered into with certain investors (the "
PIPE Investors
") in connection with the Business
Combination (the "
PIPE Investment
"), concurrently with the closing of the Business Combination (the "
Closing
"),
OPAL received $105,806 in proceeds from the PIPE Investors, in exchange for which it issued 10,580,600 shares of Class A common stock
to the PIPE Investors. OPAL received the remaining $5,000 subscribed for pursuant to the PIPE Investment from one of the PIPE Investors
subsequent to the Closing and issued 500,000 shares of Class A common stock.
Holders of 27,364,124 Class
A ordinary shares sold in ArcLight's initial public offering (the "public shares") properly exercised their right to
have their public shares redeemed for a full pro rata portion of the trust account holding the proceeds from ArcLight's initial
public offering, calculated as of two business days prior to the Closing, which was approximately $10.00 per share, or $274,187 in the
aggregate.
Pursuant to a forward share
purchase agreement (the "
Forward Purchase Agreement
") entered into between ArcLight and Meteora Capital Partners
and its affiliates (collectively, "
Meteora
"), prior to the closing of the Business Combination Meteora purchased
2,000,000 Class A ordinary shares of ArcLight from shareholders which had previously tendered such shares for redemption but agreed to
reverse their redemption and sell such shares to Meteora at the redemption price, resulting in Meteora holding a total of 2,000,000 Class
A ordinary shares, which Meteora agreed not to redeem in connection with the Business Combination. Additionally, ArcLight placed $20,040
in escrow at the closing of the Business Combination to secure its purchase obligations to Meteora under the Forward Purchase Agreement.
After giving effect to the
Business Combination, the redemption of public shares as described above, the consummation of the PIPE Investment, and the separation
of the former ArcLight units, there are currently (i) 25,171,390 shares of Class A common stock issued and outstanding, (ii) 144,399,037
shares of Class D common stock issued and outstanding, (iii) no shares of Class B common stock, par value $0.0001 per share, of OPAL ("
Class
B common stock
") issued and outstanding (shares of Class B common stock do not have any economic value but entitle the holder
thereof to one vote per share) and (iv) no shares of Class C common stock, par value $0.0001 per share, of OPAL ("
Class C
common stock
") issued and outstanding (shares of Class C common stock entitle the holder thereof to five votes per share).
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75
The Class A common stock
and OPAL warrants commenced trading on Nasdaq under the symbols "OPAL" and "OPALW," respectively, on July 22,
2022, subject to ongoing review of OPAL's satisfaction of all listing criteria following the Business Combination.
As noted above, an aggregate
of $274,187 was paid from the trust account to holders that properly exercised their right to have their public shares redeemed, and the
remaining balance immediately prior to the Closing of $37,597 remained in the trust account. The remaining amount in the trust account,
together with the proceeds from the PIPE Investment, were contributed by OPAL to Opco after the set aside of funds in escrow to support
the Forward Purchase Agreement.
On July 19, 2022, Sunoma
completed the conversion of the construction loan into a permanent loan and increased the commitment from $20,000 to $23,000.
On July 15, 2022, the Company
received a redemption notice from Biotown for the Note receivable and the Company subsequently received $11,555 including the prepayment
penalty of $546 and accrued interest.
On August 4, 2022, OPAL Fuels
Intermediate Holdco 2 LLC ("
OPAL Intermediate Holdco 2
"), a wholly-owned subsidiary of the Company, as borrower,
together with its direct and indirect subsidiaries, as guarantors, entered into a new senior secured credit facility (the "
Credit
Agreement
") with Bank of Montreal, as the administration agent, Wilmington Trust, as collateral and depositary agent, and
the other lenders a party thereto. The Credit Agreement provides for an approximately two year delayed term loan facility (the "DDTL
Facility") of up to a maximum aggregate principal amount of $100.0 million and Debt Service Reserve facility (the "
DSR
Facility
") of up to a maximum aggregate principal amount of $5.0 million. The proceeds of the DDTL Facility are to be used
to fund a portion of the construction of the RNG projects owned, either in full or through a joint venture with a third party, by the
subsidiary guarantors and the proceeds of the DSR Facility are to be used solely to satisfy the balance to be maintained in the debt service
reserve account.
The outstanding borrowings
under the Credit Agreement bear interest at the benchmark rate of adjusted Term SOFR plus (i) for the period from closing to the earlier
of the date of conversion of the construction loan to a term loan (the "
Conversion Date
") or September 30, 2024,
a spread of 3.5%, and (ii) thereafter a spread of 3.75%. Accrued interest on amounts outstanding under the DDTL Facility must be paid
on the last day of each applicable interest period. The outstanding principal amount of the DDTL Facility is subject to quarterly amortization
payments commencing September 30, 2024 equal to 2.5% of the aggregate principal amount of the outstanding term loan balance as of the
Conversion Date, subject to adjustment based on certain mandatory prepayments, with the balance due at maturity. The DSR Facility is due
at maturity. The Credit Agreement matures on August 4, 2027.
F-
76
Report
of Independent Registered Public Accounting Firm
Shareholders
and Board of Directors
OPAL Fuels LLC
White Plains, NY
Opinion
on the Consolidated Financial Statements
We
have audited the accompanying consolidated balance sheets of OPAL Fuels LLC (the "Company") as of December 31, 2021 and 2020,
the related consolidated statements of operations, changes in members'(deficit) equity, and cash flows for each of the three years
in the period ended December 31, 2021, and the related notes (collectively referred to as the "consolidated financial statements").
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company
at December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December
31, 2021, in conformity with accounting principles generally accepted in the United States of America.
Restatement
of 2020 and 2019 Consolidated Financial Statements
As
discussed in Note 2 to the consolidated financial statements, the accompanying consolidated financial statements as of December 31, 2020
and for each of the two years in the period ended December 31, 2020 have been restated to correct a misstatement.
Related
Parties
As
discussed in Note 10 "Related Parties" to the consolidated financial statements, OPAL Fuels LLC and its subsidiaries have
entered into significant transactions with Fortistar, LLC, which is a related party. Our opinion is not modified with respect to this
matter.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board(United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have,
nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain
an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of
the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.
/s/
BDO USA, LLP
We
have served as the Company's auditor since 2016.
Stamford,
CT
April
15, 2022
F-
77
OPAL
FUELS LLC
CONSOLIDATED BALANCE SHEETS
(in thousands of dollars except per unit data)
As
    of December 31,
2021
2020
(Restated)
(1)
Assets
Current
    assets:
Cash
    and cash equivalents (includes $1,991 and $5,088 at December 31, 2021 and December 31, 2020, respectively, related to consolidated
    VIEs)
$
39,314
$
12,823
Accounts
    receivable, net (includes $40 and $– at December 31, 2021 and December 31, 2020, respectively, related to consolidated
    VIEs)
25,391
22,002
Fuel
    tax credits receivable
2,393
2,276
Contract
    assets
8,484
5,524
Parts
    inventory
5,143
4,244
Environmental
    credits held for sale
386
545
Prepaid
    expense and other current assets (includes $113 and $— at December 31, 2021 and December 31, 2020, respectively,
    related to consolidated VIEs)
5,482
2,981
Derivative
    financial asset, current portion
382
810
Total
    current assets
86,975
51,205
Capital
    spares
3,025
3,014
Property,
    plant, and equipment, net (includes $27,359 and $18,834 at December 31, 2021 and December 31, 2020, respectively, related
    to consolidated VIEs)
169,770
79,492
Investment
    in other entities
47,150
25,573
Note
    receivable
9,200
—
Note
    receivable – variable fee component
1,656
—
Deferred
    financing costs
2,370
—
Other
    long-term asset
489
—
Intangible
    assets, net
2,861
3,437
Derivative
    financial asset, non-current portion
—
719
Restricted
    cash (includes $1,163 and $2,199 at December 31, 2021 and December 31, 2020, respectively, related to consolidated VIEs)
2,740
2,565
Goodwill
54,608
3,453
Total
    assets
$
380,844
$
169,458
Liabilities,
    Redeemable Preferred Units, and Members' Equity
Current
    liabilities:
Accounts
    payable (includes $544 and $864 at December 31, 2021 and December 31, 2020, respectively, related to consolidated VIEs)
$
12,581
$
8,683
Accounts
    payable, related party
166
1,579
Fuel
    tax credits payable
1,978
1,945
Accrued
    payroll
7,652
2,781
Accrued
    capital expenses (includes $1,722 $— and $3,300 at December 31, 2021 and December 31, 2020, respectively, related to consolidated
    VIEs)
5,517
3,300
Accrued
    expenses and other current liabilities (includes $— and $776 at December 31, 2021 and December 31, 2020, respectively related
    to consolidated VIEs)
7,220
7,323
Contract
    liabilities
9,785
4,678
Liability
    under power sales agreement, current portion
—
260
Senior
    secured credit facility – term loan, current portion
73,145
4,900
Senior
    secured credit facility – working capital facility, current portion
7,500
5,182
OPAL
    term loan, current portion
13,425
—
F-
78
OPAL
FUELS LLC
CONSOLIDATED BALANCE SHEETS — (Continued)
(in thousands of dollars except per unit data)
As
    of December 31,
2021
2020
(Restated)
(1)
Sunoma
    loan, current portion (includes $756 and $— at December 31, 2021 and December 31, 2020, respectively, related
    to consolidated VIEs)
756
—
Municipality
    loan, current portion
194
194
Derivative
    financial liability, current portion
992
1,689
Other
    current liabilities
374
—
Asset
    retirement obligation, current portion
831
348
Total
    current liabilities
142,116
42,862
Asset
    retirement obligation, non-current portion
4,907
4,537
TruStar
    revolver credit facility
—
10,000
Senior
    secured credit facility – term loan, net of debt issuance costs
—
72,256
Senior
    secured credit facility – working capital facility
—
7,500
OPAL
    term loan
59,090
—
Convertible
    note payable
58,710
—
Municipality
    loan
84
278
Sunoma
    loan, net of debt issuance costs (includes $16,199 and $470 at December 31, 2021 and December 31, 2020, respectively, related
    to consolidated VIEs)
16,199
470
Other
    long-term liabilities
4,781
—
Derivative
    financial liability, non-current portion
—
1,096
Total
    liabilities
285,887
138,999
Commitments
    and contingencies (Note 20)
Redeemable
    preferred units:
Series
    A-1 preferred units, subject to redemption, $100 par value, 600,000 and 0 units authorized, and 300,000 and 0 units issued and outstanding
    at December 31, 2021 and 2020, respectively
30,210
—
Series
    A preferred units, subject to redemption, $100 par value, 2,000,000 and 0 units authorized, and 0 and 0 units issued and outstanding
    at December 31, 2021 and 2020, respectively, $100,000 subscription for units unissued
—
—
Members'
    equity
Common
    units, without par value, 1,000 and 986 units authorized, and 1,000 and 986 units issued and outstanding at December 31, 2021 and
    2020, respectively
47,592
49,170
Retained
    earnings (accumulated deficit)
15,967
(25,396
)
Total
    OPAL Fuels LLC members' equity
63,559
23,774
Non-controlling
    interest in subsidiaries
1,188
6,685
Total
    members' equity
64,747
30,459
Total
    liabilities, redeemable preferred units and members' equity
$
380,844
$
169,458
____________
(1)
As
                                            described in Note 2,
Restatement of financial statements
to these consolidated financial
                                            statements, we have restated the consolidated financial statements for the year ended December
                                            31, 2020 and 2019.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
79
OPAL
                                            FUELS LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of dollars except per unit data)
Fiscal
    Years Ended
December 31,
2021
2020
2019
(Restated)
(1)
(Restated)
(1)
Revenues:
RNG
    fuel
$
70,360
$
11,545
$
8,977
Renewable
    power
45,324
51,250
55,682
Fuel
    station service
50,440
54,911
55,043
Total
    revenues, net
166,124
117,706
119,702
Operating
    expenses:
Cost
    of sales – RNG fuel
41,075
7,376
5,156
Cost
    of sales – Renewable power
31,152
37,755
38,714
Cost
    of sales – Fuel station service
42,838
45,037
47,102
Selling,
    general, and administrative
29,380
20,474
17,795
Depreciation,
    amortization, and accretion
10,653
8,338
8,031
Impairment of assets
—
17,689
—
Gain
    on termination of PPA
—
(1,292
)
—
Loss
    on sale/disposal of assets
—
165
(2,051
)
Total
    expenses
155,098
135,542
114,747
Operating
    income (loss)
11,026
(17,836
)
4,955
Other
    income (expenses):
Interest
    and financing expense, net
(7,467
)
(6,655
)
(8,026
)
Realized
    and unrealized gain (loss) on derivative financial instruments, net
99
(2,197
)
(1,691
)
Gain
    on acquisition of equity method investment
19,818
—
—
Gain
    on deconsolidation of VIEs
15,025
—
—
Gain
    on PPP loan forgiveness
—
1,792
—
Income
    (loss) from equity method investments
2,268
(475
)
(487
)
Net
    income (loss)
40,769
(25,371
)
(5,249
)
Paid-in-kind
    preferred dividends
210
—
—
Net
    loss attributable to non-controlling interests
(804
)
(13
)
—
Net
    income (loss) attributable to OPAL Fuels LLC
$
41,363
$
(25,358
)
$
(5,249
)
Weighted average
    units outstanding:
Basic
(2)
987
986
986
Diluted
(2)
987
986
986
Per unit amounts:
Basic
$
41,908
$
(25,718
)
$
(5,324
)
Diluted
$
41,908
$
(25,718
)
$
(5,324
)
____________
(1)
As
                                            described in Note 2
Restatement of Financial Statements
to these consolidated
                                            financial statements, we have restated the consolidated financial statements for the years
                                            ended December 31, 2020 and 2019.
(2)
As
                                            described in Note 1
Description of Business
to these consolidated financial statements,
                                            the Company amended its limited liability agreement on November 29, 2021 to convert
                                            its outstanding membership interests into 986 units. The Earnings per unit have been
                                            presented retrospectively for all periods presented.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
80
OPAL
FUELS LLC
CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED UNITS AND MEMBERS' EQUITY (DEFICIT)
(In thousands of dollars except per unit data)
Series A-1
Preferred Units
Common
    Units
Retained
Earnings
Total
Members'
Non-
Number of
Units
Amount
Number of
Units
(1)
Members'
Equity
(Accumulated
deficit)
Equity
(deficit)
controlling
interest
Total
Equity
Balance, December 31, 2018
As
    previously reported
—
$
—
986
$
(7,418
)
$
2,133
$
(5,285
)
$
—
$
(5,285
)
Adjustments
(2)
—
—
—
—
3,078
3,078
—
3,078
As restated
—
—
986
(7,418
)
5,211
(2,207
)
—
(2,207
)
Net
    loss
(2)
—
—
—
—
(5,249
)
(5,249
)
—
(5,249
)
Contributions
—
—
—
30,057
—
30,057
—
30,057
Distribution
    to members
—
—
—
(404
)
—
(404
)
—
(404
)
Stock-based
    compensation
—
—
—
315
—
315
—
315
Balance,
    December 31, 2019
—
—
986
22,550
(38
)
22,512
—
22,512
Net
    loss
(2)
—
—
—
—
(25,358
)
(25,358
)
(13
)
(25,371
)
Initial
    non-controlling interests
(2)
—
—
—
1,834
—
1,834
6,698
8,532
Contributions
—
—
—
15,128
—
15,128
—
15,128
Distributions
    to members
—
—
—
(852
)
—
(852
)
—
(852
)
Stock-based
    compensation
—
—
—
510
—
510
—
510
Assignment
    of related party loan and line of credit
—
—
—
10,000
—
10,000
—
10,000
Balance,
    December 31, 2020
—
$
—
986
$
49,170
$
(25,396
)
$
23,774
$
6,685
$
30,459
Net
    income (loss)
—
—
—
—
41,573
41,573
(804
)
40,769
Initial
    non-controlling interests
—
—
—
(715
)
—
(715
)
38,939
38,224
Contributions
    from non-controlling interests
—
—
—
3,873
—
3,873
17,292
21,165
Series A-1
    redeemable preferred units and common units issued in exchange for non-controlling interests
(4)
300,000
30,000
14
(87
)
—
(87
)
(29,913
)
(30,000
)
Acquisition
    of non-controlling interest
—
—
—
(9,124
)
—
(9,124
)
(332
)
(9,456
)
Contributions
—
—
—
7,531
—
7,531
—
7,531
Distributions
    to members
—
—
—
(3,695
)
—
(3,695
)
(3,695
)
Stock-based
    compensation
—
—
—
639
—
639
639
Deconsolidation
    of entities
(3)
—
—
—
—
—
—
(30,679
)
(30,679
)
Paid-in-kind
    preferred dividends
(4)
210
—
(210
)
(210
)
(210
)
Balance,
    December 31, 2021
300,000
$
30,210
1,000
$
47,592
$
15,967
$
63,559
$
1,188
$
64,747
(1)
As
                                            described in Note 1,
Description of Business
to these consolidated financial
                                            statements, the Company amended its limited liability agreement on November 29, 2021
                                            to convert its outstanding membership interests into 986 units. The earnings (deficit)
                                            per unit have been presented retrospectively for all periods presented.
(2)
As
                                            described in Note 2,
Restatement of Financial Statements,
to these consolidated
                                            financial statements, we have restated the consolidated financial statements for the years
                                            ended December 31, 2020 and 2019.
(3)
As
                                            of December 31, 2021, two of our RNG facilities, Pine Bend and Noble Road (defined below)
                                            were deconsolidated and accounted for under equity method as per ASC 323. Please refer
                                            to Note 6, Investment in
Other Entities
and Note 17, Variable Interest Entities
                                            for additional information.
(4)
On
                                            November 29, 2021, the Company issued 300,000 redeemable preferred units to Hillman
                                            RNG Investments LLC ("Hillman") in exchange for its contributions as non-controlling
                                            interests in four RNG facilities. Please see Note 1,
Description of Business
for
                                            additional information.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
81
OPAL
FUELS LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
December 31,
2021
2020
2019
(Restated)
(1)
(Restated)
(1)
Cash
    flows from operations:
Net
    income (loss)
$
40,769
$
(25,371
)
$
(5,249
)
Adjustments
    to reconcile Net income (loss) to net cash provided by operating activities:
(Income)
    loss from equity method investments
(2,268
)
475
487
(Recovery)
    provision for bad debts
—
(600
)
600
Provision
    for inventory obsolescence
—
58
(30
)
Depreciation
    and amortization
10,078
8,150
7,854
Amortization
    of deferred financing costs
1,085
877
820
Amortization
    of PPA liability
(260
)
(295
)
(294
)
Accretion
    expense related to asset retirement obligations
575
188
177
Stock-based
    compensation
639
510
315
Paid-in-kind
    interest income
(406
)
—
—
Paid-in-kind
    interest expense
3,300
—
—
Unrealized
    (gain) loss on derivative financial instruments
(645
)
2,226
2,249
Gain
    on acquisition of equity method investment
(19,818
)
—
44
Gain
    on deconsolidation of VIEs
(15,025
)
—
—
Write-off
    of capitalized development costs
—
84
—
Loss
    (gain) on sale/disposal of assets
—
165
(2,052
)
Gain
    on termination of PPA
—
(1,292
)
—
Gain
    on PPP loan forgiveness
—
(1,792
)
—
Impairment
    of assets
—
17,689
—
Noncash
    transfer of equipment to construction expense
—
—
262
Change
    in operating assets and liabilities:
Accounts
    receivable
(2,944
)
(1,169
)
10,651
Fuel
    tax credits receivable
(117
)
2,642
(4,917
)
Capital
    spares
155
27
197
Parts
    inventory
(899
)
(513
)
(702
)
Environmental
    credits held for sale
159
(545
)
—
Prepaid
    expense and other current assets
(2,928
)
(896
)
36
Contract
    assets
(2,960
)
548
(350
)
Accounts
    payable
2,559
744
(6,160
)
Accounts
    payable, related party
(1,413
)
(1,207
)
(505
)
Fuel
    tax credits payable
33
(1,717
)
3,662
Accrued
    payroll
4,864
986
(359
)
Other
    liabilities – current and non-current
699
—
(712
)
Accrued
    expense and other current liabilities
(1,483
)
138
—
Contract
    liabilities
5,107
2,177
(1,686
)
Net
    cash provided by operating activities
18,856
2,287
4,338
Cash
    flows from investing activities:
Purchase
    of property, plant, and equipment
(89,646
)
(24,940
)
(5,469
)
Purchase
    of intellectual property
—
—
(43
)
Purchase
    of capital spares
—
(50
)
(128
)
Cash
    paid for investment in other entity
(1,570
)
—
(27,791
)
Purchase
    of note receivable
(10,450
)
—
—
F-
82
OPAL
FUELS LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
(In thousands of dollars)
December 31,
2021
2020
2019
(Restated)
(1)
(Restated)
(1)
Cash
    acquired from business acquisition
1,975
—
—
Deconsolidation
    of VIEs, net of cash
(21,208
)
—
—
Proceeds
    from termination of PPA
—
1,850
—
Proceeds
    from disposal of plant and equipment
—
109
3,179
Distributions
    received from equity method investment
3,695
852
404
Net
    cash used in investing activities
(117,204
)
(22,179
)
(29,848
)
Cash
    flows from financing activities:
Proceeds
    from line of credit – affiliate
—
—
3,000
Proceeds
    from line of credit
—
5,200
1,300
Repayment
    of line of credit
—
(500
)
(1,200
)
Proceeds
    from OPAL term loan
75,000
—
—
Proceeds
    from Sunoma loan
15,679
—
—
Proceeds
    from notes payable and long-term debt, net
—
674
—
Financing
    costs paid to other third parties
(3,607
)
(221
)
—
Repayment
    of Senior secured facility – term loan
(4,901
)
(8,106
)
(7,906
)
Repayment
    of Senior secured facility – working capital facility
(5,182
)
—
—
Repayment
    of Municipality loan
(194
)
(194
)
(194
)
Repayment
    of Trustar revolver facility
(10,000
)
—
—
Proceeds
    from PPP loan
—
1,792
—
Acquisition
    of non-controlling interest
(5,000
)
—
—
Proceeds
    from sale of non-controlling interest
21,579
8,532
—
Contributions
    from non-controlling interest
7,804
—
—
Proceeds
    from sale of non-controlling interest, related party
16,639
—
—
Contributions
    from non-controlling interest, related party
13,361
—
—
Distributions
    to member
(3,695
)
(852
)
(404
)
Contributions
    from member
7,531
15,128
30,057
Net
    cash provided by financing activities
125,014
21,453
24,653
Net
    increase in cash, cash equivalents, and restricted cash
26,666
1,561
(857
)
Cash,
    cash equivalents, and restricted cash, beginning of year
15,388
13,827
14,684
Cash,
    cash equivalents, and restricted cash, end of year
$
42,054
$
15,388
$
13,827
Supplemental
    disclosure of cash flow information:
Interest
    paid, net of $756 and $0 capitalized, respectively
$
4,339
$
6,243
$
4,622
Noncash
    investing and financing activities
Fair
    value of contingent consideration to redeem the non-controlling interest included in other long-term liabilities
$
4,456
$
—
$
—
Paid-in-kind
    dividend on redeemable preferred units
$
210
$
—
$
—
Issuance
    of notes payable related to business acquisition, excluding paid-in-kind interest
$
55,410
$
—
$
—
Accrual
    for purchase of Property, plant and equipment included in Accrued capital expenses and Accounts Payable
$
6,205
$
3,300
$
—
Accrual
    for deferred financing costs included in Accrued expenses and other current liabilities
$
1,379
$
—
$
—
Assignment
    of debt to Parent Company
$
—
$
10,000
$
—
____________
(1)
As
                                            described in Note 2,
Restatement of financial statements
to these consolidated
                                            financial statements, we have restated the consolidated financial statements for the years
                                            ended December 31, 2020 and 2019.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
83
OPAL
FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
1.
Description of Business
OPAL
Fuels LLC (including its subsidiaries, (the
"Company"
) is engaged in the business of producing and distributing renewable
natural gas (
"RNG"
) to power transportation throughout the United States. The Company owns RNG production facilities
that are in operation, under construction, and in late-stage development. OPAL Fuels LLC also constructs, owns and services fueling stations
that dispense RNG and compressed natural gas (
"CNG"
) for vehicle fleets across the country that use RNG and CNG to
displace diesel as their transportation fuel. RNG is derived from landfill gas ("LFG") and dairy digester gas. In addition,
the Company owns LFG fueled power plants that sell renewable electricity to public utilities. The Company is a wholly owned subsidiary
of OPAL HoldCo LLC (the
"Parent"
) which, in turn, is an indirect subsidiary of Fortistar LLC (the
"Ultimate
Parent"
).
On
May 1, 2021, we completed the acquisition Beacon Acquisition of Beacon RNG LLC ("Beacon"). Beacon extracts and converts
methane gas to RNG from two landfills located in western Pennsylvania and sells the extracted gas to public utilities and separately
monetizes environmental attributes through sales to third parties. Prior to the acquisition, the Company accounted for its 44.3% interest
in Beacon as an equity method investment as the Company had the ability to exercise significant influence, but not control, over the
operating and financial policies of Beacon's operations. See Note 5 Acquisition, for more information.
On
November 29, 2021, the Company amended its limited liability agreement ("LLCA") which converted the outstanding membership
interests into 986 common units. Therefore, the earnings per unit has been presented retrospectively for all periods presented in the
consolidated financial statements. See Note 3,
Summary of Significant Accounting Policies,
for additional information.
Hillman
RNG Investments LLC ("Hillman"), an affiliate of the Ultimate Parent, made a combined $30,000 of capital contributions from
August to November 2021 in four individual RNG projects that the Company is developing and constructing. On November 29, 2021,
the Company entered into an exchange agreement with Hillman whereby Hillman exchanged its ownership interests in the four RNG projects
of $30,000 into 300,000 series A-1 preferred units at par value of $100 per unit and 1.4% of the common units in the Company. See Note
3,
Summary of Significant Accounting Policies
, and Note 18
Redeemable Preferred Units and Equity
, for additional information.
On
November 29, 2021, we signed two agreements with NextEra Energy ("NextEra"). NextEra agreed to invest up to $100,000
in Series A preferred units of the Company. The Company is allowed to draw down the $100,000 in whole or in increments until June
30, 2022. The Company did not issue any preferred units as of December 31, 2021. Additionally, the Company also entered into a purchase
and sale agreement with NextEra for the environmental attributes generated by the RNG Fuels business. Under this agreement, the Company
will sell a minimum of 90% of the environmental attributes generated and will receive net proceeds based on the ultimate sale price to
a third party less a specified discount. A specified volume of environmental attributes sold per quarter will incur a small fee per environmental
attribute in addition to the specified discount. The agreement is effective beginning first quarter of 2022.
On
December 2, 2021, the Company signed a business combination agreement ("BCA") with ArcLight Clean Transition Corp. II,
a NASDAQ publicly traded special purpose acquisition company. The business combination agreement values OPAL at an enterprise value of
$1.75 billion. Upon closing, the Company is expected to be listed on the NASDAQ exchange under the ticker symbol "OPL".
The transaction includes a $125,000 fully committed common stock PIPE (private investment in public equity) at $10.00 per share anchored
by a $25,000 investment by NextEra.
F-
84
OPAL
FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
1.
Description of Business
(cont.)
On
December 10, 2021, the Company entered into a settlement agreement with the landfill owner of one of the Company's RNG projects
involving the timing of RIN royalty payments amounting to $10,951 as of October 31, 2021. As part of this agreement, the Company
agreed to pay the accrued and outstanding balance of royalty payments of $10,951 to the landfill owners and the landfill owner reimbursed
the Company $6,253 as a reimbursement towards costs the Company previously incurred to purchase equipment at the landfill site. The Company
recorded $4,740 as a reduction of the Property, plant and equipment which represents the net book value of the equipment and $1,513 as
a reduction of Selling, general and administrative expenses in the consolidated statement of operations for the year ended December 31,
2021. In addition, a new gas rights agreement was negotiated which is not subordinated to any debt service and under which RIN royalty
payments would be made on a monthly basis going forward. As part of the settlement, the Company and GFL Renewables LLC have also entered
into a new 50/50 joint venture through the formation of Emerald RNG LLC and Sapphire RNG LLC and this joint venture is planning to convert
an existing electric facility into an RNG facility. and build a new RNG facility, respectively.
COVID-19
Impact
In
March 2020, the World Health Organization categorized the Coronavirus Disease 2019 (
"COVID-19"
) as a pandemic
and the President of the United States declared the COVID-19 outbreak as a national emergency. Management considered the impact
of COVID-19 on the assumptions and estimates used and determined that, because the Company was deemed to be an essential business by
the U.S. government and incurred neither layoffs of personnel nor a decline in its customer base or business operations, there was
no material adverse impact on the Company's statement of position and result of operations as of, and for the year ended December 31,
2021.
On
March 27, 2020, the "Coronavirus Aid, Relief, and Economic Security (CARES) Act" was signed into law. The CARES Act
appropriated funds for the Small Business Administration Paycheck Protection Program (
"PPP"
) loans that are forgivable
in certain situations to promote continued employment. In May 2020, the Company received a loan of $1,792 under the PPP. At
the time the Company applied for this loan, there was considerable uncertainty as to the impact of the pandemic on the Company's
operations as well as the U.S. economy in general. The full amount of this PPP loan was forgiven in November 2020. As of December 31,
2021, no amounts were outstanding.
The
future impact of the COVID-19 pandemic on the Company's business will depend on a number of factors, including, but not limited
to, the duration and severity of the pandemic and its impact on our customers, all of which are uncertain and cannot be predicted. As
of the date of issuance of these consolidated financial statements, the extent to which the COVID-19 pandemic may impact the Company's
financial condition, liquidity, or results of operations is uncertain.
Liquidity
and Capital Resources
In
August 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-15, Presentation of Financial Statements-Going
Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. Under the
new standard, management must evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt
about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.
This evaluation initially does not take into consideration the potential mitigating effect of management's plans that have not
been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, management
evaluates whether the mitigating effect of its plans sufficiently alleviates substantial doubt about the Company's ability to continue
as a going concern. The mitigating effect of management's plans, however, is only considered if both (1) it is probable that
the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is
probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity's
ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered
probable of being effectively implemented, the plans must have been approved before the date that the financial statements are issued.
F-
85
OPAL
FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
1.
Description of Business
(cont.)
In
performing the first step of this assessment, we concluded that the following conditions raise substantial doubt about our ability to
meet our financial obligations as they come due within one year after the date that the financial statements are issued.
●
We
                                            have history of net losses from our operations excluding certain non-cash gains related to
                                            the Beacon step acquisition and deconsolidation of VIEs. We have retained earnings of $15,967
                                            as of December 31, 2021 and cash provided by operating activities of $18,856 for the
                                            year ended December 31, 2021.
●
Our
                                            cash balance as of December 31, 2021 was $42,054, out of which $2,740 is restricted.
●
We
                                            have $94,988 of our outstanding debt excluding interest repayment due on Sunoma loan coming
                                            due in 2022 which is reflected in our working capital deficit of $55,141.
●
We
                                            also considered our projected capital expenditures to fund our growth plans.
In
performing the second step of this assessment, we are required to evaluate whether our plans to mitigate the above conditions alleviate
the substantial doubt about our ability to meet our obligations as they become due within one year after the date of financial statements
are issued. We list below our plans to alleviate the substantial doubt
(1)
An
                                            existing below-market contract for the sale of environmental credits generated by Beacon
                                            RNG LLC ended in August 2020. In addition, in May 2021, we acquired the remaining
                                            interests in Beacon RNG LLC by issuing a $50,000 convertible note to our joint venture partner.
                                            Beginning in 2022 and beyond, we anticipate a significant increase in revenues and resulting
                                            cash flows from operating activities from the operation of this facility.
(1)
We
                                            have closed on a delayed draw term loan, OPAL term loan for an aggregate amount of $125,000
                                            with a syndicate of lenders, led by Bank of America as book runner and agent. $90,000 was
                                            available at closing and the remaining $35,000 becomes available in third quarter of 2022
                                            as three more facilities become operational. Pursuant to the closing of the facility, we
                                            drew down $75,000 in October 2021 and an additional $15,000 in February, 2022. The three
                                            RNG facilities are expected to be operational by July 2022 at which time we will have
                                            remaining $35,000 available for us to draw from this term loan.
●
We
                                            have closed a preferred equity investment of $100,000 with NextEra. The $100,000 is available
                                            for us at our discretion to be drawn in $10,000 minimum increments through June 30,
                                            2022. We have drawn $25.0 million under this capital raise in March 2022.
●
We
                                            have announced a business combination with ArcLight Clean Transition Corp II, a SPAC that
                                            trades on the NASDAQ under the ticker "ACTD". We expect to raise net proceeds
                                            of approximately $391,352, after associated transaction costs, assuming no redemptions and
                                            $105,364 assuming maximum redemptions in which maximum 28,698,800 Arclight Clean Transition
                                            Corp II Class A ordinary shares are redeemed.. Additionally, we raised a PIPE investment
                                            of $125,000 which would be available for us upon the closing of the proposed business combination.
●
A
                                            significant portion of our projected revenues for 2022 are already under existing fixed contract
                                            arrangements.
●
We
                                            have ability to postpone our uncommitted capital expenditures without significantly impacting
                                            our revenue generation capabilities for the upcoming 12 months from the date of the
                                            financial statements are issued.
●
We
                                            believe that we would be able to pay the debt coming due in 2022 with the availability under
                                            the existing facilities together with the cash on hand and cash flows from operations.
F-
86
OPAL
FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In
thousands of dollars except per unit data)
1.
Description of Business
(cont.)
We
acknowledge that we face a challenging competitive environment and we continue to focus on our overall profitability and manage our extensive
growth plans. We believe that the actions taken in 2021 with capital raises, the proposed business combination and significant growth
in the projected cash flows from operating activities are probable of occurring and mitigate the substantial doubt raised and we believe
we will be able to satisfy our liquidity needs 12 months from the date of the issuance of the financial statements. However, we
cannot predict, with certainty, the outcomes of our actions to generate liquidity including consummation of the contemplated business
combination. Further, any decrease in demand for our products or our ability to manage our production facilities, could impact our ability
to fund our operations and meet the obligations under the existing debt facilities as they come due and meet the debt covenants.
To
fuel future growth, we may seek additional capital through equity offerings or debt financings. The amount and timing of our future funding
requirements will depend on many factors, including the pace and results of our project development efforts. We may be unable to obtain
any such additional financing on acceptable terms or at all. Our ability to access capital when needed is not assured and, if capital
is not available when, and in the amounts, needed, we could be required to delay, scale back or abandon some or all of our development
programs and other operations, which could materially harm our business, prospects, financial condition, and operating results.
The
accompanying consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets
and the satisfaction of liabilities in the normal course of business. The accompanying consolidated financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification
of liabilities that may result from uncertainty related to our ability to continue as a going concern.
2.
Restatements of Financial Statements
Our
consolidated balance sheet as of December 31, 2020, consolidated statements of operations for the years ended December 31, 2020 and 2019,
consolidated statements of changes in members' equity (deficit) as of December 31, 2020, 2019 and 2018 and consolidated statements
of cash flows for the years ended December 31, 2020 and 2019 have been restated for certain errors made with regard to accounting for
certain commodity swap agreements which the Company entered into in December 2018 and November 2019, recording of certain invoices related
to construction in progress in the wrong period and for the gross up of revenue for certain federal and state taxes collected by the
Company on behalf of the customer, which the Company subsequently remitted to the government.
Restatement
relating to commodity swap contracts
In
December 2018, the Company signed an amendment to an existing power purchase agreement ("PPA") which converted the PPA
into a swap structure whereby the Company was able to sell the capacity separately and schedule the sale of electricity independent of
the PPA. Post the amendment and conversion to a swap, the counterparty agreed to pay the Company the difference between the market
price collected from the sale of the electricity and the contract price in the PPA. The contract was expected to be net settled
in cash on a monthly basis. Please see Note 12 Derivative Financial Instruments for additional information.
In
November 2019, the Company entered into an International Swaps and Derivatives Association("ISDA") agreement pursuant
to which, the Company entered into a commodity swap contract for a notional quantity of 87,720 MWh at 5MWh per hour for a period of two years
— 2020 and 2021 at a fixed contract price of $35.75 per MWh. The swap was expected to be net settled in cash on a monthly basis.
Please see Note 12 Derivative Financial Instruments for additional information.
The
Company recorded $1,382, $1,129 and nil of realized gain on the above swap arrangements as part of Revenues in its consolidated statements
of operations for the years ended December 31, 2020, 2019 and 2018. The Company previously reported this gain as part of Revenues
in the Statement of Operations but the gain was not properly disclosed in the notes to the financial statements.
F-
87
OPAL
FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
2.
Restatements of Financial Statements
(cont.)
The
Company concluded that these two contracts were economic hedges against market price volatility and are considered as derivatives under
ASC 815
Derivatives and Hedging,
which required the Company to record mark to market unrealized gain (loss) in its consolidated
statements of operations and a corresponding asset or liability for the remaining contract period on the consolidated balance sheets
as of and for the years ended December 31, 2020, 2019 and 2018.
The
Company did not record an unrealized loss of $1,175 and $373 for the years ended December 31, 2020 and 2019 respectively and
unrealized gain of $3,078 for the year ended December 31, 2018 in its consolidated statements of operations and a corresponding
asset on its consolidated balance sheets of $1,529, $2,705 and $3,078 as of December 31, 2020, 2019 and 2018. Additionally, the
Company did not make the relevant footnote disclosures for the swap arrangements in its financial statements for the years ended
December 31, 2020 and 2019.
Restatement
relating to taxes collected on behalf of customers
The
Company collects federal and state taxes on its revenues generated from customers in our RNG Fuel Dispensing segment and remits the same
to the government subsequently. The Company concluded that these taxes should be presented on a net basis in Revenues-RNG fuel in its
consolidated statements of operations. Therefore, the Company restated its revenues and cost of sales by $1,172 and $460 for the years
ended December 31, 2020 and 2019. This adjustment did not have any impact on net loss reported for both the years.
Restatement
relating to recording of invoices in the wrong period
The
Company recorded certain invoices from the contractor of a construction project in the first quarter of 2021 for which the services were
performed in December 2020. The total amount that should have been recorded as part of its Property, plant and equipment as of December
31, 2020 was $3,300 and a corresponding increase in accrued capital expenses. The missing accrual also resulted in incorrect disclosures
related to non-controlling interest, supplementary cash flow information and VIEs. This adjustment did not have any impact on net loss
reported for the year ended December 31, 2020.
The
information in the following tables shows the effect of the restatement on each affected financial statement line item:
CONSOLIDATED
BALANCE SHEET
As
    of December 31, 2020
As
    previously reported
Adjustment
Restated
Derivative
    financial asset – current portion
$
—
$
810
$
810
Total
    current assets
50,395
810
51,205
Derivative
    financial asset – non-current portion
—
719
719
Property,
    plant and equipment, net
76,192
3,300
79,492
Total
    assets
164,629
4,829
169,458
Accrued
    capital expenses
—
3,300
3,300
Total
    liabilities
—
3,300
3,300
Retained
    deficit
(26,925
)
1,529
(25,396
)
Total
    members' equity
28,930
1,529
30,459
Total
    liabilities and members' equity
164,629
4,829
169,458
F-
88
OPAL
FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
2.
Restatements of Financial Statements
(cont.)
CONSOLIDATED
BALANCE SHEET
As
    of December 31, 2019
As
    previously reported
Adjustment
Restated
Derivative
    financial asset – current portion
$
—
$
1,001
$
1,001
Total
    current assets
47,951
1,001
48,952
Derivative
    financial asset – non-current portion
—
1,704
1,704
Total
    assets
165,713
2,705
168,418
Retained
    deficit
(2,743
)
2,705
(38
)
Total
    members' equity
19,807
2,705
22,512
Total
    liabilities and members' equity
165,713
2,705
168,418
CONSOLIDATED
STATEMENT OF OPERATIONS
Fiscal
    Year Ended December 31, 2020
As
    previously reported
Adjustment
Restated
Revenues
Renewable
    power
$
52,426
$
(1,176
)
$
51,250
RNG
    fuel
12,717
(1,172
)
$
11,545
Total
    revenues
120,054
(2,348
)
117,706
Cost
    of sales – RNG fuel
8,548
(1,172
)
7,376
Total
    expenses
136,714
(1,172
)
135,542
Operating
    loss
(16,660
)
(1,176
)
(17,836
)
Net
    loss
(24,195
)
(1,176
)
(25,371
)
CONSOLIDATED
STATEMENT OF OPERATIONS
Fiscal
    Year Ended December 31, 2019
As
    previously reported
Adjustment
Restated
Revenues
Renewable
    power
$
56,055
$
(373
)
$
55,682
RNG
    fuel
9,437
(460
)
$
8,977
Total
    revenues
120,535
(833
)
119,702
Cost
    of sales – RNG fuel
5,616
(460
)
5,156
Total
    expenses
115,207
(460
)
114,747
Operating
    income
5,328
(373
)
4,955
Net
    loss
(4,876
)
(373
)
(5,249
)
CONSOLIDATED
STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED UNITS AND MEMBERS' EQUITY (DEFICIT)
As
    of December 31, 2020
As
    previously reported
Adjustment
Restated
Retained
    deficit
$
(26,925
)
$
1,529
$
(25,396
)
Non-controlling
    interest
6,342
343
6,685
Total
    equity
28,930
1,529
30,459
F-
89
OPAL
FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
2.
Restatements of Financial Statements
(cont.)
CONSOLIDATED
STATEMENTS OF CHANGES IN REDEEMABLE PREFERRED UNITS AND MEMBERS' EQUITY (DEFICIT)
As
    of December 31, 2019
As
    previously reported
Adjustment
(1)
Restated
Retained
    deficit
$
(2,743
)
$
2,705
$
(38
)
Total
    equity
19,807
2,705
22,512
____________
(1)
Includes
                                            $3,078 adjustment to opening retained earnings as of December 31, 2018.
CONSOLIDATED
STATEMENT OF CASH FLOWS
Fiscal
    Year Ended December 31, 2020
As
    previously reported
Adjustment
Restated
(1)
Net
    loss
$
(24,195
)
$
(1,176
)
$
(25,371
)
Adjustments
    to reconcile net loss to net cash provided by operating activities
Unrealized
    loss on derivative financial instruments
1,050
1,176
2,226
____________
(1)
Restatement
                                            also includes $3,300 included in the Supplementary cash flow information as accrued expenses
                                            for purchase of Plant, property and equipment.
CONSOLIDATED
STATEMENT OF CASH FLOWS
Fiscal
    Year Ended December 31, 2019
As
    previously reported
Adjustment
Restated
Net
    loss
$
(4,876
)
$
(373
)
$
(5,249
)
Adjustments
    to reconcile net loss to net cash provided by operating activities
Unrealized
    loss on derivative financial instruments
1,876
373
2,249
VIE
DISCLOSURE ON THE BALANCE SHEET (in parenthesis)
As
    of December 31, 2020
As
    previously reported
Adjustment
Restated
Cash
    and cash equivalents
$
5,088
$
—
$
5,088
Property,
    plant, and equipment, net
15,534
3,300
18,834
Restricted
    cash
2,199
—
2,199
Accounts
    payable
864
—
864
Accrued
    expenses and other current liabilities
776
—
776
Accrued
    capital expenses
3,300
3,300
Sunoma
    loan
$
470
$
—
$
470
F-
90
OPAL
FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3.
Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
Company was formed in December 2020 as a wholly owned subsidiary of the Parent. On December 31, 2020, the Ultimate Parent and certain
of its affiliated entities contributed their ownership interests in the following legal entities to the Company in a common control reorganization:
TruStar Energy Holdings LLC ("Trustar"), Fortistar RNG LLC ("Fortistar RNG"), Fortistar Methane 3 Holdings LLC
("FM3 Holding"), Fortistar Methane 3 LLC ("FM3"), Fortistar Contracting LLC ( "Fortistar Contracting")
and Fortistar Methane 4 LLC ("FM4"). The Company accounted for the transfer of ownership interests in accordance with ASC
805-50, Transaction Between Entities Under Common Control. The Company's receipt of these interests were recognized at the Ultimate
Parent's historical basis of accounting at the date of transfer. For presentation purposes, the consolidated financial statements
of the Company have been adjusted to combine the previously separate entities to reflect the transaction as if it had occurred as of
the earliest period presented under common control.
These
consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States
("U.S. GAAP") and include the accounts of the Company and all other entities in which the Company has a controlling
financial interest: FM3 Holding, FM3,FM4, Sunoma Holdings, LLC ("Sunoma"), New River LLC ("New River"), Central
Valley LLC ("Central Valley"), Fortistar Contracting, Fortistar RNG, and TruStar. The Company's consolidated financial
statements include the assets and liabilities of these subsidiaries. All intercompany transactions and balances have been eliminated
in consolidation. The non-controlling interest attributable to the Company's variable interest entities ("VIE") are
presented as a separate component from OPAL Fuels LLC members' equity in the consolidated balance sheets and as a non-controlling
interest in the consolidated statements changes in members' equity. The Company's consolidated financial statements reflect
the activities of the Company, its subsidiaries, and its equity method investments for the years ended December 31, 2021 and
December 31, 2020.
Variable
Interest Entities
Our
policy is to consolidate all entities that we control by ownership of a majority of the outstanding voting stock. In addition, we consolidate
entities that meet the definition of a variable interest entity ("VIE") for which we are the primary beneficiary. The Company
applies the VIE model from ASC 810 when the Company has a variable interest in a legal entity not subject to a scope exception and the
entity meets any of the five characteristics of a VIE. The primary beneficiary of a VIE is considered to be the party that both possesses
the power to direct the activities of the entity that most significantly impact the entity's economic performance and has the obligation
to absorb losses or the rights to receive benefits of the VIE that could be significant to the VIE. To the extent a VIE is not consolidated,
the Company evaluates its interest for application of the equity method of accounting. Equity method investments are included in the
consolidated balance sheets as "Investments in other entities." As of December 31, 2021, the Company held equity interests
in five VIEs: Sunoma, GREP BTB Holdings LLC ("GREP"), Emerald RNG LLC ("Emerald"), Sapphire RNG LLC ("Sapphire")
and Central Valley. GREP has been presented as an equity method investment and the remaining four VIEs Sunoma, Emerald, Sapphire and
Central Valley are consolidated by the Company. As of December 31, 2021, there was no activity in Emerald and Sapphire. As of December
31, 2020, the Company held equity interests in two VIEs, Sunoma and Pine Bend RNG LLC ("Pine Bend) both of which were consolidated
by the Company. As of December 31, 2019, the Company did not hold interest in a VIE.
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management
to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements. Actual results could differ from those estimates.
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OPAL
FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3.
Summary of Significant Accounting Policies
(cont.)
Emerging
Growth Company Status
The
JOBS Act permits an emerging growth company ("EGC") to make an election to adopt new or revised financial accounting standards
on either a public company requirement timeframe or private company requirement timeframe during a five year transition period while
EGC status remains in effect, and so long as the company has not "opt-out" of the private company option. As a qualified
EGC, the Company has elected to adopt financial accounting standards on a private company requirement timeframe.
Accounting
Pronouncements
In
August 2020, the Financial Accounting Standards Board (
"FASB"
) issued Accounting Standards Update (
"ASU"
) 2020-06,
Debt with Conversion and Other Options and Derivatives and Hedging — Contracts in Entity's Own Equity
which
simplified the accounting for convertible instruments. ASU 2020-06 was effective January 1, 2020 for public companies or fiscal years
beginning after December 15, 2023 for private companies and those filing under EGC status, with early adoption permitted beginning
on January 1, 2021. The Company adopted ASU 2020-06 on January 1, 2021, which did not have a material impact on the consolidated
financial statements.
In
August 2018, the FASB issued ASU 2018-13,
Fair Value Measurement,
which modified the disclosure requirements on fair
value measurements. In January 2017, the FASB issued ASU 2017-04,
Intangibles — Goodwill and Other
,
which simplified the test for goodwill impairment. Neither of these standards have a significant impact on the Company.
In
June 2018, the FASB issued ASU 2018-07,
Compensation — Stock Compensation (Topic 718): Improvements
to Nonemployee Share-Based Payment Accounting
, which simplifies the accounting for share-based payments to non-employees by aligning
it with the accounting for share-based payments to employees subject to certain exceptions. ASU 2018-07 expands the scope of ASC
Topic 718, Compensation-Stock Compensation (
"
ASC 718
"
) to include share-based payment transactions
for acquiring goods and services from non-employees. This amendment was effective beginning January 1, 2019 for public companies
or January 1, 2020 for private companies and those filing under emerging growth company status, with early adoption permitted. The
Company adopted ASU 2018-07 on January 1, 2020, which did not have a material impact on our consolidated financial statements.
In
June 2016, the FASB issued ASU 2016-13,
Financial Instruments — Credit Losses
, with the objective of
providing financial statement users information about the credit risk inherent in an entity's financial statements as well as to
explain management's estimate of expected credit losses and the changes in the allowance for such losses. This standard is not
yet effective for the Company.
In
February 2016, the FASB issued
Leases
(Topic 842) requiring lessees to record the assets and liabilities for operating
leases on the balance sheet. This standard is effective for fiscal years beginning after December 15, 2020, with early adoption
permitted. In April 2020, the FASB voted to defer the effective date for
Leases
for private companies and certain not-for-profit
entities for one year. For companies filing under emerging growth company status and private not-for-profits, the leasing standard will
be effective for fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact on its financial
statements of adopting this standard.
Cash
and Cash Equivalents
Cash
and cash equivalents consist of highly liquid investments with original maturities of three months or less which are readily convertible
to cash when purchased. At times, the Company's cash investments exceed the levels insured by the Federal Deposit Insurance Corporation.
The Company has not experienced any loss in such accounts, and it manages this risk by maintaining cash and other highly liquid investments
in high quality financial institutions.
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OPAL
FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3.
Summary of Significant Accounting Policies
(cont.)
Restricted
Cash
Restricted
cash held as collateral represents the collateral requirements on our debt facilities. Restricted cash held for standby letters of credit
represents cash held for letters of credit on the Company's Credit Program and PPAs.
December 31,
2021
2020
2019
Current assets:
Cash
    and cash equivalents
$
39,314
$
12,823
$
10,855
Long-term
    assets:
Restricted
    cash – held as collateral
2,740
2,565
2,972
Total
    cash, cash equivalents and restricted cash
$
42,054
$
15,388
$
13,827
Accounts
Receivable and Allowance for Doubtful Accounts
Accounts
receivable represent amounts due from the sale of RNG, natural gas, gas transportation, construction contracts, service contracts, environmental
attributes, electricity, capacity, and LFG. The accounts receivable are the net estimate realizable value between the invoiced accounts
receivable and allowance for doubtful accounts. The Company performs ongoing credit evaluations of its customers' financial condition
to determine and estimate the allowance for doubtful accounts. The accounts receivable are the net estimate of the realizable value between
the invoiced accounts receivable and allowance for doubtful accounts. The Company performs ongoing credit evaluations of its customers'
financial condition to determine and estimate the allowance for doubtful accounts. The Company's allowance for doubtful accounts
was $0 and $0 at December 31, 2021 and 2020, respectively.
Fuel
Tax Credit Receivable/Payable
On
December 20, 2019, the President signed the Taxpayer Certainty and Disaster Relief Act of 2019, which temporarily renewed
approximately two dozen credits that previously expired or were set to expire at the end of 2019, including the alternative fuel tax
credit. This included the alternative fuel tax credit for fiscal 2018 which had not been renewed previously. This legislation was renewed
for the years ended December 30, 2021 and 2020.
At
December 31, 2021, the Company accrued federal fuel tax credits of $0.50 per gasoline gallon equivalent of CNG that the Company
sold as vehicle fuel in 2021. At December 31, 2021 and 2020, fuel tax credits receivable were $2,393 and $2,276, respectively. Under
the terms of its fuel sales agreements with certain of its customers, the Company is obligated to share portions of these tax credits.
At December 31, 2021 and 2020, the amounts of fuel tax credits owed to customers were $1,978 and $1,945, respectively. The Company
recorded its portion of tax credits earned as a reduction to cost of sales — RNG fuel in the consolidated statements
of operations.
Contract
Assets
Contract
assets consist primarily of costs and estimated earnings in excess of billings and retainage receivables. Costs and estimated earnings
in excess of billings represent unbilled amounts earned and reimbursable under construction contracts and arise when revenues have been
recognized but amounts are conditional and have yet to be billed under the terms of the contract. Included in costs and estimated earnings
in excess of billings are amounts the Company will collect from customers, changes in contract specifications or design, costs associated
with contract change orders in dispute or unapproved as to scope or price, or other customer-related causes of unanticipated contract
costs. Amounts become billable according to contract terms, which consider the progress on the contracts as well as achievement of certain
milestones and completion of specified units of work. Except for claims, such amounts will be billed over the remaining life of the contract.
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93
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3. Summary of Significant Accounting Policies
(cont.)
Contract Liabilities
Contract liabilities consist of billings in excess
of costs and estimated earnings, other deferred construction revenue and general provisions for losses, if any. Billings in excess of
costs and estimated earnings represent cash collected from customers and billings to customers in advance of work performed. Such unearned
project-related costs will be incurred over the remaining life of the contract.
Parts Inventory
Parts inventory, also referred to as supplies inventory,
consists of shop spare parts inventory and construction site parts inventory. Inventory is stated at the lower of cost or net realizable
value. The substantial amount of inventory is identified, tracked and treated as finished goods. An annual review of inventory is performed
to identify obsolete items. The Company's inventory reserves were $— and $58 as of December 31, 2021 and 2020, respectively.
Cost is determined using the average cost method.
Capital Spares
Capital spares consist primarily of large replacement
parts and components for the RNG facilities and power plants. These parts, which are vital to the continued operation of the RNG facilities
and power plants and require a substantial lead time to acquire, are maintained on hand for emergency replacement. Capital spares are
recorded at cost and expensed when placed into service as part of a routine maintenance project or capitalized when part of a plant improvement
project.
Property, Plant, and Equipment, net
Property, plant, and equipment are recorded at cost,
except for the portion related to asset retirement obligations, which are recorded at estimated fair value at the time of inception. Direct
costs related to the construction of assets and renewals and betterments that materially improve or extend the life of the assets are
capitalized. Additionally, any interest expense incurred on any outstanding construction loans such as interest on our Sunoma loan is
capitalized to the specific project. Replacements, maintenance, and repairs that do not improve or extend the life of the respective assets
are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:
Plant and equipment
5 – 30 years
CNG/RNG Fueling stations
10 – 20 years
Construction in progress
N/A
Buildings
40 years
Land
N/A
Service equipment
5 – 10 years
Leasehold improvements
Shorter of lease term or useful life
Vehicles
7 years
Office furniture and equipment
5 – 7 years
Computer software
3 years
Other
7 years
When plant and equipment are retired or otherwise
disposed of, the related cost and accumulated depreciation or amortization is removed, and a gain or loss is recognized in the consolidated
statements of operations.
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94
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3. Summary of Significant Accounting Policies
(cont.)
The Company capitalizes costs related to the development
and construction of new projects when there is a significant likelihood that the project will be constructed for its intended use. This
is determined based on the attainment of certain milestones, including, but not limited to, the receipt of permits; final negotiation
of major contracts including gas rights agreements, gas transportation and EPC contracts. Costs incurred prior to this time are expensed.
Equity-Based Compensation Awards
The Ultimate Parent granted equity-based awards
to employees in 2020 and 2019 in the form of residual equity interests (
"
Profits Interests
"
) in its ownership
in various Company subsidiaries. Compensation costs relating to the Profits Interests are recognized in the consolidated statements of
operations using a straight-line expense recognition method over a five-year service vesting period based on the fair value of such awards
on the grant date. The fair value of the Profit Interests is determined by using the Black-Scholes valuation model and includes assumptions
as to the fair value of the stock price, volatility, the expected term of the awards, a risk-free interest rate, a discount for the lack
of marketability, and dividend yield. In valuing the award, judgment is required in determining the expected volatility of the Profit
Interests and the expected term of the awards. Expected volatility is based on an average of peer group of public companies and the expected
term of the Profit Interests is derived from the Company's historical experience with similar companies for each of the project
investments. While volatility and estimated term are assumptions that do not bear the risk of change subsequent to the grant date of the
Profit Interests, these assumptions may be difficult to measure, as they represent future expectations which may change in the future.
An offsetting contribution to the Company over the same time period is also recognized. The Company estimated the fair value of the awards
on the grant date using an option pricing model. To determine volatility, the Company uses the historical closing values of comparable
publicly held companies to estimate volatility. The model also uses other objective and subjective factors, such as the estimated time
to an exit event, the risk-free rate, and a discount for the lack of marketability. Forfeitures are recognized when they occur. The awards
have no maximum term.
The Profits Interests were restructured in December 2020,
at which time the residual equity interests are now based on a portion of the Ultimate Parent's ownership in the Company, rather
than in the Ultimate Parent's ownership interest in Company subsidiaries. In accordance with ASC 718, since the fair value
of the residual interest award immediately following the modification was not greater than the fair value of the residual interest award
immediately prior to the modification, the Company did not recognize incremental stock based compensation expense on the date of the modification.
The Company estimated the fair value of the awards on the modification date using an option pricing model. There were no changes to the
service vesting period or other terms of the awards as a result of this modification.
There were no new awards granted during the year
ended December 31, 2021.
Major Maintenance
Major maintenance is a component of maintenance
expense and encompasses overhauls of internal combustion engines, gas compressors and electrical generators. Major maintenance is expensed
as incurred. Major maintenance expense was $5,946, $8,309, and $6,028 in 2021, 2020 and 2019, respectively, and is included in cost of
sales — renewable power in the consolidated statements of operations.
Goodwill
Goodwill represents the excess of purchase price
of an acquisition over the fair value of net assets acquired in a business combination subject to ASC 805,
Business Combinations
.
Goodwill is not amortized, but the potential impairment of goodwill is assessed at least annually and on an interim basis whenever events
or changes in circumstances indicate that the carrying value may not be fully recoverable. Accounting rules require that the Company test
at least annually, or more frequently when a triggering event occurs that indicates that the fair value of the reporting unit may be below
its carrying amount, for possible goodwill impairment in accordance with the provisions of ASC 350-10. The Company performs its annual
test on October 1 of each year.
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95
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3. Summary of Significant Accounting Policies
(cont.)
During 2020, the Company has adopted the provisions
of the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2017-04,
Intangibles
— Goodwill
and Other (Topic 350): Testing Goodwill for Impairment.
Under this guidance, the Company performed qualitative test for goodwill
on Beacon and Trustar for the year ended December 31, 2021. The Company performed quantitative test for Trustar for the year ended
December 31, 2020. As a result of these tests, the Company determined that the fair value of its reporting unit exceeded its carrying
value and, thus, the Company determined that goodwill was not impaired.
Intangible Assets and Liabilities
Identifiable intangible assets consist of three
PPAs, one fueling station contract, one transmission/distribution interconnection, and the cost of intellectual property all of which
are amortized using the straight-line method over the underlying applicable contract periods or useful lives which range from five to
twenty years.
Identifiable intangible liabilities consist of an
RNG gas sales agreement and two PPAs. The RNG gas sales agreement intangible liability was amortized using the straight-line method over
an 18-month contract period and was fully amortized as of December 31, 2020. The PPA intangible liabilities are amortized using the
straight-line method over their contract life. Amortization related to these intangible liabilities is included in RNG fuel revenue and
Renewable power revenue, respectively, in the consolidated statements of operations.
Deferred Financing Costs
Deferred financing costs include bank loan origination
and legal fees, and costs directly related to the Company's financing activities. These costs have been deferred and will be charged
to interest expense using the effective interest method over the term of the loan. These costs are presented as a reduction of long-term
debt. At December 31, 2021, the Company recorded $2,370 as deferred financing costs related to business combination contemplated
by the BCA, which is presented a non-current Deferred financing costs within its consolidated balance sheet.
Shipping and Handling Costs
Shipping and handling costs are expensed as incurred.
Shipping and handling costs are included in cost of sales and were $1,431, $1,001, and $1,005 for the years ended December 31,
2021, 2020, and 2019, respectively.
Advertising Costs
Advertising costs are expensed as incurred. Advertising
costs are accounted for in selling, general and administrative expense and were $455, $528, and $281 for the years ended December 31,
2021, 2020, and 2019, respectively.
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Recoverability of long-lived
assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected
to be generated by the asset. If such assets are impaired, the impairment to be recognized is measured by the amount that the carrying
amounts of the assets exceed the fair value of the assets. Assets disposed of are reported at the lower of the carrying amount or fair
value less selling costs. Impairment expense was $0, $17,689, and $0 for the years ended December 31, 2021, 2020, and 2019,
respectively, impacting the Renewable Power 3 Portfolio segment.
Fair value is generally determined by considering
(i) internally developed discounted cash flows for the asset group, and/or (ii) information available regarding the current
market value for such assets. We use our best estimates in making these evaluations and consider various factors, including future pricing
and operating costs. However, actual future market prices and project costs could vary from the assumptions used in our estimates and
the impact of such variations could be material.
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96
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3. Summary of Significant Accounting Policies
(cont.)
Derivative Instruments
The Company estimates the fair value of its derivative
instruments using available market information in accordance with ASC 820 for fair value measurements and disclosures of derivatives.
Derivative instruments are measured at their fair value and recorded as either assets or liabilities unless they qualify for an exemption
from derivative accounting measurement such as normal purchases and normal sales. All changes in the fair value of recognized derivatives
are recognized currently in earnings.
The Company enters into electricity forward sale
agreements. Some of these electricity forward sale agreements meet the definition of a derivative but qualify for the normal purchases
and normal sales exception from derivative accounting treatment. In accordance with authoritative guidance for derivatives, the Company
considers both qualitative and quantitative factors when determining whether a contract qualifies for the normal purchases and normal
sales exception. The electricity forward sales agreements were recorded under the normal purchases and normal sales exception and, therefore,
fair value adjustments were not required in 2021 and 2020.
The Company enters into commodity swap arrangements
as economic hedges against market price volatility of Renewable power sales. These commodity swap agreements do not qualify for the normal
purchases and normal sales exception and therefore are accounted for as derivatives under ASC 815,
Derivatives and Hedging
.
The Company does not designate its derivative instruments to qualify for hedge accounting. Accordingly, these commodity swap agreements
are measured at their fair value and recorded as either current or non-current assets or liabilities and any changes in fair value are
recorded as part of Revenues in its consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019.
Please see Note 2,
Restatement of Financial Statements
, and Note 12, Derivative Financial Instruments for additional
information.
The Company maintains a risk management strategy
that incorporates the use of interest rate swaps to minimize significant fluctuation in cash flows and/or earnings that are caused by
interest rate volatility. Fair value adjustments were required in 2021, 2020, and 2019 in connection with these interest rate swaps which
were recorded as realized and unrealized gain (loss) on derivative financial instruments, net in its consolidated statements of operations
for the years ended December 31, 2021, 2020, and 2019.
Redeemable Preferred Units
In accordance with guidance in ASC 480,
Distinguishing
Liabilities from Equity
, the Company classifies the redeemable preferred units outside of permanent equity because the units contain
a redemption feature which is contingent upon the occurrence of (i) the Company's actual dissolution, (ii) a change in control,
or (iii) approximately four years following unit issuance, the occurrences of which are not solely within the control of the Company.
The Company records the redeemable preferred units at fair value on the date of issuance. The Company has elected to adjust the carrying
value to equal the redemption value at the end of each reporting period. The Company will accrue dividends each quarter as cash or paid-in-kind
at the option of the Company.
Asset Retirement Obligation
The Company accounts
for asset retirement obligations (
"
ARO
"
) in accordance with ASC 410 that requires entities to record
the fair value of a liability for an asset retirement obligation in the period in which it is incurred and when a reasonable
estimate of fair value can be made
.
The fair value of the estimated ARO is recorded as a long-term liability, with a
corresponding increase in the carrying amount of the related asset. The capitalized amount is depreciated over the life of the
sublease or site lease agreement. The liability amount is increased each reporting period due to the passage of time and the amount
of accretion is charged to operations expense in the period. Revisions, if any, to the estimated timing of cash flows or to the
original estimated undiscounted cost, if any, also result in an increase or decrease to the ARO and the related asset. Actual costs
incurred upon settlement of the ARO are charged against the ARO to the extent of the liability recorded. Any difference between the
actual costs incurred upon settlement of the ARO and the recorded liability is recognized as a gain or loss in the Company's
earnings in the period in which the settlement occurs.
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97
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3. Summary of Significant Accounting Policies
(cont.)
Asset retirement obligations are deemed Level 3
fair value measurements as the inputs used to measure the fair value are unobservable. The Company estimates the fair value of asset retirement
obligations by calculating the estimated present value of the cost to retire the asset. This estimate requires assumptions and judgments
regarding the existence of liabilities, the amount and timing of cash outflows required to settle the liability, inflation factors, credit
adjusted discount rates, and consideration of changes in legal, regulatory, environmental, and political environments. In addition, the
Company determines the Level 3 fair value measurements based on historical information and current market conditions.
At December 31, 2021 and 2020, the Company
estimated the value of its total asset retirement obligations to be $5,738 and $4,885 respectively, based on a total future liability
of $8,017. These payments are expected to be made between 2022 and 2035.
The following summarizes the changes in the asset
retirement obligations were as follows for the years ended December 31, 2021 and 2020:
December 31,
2021
2020
Beginning balance
$
4,885
$
4,697
Additions
278
—
Accretion expense
575
188
Total asset retirement obligation
$
5,738
$
4,885
Less: current portion
(831
)
(348
)
Total asset retirement obligation, net of current portion
$
4,907
$
4,537
Revenue Recognition
Effective January 1, 2019, the Company adopted
ASU 2014-09,
Revenue from Contracts with Customers
. The adoption of this ASU did not have a significant impact on the Company's
financial statements. Most of the Company's revenue arrangements generally consist of a single performance obligation to transfer
goods or services. Revenue from the sale of RNG, CNG and electricity is recognized by applying the "right to invoice" practical
expedient within the accounting guidance for
Revenue from Contracts with Customers
that allows for the recognition of revenue from
performance obligations in the amount of consideration to which there is a right to invoice the customer and when the amount for which
there is a right to invoice corresponds directly to the value transferred to the customer. For some public CNG fueling stations where
there is no contract with the customer, the Company recognizes revenue at the point in time that the customer takes control of the fuel.
The purpose of the right to invoice practical expedient
is to depict an entity's measure of progress toward completion of the performance obligation within a contract and can only be applied
to performance obligations that are satisfied over time and when the invoice is representative of service provided to date. The Company
elected to apply the right to invoice practical expedient to recognize revenue for performance obligations satisfied over time as the
invoices from the respective revenue streams are representative of services or goods provided to date to the customer.
The Company also performs maintenance services throughout
the country. Maintenance consists of monitoring equipment and replacing parts as necessary to ensure optimum performance. Revenue from
service agreements is recognized over time as services are provided. Capacity payments fluctuate based on peak times of the year and revenues
from capacity payments are recognized monthly as earned.
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98
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3. Summary of Significant Accounting Policies
(cont.)
The Company has agreements with two natural gas
producers ("Producers
"
) to transport Producers' natural gas using the Company's RNG gathering system (
"
System
"
).
The performance obligation is the delivery of Producers' natural gas to an agreed delivery point on an interstate gas pipeline.
The quantity of natural gas transported for the Producers is measured at a certain specified meter. The price is fixed at contracted rates
and the Producers pay approximately 30 days after month-end. As such, transportation sales are recognized over time, using the output
method to measure progress.
The Company provides credit monetization services
to customers that own renewable gas generation facilities. The Company recognizes revenue from these services as the credits are minted
on behalf of the customer. The Company receives non-cash consideration in the form of Renewable Identification Numbers ("RINs")
or low-carbon fuel standard ("LCFSs") for providing these services and recognizes the RINs or LCFSs received as inventory
based on their estimated fair value at contract inception. When the Company receives RINs or LCFSs as payment for providing credit monetization
services, it records the non-cash consideration in inventory based on the fair value of RINs or LCFSs at contract commencement.
Sales of RINs, RECs, and LCFS environmental attributes
are generally recorded as revenue when the certificates related to them are delivered to a buyer. However, the Company may recognize revenue
from the sale of such environmental attributes at the time of the related RNG or electricity sales when the contract provides that title
to the environmental attributes transfers at the time of production, the Company's price to the buyer is fixed and collection of
the sales proceeds occurs within 60 days after generation of the electricity.
The Company's policy is to account for RINs
as government incentives and, therefore, it does not allocate costs to the credits it generates. Accordingly, the Company does not capitalize
these costs in inventory. In accordance with ASC 610-20, the Company accounts for its payment to TruStar as a transfer of non-financial
assets. The Company expensed the costs of services incurred by Beacon to TruStar through April 30, 2021 and reported this amount
in net loss attributable to equity in loss of affiliates within the consolidated statements of operations and, in addition, reported an
offsetting gain on the transfer of these RINs in net income (loss) from equity method investments within the consolidated statements of
operations.
Management operating fees are earned for the operation,
maintenance, and repair of the gas collection system of a landfill site. Revenue is calculated on the volume of per million British thermal
units (
"
MMBtu
"
) of LFG collected and the megawatt hours (
"
MWhs
"
) produced at
that site. This revenue is recognized when LFG is collected, and electricity is delivered.
The Company has various fixed price contracts for
the construction of fueling stations for customers. Revenues from these contracts, including change orders, are recognized over time,
with progress measured by the percentage of costs incurred to date compared to estimated total costs for each contract. This method is
used as management considers costs incurred to be the best available measure of progress on these contracts. The accuracy of revenue and
profit recognition related to construction projects in a given period depends on the accuracy of the Company's estimates of the
costs to complete each project. The Company believes its experience allows it to create materially reliable estimates. Costs capitalized
to fulfill certain contracts were not material in any of the years presented.
The Company has provided certain assurance warranties
to customers under its various construction contracts for up to one year. A warranty reserve is established at the time of construction
completion. The Company monitors and analyzes warranty claims and maintains a reserve for the related warranty costs based on historical
experience and future assumptions. In 2021, 2020, and 2019, warranty expense of $202, $141, and, $180 respectively, was expensed to cost
of sales — fuel station services in the consolidated statements of operations.
The Company owns fueling stations for use by customers
under fuel sale agreements. The Company bills these customers at an agreed upon price for each gallon sold and recognizes revenue based
on the amounts invoiced in accordance with the "right to invoice" practical expedient. For some public stations where there
is no contract with the customer, the Company recognizes revenue at the point in time that the customer takes control of the fuel.
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99
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3. Summary of Significant Accounting Policies
(cont.)
The Company from time-to-time enters into commodity
swap agreements as a means to hedge against the market volatility of prices of Renewable power sales. These are considered as economic
hedges and the Company made an accounting policy election to record the realized and unrealized gain (loss) on these derivatives as part
of Revenues — Renewable power in its consolidated statements of operations. The Company recorded realized and unrealized loss of
$1,170, $207, and $756 in connection with these commodity swap agreements as part of Revenues in its consolidated statement of operations
for the years ended December 31, 2021, 2020, and 2019.
The Company from time-to-time enters into fuel purchase
agreements with customers whereby the Company is contracted to design and build a fueling station on the customer's property in
exchange for the Company providing CNG/RNG to the customer for a determined number of years. In accordance with the standards of
ASC 840, Leases, the Company has concluded these agreements meet the criteria for a lease and are classified as operating leases.
Typically, these agreements do not require any minimum consumption amounts and, therefore, no minimum payments. Included in RNG fuel revenues
are $3,561, $3,460, and $2,981 related to the lease portion of these agreements for the years ended December 31, 2021, 2020,
and 2019, respectively. In addition, the Company has assessed all PPAs and concluded that certain PPAs contain a lease element requiring
lease accounting. Included in Renewable Power revenues are $1,890, $2,152, and $2,539 related to the lease element of these PPAs for the years
ended December 31, 2021, 2020, and 2019, respectively.
Disaggregation of Revenue
The following table summarizes the disaggregation
of revenue according to product line and segment:
Fiscal Years Ended
December 31,
2021
2020
(1)
2019
(1)
(Restated)
(Restated)
Electricity sales
(1)
$
40,259
$
42,186
$
46,380
Third Party Construction
32,630
40,443
43,094
Service
17,056
10,582
9,151
Brown Gas Sales
12,257
4,591
5,712
Environmental Credits
55,863
5,505
1,768
Parts Sales
755
3,872
2,772
Operating Agreements
3,172
3,400
3,256
Other
56
1,515
2,049
Total Revenue from Contracts with Customer
162,048
112,094
114,182
Lease revenue
4,076
5,612
5,520
Total Revenue
(1)
$
166,124
$
117,706
$
119,702
(1)
Electricity sales, environmental credits, and total revenue
for the years ended December 31, 2020, and 2019 have been restated to correct errors in previously issued financial statements.
See Note 2, Restatement of
Financial Statements
, for additional information.
For the years ended December 31, 2021,
2020, and 2019, approximately 28.9% , 42.5% and 43.6%, respectively, of revenue was recognized over time, and the remainder was for products
and services transferred at a point in time.
F-
100
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3. Summary of Significant Accounting Policies
(cont.)
Contract Balances
The following table summarizes receivables, contract
assets and contract liabilities from contracts with customers:
Fiscal Years Ended
December 31,
2021
2020
Accounts receivable, net
$
25,391
$
22,002
Contract Assets
Costs and estimated earnings in excess of billings
5,989
2,903
Accounts receivable retainage, net
2,495
2,621
8,484
5,524
Contract Liabilities
Billings in excess of cost and estimated earnings
$
9,785
$
4,678
The increase in contract assets for December 31,
2021 versus December 31, 2020 was primarily due to revenue recognition of satisfied performance obligations being greater than advance
payments and related billings during the year. The increase in contract liabilities December 31, 2021 versus December 31, 2020
was due to advance payments from customers and related billings exceeding revenue recognition as performance obligations were satisfied
during the year. During the years ended December 31, 2021 and 2020, the Company recognized revenue of $4,678 and $2,501, respectively
from contract liabilities recorded at December 31, 2020 and 2019, which represented 100% of the prior year balance for both years.
Backlog
The Company's remaining performance obligations
(
"backlog"
) represent the unrecognized revenue value of its contract commitments. These contracts are firm contracts
unless terminated for certain causes by either party as defined by the contract. The Company's backlog may significantly vary each
reporting period based on the timing of major new contract commitments. At December 31, 2021, the Company had a backlog of $47,423
with 100% of its backlog anticipated to be recognized as revenue in the next 12 months.
Intersegment Sales
The Company accounts for intersegment sales and
transfers as if these sales and transfers were to third parties at current market prices.
Basic and Diluted Income (Loss) Per Unit
On November 29, 2021, the Company amended and restated
the LLCA to provide for the creation and issuance of multiple classes and series of units and admission of additional members to the Company
in connection with the proposed business combination. The outstanding membership interests were converted to 986 common units, all of
which were held by the Parent. Upon the conversion of membership interests into units, the Company presented the net income (loss) per
unit on a retrospective basis for all periods presented in the consolidated financial statements.
F-
101
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3. Summary of Significant Accounting Policies
(cont.)
Subsequently, on the same day and in contemplation
of the proposed BCA with ArcLight, the Company authorized an additional 14 common units, and authorized 600,000 Series A-1 preferred units
and 2,000,000 Series A preferred units. From November 29, 2021 through December 31, 2021, all 1,000 common units were issued and
outstanding, 300,000 Series A-1 preferred units were issued and outstanding, and no Series A preferred units had been issued. See Note
18,
Redeemable Preferred Units and Equity
, for additional information.
The basic income (loss) per unit attributable to
members of OPAL Fuels LLC is computed by dividing the net income (loss) attributable to OPAL Fuels LLC by the weighted-average number
of common units outstanding during the period. Diluted net income (loss) does not give effect to 300,000 Series A-1 preferred units
issued to Hillman as the conversion is based on achieving a substantive contingency that is not based on the Company's stock price.
The conversion is based on the Company's failure to redeem upon exercise. The diluted net income (loss) will reflect the contingently
issuable common units in the period the contingency is met. Additionally, the diluted net income (loss) does not include outstanding equity
awards since they are not denominated in common units and they cannot be converted to common units.
Income Taxes
The Company and most of its subsidiaries are disregarded
entities for federal income tax purposes and for certain states, with the results of its operations included with the consolidated federal
and applicable state tax returns of its member. Some subsidiaries are partnerships for federal income tax purposes. Accordingly, tax liabilities
are the responsibility of the member except for the minimum state tax requirements. Minimum state tax requirements are immaterial.
Significant Customers and Concentration of Credit Risk
In 2021, 2020, and 2019, one customer accounted
for 16%, 30% and 20% of revenues, respectively. At December 31, 2021 and 2020, one customer accounted for 11% and 40%, respectively
of accounts receivable. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally
of cash and cash equivalents, and trade receivables. The Company places its cash with high credit quality financial institutions located
in the United States of America. The Company performs ongoing credit evaluations of its customers.
Significant Suppliers
In 2021, one supplier of the Company accounted for
17% or more of total Company purchases. In 2020 and 2019, one supplier accounted for 9% and 16%, respectively of total Company purchases.
At December 31, 2021 and 2020, two suppliers accounted for 61% and 37%, respectively, of accounts payable.
Investment in other entities
Investment in other entities includes the Company's
interests in certain investees which are accounted for under the equity method of accounting as the Company has determined that the investment
provides the Company with the ability to exercise significant influence, but not control, over the investee. The Company's investments
in these nonconsolidated entities are reflected in the Company's consolidated balance sheet at cost. The amounts initially recognized
are subsequently adjusted for the Company's share of earnings (losses) which are recognized as income (loss) from equity method
investments in the consolidated statement of operations after adjustment for the effects of any basis differences. Investments are also
increased for contributions made to the investee and decreased by distributions from the investee and classified in the statement of cash
flows using the cumulative earnings approach.
F-
102
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3. Summary of Significant Accounting Policies
(cont.)
The Company evaluates its equity method investments
for impairment whenever events or changes in circumstances indicate that a decline in value has occurred that is other than temporary.
Evidence considered in this evaluation includes, but would not necessarily be limited to, the financial condition and near-term prospects
of the investee, recent operating trends and forecasted performance of the investee, market conditions in the geographic area or industry
in which the investee operates and the Company's strategic plans for holding the investment in relation to the period of time expected
for an anticipated recovery of its carrying value. If the investment is determined to have a decline in value deemed to be other than
temporary, it is written down to estimated fair value in the same period the impairment was identified. For the years ended December 31,
2021, 2020, and 2019 the Company did not identify any impairments on its investments in other entities.
Note receivable
In the third quarter of 2021, the Company acquired
the rights to a note purchase agreement ("Note receivable") for $10,450 with an entity in which it holds 10% equity interest.
The note receivable bears an interest of 12.5% out of which 4.5% will be paid-in-kind until the facility is operational. Additionally,
the Company entered into a separate fee letter which entitles the Company to receive a portion of the distribution of counterparty's
future revenues up to a maximum of $4,500. The Company accounted for the amounts to be received under the fee letter as a loan under ASC 310
and allocated $1,538 out of the $10,450 to "Note receivable — variable fee component" on its consolidated
balance sheet as of the date of issuance of the Note receivable. The Company amortized $288 and $118 as the interest income which is added
to the principal balance in its consolidated balance of Note receivable and Note receivable — variable fee component, respectively,
sheet as of December 31, 2021.
Recurring Fair Value Measurements
The fair value of financial instruments, including
long term debt and derivative instruments is defined as the amount at which the instruments could be exchanged in a current transaction
between willing parties. The carrying amount of cash and cash equivalents, accounts receivable, net, and accounts payable and accrued
expenses approximates fair value due to their short-term maturities.
The carrying value of the Company's long-term
debt of $134,083 and $90,504 as of December 31, 2021 and 2020, respectively, represents the total amount to be repaid if the debt
has to be discharged in full and therefore approximates its fair value.
The Company follows ASC 820 regarding fair
value measurements which establishes a three-tier fair value hierarchy and prioritizes the inputs used in valuation techniques that measure
fair value. These tiers include:
Level 1 — defined as observable inputs
such as quoted prices for identical instruments in active markets.
Level 2 — defined as quoted prices for
similar instruments in active market, quoted prices for identical or similar instruments in markets that are not active, or model-derived
valuations for which all significant inputs are observable market data.
Level 3 — defined as unobservable inputs
in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
The following table sets forth by level within the
fair value hierarchy the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis as
of December 31, 2021 and 2020. Financial assets and liabilities are classified in their entirety based on the lowest level of input
that is significant to the fair value measurement. The Company's assessment of the significance of an input to the fair value measurement
requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy
levels.
F-
103
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3. Summary of Significant Accounting Policies
(cont.)
The Company's interest rate swap contracts
are valued with pricing models commonly used by the financial services industry using discounted cash flows of forecast future swap settlements
based on projected three-month LIBOR rates. The Company does not consider these models to involve significant judgment on the part of
management and corroborated the fair value measurements with counterparty valuations. The Company's interest rate swaps are classified
within Level 2 of the valuation hierarchy based on the observable market rates used to determine its fair value. The Company does not
expect to change its valuation techniques and therefore does not anticipate any transfers into or out of different levels of hierarchy.
These interest rate swaps are accounted for as derivative financial instrument liabilities.
The Company values its energy commodity swap contracts
based on the applicable geographical market energy forward curve. The forward curve are derived based on the quotes provided by New York
Mercantile Exchange ("NYMEX"), Amerex Energy Services ("Amerex") and Tradition Energy ("Tradition").
The Company does not consider that the pricing index used involves significant judgement on the part of management. Therefore, the Company
classifies these commodity swap contracts within Level 2 of the valuation hierarchy based on the observable market rates used to determine
fair value.
The Company accounts for asset retirement obligations
by recording the fair value of a liability for an asset retirement obligation in the period in which it is incurred and when a reasonable
estimate of fair value can be made. The Company estimates the fair value of asset retirement obligations by calculating the estimated
present value of the cost to retire the asset. This estimate requires assumptions and judgments regarding the existence of liabilities,
the amount and timing of cash outflows required to settle the liability, inflation factors, credit adjusted discount rates, and consideration
of changes in legal, regulatory, environmental, and political environments. In addition, the Company determines the Level 3 fair value
measurements based on historical information and current market conditions. These assumptions represent Level 3 inputs, which can regularly
change. As such, the fair value measurement of asset retirement obligations is subject to changes in these unobservable inputs as of the
measurement date. The Company used a discounted cash flow ("DCF") model in which cash outflows estimated to retire the asset
are discounted to their present value using an expected discount rate. A significant increase (decrease) in the discount rate in isolation
could result in a significantly lower (higher) fair value measurement. The Company estimated the fair value of its asset retirement obligations
based on discount rates ranging from 5.75% to 8.5%.
There were no transfers of assets between Level
1, Level 2, or Level 3 of the fair value hierarchy as of December 31, 2021 or December 31, 2020.
The Company's assets and liabilities that
are measured at fair value on a recurring basis include the following as of December 31, 2021 and December 31, 2020, set forth
by level, within the fair value hierarchy:
Fair value as of December 31, 2021
Level 1
Level 2
Level 3
Total
Liabilities:
Asset retirement obligations
$
—
$
—
$
5,738
$
5,738
Interest rate swaps
—
992
—
992
Contingent consideration on acquisition of non-controlling interest
—
—
4,456
4,456
Convertible note payable
—
—
58,710
—
Assets:
Commodity swap contracts
—
382
—
382
F-
104
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
3. Summary of Significant Accounting Policies
(cont.)
Fair value as of December 31, 2020 (Restated)
(in thousands)
Level 1
Level 2
Level 3
Total
Liabilities
Asset retirement obligations
$
—
$
—
$
4,885
$
4,885
Interest rate swaps
—
2,785
—
2,785
Commodity swap contracts
(1)
—
1,529
—
1,529
(1)
The Company restated its consolidated balance sheet as of
December 31, 2020 to record a Derivative financial asset — current portion of $1,529 relating to unrealized gain
on its commodity swap contracts. See Note 2, Restatement of Financial Statements and Note 12 Derivative Financial Instruments
for additional information.
A summary of changes in the fair values of the Company's
Level 3 instruments, attributable to asset retirement obligations, for the years ended December 31, 2021 and December 31,
2020 is included in Note 3,
Summary of Significant Accounting Policies
.
4. Company Operations
Power Purchase Agreements
The Company has PPAs with utilities to sell electricity
and receive capacity and energy payments. The PPAs expire from 2022 to 2036
.
The price per megawatt hour ("MWh") varies
for each contract. For the years ended December 31, 2021, 2020, and 2019, power sales revenues under long-term agreements totalled
$37,359, $40,547, and $45,421, respectively, and are recorded as a component of Revenues — Renewable power within the consolidated
statements of operations. In 2020, the Company terminated a PPA with landfill owner and recognized a gain on termination of PPA of $1,292
in the consolidated statements of operations.
Certain PPAs contain cash penalties or termination
options if the Company causes defaults that are not remedied or if agreements are terminated prior to expiration, as defined in the agreements.
The economic viability of the Company's plants is dependent upon sufficient recoverable LFG and on merchant prices.
Certain PPAs contain a lease element requiring lease
accounting. Accordingly, revenue related to the lease element of these PPAs is also included within renewable power revenue in the consolidated
statements of operations.
Renewable Energy Credits
Certain state laws require that a portion of retail
electricity sales must be generated by a renewable energy source. The Company markets and sells renewable energy credits ("RECs")
associated with the renewable energy it produces at several plants.
Gas Purchase Agreements
The Company has LFG purchase agreements with certain
landfills which expire from 2023 to 2044, with renewal options for up to six years, and can generally be continued if recoverable
gas is available and neither party has terminated the agreement. The gas purchase agreements' start dates and expiration dates coincide
closely with the PPAs to which they relate. During 2021, 2020 and 2019, gas purchases under these agreements totalled $3,744, $3,741,
and $3,794, respectively, and are included in cost of sales — renewable power in the consolidated statements of operations.
F-
105
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
4. Company Operations
(cont.)
The Company also has agreements with LFG site owners
whereby it pays royalties for the gas it captures under formulas which vary by contract but that are based upon a percent of gross revenues
from the sale of electricity, the quantity of LFG consumed, or some combination of the two. During 2021, 2020, and 2019, royalty expense
totaled $15,241, $6,159, and $6,403, respectively, and is included in cost of sales — Renewable Power in the consolidated
statements of operations.
Operating and Maintenance Agreements
The Company has an operating and maintenance agreement
("O&M Agreement") pursuant to which the Company operates and maintains the site's gas collection system for the
landfill owner. For the years ended December 31, 2021, 2020 and 2019, revenue under the O&M Agreement totaled $3,172, $3,400,
and $3,256, respectively, and is recorded in renewable power revenue in the consolidated statements of operations.
5. Acquisition
On May 1, 2021, we acquired the remaining 55.7%
ownership interest in Beacon to increase our ownership interest from 44.3% to 100%. Beacon extracts and converts methane gas to RNG from
two landfills located in western Pennsylvania and sells the extracted gas to public utilities and separately monetizes environmental attributes
through sales to third parties.
Pursuant to an exchange agreement with ARCC Beacon
LLC ("Ares"), the Company purchased the remaining ownership interests in Beacon for $50,000, which was paid with a note that
matures in 2026 but is convertible to equity in the Company under certain circumstances. The acquisition was determined to be a business
combination under ASC 805, Business Combinations. Acquisition-related costs incurred, including those related to the issuance of the convertible
note, were insignificant and expensed as incurred.
Prior to closing on May 1, 2021, our 44.3%
equity investment in Beacon was recorded at $24,270. Upon acquisition of the remaining 55.7% ownership interest, our existing equity investment
was remeasured to fair value resulting in the recognition of a non-cash $19,818 gain. The fair value measurement was estimated by applying
the income approach. With this approach, the fair value measurement is based on significant inputs that are not observable in the market
and thus the fair value measurement is categorized within Level 3 of the fair value hierarchy. Our assumptions include future cash flow
projections, a discount rate range of 17.0% to 19.1% based on the weighted average cost of capital, and a terminal value based on a range
of terminal earnings before interest, taxes, depreciation, and amortization.
The excess of the consideration transferred and
the estimated fair value of previously held equity interest over the estimated fair values of the identifiable assets acquired and liabilities
assumed totaled $51,155 and was reflected as goodwill in the RNG Fuel Supply reportable segment. The majority of goodwill reflects the
value paid primarily for the customer and service contract with a wholly owned subsidiary of the Company. There was no settlement gain
or loss recognized for the extinguishment of the preexisting relationship. Goodwill will not be amortized, but rather reviewed annually
for impairment or more frequently if indicators of impairment exist.
F-
106
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
5. Acquisition
(cont.)
The Company completed its purchase price allocation
as of December 31, 2021. The following table summarizes the fair value of consideration transferred for Beacon, the fair value of previously
held equity interest, and the fair value of assets acquired and liabilities assumed as of the acquisition date, May 1, 2021:
Fair value of consideration transferred
Convertible note payable*
$
55,410
Total consideration transferred
$
55,410
Fair value of previously held equity interest
$
44,069
Fair value of net identifiable assets acquired
Cash
$
759
Accounts receivable
240
Accounts receivable, related party
205
Prepaid expense and other current assets
185
Restricted cash
1,196
Other assets
12
Parts inventory
166
Property, plant, and equipment
50,726
Accounts payable and accrued expenses
(690
)
Asset retirement obligation
(279
)
Accrued royalties
(4,196
)
Total identifiable net assets
48,324
Goodwill
51,155
Total purchase consideration
$
99,479
*
Fair value of the note as of December 31, 2021 is $58,710.
Refer to Note 10, Borrowings, for additional information.
The results of operations for the Beacon Acquisition
since the acquisition date have been included on our consolidated financial statements for the period from May 1, 2021 through December 31,
2021 and include approximately $43,611, of total revenue, and $24,420 income from operations.
The excess of the purchase price paid over the estimated
fair values of the identifiable assets acquired and liabilities assumed totaled $51,155 and is reflected as goodwill in the RNG Fuel Supply
reportable segment. The goodwill reflects the value paid primarily for the long-term opportunity to improve operating results through
the efficient management of operating expenses and the deployment of capital. Goodwill is not amortized, but rather is reviewed annually
for impairment or more frequently if indicators of impairment exist.
Proforma Financial Information
The following proforma audited financial information
reflects the consolidated results of operations of the Company and the amortization of the purchase price adjustments assuming the acquisition
had taken place on January 1, 2020, excluding non-recurring transaction costs incurred by the Company during 2021:
Fiscal Years Ended
December 31,
2021
2020
Restated
(1)
Total revenues, net
$
179,436
$
132,745
Net income (loss)
$
43,776
$
(25,968
)
(1)
As described in Note 2 to these consolidated financial
statements, we have restated the consolidated financial statements for the years ended December 30, 2020 and 2019. See Note 2
Restatement of financial statements for additional information.
F-
107
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
6. Investments in Other Entities
The following table summarizes our equity method
investments as of December 31, 2021 and 2020:
December 31,
Percentage
of
ownership
2021
2020
Beacon
44.3
%
$
—
$
25,573
Pine Bend
50.0
%
21,188
—
Noble Road
50.0
%
24,516
—
GREP
20.0
%
1,446
—
Total investments in other entities
$
47,150
$
25,573
Income on equity method investments, net reported
in the Company's consolidated statements of operations consisted of the following for the years ended December 31, 2021,
2020 and 2019
Fiscal Years Ended
December 31,
2021
December 31,
2020
December 31,
2019
Income from equity method investments, net, before amortization of basis difference
$
2,268
$
(475
)
$
(487
)
Income on equity method investments, net
$
2,268
$
(475
)
$
(487
)
Beacon Step Acquisition
As detailed in Note 5,
Acquisition
, we acquired
the remaining 55.7% ownership interest in Beacon RNG LLC ("Beacon") and obtained a controlling financial interest on May 1,
2021. We recorded a $19,818 gain during the second quarter of 2021 to adjust our equity method investment to its estimated fair value.
The gain is included in gain on acquisition of equity method investment in our consolidated statement of operations for the year ended
December 31, 2021. Upon the step acquisition the Company consolidated Beacon and no longer accounts for its interest in Beacon as
an equity method investment.
Deconsolidation of Pine Bend and Noble Road
As of December 31, 2021, the Company re-assessed
its equity interests in Pine Bend and Noble Road under ASC 810,
Consolidation
and determined the entities no longer meet any of
the characteristics of a variable interest entity primarily because the two projects are fully funded and there is sufficient equity at
risk as of December 31, 2021. The Company determined that it should account for its interests in both entities under the equity method
of accounting pursuant to ASC 323,
Investments Equity Method and Joint Ventures
, prospectively, as the Company has the ability
to exercise significant influence, but not control, over both entities.
Prior to December 31, 2021, the Company consolidated
these entities in accordance with the variable interest entity model guidance under ASC 810,
Consolidation
. Upon deconsolidation,
the Company remeasured the fair value of the retained investment and recognized a gain of $3,145 on Pine Bend and $11,880 on Noble Road
in its consolidated statement of operations for the year ended December 31, 2021 and a corresponding increase in its basis in
Investment
in other entities
on its consolidated balance sheet as of December 31, 2021. The fair value of the retained investment was measured
based on discounted cash flows model in which the future net cash flows from the two RNG facilities were discounted to their present value
using a discount factor of 20%.
F-
108
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
6. Investments in Other Entities
(cont.)
The carrying value of assets and liabilities of
the two entities at the time of their deconsolidation was as follows:
December 31,
2021
Cash and cash equivalents
$
21,208
Other current assets
134
Property, plant and equipment, net
44,250
Accounts payable and accrued expenses
(4,235
)
Net assets deconsolidated
$
61,357
Acquisition of Reynold RNG LLC
In August 2021, the Company acquired a 100%
ownership interests in Reynolds RNG LLC ("Reynolds"), an RNG production facility for $12,020 which was funded with cash on
hand. Reynolds held an equity investment of 1,570 Class B units in GREP BTB Holdings LLC ("GREP") representing 20% interest
for a cash consideration of $1,570 which owns 50% of BioTown Biogas LLC ("Biotown"), a power generation facility under development
to convert to an RNG facility. The Reynolds transaction was an asset acquisition from an affiliate under common control and therefore
the assets consisting of the its investment in GREP and the Note receivable ( described below) were recorded at carryover basis. The Company
accounts for its 20% equity investment in GREP under the equity method. The Company recorded a loss of $124 as its share of net loss for
the year ended December 31, 2021 and reduced its investment in GREP as of December 31, 2021.
In addition to the equity investment, Reynolds held
a loan of $10,450 to Biotown. The Note receivable matures on July 15, 2027. It carries an interest of 12.5% out of which 8% is payable
in cash on a quarterly basis from the inception of the loan and 4.5% payment-in-kind interest adding to the outstanding debt balance until
the facility becomes operational. The total amount of interest earned for the year ended December 31, 2021 was $711 out of which
$288 was payment-in-kind interest increasing the Note receivable from Biotown. The interest earned was recorded as a reduction to interest
and financing expense, net in the consolidated statement of operations for the year ended December 31, 2021. The Note receivable
also entitles Reynolds to receive 4.25% of any revenue based distributions made with a cap of $4,500 over the term of the debt. The Company
recorded the fair value of the Note receivable — variable fee component of $1,539 as an allocation of the initial investment
balance of $10,450 and recorded an payment-in-kind interest income of $118 as a reduction to interest and financing expense, net in the
consolidated statement of operations for the year ended December 31, 2021.
The note receivable of $9,200 and Note receivable — variable
fee component of $1,656 have been recorded as a long term assets on its consolidated balance sheet as of December 31, 2021.
The following table summarizes financial information
of the unconsolidated entities:
December 31,
2021
2020
Current assets
$
21,342
$
2,216
Non-current assets
44,250
58,232
Current liabilities
4,235
1,131
Non-current liabilities
—
1,536
Members' equity
61,358
57,781
F-
109
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
6. Investments in Other Entities
(cont.)
The following table summarizes the net income (loss)
attributable to the Company from the unconsolidated entities:'
Fiscal Years Ended December 31,
2021
2020
2019
Revenue
$
14,181
$
15,039
$
12,368
Gross profit
6,915
3,331
3,255
Income (loss) from operations
5,276
(1,859
)
(1,059
)
Net income (loss)
5,276
(1,072
)
(1,099
)
Net income (loss) attributable to OPAL Fuels LLC
2,268
(475
)
(487
)
7. Property, Plant, and Equipment, Net
Property, plant, and equipment, net, consisted of
the following at December 31:
December 31,
2021
2020
Plant and equipment
(1)
$
161,387
$
98,881
CNG/RNG Fueling stations
27,892
25,430
Construction in progress
62,616
20,424
Buildings
2,544
1,475
Land
1,303
1,303
Service equipment
1,521
1,133
Leasehold improvements
815
571
Vehicles
407
514
Office furniture and equipment
302
299
Computer software
277
240
Other
416
289
259,480
150,559
Less: accumulated depreciation
(89,710
)
(74,367
)
Property, plant, and equipment, net
$
169,770
$
76,192
(1)
As of December 31, 2021, the Company identified one
renewable power generating facility to be abandoned in June 2023 and building an RNG facility in the same site. Accordingly, the
Company tested the facility for impairment under the held and used impairment guidance under ASC 360-10. The Company concluded that
the net book value of the asset exceeded the remaining undiscounted cash flows over the remaining shortened useful life. The Company
revised the useful life of the asset and recorded accelerated depreciation of $600 thousand on the facility in its consolidated statement
of operations for the year ended December 31, 2021.
As of December 31, 2021, there has been an
increase in property, plant and equipment as a result of the step acquisition of Beacon in May 2021 offset by deconsolidation of
Pine bend and Noble Road and increase in construction of RNG generation facilities including, but not limited to Sunoma and Central Valley
RNG dispensing facilities. The majority of these facilities, for which costs are in construction in progress as of December 31, 2021,
are expected to be operational within the next year.
Depreciation expense on property, plant, and equipment
in 2021, 2020 and 2019 was $9,501, $7,595 and $7,241, respectively. Property, plant, and equipment was reduced by $4,234, and $8,246 at
December 31, 2021 and 2020, respectively, due to U.S. Treasury grants received in prior years for the construction of renewable
energy power plants.
F-
110
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except per unit data)
8. Intangible Assets, Net
Intangible assets, net, consisted of the following
at December 31:
December 31, 2021
Cost
Accumulated
Amortization
Net
Weighted Average Amortization Period (Months)
Power purchase agreements
(1)
$
8,999
$
(6,986
)
$
2,013
217
Transmission/distribution interconnection
(2)
1,600
(865
)
735
181
CNG sales contract
807
(719
)
88
120
Intellectual property
43
(18
)
25
60
Total intangible assets
$
11,449
$
(8,588
)
$
2,861
(1)
Includes $114 of accelerated amortization of the power purchase
agreement associated with the renewable power generating facility to be abandoned in June 2023.
(2)
The transmission/distribution interconnection represents
an interconnector for one of the Company's LFG recovery facilities. The interconnection construction was initially funded by a
municipality. The Company is scheduled to repay the funding for the construction through April 1, 2023.
December 31, 2020
Cost
Accumulated
Amortization
Net
Weighted Average Amortization Period (Months)
Power purchase agreements
$
8,999
$
(6,602
)
$
2,397
217
Transmission/distribution interconnection
1,600
(760
)
$
840
181
CNG sales contract
807
(639
)
$
168
120
Intellectual property
43
(11
)
$
32
60
Total intangible assets
$
11,449
$
(8,012
)
$
3,437
Amortization expense for 2021, 2020 and 2019 was
$577, $555, and $613, respectively. At December 31, 2021, estimated future amortization expense for intangible assets is as follows:
Year ending December 31,
2022
$
793
2023
465
2024
275
2025
266
2026
238
Thereafter
824
$
2,861
9. Goodwill
The following table summarizes the changes in goodwill
by reporting segment from the beginning of the period to the end of the period:
RNG Fuel
Supply
Fuel station
service
Total
Balance December 31, 2019
$
—
$
3,453
$
3,453
Balance December 31, 2020
—
3,453
3,453
Net additions during the year
(1)
51,155
—
$
51,155
Balance December 31, 2021
$
51,155
$
3,453
$
54,608
(1)
Addition relates to the step acquisition of Beacon. See Note 5,
Acquisition, for additional information.
F-
111
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
10. Borrowings
The following table summarizes the borrowings under
the various debt facilities as of December 31, 2021 and December 31, 2020:
December 31,
2021
December 31, 2020
Senior secured credit facility, term loan
$
73,869
$
78,770
Less: Unamortized debt issuance costs
(724
)
(1,614
)
Less: current portion
(73,145
)
(4,900
)
Senior secured credit facility, term loan, net of debt issuance costs
—
72,256
Senior secured credit facility, working capital facility
7,500
12,682
Less: current portion
(7,500
)
(5,182
)
Senior secured credit facility, working capital facility
—
7,500
TruStar revolver credit facility
—
10,000
Less: current portion
—
—
TruStar revolver credit facility
—
10,000
Sunoma loan
17,524
1,089
Less: Unamortized debt issuance costs
(569
)
(619
)
Less: current portion
(756
)
—
Sunoma loan, net of debt issuance costs
16,199
470
OPAL term loan
75,000
—
Less: Unamortized debt discount and debt issuance costs
(2,485
)
—
Less: current portion
(13,425
)
—
OPAL term loan, net of debt discount and debt issuance costs
59,090
—
Convertible note payable
58,710
—
Less: current portion
—
—
Convertible note payable
58,710
—
Municipality loan
278
472
Less: current portion
(194
)
(194
)
Municipality loan
84
278
Non-current borrowings total
$
134,083
$
90,504
As of December 31, 2021, principal maturities
of debt are expected as follows, excluding any subsequent refinancing transactions. The below table excludes the outstanding debt of $17,524
under the Sunoma loan was not converted from a construction loan into a term loan with a duration of 11 years:
Senior secured
credit facility
OPAL term
loan
Convertible
note payable
Municipality
loan
Total
2022
$
81,369
13,425
—
$
194
$
94,988
2023
—
16,110
—
84
16,194
2024
—
16,110
—
—
16,110
2025
—
29,355
58,710
—
88,065
$
81,369
$
75,000
$
58,710
$
278
$
215,357
Senior secured credit facility
On September 21, 2015,
Fortistar Methane 3 LLC ( the "FM3) , a wholly-owned subsidiary of OPAL, entered into a senior secured credit facility as a borrower
and Investec Bank PLC and MUFG Union Bank N.A., as joint lead arranger and book runners and CoBank ACB as documentation agent and LC
issuing bank, which provides for an aggregate principal amount of $150.0 million, which consists of (i) a term loan of $125,000
( "Term Facility Loan") and a (ii) working capital letter of credit facility ("Working Capital Facility")
of up to $19,000 and a (iii) Debt service reserve and liquidity facility ( Debt Reserve and Liquidity Facility") of up to
$6,000. The Company paid $14,300 to the lenders in connection with the transaction.
F-
112
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
10. Borrowings
(cont.)
The borrowings under the Senior Secured Credit Facility
bear an interest rate of a fixed margin plus LIBOR for the relevant interest period. The fixed margin is 2.75% for the first four years
and 3.0% until October 8, 2021 and 3.25% thereafter. Pursuant to the terms of facility, FM3 is required to repay 1% of the outstanding
debt under the Term Loan Facility amounting to $1,250 on a quarterly basis which is then adjusted based on available cash and a target
debt balance that declines each quarter. The Working Capital Facility contains a provision whereby the Company is obligated to reduce
the amount borrowed to $7,500 or less for a period of ten consecutive business days annually. As of December 31, 2021, the total
amount outstanding under the Working Capital Facility was $7,500. Additionally, the Company pays commitment fee of 0.75% on unused portion
of the facility.
On October 8, 2021, the Company entered into
the Amendment to Second Amended and Restated Credit Agreement (the "Amendment") which extended the maturity date of the credit
facility that supports the Renewable Power business to December 20, 2022. In addition, the minimum required debt service coverage
ratio was reduced from 1.1 to 1.0 and the calculation of the Cash Flows Available for Debt Service was amended to exclude the proceeds
of working capital loans deposited into the operating account going forward. Additionally, the Company is not allowed to make any distributions
or restricted payments. In exchange for these accommodations, the Company agreed to repay $5,182 as a permanent reduction of the Working
Capital Facility and to increase the interest rate on the credit facility by 25 basis points
.
At December 31, 2021 and December 31,
2020, the Company had outstanding letters of credit that support obligations of the Company and its subsidiaries of $7,823 and $8,552,
respectively. The Senior Secured Credit Facility is collateralized by substantially all the assets of FM3 and assignment of FM3's
rights, title and interests in PSAs and landfill gas rights agreements.
The debt agreement contains certain warranties and
financial covenants including but not limited to debt service coverage ratio to be less than 1.0 and restrictions on distributions and
additional indebtedness. The lenders only have recourse to the assets of FM3. For the years ended December 31, 2021 and 2020,
FM3 was in compliance with all debt covenants.
Patronage dividends
The Company is eligible to receive annual patronage
dividends from one of its lenders, Cobank ACB under a profit sharing program made available to the borrowers. The Company accrued patronage
dividend based on an estimated percentage of its weighted average debt balance for the year. For the years ended December 31, 2021, 2020
and 2019 the Company received cash dividend of $139, $136 and $131 which was recorded as a credit to interest expense in the consolidated
statements of operations. Additionally, the Company received $489 as equity in Cobank SCB which will be redeemed for cash beginning 2024.
The Company recorded $489 as other income in the consolidated statement of operations for the year ended December 31, 2021 and a correspond
long-term asset on its balance sheet as of December 31, 2021.
TruStar revolver credit facility
On September 27, 2021, TruStar, a wholly-owned
subsidiary of the Company renewed the existing revolving credit arrangement with JP Morgan Chase Bank, N.A., for an aggregate amount of
$10,000. This revolver credit facility was secured by marketable securities pledged by the Ultimate Parent. In the fourth quarter of 2021,
the outstanding balance under this credit facility was fully repaid and the revolver credit facility was cancelled.
The amounts outstanding under this credit facility
had an interest rate of 1.0% plus one month LIBOR.
F-
113
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
10. Borrowings
(cont.)
Sunoma loan
On August 27, 2020, Sunoma Renewable Biofuel
LLC ("Sunoma"), a wholly-owned subsidiary of the Company entered into a debt agreement with Live Oak Banking Company ( "Lender")
for an aggregate principal amount of $20,000. Sunoma paid $600 as fees to the Lender. The loan matures on April 27, 2022 and bears
interest at the greater of Prime plus 3.50%, or 7.75%.
The amounts outstanding under the Sunoma loan agreement
are secured by the assets of Sunoma.
The Sunoma loan agreement contains certain financial
covenants which require Sunoma to maintain (i) Maximum debt to worth ratio cannot exceed 5 to 1 (ii) the minimum current ratio
cannot be less than 1.0 (iii) minimum debt service coverage ratio of trailing four quarters cannot be less than 1.25. These covenants
apply after the construction is complete and the facility meets certain predetermined operational standards and documentation criteria
and the loan converts to a term loan which is expected to be in third quarter of 2022. Additionally, the Company received a waiver from
compliance of certain non financial covenants.
At maturity, the loan outstanding under the Sunoma
loan agreement is convertible to a permanent loan guaranteed by the United States Department of Agriculture ("USDA").
The Permanent USDA loan will consist of an 11-year term and bear interest at the then-current 10-year LIBOR Swap rate plus 5.45%, fixed
for the term of the loan. The floor rate of the USDA loan will be equal to 6.75%. The Permanent USDA loan will be secured by the assets
of Sunoma Renewable Biofuel, LLC. The accrued interest is payable after the conversion to a permanent loan.
The significant assets of Sunoma are parenthesized
in the consolidated balance sheets as December 31, 2021 and December 31, 2020. Refer to Note 16 Variable Interest Entities
for additional information.
OPAL term loan
On October 22, 2021, the Company executed a
Term Loan at a newly formed entity, OPAL Fuels Intermediate Holding Company LLC ("OPAL Intermediate Holdco") as the borrower
and Bank of America N.A., Customers Bank, Citi Bank N.A., Barclays Bank PLC as lenders ("Lenders"), Bank of America as administrative
agent and Customers Bank as Syndication Agent, which permitted borrowings of up to $125,000. Of the 125,000, the Company had $90,000 available
for borrowing upon closing and the remaining $35,000 to be made available as three more RNG facilities become operational. The facility
is secured by a pledge in the equity interest of the following subsidiaries of the Company at the time the loan was executed: Beacon Holdco
LLC, OPAL Environmental Credit Marketing LLC, TruStar Energy LLC, and OPAL Fuels Services LLC along with cash bank accounts and a security
interest in the Company's environmental credits. A portion of the proceeds of this loan were used to pay off the outstanding balance
under the Trustar revolver credit facility and the remainder will be used for general corporate purposes, including investments in RNG
projects being developed by the Company.
Pursuant to the above, the Company borrowed $75,000
in October 2021 and an another $15,000 in February 2022 pursuant to an amendment allowing the Company to drawdown later than
the original commitment date. The loan matures April 22, 2025 and bears interest at 3.0% plus LIBOR. Pursuant to the terms of
the facility, OPAL Intermediate Holdco is required to repay 1.79% or $1,342 per month beginning March 2022 and an additional $700
per month beginning September 2022.
The OPAL term loan contains certain financial covenants
which require OPAL Intermediate Holdco to maintain a (i) minimum liquidity of $15.0 million until March 31, 2022 and $10.0 million
thereafter and (ii) leverage ratio not to exceed 4 to 1. As of December 31, 2021, the Company is in compliance with the financial
covenants under this debt facility. Additionally, the debt agreement contains certain customary warranties and representations including
but not limited to restrictions on distributions and additional indebtedness.
Municipality loan
FM3 entered into a loan agreement for the construction
of an interconnection that was initially funded by the municipality. The Company is scheduled to make payments to a municipality of the
amount of $1,600 plus interest at a fixed annual rate of 3.00% through April 1, 2023.
F-
114
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
10.
Borrowings
(cont.)
Loan from Affiliate and Line of Credit from Affiliate
In June 2015, the Ultimate Parent made a $5,000
loan to the Company with an annual interest rate of 10% compounded monthly. This loan, which had an original maturity date of June 26,
2016, was subsequently renewed annually. As of December 31, 2019, the full amount of this loan was outstanding. On December 31,
2020, the outstanding loan balance of $5,000 was assigned to the Ultimate Parent and the assignment of this loan to the related party
was accounted for as a capital contribution to the Company.
In April 2017, the Ultimate Parent extended
a $5,000 revolving line of credit to the Company for general working capital. This loan, which had an original maturity date of September 9,
2018, was subsequently renewed annually by the affiliate. Borrowings under the line of credit bore interest at an annual rate of 10% compounded
monthly. Additional drawings under this credit line were available once per month in minimum amounts of $250. The credit line included
a commitment fee of 2% on the loan amount and interest of 1% on the undrawn amount, due quarterly. As of December 31, 2019, the full
amount of this line of credit was outstanding. On December 31, 2020, the outstanding line of credit amount of $5,000 was assigned
to the Parent and the assignment of this loan to the related party was accounted for as a capital contribution to the Company.
Interest rates
2021
For the year ended December 31, 2021, the interest
rate on Senior Secured Facility included a margin plus LIBOR and commitment fees of 0.75% on unused portion of the Working Capital Facility.
The weighted average effective interest rate including the amortization of debt issuance costs for this period was 3.00%.
For the year ended December 31, 2021, the interest
rate on TruStar Revolver Credit Facility including a margin plus LIBOR was 1.52%.
For the year ended December 31, 2021, the paid-in-kind
interest rate on Convertible note payable was 8%. The change in fair value of the Note recorded as interest expense between May 1,
2021 and December 31, 2021 was $3,300.
For the year end December 31, 2021, the interest
rate on OPAL term loan was 4% and commitment fees of 0.5% on the undrawn portion of the facility. The weighted average effective interest
rate including the amortization of debt issuance costs for this period was 4.9%.
For the year ended December 31, 2021, the weighted
average effective interest rate on the Sunoma Credit Facility was 7.75%.
For the year ended December 31, 2021, the weighted
average interest rate on Municipality Loan was 3.0%.
2020
For the year ended December 31, 2020, the interest
rate on Senior Secured Facility included a margin plus LIBOR and commitment fees of 0.75% on unused portion of the Working Capital Facility.
The weighted average effective interest rate including the amortization of debt issuance costs for this period was 3.25%.
For the year ended December 31, 2020, the interest
rate on TruStar Revolver Credit Facility including a margin plus LIBOR was 2.1%.
For the year ended December 31, 2020, the weighted
average effective interest rate on the Sunoma Credit Facility was 7.75%.
For the year ended December 31, 2020, the weighted
average interest rate on Municipality Loan was 3.0%.
F-
115
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
10.
Borrowings
(cont.)
For the year ended December 31, 2020, the weighted
average interest rate on Line of Credit and Loan from Affiliate was 10%.
2019
For the year ended December 31, 2019, the interest
rate on Senior Secured Facility included a margin plus LIBOR and commitment fees of 0.75 % on unused portion of the Working Capital Facility.
The weighted average effective interest rate including the amortization of debt issuance costs for this period was 4.94 %.
For the year ended December 31, 2019, the interest
rate on TruStar Revolver Credit Facility including a margin plus LIBOR was 2.1%.
For the year ended December 31, 2019, the weighted
average interest rate on Municipality Loan was 3.0%.
For the year ended December 31, 2019, the weighted
average interest rate on Line of Credit and Loan from Affiliate was 10%.
The following table summarizes the Company's
total interest and financing expense, net for
Fiscal Years Ended
December 31,
2021
December 31,
2020
December 31,
2019
Senior secured facility
$
2,777
$
3,655
$
5,074
Municipality loan
10
17
21
Trustar revolver credit facility
111
166
351
Convertible note payable
3,300
—
800
OPAL term loan
617
—
—
Line of credit/Loan from Affiliate
—
1,010
—
Commitment fees and other finance fees
835
962
965
Amortization of debt issuance costs
1,086
860
820
Interest income
(769
)
(15
)
(5
)
Total interest expense
$
7,467
$
6,655
$
8,026
(1)
Interest expense on Senior secured facility is presented net of
patronage dividends received of $628, $136 and $131 for the years ended December 31, 2021, 2020 and 2019, respectively.
11.
Leases
During 2018, the Company renewed a lease for office
and warehouse space that became effective upon the termination of the original lease term on January 31, 2018. The term of the lease
renewal was thirty-six months and contained an option to renew for an additional twenty-four months. In September 2020,
the Company exercised this option. In addition, the Company maintains a fleet of vehicles under lease with terms ranging from forty-eight
to sixty months and with lease expiration dates ranging from April 2021 to February 2025.
Future minimum lease payments are as follows:
December 31, 2021
2022
$
690
2023
283
2024
163
2025
55
$
1,191
The Company incurred rent expense of $1,098, $1,242
and $1,464, in 2021, 2020 and 2019, respectively.
F-
116
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
12.
Derivative Financial Instruments
Interest rate swaps
The Company has various interest rate swap agreements,
including swaps entered into in early 2020. The average annual fixed rate ranges from 2.38% in 2020 to 2.50% in 2022. These transactions
involved the exchange of fixed and floating rate interest payment obligations without the exchange of the underlying principal amounts.
The Company has accounted for these instruments as economic hedges and has included changes in their fair market value in the consolidated
statements of operations.
The location and amounts of derivatives fair values
in the balance sheet are:
Fair Value
Location of
Fair Value Recognized
December 31,
2021
2020
in Balance Sheet
Derivatives designated as economic hedges
Current portion of interest rate swaps
$
(992
)
$
(1,689
)
Derivative financial liability, current portion
Interest rate swaps, net of current portion
—
(1,096
)
Derivative financial liability, non-current portion
$
(992
)
$
(2,785
)
The effect of interest rate
swaps on our consolidated statement of operations was:
(Loss) Gain Recognized in
Operations from interest rate swaps
Location of (Loss)
Gain Recognized in Operations
December 31,
2021
2020
2019
from Derivatives
Interest rate swaps
$
1,793
$
(1,050
)
$
(1,876
)
Change in value of derivative financial instruments
Net periodic settlements
(1,694
)
(1,147
)
185
Change in value of derivative financial instruments
$
99
$
(2,197
)
$
(1,691
)
Company may be exposed to
credit risk on any of the derivative financial instruments that are in an asset position. Credit risk relates to the risk of loss that
the Company would incur because of non-performance by counterparties pursuant to the terms of their contractual obligations. To mitigate
this risk, management monitors counterparty credit exposure on an annual basis, and the necessary credit adjustments have been reflected
in the fair value of financial derivative instruments. There are no credit-risk-related contingent features that could be triggered in
derivative financial instruments that are in a liability position.
The Company enters into interest rate swap contracts
with counterparties that allow for net settlement of derivative assets and derivative liabilities. The Company has made an accounting
policy election to offset recognized amounts relating to these interest swaps within the consolidated balance sheets. The following tables
summarize the fair value of derivative instruments on the Company's consolidated balance sheets and the effect of netting arrangements
and collateral on its financial position:
Gross Amounts
of Recognized
Assets/
(Liabilities)
Gross Amounts
Offset in the
Consolidated
Balance Sheet
Net Amounts
of
Assets/(Liabilities)
Presented in the
Consolidated
Balance Sheet
December 31, 2021
Interest rate swap liability
$
(992
)
$
—
$
(992
)
December 31, 2020
Interest rate swap liability
$
(2,785
)
$
—
$
(2,785
)
There were no collateral balances with counterparties
outstanding as of the period-end dates.
F-
117
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
12.
Derivative Financial Instruments
(cont.)
Commodity swap contracts
The Company utilizes commodity swap contracts to
hedge against the unfavorable price fluctuations in market prices of electricity. The Company does not apply hedge accounting to these
contracts. As such, unrealized and realized gain (loss) is recognized as component of Renewable Power Revenues in the consolidated statement
of operations and Derivative financial asset — current and non-current in the consolidated balance sheets. These are considered
to be Level 2 instruments in the fair value hierarchy. By using commodity swaps, the Company exposes itself to credit risk and market
risk. Credit risk is the failure of the counter party to perform under the terms of the swap contract. When the fair value of the swap
contract is positive, the counter party owes the Company creating a credit risk. The Company manages the credit risk by entering into
contracts with financially sound counter parties. To mitigate this risk, management monitors counterparty credit exposure on an annual
basis, and the necessary credit adjustments have been reflected in the fair value of financial derivative instruments. When the fair value
of the swap contract is negative, the Company owes the counter party creating a market risk that the market price is higher the contract
price causing loss of higher revenues.
In December 2018, the Company signed an amendment
that converted an existing PPA into a commodity swap contract to allow the Company flexibility to sell the capacity separately and schedule
sale of electricity to independent third parties. Post the amendment, the Company agreed to net settle the contract in cash on a monthly
basis based on the difference between the contract price and market price. The contract has a default minimum of 34,554 Mwh per year.
Additionally, the Company entered into an ISDA agreement with a counter party in November 2019. Pursuant to the agreement, the Company
entered into swaps with contract prices ranging between $35.75 and $51.25 per Mwh.
The following table summarizes the commodity swaps
in place as of December 31, 2021 and 2020:
Trade date
Period From
Period to
Notional
quantity
per year
("Mwh")
Average
Contract
price
(per Mwh)
December 14, 2018
January 1, 2019
September
                                                       30,2022
34,554
$
66.12
November 22, 2019
January 1, 2020
December 31, 2021
43,860
$
35.75
October 28, 2021
November 1, 2021
December 31, 2022
30,660
$
48.75
December 27, 2021
January 1, 2022
December 31, 2022
26,280
$
50.75
The effect of commodity swaps on the consolidated
statements of operations for the years ended December 31, 2021, 2020 and 2019.
Fiscal Years
Ended
December 31,
Derivatives
    not designated as
hedging instruments
Location
    of (loss) gain
recognized
2021
2020
2019
(Restated)
(1)
(Restated)
(1)
Commodity
    swaps – realized (loss) gain
Renewable Power Revenues
$
(22
)
$
1,383
$
1,129
Commodity
    swaps – unrealized (loss)
Renewable Power Revenues
(1,148
)
(1,176
)
(373
)
Total
    realized and unrealized(loss) gain
Renewable Power Revenues
$
(1,170
)
$
207
$
756
(1)
The Revenues for the years ended December 31, 2020 and
2019 were restated to record unrealized loss of $1,176 and $373, respectively. Please see Note 2 Restatement of financial statements
for additional information.
F-
118
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
12.
Derivative Financial Instruments
(cont.)
The following table shows the derivative assets
and liabilities related to commodity swaps as of December 31, 2021 and 2020:
Fair
    Value
Location
    of
Fair Value Recognized
December 31,
2021
2020
in
    Balance Sheet
Derivatives designated
    as economic hedges
Current
    portion of unrealized gain on commodity swaps
$
382
$
810
Derivative financial asset –
    current portion
Unrealized
    gain on commodity swaps, net
of current portion
—
719
Derivative financial
    asset – non-current
$
382
$
1,529
13.
Related Parties
Related parties are represented by our Ultimate
Parent and other affiliates, subsidiaries and other entities under common control with the Ultimate Parent.
Capital contributions and distribution from and to members
During the years ended December 31, 2021,
2020 and 2019, the Company received contributions from its Ultimate Parent of $7,531, $15,128 and $30,057, respectively. Additionally,
the Company made distributions to its Ultimate Parent of $3,695, $852 and $404 for the years ended December 31, 2021, 2020 and
2019.
Sale of non-controlling interests to Related Parties
During the year ended December 31, 2021, the
Company sold non-controlling interests in four RNG projects to Hillman for total proceeds of $30,000. On November 29, 2021, as part
of an exchange agreement ("Hillman exchange"), the Company issued 14 newly authorized common units and 300,000 Series A-1
preferred units to Hillman in return for Hillman's non-controlling interest in four RNG project subsidiaries. Please see Note 18,
Redeemable Preferred Units and Equity
for additional information.
Purchase of investments from Related Parties
In August 2021, the Company acquired a 100% ownership
interests in Reynolds RNG LLC ("Reynolds"), an RNG production facility for $12,020 which was funded with cash on hand. Reynolds
held an equity investment of 1,570 Class B units in GREP BTB Holdings LLC ("GREP") representing 20% interest for a cash consideration
of $1,570 which owns 50% of BioTown Biogas LLC ("Biotown"), a power generation facility under development to convert to an
RNG facility. The Reynolds transaction was an asset acquisition from an affiliate under common control and therefore the assets consisting
of the its investment in GREP and the Note receivable (described below) were recorded at carryover basis. The Company accounts for its
20% equity investment in GREP under the equity method. The Company recorded a loss of $124 as its share of net loss for the year ended
December 31, 2021 and reduced its investment in GREP as of December 31, 2021.
F-
119
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
13.
Related Parties
(cont.)
Equity commitment letters
During 2021 and 2020, the Ultimate Parent entered
into three equity commitment agreements totaling $57,066 with third-party investors which established the amount of capital contributions
to be made by these investors in four RNG projects being developed by the Company in exchange for which the third-party investor would
acquire a specified ownership percentage in the RNG project. In conjunction with this, for the purpose of satisfying the Engineering, Procurement and Construction Agreements under which these
RNG projects would be built, the Ultimate Parent issued three equity commitment letters to the contractor hired to construct these RNG
projects. The equity commitments for Pine Bend and Noble Road have been fulfilled during 2021 and there is no outstanding commitment amounts
on these projects as of December 31, 2021.
Equity
Commitment
Letters
Amount
distributed
under the
Equity
commitment
letters
Amount
outstanding yet
to
    be fulfilled
December 31, 2021
Noble Road RNG
$
19,000
$
19,000
$
—
Pine Bend RNG
21,504
21,504
—
New River RNG
16,562
8,789
7,773
$
57,066
49,293
$
7,773
Sales contracts with Related Parties
In June 2020, Trustar, a wholly-owned subsidiary
of the Company contracted with Beacon to dispense Beacon's RNG, generate and market the resulting RINs created on behalf of Beacon.
The term of this contract is September 1, 2020 through October 31, 2030. The Company receives non-cash consideration in the
form of RINs or LCFSs for providing these services and recognizes the RINs or LCFSs received as inventory based on their estimated fair
value at contract inception. During the period from September 1, 2020 to December 31, 2020, the Company earned environmental
processing fees of $428, net of intersegment elimination, under this agreement which are included in fuel station service revenues in
the consolidated statements of operation. During 2021, the Company acquired the remaining interests in Beacon. Therefore, all environmental
fees earned after May 1, 2021 is eliminated in the consolidated statements of operations. For the period between January 1 and April
30, 2021, the company earned environmental processing fees of $632, net of intersegment elimination.
Service agreements with Related Parties
In 2020, Trustar and FM3, two wholly-owned subsidiaries
of the Company had two management service agreements with the Ultimate Parent to provide for management, operations and maintenance services.
The agreement provided for a pass-through of the actual costs incurred.
On December 31, 2020, the Company terminated the
above two agreements and signed a new management, operations, and maintenance services agreement ("Administrative services agreement")
with the Ultimate Parent, pursuant to which the Ultimate Parent provides management, operations, and maintenance services to the Company.
The agreement expires on December 31, 2023, unless the termination occurs earlier due to dissolution of the Company or terminated
by the Company's secured lenders in certain circumstances. The agreement provides for a pass-through of actual costs incurred and
a fixed annual payment of $580,000 per year adjusted annually for inflation.
In June 2021, the company entered into an management
services agreement with Costar Partners LLC ("Costar"), an affiliate of the Ultimate Parent. As per the agreement, Costar
provides IT support services, software use, licensing services, management of third party infrastructure and security services and additional
IT services as needed by the Company. The agreement provides for Costar to be compensated based on actual costs incurred and licensing
fees per user for certain software applications. The agreement expires in June 2024 unless the termination occurs earlier due to dissolution
of the Company or terminated by the Company's secured lenders in certain circumstances.
F-
120
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
13.
Related Parties
(cont.)
The following table summarizes the various fees
recorded under the agreements described above which are included in our Selling, general administrative expenses:
Fiscal Years Ended
December 31,
2021
December 31,
2020
December 31,
2019
Staffing and management services
$
8,393
$
5,866
$
6,091
IT services
1,497
—
—
Managements services
—
557
1,354
Guaranty fees
431
269
269
Interest
—
419
403
Environmental processing fees
632
428
—
Total
$
10,953
$
7,539
$
8,117
For the years ended December 31, 2021
and December 31, 2020 the company had accounts payable, related party in the amounts of $166 and $1,579, respectively. As of December
31, 2021, the Company recorded $676 payable to Costar as part of accrued expenses in its consolidated balance sheet
14.
Benefit Plan
The Company maintains a qualified 401(k) benefit
plan (the "Plan") covering substantially all its employees who meet the eligibility requirements. All employees are eligible
to participate in the Plan starting with the first day of the month following three months of service. Eligible employees may
contribute up to 50% of their compensation on a pre-tax basis to the Plan, up to statutory limits. The Company matches 100% on the first
3% and 50% of the next 2% of eligible employees' contributions. The Company's contributions vest immediately. The Company's
contributions to the Plan were $374, $293 and $276 in 2021, 2020 and 2019, respectively.
15. Reportable Segments and Geographic Information
The Company is organized into six operating segments
based on the characteristics of its Renewable Power generation and dispensing portfolio and the nature of other products and services:
●
Renewable Power 3 Portfolio.
The
Renewable Power 3 ("RP3") portfolio generates electricity through methane-rich landfills and digester gas collection systems
primarily located in Southern California. RP3 sells renewable electricity to public utilities throughout the United States.
●
Renewable Power 4 Portfolio.
The
Renewable Power 4 ("RP4") portfolio generates electricity through methane-rich landfills and digester gas collection systems.
RP4 sells renewable electricity to public utilities throughout the United States.
●
RNG Fuel Supply.
The RNG Fuel
portfolio consists of the Company's interests in Beacon, Noble Road, Sunoma, GREP and other RNG projects under construction. Beacon
captures and converts methane gas to RNG from two landfills located in western Pennsylvania and sells the captured gas to public utilities
and separately monetizes environmental attributes through sales to third parties. For the year ended December 31, 2020 and for the
period from March 11, 2019 through December 31, 2019, the Company accounted for its interest in Beacon under the equity method
of accounting. In May 2021, the Company acquired the remaining interests in Beacon and consolidated Beacon's results for the
period between May and December 31, 2021. The Company accounted for its interests in Pine Bend and Noble Road on a fully consolidated
basis for the first nine months of 2021 and converted to equity method of accounting in December and November, 2021, respectively.
The Company accounted for its interest in Sunoma on a consolidated basis for the year ended December 31, 2021. Please see note 17
Variable Interest Entities for additional information.
F-
121
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
15.
Reportable Segments and Geographic Information
(cont.)
●
RNG Fuel Dispensing.
The Company
owns and operates CNG fueling stations that are strategically located to supply fuel to third-party vehicle fleets throughout the United States.
CNG Fueling Operations also supplies CNG vehicle fuel to stations owned by third parties.
●
Fuel Construction Services.
The
Company also provides design and construction services to third parties for vehicle fueling stations.
●
Fuel Station Services.
The
Company also provides maintenance services to third-party owners of vehicle fueling stations.
The Co-Chief Executive Officers serve as the Company's
chief operating decision maker ("CODM") and jointly manage the six operating segments based on regular reviews of the segment
information presented below. This information is used by the CODM to evaluate the performance of each operating segment and allocate the
Company's resources among segments. The Company determined that each of the six operating segments meets the characteristics of
a reportable segment in U.S. GAAP. The Company activities and assets that are not associated with the six reportable segments
are summarized in the "Other" category below. These include corporate investment income, interest income and interest expense,
income tax expense and other non-allocated costs.
With the exception of the Beacon Portfolio, segment
disclosures are prepared on the same basis described in the summary of significant accounting policies. The CODM reviews the Beacon Portfolio
segment based on its standalone, consolidated financial reports. As such, a reconciliation is provided below of the Beacon Portfolio segment
information to the Company's equity method accounting for its interest in Beacon under U.S. GAAP.
Fiscal Years Ended
December 31,
2021
December 31,
2020
December 31,
2019
(Restated)
(1)
(Restated)
(1)
Revenues:
Renewable Power 3
$
43,857
$
45,922
$
50,597
Renewable Power 4
3,460
4,579
4,563
RNG Fuel Supply
60,097
14,772
12,366
RNG Fuel Dispensing
30,385
11,545
8,977
Fuel Construction Services
33,385
40,567
43,449
Fuel Station Services
17,058
18,637
14,842
Other
(2)
129
1,016
521
Intersegment
(8,066
)
(4,293
)
(3,247
)
Equity Method Investment
(14,181
)
(15,039
)
(12,366
)
$
166,124
$
117,706
$
119,702
(1)
Revenues in Renewable Power 3 and RNG Fuel Dispensing segments
have been restated. Please see Note 2 Restatement of financial statements for additional information.
(2)
Other includes revenues of Fortistar Contracting LLC.
F-
122
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
15.
Reportable Segments and Geographic Information
(cont.)
Fiscal Years Ended
December 31,
2021
December 31,
2020
December 31,
2019
Interest and Financing Expense, Net:
Renewable Power 3
$
3,595
$
4,960
$
6,325
Renewable Power 4
11
17
—
Other
(1)
3,861
1,678
1,701
$
7,467
$
6,655
$
8,026
(1)
Other includes interest expense associated with RNG Fuel Dispensing,
Fuel Construction Services, and Fuel Station Services, as the Company does not maintain segment-level records for these balances.
Fiscal Years Ended
December 31,
2021
December 31,
2020
December 31,
2019
Depreciation, Amortization, and Accretion:
Renewable Power 3
$
5,630
$
6,093
$
6,265
Renewable Power 4
442
203
267
RNG Fuel Supply
3,306
3,112
2,369
RNG Fuel Dispensing
1,662
1,468
1,178
Fuel Construction Services
137
57
44
Fuel Station Services
408
393
181
Other
(1)
128
124
96
Equity Method Investment
(1,060
)
(3,112
)
(2,369
)
$
10,653
$
8,338
$
8,031
(1)
Other includes amortization of intangible assets and depreciation
expense not allocated to any segment.
Fiscal Years Ended
December 31,
2021
December 31,
2020
December 31,
2019
(Restated)
(1)
(Restated)
(1)
Net Income (Loss):
Renewable Power 3
$
(4,642
)
$
(26,447
)
$
(1,422
)
Renewable Power 4
(2,603
)
(754
)
(3,261
)
RNG Fuel Supply
55,402
(1,821
)
(1,265
)
RNG Fuel Dispensing
6,298
2,950
2,622
Fuel Construction Services
2,708
4,700
4,378
Fuel Station Services
4,441
4,723
3,367
Other
(2)
(23,103
)
(8,247
)
(9,181
)
Equity Method Investment
2,268
(475
)
(487
)
$
40,769
$
(25,371
)
$
(5,249
)
(1)
Net loss for the Renewable Power 3 segment has been restated to
record unrealized losses on commodity swap contracts. Please see Note 2 Restatement of financial statements for additional information.
(2)
Other includes Fortistar Contracting LLC as well as interest expense
and selling, general and administrative expenses associated with RNG Fuel Dispensing, Fuel Construction Services, and Fuel Station Services,
as the Company does not maintain segment-level records for these balances.
F-
123
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
15.
Reportable Segments and Geographic Information
(cont.)
December 31,
2021
December 31,
2020
(Restated)
(1)
Total Assets:
Renewable Power 3
$
40,901
$
54,860
Renewable Power 4
2,827
3,116
RNG Fuel Supply
191,464
26,238
Other
(2)
98,502
59,671
Equity Method Investment
47,150
25,573
$
380,844
$
169,458
(1)
The total assets for Renewable Power 3 as of December 31,
2020 have been restated to record Derivative financial asset — current and Derivative financial asset — non-current
of $810 and $719, respectively. Please see Note 2,
Restatement of Financial Statements
for additional information.
(2)
Other includes total assets associated with Fortistar Contracting
LLC, RNG Fuel Dispensing, Fuel Construction Services, and Fuel Station Services, as the Company does not maintain segment-level records
for these balances.
Fiscal Years Ended
December 31,
2021
December 31,
2020
December 31,
2019
Cash Paid for Purchases of Property, Plant and Equipment:
Renewable Power 3
$
—
$
29
$
14
Renewable Power 4
—
123
23
RNG Fuel Supply
78,854
17,886
1,001
RNG Fuel Dispensing
10,792
6,902
4,431
$
89,646
$
24,940
$
5,469
Geographic Information:    The
Company's assets and revenue generating activities are domiciled in the United States.
16.
Stock-Based Compensation
During the years ended December 31, 2020
and 2019, the Ultimate Parent granted certain equity-based awards to certain employees of the Company in the form of residual equity interests
("Profit interests") in four wholly-owned subsidiaries of the Company. The Profit Interests do not have voting rights and
shall participate in the income distributions when the subsidiaries achieve certain financial targets. These Profits Interests were restructured
in December 2020, at which time they became based on a portion of the Ultimate Parent's indirect ownership in the Company,
rather than in the Ultimate Parent's ownership interest in Company subsidiaries. There were no new residual equity interest grants
during the year ended December 31, 2021.
During the years ended December 31, 2020
and 2019, the percentage of Profit Interests issued in the investment entities that were established to grant the incentive units ranged
between 34%-37% in the four wholly-owned subsidiaries. These Profit Interests vest ratably over a period of five years from the grant
date. In accordance with ASC 718
Compensation — Stock Compensation
, the Profits Interests are valued at their
fair value when issued and such fair value is expensed over the service vesting period.
F-
124
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
16.
Stock-Based Compensation
(cont.)
In accordance with ASC 718 " Stock-compensation",
the expense for the above Profit Interests was amortized on a straight-line basis over the five year period. For the years ended
December 31, 2021, 2020 and 2019, , the Company incurred compensation costs of $639, $510 and $315, respectively, which was recorded
as a component of Selling, General and Administrative expenses within the consolidated statements of operations.
As of December 31, 2021, 46% of the Profit
Interests issued vested and there were 54% of Profit Interests unvested. There were no forfeitures during the year ended December 31,
2021.
As of December 31, 2020, 25% of the Profit
Interests issued vested and there were 75% of Profit Interests unvested. There were 0 forfeitures during the year ended December 31,
2020.
The future compensation to be recognized for the
above grants as of December 31, 2021 is $1,731 and will be recognized the remaining vesting period which ranges from one to four years.
17.
Variable Interest Entities
We determine whether we are the primary beneficiary
of a VIE upon our initial involvement with the VIE and we reassess whether we are the primary beneficiary of a VIE on an ongoing basis.
Our determination of whether we are the primary beneficiary of a VIE is based upon the facts and circumstances for each VIE and requires
judgment. Our considerations in determining the VIE's most significant activities and whether we have power to direct those activities
include, but are not limited to, the VIE's purpose and design and the risks passed through to investors, the voting interests of
the VIE, management, service and/or other agreements of the VIE, involvement in the VIE's initial design and the existence of explicit
or implicit financial guarantees. If we are the party with the power over the most significant activities, we meet the "power"
criteria of the primary beneficiary. If we do not have the power over the most significant activities or we determine that all significant
decisions require consent of a third party, we do not meet the "power" criteria of the primary beneficiary.
We assess our variable interests in a VIE both individually
and in aggregate to determine whether we have an obligation to absorb losses of or a right to receive benefits from the VIE that could
potentially be significant to the VIE. The determination of whether our variable interest is significant to the VIE requires judgment.
In determining the significance of our variable interest, we consider the terms, characteristics and size of the variable interests, the
design and characteristics of the VIE, our involvement in the VIE and our market-making activities related to the variable interests.
Our variable interests in each of our VIEs arise
primarily from our ownership of membership interests, construction commitments, our provision of operating and maintenance services, and
our provision of environmental credit processing services to VIEs.
During 2021, the Company held equity interests in
six VIEs — Sunoma, Pine Bend, Noble Road, Emerald, Sapphire and Central Valley as the Company sold non-controlling interests
ranging between 11% to 50% in each of these entities. The Company determined that each of these entities are VIEs and in its capacity
as a managing member, the Company is the primary beneficiary. These entities do not have any employees and the Company conducts the operations
under specific operations and maintenance contracts with third parties and other affiliates of the Company. The Company is deemed as a
primary beneficiary based on two conditions
●
The Company, as a managing member, has the power to order
the activities that significantly impact the economic performance of the four entities including establishment of strategic, operating
and capital decisions for each of these entities;
●
The Company has the obligation to absorb the potential losses
for the right to receive potential benefits, which could be significant to the VIE;
F-
125
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
17.
Variable Interest Entities
(cont.)
As of December 31, 2021, there was no activity in
Emerald and Sapphire.
In Pine Bend, and Noble Road, the Company had equity
commitment letters that were not fully funded during the year 2021 which allowed for step funding as the construction progresses. As of
December 31, 2021, the two entities were fully funded, are no longer thinly capitalized, and have sufficient equity at risk.These
entities do not have any employees and the Company conducts the operations in these entities under specific operations and maintenance
contracts with third parties and other affiliates of the Company. Therefore, the two entities did not meet the variable interest entities
criteria under ASC 810,
Consolidation
. As the Company has the ability to exercise significant influence, but not control,
over the two entities, they were accounted for under the equity method of accounting under ASC 323
, Investments Equity Method
and Joint Ventures. See Note 6, Investment in Other Entities for additional information
.
During the third and fourth quarters of 2021, Hillman,
a related party, invested $30,000 in the four VIEs mentioned above which represented non-controlling interests ranging between 11% to
50% in those entities. On November 29, 2021, the Company entered into an exchange agreement with Hillman whereby Hillman exchanged
its ownership interests in the four RNG projects into 300,000 Series A-1 preferred units at a par value of $100 and 1.4% of the common
units in the Company. On the date of the exchange, the Company reversed the book value of the non-controlling interests of $29,913 attributable
to Hillman and recorded the fair value of the preferred units of $30,000 as Redeemable Preferred Units and $87 to member's equity
in the consolidated statement of changes in member's equity for the fiscal year ended December 31, 2021.
Central Valley owns three RNG facilities which are
currently under construction. In November 2021, the Company acquired 10% outstanding non-controlling interests in two entities directly
owned by Central Valley from the joint venture partner for $9,456 and became 100% owner of the two entities. $5,000 of the total consideration
has been paid in cash and the Company recorded the fair value of the contingent consideration of $4,456 as a component of Other long-term
liabilities in its consolidated balance sheet as of December 31, 2021. As of December 31, 2021, the joint venture partner owns
10% of the third RNG facility owned by Central Valley. As a primary beneficiary, the Company consolidated Central Valley in accordance
with the variable interest entity model guidance under ASC 810,
Consolidation.
In 2020, the Company acquired a variable interest
in Sunoma in a joint venture with a third party who does not have any equity at risk but participates in proportionate share of income
or losses, which may be significant. Additionally, the assets in Sunoma are collateralized under the Sunoma loan, the proceeds of which
are used for partial financing of the construction of the facility. Therefore, the significant assets and liabilities of Sunoma are parenthesized
in the consolidated balance sheets as December 31, 2021 and December 31, 2020.
The following table summarizes the major consolidated
balance sheet items for consolidated VIEs as of December 31, 2021 and 2020. The VIE information below is presented on an aggregate
basis based on similar risk and reward characteristics and the nature of our involvement with the VIEs such as
●
All of the VIEs are RNG facilities under construction except
Sunoma and they are reported under RNG fuel supply segment;
●
The nature of our interest in these entities is primarily
equity based and therefore carry similar risk and reward characteristics;
F-
126
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
17.
Variable Interest Entities
(cont.)
The amount of assets that can only be used to settle
obligations of the VIEs, and the amount of VIE liabilities with lack of recourse against the Company's general credit, are parenthesized
in the consolidated balance sheets and are included in the asset totals listed in the table below.
December 31,
2021
2020
(Restated)
(1)
Assets
Current assets:
Cash and cash equivalents
$
1,991
$
5,088
Accounts receivable, net
40
—
Prepaid expenses and other current assets
113
—
Total current assets
2,144
5,088
Property, plant and equipment, net
27,794
18,834
Restricted cash
1,163
2,199
Total assets
31,101
26,121
Liabilities and equity (deficit)
Current liabilities:
Accounts payable
2,266
864
Sunoma loan – current portion
756
—
Accrued expenses
—
4,076
Total current liabilities
3,022
4,940
Sunoma loan, net of debt issuance costs
16,199
470
Total liabilities
$
19,221
$
5,410
Members' equity
OPAL Fuels LLC – equity
10,692
14,356
Non controlling interest in subsidiaries
1,188
6,355
Total members' equity
11,880
20,711
Total liabilities and members' equity
$
31,101
$
26,121
(1)
As described in Note 2,
Restatement of Financial Statements
to these consolidated financial statements, we have restated the consolidated financial statements for the year ended December 31,
2020 and 2019.
18.
Redeemable Preferred Units and Equity
Conversion of membership interests
As described in Note 1,
Description of Business
and Note 3,
Summary of Significant Accounting Policies
, on November 29, 2021, the Company amended its LLCA which converted
the outstanding membership interest into 986 common units without par value. The total 986 common units were held by the Parent. Upon
the conversion of membership interest into common units, the Company presented the net income (loss) per unit on a retrospective basis
for all periods presented in the consolidated financial statements.
Authorization and Issuance of Common Units and Preferred
Units
Subsequently, on the same day and in contemplation
of the proposed Business Combination with ArcLight, the Company authorized an additional 14 common units without par, and authorized 600,000
Series A-1 preferred units with par value of $100 and 2,000,000 Series A preferred units with par value of $100.
F-
127
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
18.
Redeemable Preferred Units and Equity
(cont.)
On November 29, 2021, as part of an exchange
agreement ("Hillman exchange"), the Company issued the 14 newly authorized common units and 300,000 Series A-1 preferred
units to Hillman in return for Hillman's non-controlling interest in four RNG project subsidiaries.
On November 29, 2021, Mendocino Capital LLC
("NextEra") subscribed for up to 1,000,000 Series A preferred units, which are issuable (in whole or in increments) at
the Company's discretion prior to June 30, 2022. As of December 31, 2021, no Series A preferred units were issued.
In March 2022, the Company had drawn 250,000 units out of the 1,000,000 units subscribed to, for $25,000.
The following table summarizes the changes in the
redeemable preferred units from the December 31, 2020 to December 31, 2021:
Series A-1
preferred units
Series A
preferred units
Balance December 31, 2020
$
—
$
—
Hillman exchange – 300,000 Series A-1 units issued
30,000
—
Paid-in-kind dividends on issued and outstanding units
210
—
Balance December 31, 2021
$
30,210
$
—
Terms of Redeemable Preferred Units
The Series A and Series A-1 preferred
units (together the "Preferred Units") have substantially the same terms and features which are listed below:
Voting:
The
Series A-1 preferred units to Hillman do not have any voting rights. The Series A preferred units issued to NextEra have limited
rights to prevent the Company from taking certain actions including (i) major issuances of new debt or equity (ii) executing
transactions with affiliates which are not at arm-length basis (iii) major disposition of assets and (iv) major acquisition
of assets outside of the Company's primary business.
Dividends:
The
Preferred Units are entitled to receive dividends at the rate of 8% per annum. Dividends begin accruing for each unit from the date of
issuance and are payable each quarter end regardless of whether they are declared. The dividends are mandatory and cumulative. The Company
is allowed to elect to issue additional Preferred Units ( paid-in-kind) in lieu of cash for the first eight dividend payment dates. The
Company elected to pay the dividends to be paid-in-kind for the period November 29, 2021 to December 31, 2021 on Series A-1
preferred units. In the occurrence of certain events of default, the annual dividend rate increases to 12%. Additionally, the dividend
rate increases by 2% for each unrelated uncured event of default up to a maximum of 20%.
Liquidation preference:
In
the event of liquidation of the Company, each holder of a unit of Series A and Series A-1 is entitled to be paid on pro-rata
basis the original issue price of $100 per unit plus any accrued and unpaid dividends out of the assets of the Company available for distribution
after payment of the Company's debt and liabilities and liquidation expenses, payments to holders of any senior units senior to
the Preferred Units, of which none are existing as of December 31, 2021.
Redemption:
At
any time after issuance, the Company may redeem the Redeemable preferred units for a price equal to original issue price of $100 per unit
plus any accrued and unpaid dividends. Holders of the Preferred Units may redeem for an amount equal to original issue price of $100 per
unit plus any accrued and unpaid dividends upon (i) occurrence of certain change in control event (ii) at the end of four years
from the date of issuance, except the Preferred Units issued to Hillman can only be redeemed 30 days after the fourth year anniversary
of the first issuance of Preferred Units to NextEra. The maturity date is determined to be the date at which the holder's redemption
option becomes exercisable as this is the date in which both the Company and the holder may redeem the preferred units. The maturity date
could be as early as November 29, 2025 but no later than June 30, 2026, depending on when the Series A units to NextEra are issued as
previously detailed herein.
F-
128
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
18.
Redeemable Preferred Units and Equity
(cont.)
Conversion:
Holder's
may elect to convert Preferred Units into common units in the limited chance that the Company fails to redeem the Preferred Units under
an optional redemption, the annual dividend rate increases to 12% and is further increased to 14% after one year, and thereafter by 2%
every 90 days up to a cap of 20%. The Company must also redeem all NextEra Series A preferred units on which the redemption
option has been exercised prior to redeeming any Hillman Series A-1 preferred units. If elected, the holder may convert all or a
portion of its Preferred Units into a number of common units equal to: (i) number of Preferred Units, multiplied by, (ii) $100
plus accrued and unpaid cash dividends, divided by, (iii) conversion price. The conversion price is equal to the value of the Company's
common units determined as follows, and reduced by a 20% discount if conversion occurs during the first year of delayed redemption, a
25% discount during the 2
nd
year, and a 30% discount thereafter:
1.
Using 20-day volume-weighted average price ("VWAP")
if common units are publicly traded
2.
Using 20-day VWAP of public company common shares if the
common units are exchangeable into public company shares
3.
Otherwise the estimated proceeds to be received by the holder
of a common unit if the net assets of the Company were sold at fair market value and distributed
The Company's common units received by any
holder upon conversion will be "paired" with an equivalent number of non-economic voting shares of the Company's public
registrant, as applicable.
Non-Controlling Interests
The following table discloses the effects of changes
in the Company's ownership interest in its subsidiaries on the Members' equity:
December 31,
2021
2020
2019
(Restated)
(1)
(Restated)
(1)
Net income (loss) attributable to OPAL Fuels LLC
$
41,363
$
(25,358
)
$
(5,249
)
Transfers (to) from the non-controlling interest:
Increase (decrease) in OPAL Fuels LLC Member's Equity for sale of non-controlling interest
(715
)
1,834
—
Increase in OPAL Fuels LLC Member's Equity for contributions from non-controlling interest
3,873
—
—
Decrease in OPAL Fuels LLC Member's Equity for purchase of non-controlling interest
(2)
(9,211
)
—
—
Net transfers (to) from non-controlling interest
(6,053
)
1,834
—
Change from net income attributable to OPAL Fuels LLC Member's and transfers (to) from non-controlling interest
$
35,310
$
(23,524
)
$
(5,249
)
(1)
As described in Note 2
Restatement of Financial Statements
to these consolidated financial statements, we have restated the consolidated financial statements for the years ended December 31,
2020 and 2019.
(2)
Includes $87 decrease in Members' equity relating to the
Hillman exchange and $9,124 relating to redemption of non-controlling interest in one RNG project.
F-
129
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
19.
Net Income (Loss) Per Unit
On November 29, 2021, the Company amended and
restated the limited liability agreement ("A&R LLCA") to provide for the creation and issuance of multiple classes and
series of units and admission of additional members to the Company in connection with the proposed business combination. Accordingly,
the membership interests were converted to 1000 common units which include the 14 units issued to Hillman and authorizing 600,000
Series A-1 preferred units and 300,000 Series A preferred units. As of December 31, 2021, only 300,000 Series A preferred units
are issued and outstanding. Upon the conversion of membership interests into units, the Company presented the net income (loss) per unit
on a retrospective basis for all periods presented in the consolidated financial statements.
The Basic income (loss) per unit attributable to
members of OPAL Fuels LLC for the years ended December 31, 2021,2020 and 2019 is computed by dividing the net income (loss)
attributable to OPAL Fuels LLC by the weighted-average number of common units outstanding during the period. Diluted net income for the
year ended December 31, 2021 does not include 300,000 Series A preferred units because the substantive contingency for conversion
has not been met as of December 31, 2021.
Fiscal Years Ended
December 31,
2021
December 31,
2020
December 31,
2019
(Restated)
(1)
(Restated)
(1)
Net income (loss) attributable to OPAL Fuels LLC
$
41,363
$
(25,358
)
$
(5,249
)
Weighted average units – Basic
987
986
986
Weighted average units – Diluted
987
986
986
Basic net income (loss) per unit
$
41,908
$
(25,718
)
$
(5,324
)
Diluted net income (loss) per unit
$
41,908
$
(25,718
)
$
(5,324
)
20.
Commitments and Contingencies
Letters of Credit
As of December 31, 2021 and 2020, the Company
was required to maintain eight standby letters of credit totaling $9,023, and $8,552, respectively, to support obligations of Company
subsidiaries. These letters of credit were issued in favor of a lender, utilities, a governmental agency, and an independent system operator
under PPA electrical interconnection agreements, and in place of a debt service reserve. There have been no draws to date on these letters
of credit.
Purchase Options
The Company has two contracts with customers to
provide CNG for periods of seven and ten years, respectively. The customers have an option to terminate the contracts and purchase
the Company's CNG fueling station at the customers' sites for a fixed amount that declines annually.
In July 2015, the Company entered into a 10-year
fuel sales agreement with a customer that included the construction of a CNG fueling station owned and managed by the Company on the customer's
premises. At the end of the contract term, the customer has an option to purchase the CNG fueling station for a fixed amount. The cost
of the CNG fueling station was recorded to plant and equipment and is being depreciated over the contract term.
Legal Matters
The Company is also involved in various claims arising
in the normal course of business. Management believes that the outcome of these claims will not have a material adverse effect on the
Company's financial position, results of operations or cash flows.
F-
130
OPAL FUELS LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars except unit and per unit data)
20.
Commitments and Contingencies
(cont.)
On December 10, 2021, the Company entered into
a settlement agreement with the landfill owner of one of the Company's RNG projects involving the timing of RIN royalty payments
amounting to $10,951 as of October 31, 2021. As part of this agreement, the Company agree to pay the accrued and outstanding balance
of royalty payments of $10,951 to the landfill owners and the landfill owner reimbursed the Company $6,253 as a reimbursement towards
costs the Company previously incurred to purchase equipment at the landfill site. The Company recorded $4,740 as a reduction of the Property,
plant and equipment which represents the net book value of the equipment and $1,513 as a reduction of Selling, general and administrative
expenses in the consolidated statements of operations for the year ended December 31, 2021. In addition, a new gas rights agreement
was negotiated which is not subordinated to any debt service and under which RIN royalty payments would be made on a monthly basis going
forward. As part of the settlement, the Company and GFL Renewables LLC have also entered into a new 50/50 joint venture through the formation
of Emerald RNG LLC and Sapphire RNG LLC and this joint venture is planning to convert an existing electric facility into an RNG facility
and build a new RNG facility, respectively.
On June 26, 2020, Richmond Energy LLC ("
Richmond
")
declared a Force Majeure event under its Power Purchase Agreement with Old Dominion Electric Cooperative ("
ODEC
"),
dated as of November 3, 2010 (the "
PPA
"). The Force Majeure declaration stated that inspections of its Old Dominion
landfill gas-to-electric facility (the "
OD Facility
") under a scheduled maintenance outage revealed extensive damage
to the engine generator sets. Richmond is currently undertaking significant capital expenditures, in cooperation with the landfill owner,
to prepare the OD Facility to restart during calendar year 2022. On January 7, 2022, Richmond received an invoice and associated
correspondence from ODEC asserting aggregated liquidated damages under the PPA for calendar years 2020 and 2021, reflecting the cover
value of renewable energy certificates that would have been generated in those years, in the amount of $467,320.74. Richmond and
ODEC entered into a settlement agreement whereby Richmond would pay ODEC the specified damages for calendar years 2020 and 2021,
as well as those to be assessed for calendar year 2022 ("
Settlement Agreement
"). On February 8, 2022, Richmond
paid ODEC $467,320.74 pursuant to the Settlement Agreement; liquidated damages for calendar year 2022, if any, will be assessed by ODEC
during the first quarter of 2023.
The Company is engaged in a dispute with a municipality
relating to the proceeds from a Section 1603 Treasury grant. The municipality has filed a claim for one-half of the proceeds, plus interest.
While it is not possible to determine the outcome at this time, the Company could be liable for an amount ranging from $0 to $1,500 in
this proceeding.
Environmental Matters
The Company is subject to certain environmental
laws and regulations. In March 2020, the Company received an enforcement letter from a governmental agency pertaining to emissions exceedances
at one of the Company's facilities. In May 2021, the Company settled the issues raised in the enforcement letter via consent decree.
The settlement includes a penalty of $750 payable in three installments over two years and requires the Company to install a sulfur treatment
system. In December 2021, the consent decree was formally entered by the court and the Company recorded $325 to accrued expenses and other
current liabilities and $325 as a component of other long term liabilities in the consolidated balance sheet. The Company believes its
other operations comply, in all material respects, with applicable environmental laws and regulations.
F-
131
Independent Auditor's Report
Board of Directors and Members of Beacon RNG LLC
Beacon RNG LLC
White Plains, NY
Opinion
We have audited the consolidated financial statements
of Beacon RNG LLC and its subsidiaries (the Company), which comprise the consolidated balance sheets as of April 30, 2021, December 31,
2020 and December 31, 2019, and the related consolidated statement of operations, changes in members' equity, and cash flows
for the four-month period ended April 30, 2021 and for the year ended December 31, 2020 and for the period from March 11,
2019 (Inception) through December 31, 2019, and the related notes to the consolidated financial statements.
In our opinion, the accompanying consolidated financial
statements present fairly, in all material respects, the financial position of the Company as of April 30, 2021 and as of December 31,
2020 and December 31, 2019 and the results of its operations and its cash flows for the four-month period ended April 30,
2021 and for the year ended December 31, 2020 and for the period from March 11, 2019 (Inception) through December 31, 2019
in accordance with accounting principles generally accepted in the United States of America.
Emphasis of Matter — Related Parties
As discussed in Note 7 "Ownership and
Related Parties" to the consolidated financial statements, the Company has entered into significant transactions with Fortistar
Beacon LLC, its managing member. Our opinion is not modified with respect to this matter.
Basis for Opinion
We conducted our audits in accordance with auditing
standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described
in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and
fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States
of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation
of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements,
management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about
the Company's ability to continue as a going concern within one year after the date that the consolidated financial statements are
issued or available to be issued.
F-
132
Auditor's Responsibilities for the Audit of the Financial
Statements
Our objectives are to obtain reasonable
assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is
not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a
material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate,
they would influence the judgment made by a reasonable user based on the consolidated financial statements.
In performing an audit in accordance with GAAS,
we:
●
Exercise professional judgment and maintain professional
skepticism throughout the audit.
●
Identify and assess the risks of material misstatement of
the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
●
Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.
●
Evaluate the appropriateness of accounting policies used
and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated
financial statements.
●
Conclude whether, in our judgment, there are conditions or
events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for
a reasonable period of time.
We are required to communicate with those charged
with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.
/s/ BDO USA, LLP
Stamford, Connecticut
April 15, 2022
F-
133
BEACON
RNG LLC
CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
As
    of
April 30,
2021
Assets
Current Assets:
Cash
$
1,874
Accounts
    receivable and accrued revenues
238
Prepaid
    Expense and other current assets
390
Total
    current assets
2,502
Property
    and equipment, net
56,119
Restricted
    cash
1,208
Capital
    spares
166
Total
    assets
$
59,995
Liabilities
    and Members' Equity
Current
    liabilities:
Accounts
    payable and accrued expenses
$
1,805
Accrued
    royalties
4,196
Total
    current liabilities
6,001
Asset
    retirement obligation
279
Total
    liabilities
6,280
Commitments
    and Contingencies (Note 8)
Members'
    equity:
Members'
    capital
50,487
Retained
    Earnings
3,228
Total
    members' equity
53,715
Total
    liabilities and members' equity
$
59,995
The
accompanying notes are an integral part of these consolidated financial statements.
F-
134
BEACON
RNG LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of dollars)
Four
    Months
Ended
April 30,
2021
Operating revenue
Renewable
    gas sales
$
1,137
RIN
    sales
12,101
Transportation
    sales
74
Total
    operating revenue
13,312
Operating
    expenses
Operations
5,937
Repairs
    and maintenance
460
Environmental
    credit processing services
1,134
General
    and administrative
317
Depreciation
1,049
Asset
    retirement obligation accretion
11
Insurance
139
Total
    operating expenses
9,047
Other
    income
Other
1,134
Net
    Income
$
5,399
The
accompanying notes are an integral part of these consolidated financial statements.
F-
135
BEACON
RNG LLC
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' EQUITY
(In thousands of dollars)
ARCC
Beacon LLC
Fortistar
Beacon LLC
Total
Balance,
    December 31, 2020
$
32,208
$
25,573
$
57,781
Distributions
(5,770
)
(3,695
)
(9,465
)
Net
    Income
3,008
2,391
5,399
Balance,
    April 30, 2021
$
29,446
$
24,269
$
53,715
The
accompanying notes are an integral part of these consolidated financial statements.
F-
136
BEACON
RNG LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
Four
    Months
Ended
April 30,
2021
Cash flows from operating
    activities:
Net
    Income
$
5,399
Adjustments
    to reconcile net income to net cash provided by operations:
Depreciation
1,049
Accretion
    of asset retirement obligation
11
Change
    in assets and liabilities:
Accounts
    receivable and accrued revenues
16
Prepaid
    expense and other current assets
(71
)
Accounts
    payable and accrued expenses
676
Accrued
    royalties
2,929
Net
    cash provided by operating activities
10,009
Cash
    flows from investing activities:
Purchase
    of plant and equipment
(346
)
Purchase
    of capital spares inventory
(99
)
Net
    Cash used in investing activities
(445
)
Cash
    flows from financing activities:
Distributions
    to members
(9,465
)
Net
    cash used in financing activities
(9,465
)
Net
    increase in cash and restricted cash
99
Cash
    and restricted cash, beginning of period
2,983
Cash
    and restricted cash, end of period
$
3,082
The
accompanying notes are an integral part of these consolidated financial statements.
F-
137
BEACON
RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
1.
Organization
                                            and Business
Beacon
RNG LLC (the "Company") was formed in January 2019 as a Delaware limited liability company. The Company owns two facilities
in Pennsylvania that convert methane gas extracted from landfills to renewable natural gas ("RNG") and then sells the RNG. The
Company acquired the two facilities on March 11, 2019. Along with the two facilities, the Company acquired landfill gas rights,
a gas sales agreement, and other agreements. The Company's managing member is Fortistar Beacon LLC ("Managing Member").
2.
Summary
                                            of Significant Accounting Policies
Principles
of Consolidation and Presentation
These
consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States
(U.S. GAAP) and include the accounts of the Company and all other entities in which the Company has a controlling financial interest:
Beacon RNG Acquisition LLC, Beacon Landfill Gas Holdings, LLC ("BLGH"), Greentree Landfill Gas Company, LLC ("Greentree"),
and Imperial Landfill Gas Company, LLC ("Imperial"). Each RNG facility is owned by a separate limited liability company that
is an indirect, wholly owned subsidiary of the Company. The Company's consolidated financial statements include the assets and
liabilities of these subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.
Risks
and Uncertainties
In
March 2020, the World Health Organization classified the Coronavirus Disease 2019 ("COVID-19") a pandemic, and the President
declared the COVID-19 outbreak a national emergency. Management considered the impact of COVID-19 on the assumptions and estimates used
and determined that, because the Company was deemed to be an essential business by the U.S. government and incurred neither layoffs
of personnel nor a decline in its customer base or business operations, there was no material adverse impact on the Company's statement
of position and results of operations for the four months ended April 30, 2021.
The
future impact of the COVID-19 pandemic on the Company's business will depend upon a number of factors, including, but no limited
to, the duration and severity of the pandemic and its impact on the Company's customers, all of which are uncertain and cannot
be predicted. As of the date of the issuance of these financial statements, the extent to which the COVID-19 pandemic may impact the
Company's financial condition, liquidity, or results of operations is uncertain.
Cash
The
Company periodically maintains cash in bank accounts more than the established limits insured by the Federal Deposit Insurance Corporation.
Restricted
Cash
The
Company's restricted cash as of April 30, 2021 was $1.2 million. This certificate of deposit serves as collateral for
a letter of credit issued by a financial institution on behalf of the Company. The letter of credit provides credit support for the Company
relating to a gas transportation contract.
F-
138
BEACON
RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
2.
Summary
                                            of Significant Accounting Policies
(cont.)
Accounts
Receivable and Allowance for Doubtful Accounts
Accounts
receivable represent unconditional amounts due from the sale of RNG, gas transportation, and renewable identification numbers ("RINs")
and are recorded at the invoiced amount. The Company performs ongoing credit evaluations of its customers' financial condition.
The Company's allowance for doubtful accounts was zero at April 30, 2021.
Capital
Spares
Capital
spares consist primarily of replacement parts and components for the RNG facilities. These parts, which are vital to the continued operation
of the facilities, are maintained on hand for emergency replacement. Capital spares are recorded at cost and expensed when placed into
service as part of a routine maintenance project or capitalized when part of a plant improvement project.
Plant
and Equipment
Plant
and equipment are recorded at cost, except for the portion related to the acquisition and the asset retirement obligations, which are
recorded at estimated fair value at the time of the acquisition. Direct costs incurred related to the construction of assets and renewals
and betterments that materially extend the life of the assets are capitalized. Equipment overhauls and maintenance and repairs are expensed
when incurred. Depreciation of property and equipment is computed using the straight-line method over the expected useful life of the
asset. The estimated service lives of property and equipment is ten and twenty years. When plant and equipment are retired or otherwise
disposed of, the related cost and accumulated depreciation or amortization is removed, and a gain or loss is recognized in the consolidated
statements of operations.
Accounts
Payable and Accrued Expenses
Accounts
payable and accrued expenses are costs related to the Company, which are due to vendors, for goods or services received or incurred as
of April 30, 2021.
Impairment
of Long-Lived Assets
Long-lived
assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not
be fully recoverable. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an
asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are impaired, the impairment to be
recognized is measured by the amount that the carrying amounts of the assets exceed the fair value of the assets. Assets to be disposed
of are reported at the lower of the carrying amount or fair value less selling costs. There was no impairment for the period ended April 30,
2021.
F-
139
BEACON
RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
2.
Summary
                                            of Significant Accounting Policies
(cont.)
Asset
Retirement Obligation
The
Company accounts for asset retirement obligations ("ARO") in accordance with ASC 410, "Asset Retirement and Environmental
Obligations," that requires entities to record the fair value of a liability for an asset retirement obligation in the period in
which it is incurred and when a reasonable estimate of fair value can be made. The fair value of the estimated ARO is recorded as a long-term
liability, with a corresponding increase in the carrying amount of the related asset. The capitalized amount is depreciated over the
estimated life of the RNG facility. The liability amount is increased each reporting period due to the passage of time and the amount
of accretion is charged to operations in the period. Revisions, if any, to the estimated timing of cash flows or to the original estimated
undiscounted cost, if any, also result in an increase or decrease to the ARO and the related asset. Actual costs incurred upon settlement
of the ARO will be charged against the ARO to the extent of the liability recorded. Any difference between the actual costs incurred
upon settlement of the ARO and the recorded liability is recognized as a gain or loss in the Company's earnings in the period in
which the settlement occurs.
At
April 30, 2021, the Company estimated the value of its total asset retirement obligations to be $279 based on a projected future
liability of $2,095. Changes in the asset retirement obligations were as follows for the periods ended April 30, 2021:
April 30,
2021
Beginning balance
$
268
Accretion expense
11
Ending balance
$
279
Revenue
Recognition
During
the period March 11, 2019 (inception) through August 31, 2020, RNG and environmental renewable identification numbers ("RIN")
sales were contracted with a third-party gas marketer. The two performance obligations of this contract were: (1) the Company delivered
RNG produced from Greentree and Imperial to the gas marketer at certain specified locations, and (2) the gas marketer generated
RINs from RNG produced from Greentree. The gas marketer accepted the RNG and was obligated to pay a certain fixed contract amount per
unit of RNG delivered. RNG sales revenue was recorded by the Company at the point in time of delivery of RNG, which was simultaneous
with the RNG production. In addition, the gas marketer paid the Company a portion of proceeds from the sale of RINs. Such RIN sales typically
occurred several months after the RNG delivery and, so, the market value of such RIN sales varied. Accordingly, the Company recognized
the RIN sales portion of revenue at the point in time when the gas marketer sold the RINs and advised the Company of the RINs sale price.
In
June 2020, the Company contracted with Trustar Energy LLC ("Trustar"), a related party, to generate and market RINs
from RNG produced by Company. The contract term is September 1, 2020, through October 31, 2030. Upon generation of environmental
credits, the Company pays Trustar for environmental credit processing services in the form of non-cash RINs. The Company's policy
is to account for RINs as government incentives and, therefore, it does not allocate costs to the credits it generates. Accordingly,
the Company does not capitalize these costs in inventory. In accordance with ASC 610-20, the Company accounts for its payment to
Trustar as a transfer of non-financial assets. The Company expenses the costs of services provided by Trustar to environmental credit
processing services in the consolidated statements of operations and, in addition, records an offsetting gain on the transfer of these
RINs to other income.
The
Company sells RIN credits to third parties that utilize these credits in order to comply with federal and state requirements. In accordance
with ASC 606, revenue is recognized on these credits when there is an agreement in place to monetize the credits at the point in
time when the credits are transferred to the third party.
The
Company has agreements with two natural gas producers ("Producers") to transport Producers' natural gas using the Company's
RNG gathering system. The performance obligation is the delivery of Producers' natural gas to an agreed upon delivery point on
an interstate gas pipeline. The quantity of natural gas transported for the Producers is measured at a certain specified meter. The price
is fixed at contracted rates and the Producers pay approximately 30 days after month-end. As such, transportation sales are recognized
over time, using the output method to measure progress.
F-
140
BEACON
RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
2.
Summary
                                            of Significant Accounting Policies
(cont.)
Use
of Estimates
The
preparation of financial statements in conformity with accounting principles generally accepted in the Unites States requires management
to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements. Actual results could differ from those estimates.
Recurring
Fair Value Measurements
The
Company has cash, accounts receivable, and accounts payable for which the carrying value approximates fair value due to the short-term
nature of these instruments.
Income
Taxes
The
Company and its subsidiaries are disregarded entities for federal income tax purposes and for certain states. As such, income taxes have
not been provided for in the accompanying financial statements because income taxes are the responsibility of the partners.
Concentrations
For
the four months ended April 30, 2021, one customer accounted for 92% of revenue. There were no individual customers which accounted
for more than 10% of total Account Receivable as of April 30, 2021.
For
the four months ended April 30, 2021, no vendors accounted for more than 10% of overall purchases. Six vendors accounted for
84% of the accounts payable and accrued expenses balance as of April 30, 2021.
The
Company deposits its cash in high credit quality financial institutions located in the United States of America. Deposits with one
financial institution exceeded federally insured limits as of April 30, 2021.
3.
Company
                                            Operations
RNG
and RIN Sales Agreement
In
September 2020, the Company commenced an arrangement with a gas marketer to sell only RNG. Under this arrangement, RNG is sold
at the pipeline index price, less a fixed per MMBtu fee. In June 2020, the Company contracted with ("TruStar"), a related
party, to generate and market RINs from RNG produced by Company starting with September 2020 operations. During April 2021,
RNG and the share received from the gas marketer's RIN sales under the new agreements were $1,137 for RNG sales and $12,101 for
RIN sales.
During
the four months ended April 30, 2021, the Company recorded $1,134 of environmental credit processing services to operating
expenses and an offsetting gain on non-monetary RINs transferred to TruStar in payment for these services to other income within the
statements of operations.
F-
141
BEACON
RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
3.
Company
                                            Operations
(cont.)
Gas
Transportation Sales Agreement
The
Company has agreements to transport counter-parties' gas using the Company's RNG gathering system and interconnection with
an interstate pipeline for fixed fees per MMBtu. The agreements expire in 2020 and 2024 and have automatic extensions, month-to-month,
unless terminated by either party. The Company uses some of this gas to support its operations. Transportation sales under these agreements
for the four months ending April 30, 2021 was $74.
Landfill
Gas Rights
The
Company has two agreements with landfill owners whereby the Company obtains rights to the landfill gas in exchange for an amount per
MMBtu of gas delivered at Imperial and a royalty based on the percentage of net RNG revenue at Greentree. Please see legal matters below
for more information.
The
Company has accrued $4,196 for these royalties as of April 30, 2021 which are included in the consolidated balance sheet. The Company
has expensed $3,500 for these royalties as of April 30, 2021 which are included in the consolidated statements of operations under
"Operations".
Gas
Transportation Fee
During
the period ending April 30, 2021, the Company had seven agreements with the gas pipeline to transport RNG and blending gas at regulated
tariff rates. Most of these contracts were year-to-year with 6 – to – 12-month termination notice provisions. Of the
seven contracts remaining, three contracts were terminated in Q3 2021, two were extended until 2024 but with a reduction in contracted
volumes starting in 2021, one contract's term ends in 2032, and one contract's term is indefinite.
Operations
and Maintenance Agreements
The
Company has two operations and maintenance agreements with third-party providers who provide operating services at the two facilities.
These agreements were terminated July 2021 and work was moved in house. For the four months ended April 30, 2021, costs
related to these contracts were $601 and are recorded in the consolidated statements of operations under "Operations".
4.
Plant
                                            and Equipment
Plant
and equipment consisted of the following:
April
2021
Equipment
$
52,048
H2S
    removal system
5,117
Wellfield
1,921
Pipeline
1,828
Building
839
Greentree
    membranes
301
Asset
    retirement cost
217
Plant
    and equipment, gross
62,271
Less:
    accumulated depreciation
(6,530
)
Construction-in-progress
378
Plant
    and equipment, net
$
56,119
F-
142
BEACON
RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In
thousands of dollars)
4.
Plant
                                            and Equipment
(cont.)
At
April 30, 2021, construction in progress consisted of costs related to the thermal oxidizer. The project was completed in December
of 2021. Depreciation expense on plant and equipment for the period ending April 30, 2021 was $1,049.
5.
Ownership
                                            and Related Parties
The
Company is owned 55.74% by ARCC Beacon LLC and 44.26% by the managing member Fortistar Beacon LLC. Distributions to the owners are
made pro rata until such time as the owners have received both a threshold internal rate of return and a multiple of invested capital,
after which time the Managing Member receives a priority distribution of 25% of distributable cash. On May 1 2021, the managing
member purchased all the interest in the company. Please see subsequent events for more information.
The
Company compensates and reimburses the Managing Member for all expenses actually and reasonably incurred by the Managing Member in connection
with the management of the Company or its subsidiaries, with certain limits on management time charges ("Management Costs").
For the period ended April 30, 2021, the Company incurred $262 of Management Costs of which $218 was expensed in operations and
$44 was capitalized in plant and equipment.
In
June 2020, the Company contracted with ("TruStar"), a related party, to generate and market RINs from RNG produced by
Company. The contract term is September 1, 2020, through October 31, 2030. Upon generation of environmental credits, the Company
pays TruStar for environmental credit processing services in the form of non-cash RINs. The Company's policy is to account for
RINs as government incentives and, therefore, it does not allocate costs to the credits it generates. Accordingly, the Company does not
capitalize these costs in inventory. In accordance with ASC 610-20, the Company accounts for its payment to TruStar as a transfer
of non-financial assets. The Company expenses the costs of services provided by TruStar to environmental credit processing services in
the consolidated statements of operations and, in addition, records an offsetting gain on the transfer of these RINs to other income.
6.
Commitment
                                            and Contingencies
Legal
Matters
On
December 10, 2021, the Company entered into a settlement agreement with the landfill owner of one of the Company's RNG projects
involving the timing of RIN royalty payments amounting to $10,951 as of October 31, 2021. As part of this agreement, the Company agreed
to pay the accrued and outstanding balance of royalty payments of $10,951 to the landfill owners and the landfill owner reimbursed the
Company $6,253 as a reimbursement towards costs the Company previously incurred to purchase equipment at the landfill site. The Company
recorded $4,740 as a reduction of the Property, plant and equipment which represents the net book value of the equipment and $1,513 as
a reduction of Selling, general and administrative expenses in the consolidated statements of operations for the year ended December
31, 2021. In addition, a new gas rights agreement was negotiated which is not subordinated to any debt service and under which RIN royalty
payments would be made on a monthly basis going forward. As part of the settlement, the Company and GFL Renewables LLC have also entered
into a new 50/50 joint venture through the formation of Emerald RNG LLC and Sapphire RNG LLC and this joint venture is planning to convert
an existing electric facility into an RNG facility and build a new RNG facility, respectively.
The
Company is also involved in various claims arising in the normal course of business. Management believes that the outcome of these claims
will not have a material adverse effect on the Company's financial position, results of operations or cash flows.
7.
Subsequent
                                            Events
Effective
May 1, 2021, the Managing Member purchased all the interests in the Company that it did not already own for $50,000, which was paid
with a note that matures in five years but is convertible to equity in an indirect parent of the Managing Member under certain circumstances.
Subsequent
events were considered through April 15, 2022, the date on which the Company's consolidated financial statements were available
to be issued, for events requiring recording or disclosure in the consolidated financial statements for the four months ended April 30,
2021.
F-
143
BEACON
RNG LLC
CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
As of December 31,
2020
2019
Assets
Current Assets:
Cash
$
1,641
$
3,116
Accounts receivable and accrued revenues
256
1,110
Prepaid Expense and other current assets
319
189
Total current assets
2,216
4,415
Restricted cash
1,343
1,198
Capital spares
67
29
Plant and equipment, net
56,822
58,845
Total assets
$
60,448
$
64,487
Liabilities and Members' Equity
Current liabilities:
Accounts payable and accrued expenses
$
1,131
$
1,356
Accounts payable – affiliate
—
25
Liability under gas sale agreements
—
1,829
Total current liabilities
1,131
3,210
Asset retirement obligation
268
239
Accrued royalties
1,268
259
Total liabilities
2,667
3,708
Members' equity:
Members' capital
59,952
61,878
Accumulated deficit
(2,171
)
(1,099
)
Total members' equity
57,781
60,779
Total liabilities and members' equity
$
60,448
$
64,487
The
accompanying notes are an integral part of these consolidated financial statements.
F-
144
BEACON
RNG LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of dollars)
Year Ended
December 31,
2020
Period from
March 11, 2019
(Inception) to
December 31,
2019
Operating revenue
Renewable gas sales
$
9,522
$
9,465
RIN sales
3,450
313
Transportation sales
238
302
Gas sales agreement liability reduction
1,829
2,286
Total operating revenue
15,039
12,366
Operating expenses
Operations
9,729
7,520
Repairs and maintenance
1,979
1,591
Environmental credit processing services
773
—
General and administrative
977
783
Depreciation
3,112
2,369
Asset retirement obligation accretion
29
22
Insurance
299
167
Acquisition costs
—
1,013
Total operating expenses
16,898
13,465
Other income
Interest income
14
—
Other
773
—
Net loss
$
(1,072
)
$
(1,099
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
145
BEACON
RNG LLC
CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' EQUITY
(In thousands of dollars)
ARCC
Beacon LLC
Fortistar
Beacon LLC
Total
Balance, March 11, 2019 (inception)
$
—
$
—
$
—
Contributions
35,000
27,791
62,791
Distributions
(509
)
(404
)
(913
)
Net loss
(612
)
(487
)
(1,099
)
Balance, December 31, 2019
33,879
26,900
60,779
Distributions
(1,074
)
(852
)
(1,926
)
Net loss
(597
)
(475
)
(1,072
)
Balance, December 31, 2020
$
32,208
$
25,573
$
57,781
The
accompanying notes are an integral part of these consolidated financial statements.
F-
146
BEACON
RNG LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of dollars)
Year Ended December 31,
2020
Period from
March 11, 2019
(Inception) to
December 31,
2019
Cash flows from operating activities:
Net loss
$
(1,072
)
$
(1,099
)
Adjustments to reconcile net loss to net cash provided by (used in) operations:
Depreciation
3,112
2,369
Accretion of asset retirement obligation
29
22
Gas sales agreement liability reduction
(1,829
)
(2,286
)
Change in assets and liabilities:
Accounts receivable and accrued revenues
854
152
Prepaid expense and other current assets
(130
)
(188
)
Accounts payable and accrued expenses
(225
)
53
Accounts payable – affiliate
(25
)
25
Accrued royalties
1,009
259
Net cash provided by (used in) operating activities
1,723
(693
)
Cash flows from investing activities:
Purchase of plant and equipment
(1,089
)
(4,361
)
Cash paid for Beacon Landfill Gas Holdings LLC acquisition, net of cash and restricted cash acquired
—
(52,481
)
Purchase of capital spares inventory
(38
)
(29
)
Net Cash used in investing activities
(1,127
)
(56,871
)
Cash flows from financing activities:
Contributions from members
—
62,791
Distributions to members
(1,926
)
(913
)
Net cash (used in) provided by financing activities
(1,926
)
61,878
Net (decrease) increase in cash and restricted cash
(1,330
)
4,314
Cash and restricted cash, beginning of period
4,314
—
Cash and restricted cash, end of period
$
2,984
$
4,314
The
accompanying notes are an integral part of these consolidated financial statements.
F-
147
BEACON
RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
1.
Organization
and Business
Beacon
RNG LLC (the "Company") was formed in January 2019 as a Delaware limited liability company. The Company owns two facilities
in Pennsylvania that convert methane gas extracted from landfills to renewable natural gas ("RNG") and then sells the RNG. The
Company acquired the two facilities on March 11, 2019 (see Note 3). Along with the two facilities, the Company acquired landfill
gas rights, a gas sales agreement, and other agreements. Prior to August 31, 2020, substantially all the Company's revenues
were generated from one customer contract (see Note 4). The Company's managing member is Fortistar Beacon LLC ("Managing
Member").
2.
Summary
of Significant Accounting Policies
Principles
of Consolidation and Presentation
These
consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States
(U.S. GAAP) and include the accounts of the Company and all other entities in which the Company has a controlling financial interest:
Beacon RNG Acquisition LLC, Beacon Landfill Gas Holdings, LLC ("BLGH"), Greentree Landfill Gas Company, LLC ("Greentree"),
and Imperial Landfill Gas Company, LLC ("Imperial"). Each RNG facility is owned by a separate limited liability company that
is an indirect, wholly owned subsidiary of the Company. The Company's consolidated financial statements include the assets and
liabilities of these subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation. In
accordance with Accounting Standards Codification ("ASC") 805, the Company's consolidated financial statements reflect
the activities of the Company and its subsidiaries for the year ended December 31, 2020 and the period from March 11, 2019
(inception) to December 31, 2019.
Risks
and Uncertainties
In
March 2020, the World Health Organization classified the Coronavirus Disease 2019 ("COVID-19") a pandemic, and the President
declared the COVID-19 outbreak a national emergency. Management considered the impact of COVID-19 on the assumptions and estimates used
and determined that, because the Company was deemed to be an essential business by the U.S. government and incurred neither layoffs
of personnel nor a decline in its customer base or business operations, there was no material adverse impact on the Company's statement
of position and results of operations as of, and for the year ended, December 31, 2020.
The
future impact of the COVID-19 pandemic on the Company's business will depend upon a number of factors, including, but no limited
to, the duration and severity of the pandemic and its impact on the Company's customers, all of which are uncertain and cannot
be predicted. As of the date of the issuance of these financial statements, the extent to which the COVID-19 pandemic may impact the
Company's financial condition, liquidity, or results of operations is uncertain.
Cash
The
Company periodically maintains cash in bank accounts more than the established limits insured by the Federal Deposit Insurance Corporation.
Restricted
Cash
The
Company's restricted cash includes a $1.2 million certificate of deposit which serves as collateral for a letter of credit
issued by a financial institution on behalf of the Company. The letter of credit provides credit support for the Company relating to
a gas transportation contract.
F-
148
BEACON RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
2.
Summary of Significant Accounting Policies
(cont.)
Accounts Receivable and Allowance for Doubtful Accounts
Accounts receivable represent unconditional amounts
due from the sale of RNG, gas transportation, and renewable identification numbers ("RINs") and are recorded at the invoiced
amount. The Company performs ongoing credit evaluations of its customers' financial condition. The Company's allowance for
doubtful accounts was zero at December 31, 2020 and 2019.
Capital Spares
Capital spares consist primarily of replacement
parts and components for the RNG facilities. These parts, which are vital to the continued operation of the facilities, are maintained
on hand for emergency replacement. Capital spares are recorded at cost and expensed when placed into service as part of a routine maintenance
project or capitalized when part of a plant improvement project.
Plant and Equipment
Plant and equipment are recorded at cost, except
for the portion related to the acquisition and the asset retirement obligations, which are recorded at estimated fair value at the time
of the acquisition. Direct costs incurred related to the construction of assets and renewals and betterments that materially extend the
life of the assets are capitalized. Equipment overhauls and maintenance and repairs are expensed when incurred. Depreciation of property
and equipment is computed using the straight-line method over the expected useful life of the asset. The estimated service lives of property
and equipment is ten and twenty years. When plant and equipment are retired or otherwise disposed of, the related cost and accumulated
depreciation or amortization is removed, and a gain or loss is recognized in the consolidated statements of operations.
Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses are costs
related to the Company, which are due to vendors, for goods or services received or incurred as of December 31, 2020 and 2019.
Liability Under Gas Sales Agreement
The liability under gas sales agreement is related
to a gas sales agreement, obtained at acquisition of the RNG facilities, pursuant to which the Company sells RNG. This intangible
liability was amortized using the straight-line method over an 18-month contract period and was fully amortized as of December 31,
2020. Amortization related to this intangible liability is included in gas sales agreement liability reduction in the consolidated statements
of operations.
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. Recoverability of long-lived
assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected
to be generated by the asset. If such assets are impaired, the impairment to be recognized is measured by the amount that the carrying
amounts of the assets exceed the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or
fair value less selling costs. There was no impairment for the year ended December 31, 2020 and for the period from March 11,
2019 (inception) to December 31, 2019.
Asset Retirement Obligation
The Company accounts for asset retirement obligations
("ARO") in accordance with ASC 410, "Asset Retirement and Environmental Obligations," that requires entities
to record the fair value of a liability for an asset retirement obligation in the period in which it is incurred and when a reasonable
estimate of fair value can be made. The fair value of the estimated ARO is recorded as a long-term
liability, with a corresponding increase in the carrying amount of the related asset. The capitalized amount is depreciated over the estimated
life of the RNG facility. The liability amount is increased each reporting period due to the passage of time and the amount of accretion
is charged to operations in the period. Revisions, if any, to the estimated timing of cash flows or to the original estimated undiscounted
cost, if any, also result in an increase or decrease to the ARO and the related asset. Actual costs incurred upon settlement of the ARO
will be charged against the ARO to the extent of the liability recorded. Any difference between the actual costs incurred upon settlement
of the ARO and the recorded liability is recognized as a gain or loss in the Company's earnings in the period in which the settlement
occurs.
F-
149
BEACON RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
2.
Summary of Significant Accounting Policies
(cont.)
At December 31, 2020 and 2019, the Company
estimated the value of its total asset retirement obligations to be $268 and $239, respectively, based on a projected future liability
of $2,095. Changes in the asset retirement obligations were as follows for the year ended December 31, 2020 and the period from March 11,
2019 (inception) to December 31, 2019:
2020
2019
Beginning balance
$
239
$
217
Accretion expense
29
22
Ending balance
$
268
$
239
Revenue Recognition
The Company adopted ASU 2014-19, "
Revenue
from Contracts with Customers
" as of the beginning of the 2019 period. During the period March 11, 2019 (inception) through
August 31, 2020, RNG and environmental renewable identification numbers ("RIN") sales were contracted with a third-party
gas marketer. The two performance obligations of this contract were: (1) the Company delivered RNG produced from Greentree and Imperial
to the gas marketer at certain specified locations, and (2) the gas marketer generated RINs from RNG produced from Greentree. The
gas marketer accepted the RNG and was obligated to pay a certain fixed contract amount per unit of RNG delivered. RNG sales revenue was
recorded by the Company at the point in time of delivery of RNG, which was simultaneous with the RNG production. In addition, the gas
marketer paid the Company a portion of proceeds from the sale of RINs. Such RIN sales typically occurred several months after the
RNG delivery and, so, the market value of such RIN sales varied. Accordingly, the Company recognized the RIN sales portion of revenue
at the point in time when the gas marketer sold the RINs and advised the Company of the RINs sale price.
In June 2020, the Company contracted with TruStar
Energy LLC ("TruStar"), a related party, to generate and market RINs from RNG produced by Company. The contract term is September 1,
2020 through October 31, 2030. Upon generation of environmental credits, the Company pays TruStar for environmental credit processing
services in the form of non-cash RINs. The Company's policy is to account for RINs as government incentives and, therefore, it does
not allocate costs to the credits it generates. Accordingly, the Company does not capitalize these costs in inventory. In accordance with
ASC 610-20, the Company accounts for its payment to TruStar as a transfer of non-financial assets. The Company expenses the costs
of services provided by TruStar to environmental credit processing services in the consolidated statements of operations and, in addition,
records an offsetting gain on the transfer of these RINs to other income.
The Company sells RIN credits to third parties that
utilize these credits in order to comply with federal and state requirements. In accordance with ASC 606, revenue is recognized on
these credits when there is an agreement in place to monetize the credits at the point in time when the credits are transferred to the
third party.
The Company has agreements with two natural gas
producers ("Producers") to transport Producers' natural gas using the Company's RNG gathering system. The performance
obligation is the delivery of Producers' natural gas to an agreed upon delivery point on an interstate gas pipeline. The quantity
of natural gas transported for the Producers is measured at a certain specified meter. The price is fixed at contracted rates and the
Producers pay approximately 30 days after month-end. As such, transportation sales are recognized over time, using the output method
to measure progress.
F-
150
BEACON RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
2.
Summary of Significant Accounting Policies
(cont.)
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the Unites States requires management to make estimates and assumptions that affect the
reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements.
Actual results could differ from those estimates.
Business Combination
The Company accounts for business combinations in
accordance with ASC 805, "Business Combinations." ASC 805 requires business combinations to be accounted for using
the acquisition method of accounting and includes specific criteria for recording intangible assets separate from goodwill. Results of
operations of acquired businesses are included in the Company's consolidated financial statements from the effective date of acquisition.
Net assets of the acquired company are recorded at their fair value at the date of acquisition. Fair value adjustments after the acquisition
date, that are not measurement period adjustments, are recognized in earnings.
Recurring Fair Value Measurements
The Company has cash, accounts receivable, and accounts
payable for which the carrying value approximates fair value due to the short-term nature of these instruments.
Income Taxes
The Company and its subsidiaries are disregarded
entities for federal income tax purposes and for certain states. As such, income taxes have not been provided for in the accompanying
financial statements because income taxes are the responsibility of the partners.
Concentrations
For the year ended December 31, 2020, two customers
accounted for 95% of revenue. For the period from March 11, 2019 (inception) to December 31, 2019, one customer accounted for
97% of revenue. As of December 31, 2020, one customer accounted for 89% of the accounts receivable balance. As of December 31,
2019, three customers accounted for 96% of the accounts receivable balance.
The Company deposits its cash in high credit quality
financial institutions located in the United States of America. Deposits with one financial institution exceeded federally insured
limits as of December 31, 2020 and 2019, respectively.
Reclassifications
Certain prior year amounts have been reclassified
to conform to current year presentation.
3.
Acquisition
On March 11, 2019, the Company acquired BLGH,
owner of the Greentree and Imperial facilities. Pursuant to a purchase and sale agreement, the Company purchased 100% of the equity interests
in BLGH, for a $53,111 net cash payment. This included an initial cash payment of $53,948 on March 11, 2019 less a $837 working capital
true-up payment from the seller on June 20, 2019.
F-
151
BEACON RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
3.
Acquisition
(cont.)
The purchase price allocation was performed in accordance
with ASC 805
Business Combinations
. The assets acquired and the liabilities assumed were:
Estimated fair value of assets acquired:
Cash
$
618
Receivables
1,262
Property, plant and equipment
56,853
Restricted cash
12
Total assets acquired
58,745
Estimated fair value of liabilities assumed or incurred:
Payables
1,302
Asset retirement obligation
217
Gas sales agreement
4,115
Total liabilities assumed or incurred
5,634
Purchase price
$
53,111
The allocations of purchase price to the assets
acquired and liabilities assumed or incurred in connection with the acquisition are based upon estimates of fair values as of the acquisition
date. The Company incurred $1,013 of acquisition — related costs consisting of legal, accounting, due diligence, and other
consulting and advisory services. These costs were expensed as incurred.
4.
Company Operations
RNG and RIN Sales Agreement
The Company had an agreement with a gas marketer
to sell all RNG produced by the Company. Under this agreement, which expired on August 31, 2020, RNG was sold at a fixed price per
million British Thermal Units ("MMBtu") and the gas marketer's associated RINs were sold at average monthly spot
market prices. During 2020, RNG and the share received from the gas marketer's RIN sales under this agreement was $9,910 compared
to $9,778 for the period from March 11, 2019 (inception) to December 31, 2019.
In September 2020, the Company commenced an
arrangement with another gas marketer to sell only RNG. Under this arrangement, RNG is sold at the pipeline index price, less a fixed
per MMBtu fee.
During 2020, the Company recorded $773 of environmental
credit processing services to operating expenses and an offsetting gain on non-monetary RINs transferred to TruStar in payment for these
services to other income within the statements of operations.
Gas Transportation Sales Agreement
The Company has agreements to transport counter-parties'
gas using the Company's RNG gathering system and interconnection with an interstate pipeline for fixed fees per MMBtu. The agreements
expire in 2020 and 2024 and have automatic extensions, month-to-month, unless terminated by either party. The Company uses some of this
gas to support its operations. Transportation sales under these agreements for the year ended December 31, 2020 and the period from
March 11, 2019 to December 31, 2019 were $238 and $302, respectively.
F-
152
BEACON RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
4.
Company Operations
(cont.)
Landfill Gas Rights
The Company has two agreements with landfill owners
whereby the Company obtains rights to the landfill gas in exchange for an amount per MMBtu of gas delivered at Imperial and a royalty
based on the percentage of net RNG revenue at Greentree. In addition, royalties related to RINs at Greentree are deferred until the Company
first receives a certain level of distributions from the two facilities. As a result, Greentree RIN royalties are projected to begin being
paid in 2026.
The Company has accrued $1,268 and $259 for these
royalties as of December 31, 2020 and 2019 which are included in operations in the consolidated statements of operations.
Gas Transportation Fee
During the period March 11, 2019 (inception)
through December 31, 2019, the Company had eight agreements with the gas pipeline to transport RNG and blending gas at regulated
tariff rates. Most of these contracts were year-to-year with 6 - to –12-month termination notice provisions. One contract
was terminated effective August 31, 2020, and three others were terminated on various dates in 2021. Of the four contracts remaining,
two were extended until 2024 but with a reduction in contracted volumes starting in 2021, one contract's term ends in 2032, and
one contract's term is indefinite.
Operations and Maintenance Agreements
The Company has two operations and maintenance agreements
with third-party providers who provide operating services at the two facilities. The agreements expire in 2027 and have an option for
early termination. In 2020 and for the period March 11, 2019 (inception) to December 31, 2019, the costs related to these contracts
were $2.1 million and $1.5 million, respectively, and are recorded in operations and repairs and maintenance in the consolidated
statements of operations.
5.
Plant and Equipment
Plant and equipment consisted of the following at
December 31:
2020
2019
Equipment
$
52,048
$
52,048
H2S removal system
5,117
—
Wellfield
1,921
1,921
Pipeline
1,828
1,828
Building
839
839
Greentree membranes
301
—
Asset retirement cost
217
217
Plant and equipment, gross
62,271
56,853
Less: accumulated depreciation
(5,481
)
(2,369
)
Construction-in-progress
32
4,361
Plant and equipment, net
$
56,822
$
58,845
At December 31, 2019, construction in progress
consisted of costs related to a hydrogen sulfide removal system. Additional costs totaling $756 were incurred at the beginning of 2020
for the hydrogen sulfide removal system and the Company placed this asset, which had a total cost of $5.1 million, into service in
February 2020. Depreciation expense on plant and equipment for 2020 and the period from March 11, 2019 (inception) to December 31,
2019 was $3,112 and $2,369, respectively.
F-
153
BEACON RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
6.
Liability Under Gas Sales Agreement
The liability under gas sales agreement consisted
of the following at December 31, 2020 and 2019:
2020
2019
Gas Sales Agreement
$
1,829
$
4,115
Less: accumulated amortization
(1,829
)
(2,286
)
Liability under gas sales agreement, net
$
—
$
1,829
Amortization income for 2020 and the period from
March 11, 2019 (inception) to December 31, 2019 was $1,829 and $2,286, respectively.
7.
Ownership and Related Parties
The Company is owned 55.74% by ARCC Beacon LLC and
44.26% by the managing member Fortistar Beacon LLC. Distributions to the owners are made pro rata until such time as the owners have
received both a threshold internal rate of return and a multiple of invested capital, after which time the Managing Member receives a
priority distribution of 25% of distributable cash.
The Company compensates and reimburses the Managing
Member for all expenses actually and reasonably incurred by the Managing Member in connection with the management of the Company or its
subsidiaries, with certain limits on management time charges ("Management Costs"). In 2020, the Company incurred $629 of Management
Costs of which $612 was expensed in operations and $17 was capitalized in plant and equipment. In 2019, the Company incurred $1,364 of
Management Costs of which $561 was expensed in operations, $450 was expensed for costs associated with the acquisition of the RNG facilities,
and $353 was capitalized in plant and equipment. Of these amounts, zero and $25 were unpaid as of December 31, 2020 and 2019, respectively,
and are included in accounts payable — affiliate on the balance sheet.
In June 2020, the Company contracted with TruStar,
a related party, to generate and market RINs from RNG produced by Company. The contract term is September 1, 2020 through October 31,
2030.
8.
Commitment and Contingencies
Legal Matters
The landfill owner of one of the Company's
RNG projects has disputed the Company's interpretation of contracts governing the timing of payment of RIN royalties. The Company
records a royalty expense accrual at the time RINs are sold and maintains that payment of these royalties is subordinated to the Company
receiving a series of payments due the Company as part of its March 2019 acquisition of the Greentree and Imperial RNG projects.
On April 9, 2021, the landfill owner filed an arbitration demand against the Company to adjudicate this matter. While the outcome
is not yet determinable, an unfavorable outcome may require the Company to pay royalties at a date earlier than 2026.
Prior to the acquisition, BLGH, along with numerous
other parties, was named in a civil action in the alleged wrongful death of an employee of one of the landfills. The Company has been
fully indemnified by EDF Renewables LFG Holdings, the prior owner, for this matter.
The Company is from time-to-time party to disputes
and claims arising in the normal course of its business. Management does not believe that the resolution of such claims and disputes will
have a material adverse effect on the Company's financial position, results of operations or cash flows.
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154
BEACON RNG LLC
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of dollars)
9.
Subsequent Events
Effective May 1, 2021, the Managing Member
purchased all the interests in the Company that it did not already own for $50,000, which was paid with a note that matures in five years
but is convertible to equity in an indirect parent of the Managing Member under certain circumstances.
Subsequent events were considered through October 11,
2021, the date on which the Company's consolidated financial statements were available to be issued, for events requiring recording
or disclosure in the consolidated financial statements for the year ended December 31, 2020.
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155
OPAL FUELS INC.
175,541,507 Shares of
Class A common stock
PROSPECTUS
August 10,
2021
You should rely only on the information contained or incorporated
by reference in this prospectus. We have not authorized anyone to provide you with different information. You should not assume that the
information contained or incorporated by reference in this prospectus is accurate as of any date other than the date of this prospectus.
We are not making an offer of these securities in any state where the offer is not permitted.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution.
The following table sets
forth the estimated expenses to be borne by us in connection with the issuance and distribution of the shares of common stock being registered
hereby.
All amounts shown are estimates except for the SEC registration fee.
We
will bear all costs, expenses and fees in connection with the registration of the securities. Selling Holders, however, will bear all
underwriting commissions and discounts, if any, attributable to their respective sales sale of the securities.
SEC registration fee
$
166,245
Accounting fees and expenses
*
Legal fees and expenses
*
Financial printing and miscellaneous expenses
*
Total
$
166,245
*
T
hese fees are calculated
based on the securities offered and the number of issuances and accordingly cannot be defined at this time.
Item 14. Indemnification of Directors
and Officers.
OPAL is governed by the DGCL,
as the same exists or may hereafter be amended. Section 145 of the DGCL ("
Section 145
") provides that
a Delaware corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right
of such corporation) by reason of the fact that such person is or was a director, officer, employee or agent of such corporation, or is
or was serving at the request of such corporation as a director, officer, employee or agent of another corporation or enterprise. The
indemnification may include expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by such person in connection with such action, suit or proceeding, provided such person acted in good faith and in a manner he
or she reasonably believed to be in or not opposed to the corporation's best interests and, with respect to any criminal action
or proceeding, had no reasonable cause to believe that his or her conduct was unlawful. Section 145 also provides that a Delaware
corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed
action or suit by or in the right of such corporation, under the same conditions, except that such indemnification is limited to expenses
(including attorneys' fees) actually and reasonably incurred by such person, and except that no indemnification is permitted without
judicial approval if such person is adjudged to be liable to such corporation. Where an officer or director of a corporation is successful,
on the merits or otherwise, in the defense of any action, suit or proceeding referred to above, or any claim, issue or matter therein,
the corporation must indemnify that person against the expenses (including attorneys' fees) which such officer or director actually
and reasonably incurred in connection therewith.
Section 145 further
authorizes a corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent
of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation
or enterprise, against any liability asserted against such person and incurred by such person in any such capacity, or arising out of
such person's status as such, whether or not the corporation would otherwise have the power to indemnify such person against such
liability under Section 145.
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1
Our Charter and Bylaws provide
that we shall indemnify, to the fullest extent permitted by law, any person made or threatened to be made a party to an action or proceeding,
whether criminal, civil, administrative or investigative, by reason of the fact that he or she is or was our director or executive officer
(as defined in the Bylaws) or serves or served at any other corporation, partnership, joint venture, trust or other enterprise as a director
or executive officer at our request.
Our Charter eliminates the
liability of a director to the fullest extent permitted by the DGCL. Pursuant to Section 102(b)(7) of the DGCL, a corporation may
eliminate the personal liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty
as a director, except for liabilities arising (i) from any breach of the director's duty of loyalty to the corporation or its
stockholders, (ii) from acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law,
(iii) under Section 174 of the DGCL, or (iv) from any transaction from which the director derived an improper personal
benefit.
These provisions may be held
not to be enforceable for certain violations of the federal securities laws of the United States.
Furthermore, on July 21, 2022,
we entered into the Indemnification Agreements with each of our directors and executive officers which provide that we shall indemnify
such directors and executive officers under the circumstances and to the extent provided for therein, from and against all losses, claims,
damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements
or other amounts arising from any and all threatened, pending or completed claim, demand, action, suit or proceeding, whether civil, criminal,
administrative or investigative, and whether formal or informal, and including appeals, in which he or she may be involved, or is threatened
to be involved, as a party or otherwise, to the fullest extent permitted under Delaware law and our by-laws.
In addition,
we
have purchased a policy of directors' and officers' liability insurance that insures our officers and directors against the
cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers
and directors.
Item 15. Recent Sales of Unregistered
Securities.
During the three years preceding
the filing of this registration statement, the Registrant has granted or issued the following securities of the Registrant which were
not registered under the Securities Act of 1933, as amended (the "
Securities Act
").
Ordinary Shares of OPAL
On
January 20, 2021, the Sponsor paid $25,000, or approximately $0.003 per share, to cover certain expenses on our behalf in consideration
of 7,187,500 Class B ordinary shares, par value $0.0001. The per share price of the founder shares was determined by dividing the amount
contributed to the company by the number of founder shares issued.
On
February 2, 2021, the Sponsor transferred 35,000 founder shares to each of Arno Harris, Ja-Chin Audrey Lee, Brian Goncher and Steven Berkenfeld,
our independent director nominees.
The
Sponsor was an accredited investor for purposes of Rule 501 of Regulation D. Each of the equity holders in the Sponsor was an
accredited investor under Rule 501 of Regulation D. The sole business of the Sponsor was to act as OPAL's sponsor in connection
with its initial public offering.
The
Sponsor purchased an aggregate of 9,223,261 private placement warrants, each exercisable to purchase one ordinary share at $11.50 per
share, subject to adjustment, at a price of $1.00 per warrant in connection with OPAL's initial public offering. Such issuance was
made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.
No underwriting discounts
or commissions were paid with respect to such sales.
II-
2
Business Combination Agreement
In connection with the Business
Combination, we issued 25,171,390 shares of Class A common stock, zero shares of Class B common stock, no shares of Class C common stock
and 144,399,037 shares of Class D common stock to Ares and the Opco Common Equityholders pursuant to Section 4(a)(2) and/or Regulation D
promulgated under the Securities Act. No underwriting discounts or commissions were paid with respect to such sales.
Private Placement
In connection with entering
into the Business Combination Agreement, ArcLight entered into subscription agreements, each dated as of December 2, 2021, with the
PIPE Investors, pursuant to which, among other things, the PIPE Investors party thereto agreed to purchase an aggregate of 10,580,600
shares of Class A common stock immediately prior to the Closing at a cash purchase price of $10.00 per share, resulting in aggregate gross
proceeds of $105,806,000 in the Private Placement. The shares issued to the PIPE Investors in the Private Placement were issued pursuant
to and in accordance with the exemption from registration under the Securities Act pursuant to Section 4(a)(2) and/or Regulation
D promulgated under the Securities Act. All of the PIPE Investors were accredited investors. No underwriting discounts or commissions
were paid with respect to such sales.
Forward Purchase Agreement
Pursuant to the Forward Purchase
Agreement entered into between ArcLight and Meteora, prior to the closing of the Business Combination, Meteora purchased 2,000,000
Class A ordinary shares of ArcLight from shareholders that had previously tendered such shares for redemption but agreed to reverse their
redemption and sell such shares to Meteora at the redemption price, which Meteora agreed not to redeem in connection with the Business
Combination. Additionally, ArcLight placed $20,040,000 in escrow at the closing of the Business Combination to secure its purchase obligations
to Meteora under the Forward Purchase Agreement. The terms of the Forward Purchase Agreement were previously announced by ArcLight in
its Current Report dated July 18, 2022.
Item 16. Exhibits and Financial Statements.
(a)
Exhibits
. The following exhibits
are being followed herewith:
Exhibit
Number
Description
2.1†
Business Combination Agreement, dated as of December 2, 2021, by and among ArcLight, OPAL Fuels and OPAL Holdco (incorporated by reference to Exhibit 2.1 of the Company's Current Report on Form 8-K, filed with the SEC on December 3, 2021).
3.1*
Restated
    Certificate of Incorporation of OPAL Fuels Inc.
3.2
Bylaws of OPAL Fuels Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed by the Company on July 27, 2022)
4.1
Specimen Warrant Certificate (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form S-1 (File No. 333-252730) filed by the Registrant on March 8, 2021).
4.2
Warrant Agreement between Continental Stock Transfer & Trust Company and ArcLight Clean Transition Corp. II, dated March 22, 2021 (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by the Company on March 26, 2021).
5.1*
Opinion of Sheppard, Mullin, Richter & Hampton LLP
10.1
Form of OPAL Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-4 (File No. 333-262583), filed on May 6, 2022).
10.2
2022 Omnibus Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by the Company on July 27, 2022).
10.3
Letter Agreement, dated as of March 25, 2021, by and among ArcLight CTC Holdings II, L.P., ArcLight Clean Transition Corp. II and certain other parties thereto (incorporated by referenced to Exhibit 10.4 to the Company's Current Report on Form 8-K filed by the Registrant on March 26, 2021).
10.4
Sponsor Letter Agreement, dated as of December 2, 2021, by and among OPAL Fuels LLC, ArcLight Clean Transition Corp. II and certain other parties thereto (incorporated by reference to incorporated by referenced to Exhibit 10.2 to the Company's Current Report on Form 8-K filed by the Registrant on December 3, 2021)
10.4
Form of Subscription Agreement (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K, filed with the SEC on December 3, 2021)
.
10.5
Form of Amendment No. 1 to the Subscription Agreement (incorporated by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K, filed with the SEC on May 12, 2022).
10.6
Tax Receivable Agreement, dated July 21, 2022, by and among OPAL Fuels Inc. and the persons named therein (incorporated by reference to Exhibit 10.6 to the Current Report on Form 8-K filed by the Company on July 27, 2022).
10.7
Investor Rights Agreement, dated July 21, 2022, by and among OPAL Fuels Inc., ArcLight CTC Holdings II, L.P., and the other persons named therein (incorporated by reference to Exhibit 10.7 to the Current Report on Form 8-K filed by the Company on July 27, 2022).
10.8
Second A&R LLC Agreement of OPAL Fuels, including any Certificates of Designations (incorporated by reference to Exhibit 10.8 to the Current Report on Form 8-K filed by the Company on July 27, 2022).
10.9
Delayed Draw Term Loan and Guaranty Agreement, dated October 22, 2021, by and among OPAL Fuels Intermediate Holdco LLC, the Guarantors named on the signature pages thereto, and the Lenders (as defined therein), and Bank of America, N.A., as Administrative Agent for the Lenders (incorporated by reference to Exhibit 10.8 to the Registration Statement on Form S-4 (File No. 333-262583), filed on March 25, 2022)
.
10.10
Amendment No. 1 to Delayed Draw Term Loan and Guaranty Agreement and Waiver, dated February 1, 2022 (incorporated by reference to Exhibit 10.9 to the Registration Statement on Form S-4 (File No. 333-262583), filed on March 25, 2022)
.
10.11#
Environmental Attributes Purchase and Sale Agreement, dated November 29, 2021, by and between, on the one hand, NextEra Energy Marketing, LLC and, on the other hand, TruStar Energy LLC and OPAL Fuels LLC (incorporated by reference to Exhibit 10.10 to the Registration Statement on Form S-4 (File No. 333-262583), filed on March 25, 2022)
.
10.12#
Administrative Services Agreement, dated December 31, 2021, by and between OPAL Fuels and Fortistar Services 2 LLC (incorporated by reference to Exhibit 10.11 to the Registration Statement on Form S-4 (File No. 333-262583), filed on March 25, 2022)
.
10.13#
Indemnification and Hold Harmless Agreement, dated December 31, 2020, by and between OPAL Fuels LLC and Fortistar LLC (incorporated by reference to Exhibit 10.12 to the Registration Statement on Form S-4 (File No. 333-262583), filed on March 25, 2022)
.
10.14#
Flue Gas Offtake and Preferred Partner Agreement, dated November 29, 2021, by and between CarbonFree Chemicals Holdings, LLC and OPAL Fuels LLC (incorporated by reference to Exhibit 10.13 to the Registration Statement on Form S-4 (File No. 333-262583), filed on March 25, 2022)
.
21.1
List of subsidiaries (incorporated by reference to Exhibit 21.1 to the Current Report on Form 8-K filed by the Company on July 27, 2022).
23.1*
Consent of BDO USA, LLP, independent registered accounting firm for OPAL Fuels LLC.
23.2*
Consent of BDO USA, LLP, independent auditor for Beacon RNG LLC.
23.3*
Consent of Marcum LLP, independent registered accounting firm for ArcLight.
23.4*
Consent of Sheppard, Mullin, Richter & Hampton LLP (included as part of Exhibit 5.1).
104
Cover
    Page Interactive Data File (embedded within the Inline XBRL document)
107*
Filing Fee Table
*
Filed herewith.
†
Schedules and exhibits to this
Exhibit omitted pursuant to Regulation S-K Item 601(b)(2). The Company agrees to furnish supplementally a copy of any
omitted schedule or exhibit to the SEC upon request.
#
Pursuant to Item 601(b)(10)
of Regulation S-K, certain confidential portions of this exhibit were omitted by means of marking such portions with an asterisk because
the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.
(b)
Financial Statements
.
The financial statements filed as part of this registration statement are listed in the index to the financial statements immediately
preceding such financial statements, which index to the financial statements is incorporated herein by reference.
II-
3
Item 17. Undertakings.
The undersigned registrant hereby undertakes:
II-
4
(1)
To file, during any period in
which offers or sales are being made, a post-effective amendment to this registration statement: (i) to include any prospectus required
by Section 10(a)(3) of the Securities Act of 1933; (ii) to reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent
a fundamental change in the information set forth in the registration statement (notwithstanding the foregoing, any increase or decrease
in the volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with
the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the
maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement);
and (iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration
statement or any material change to such information in the registration statement.
(2)
That, for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(3)
To remove from registration by
means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4)
That, for the purpose of determining
liability of the registrant under the Securities Act to any purchaser in the initial distribution of securities, in a primary offering
of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell
the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications,
the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule 424; (ii) any free
writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; (iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and (iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(5)
That, for the purpose of determining
liability under the Securities Act of 1933 to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration
statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance
on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.
Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made
in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was
made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such date of first use.
(6)
That, prior to any public reoffering
of the securities registered hereunder through use of a prospectus which is a part of this registration statement, by any person or party
who is deemed to be an underwriter within the meaning of Rule 145(c), the registrant undertakes that such reoffering prospectus will
contain the information called for by the applicable registration form with respect to reofferings by persons who may be deemed underwriters,
in addition to the information called for by the other items of the applicable form.
(7)
That every prospectus (i) that
is filed pursuant to the immediately preceding paragraph, or (ii) that purports to meet the requirements of Section 10(a)(3)
of the Securities Act and is used in connection with an offering of securities subject to Rule 415, will be filed as a part of an amendment
to the registration statement and will not be used until such amendment has become effective, and that for the purpose of determining
any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(8)
To respond to requests for information
that is incorporated by reference into the prospectus pursuant to Items 4, 10(b), 11 or 13 of this Form, within one business day of receipt
of such request, and to send the incorporated documents by first-class mail or other equally prompt means. This includes information
contained in documents filed subsequent to the effective date of the registration statement through the date of responding to the request.
(9)
To supply by means of a post-effective
amendment all information concerning a transaction, and the company being acquired involved therein, that was not the subject of, and
included in, this registration statement when it became effective.
(10)
Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange
Commission, such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding)
is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will,
unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed
by the final adjudication of such issue.
II-
5
SIGNATURES
Pursuant to the requirements
of the Securities Act, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the White Plains, New York, on August 10, 2022.
OPAL FUELS INC.
By:
/s/ Jonathan Maurer
Name:
Jonathan Maurer
Title:
Co-Chief Executive Officer
Each person whose signature
appears below constitutes and appoints Jonathan Maurer, Adam Comora, Ann Anthony and John Coghlin, acting alone or together with another attorney-in-fact, as
his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for such person and
in his or her name, place and stead, in any and all capacities, to sign any or all further amendments (including post-effective amendments)
to this registration statement (and any additional registration statement related hereto permitted by Rule 462(b) promulgated under the
Securities Act of 1933 (and all further amendments, including post-effective amendments, thereto)), and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and
agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Jonathan Maurer
Co-Chief Executive Officer
August 10, 2022
Jonathan Maurer
(Principal Executive Officer)
/s/ Adam Comora
Co-Chief Executive Officer
August 10, 2022
Adam Comora
(Principal Executive Officer)
/s/ Ann Anthony
Chief Financial Officer
August 10, 2022
Ann Anthony
(Principal Financial Officer and
Principal Accounting Officer)
/s/ Mark Comora
Chairman
August 10, 2022
Mark Comora
/s/ Nadeem Nisar
Director
August 10, 2022
Nadeem Nisar
/s/ Marco F. Gatti
Director
August 10, 2022
Marco F. Gatti
/s/ Kevin M. Fogarty
Director
August 10, 2022
Kevin M. Fogarty
/s/ Betsy L. Battle
Director
August 10, 2022
Betsy L. Battle
/s/ Scott Dols
Director
August 10, 2022
Scott Dols
/s/ Ashok Vemuri
Director
August 10, 2022
Ashok Vemuri
II-6