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Related Party Transactions
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

Note 19—Related Party Transactions

TotalEnergies S.E.

In the three months ended September 30, 2024 and 2025, no revenue from TotalEnergies was recognized. In the nine months ended September 30, 2024 and 2025, no revenue from TotalEnergies was recognized. Outstanding receivables due from TotalEnergies were immaterial as of December 31, 2024 and September 30, 2025.

In the three and nine months ended September 30, 2024, the Company paid TotalEnergies $0.3 million and $3.5 million, respectively, for expenses incurred in the ordinary course of business and for settlements on commodity swap contracts (Note 6). In the three and nine months ended September 30, 2025, the Company paid TotalEnergies $0.3 million and $0.7 million, respectively, for expenses incurred in the ordinary course of business. Outstanding payables due to TotalEnergies were immaterial as of December 31, 2024 and September 30, 2025.

SAFE S.p.A.

Cash receipts from SAFE S.p.A. were immaterial in the three and nine months ended September 30, 2024. Cash receipts from SAFE S.p.A. were immaterial in the three and nine months ended September 30, 2025. Outstanding receivables due from SAFE S.p.A. were immaterial as of December 31, 2024 and September 30, 2025, respectively.  

In the nine months ended September 30, 2024, the Company paid SAFE S.p.A. $2.5 million for parts and equipment in the ordinary course of business. In the three months ended September 30, 2024, cash payments to SAFE&CEC S.r.l. were immaterial. In the three and nine months ended September 30, 2025, the Company paid SAFE S.p.A. $1.3 million and $2.1 million, respectively, for parts and equipment in the ordinary course of business. As of December 31, 2024 and September 30, 2025, the Company had payables due to SAFE S.p.A. of $0.3 million and $0.2 million, respectively.

TotalEnergies Joint Venture and bpJV

Pursuant to the contractual agreements of the TotalEnergies joint venture and bpJV, the Company manages day-to-day operations of RNG projects in the joint ventures in exchange for an O&M fee and management fee. In the three and nine months ended September 30, 2024, the Company recognized total management fee and O&M revenue of $0.7 million and $2.3 million, respectively. In the three and nine months ended September 30, 2025, the Company recognized total management fee and O&M revenue of $0.9 million and $2.5 million, respectively.  As of December 31, 2024 and September 30, 2025, the Company had management fee and O&M receivables due from the joint ventures with TotalEnergies and bp of $0.4 million and $1.2 million, respectively.

In the three and nine months ended September 30, 2024, amounts paid on behalf of the joint ventures for expenses incurred in the ordinary course of business were immaterial. In the three and nine months ended September 30, 2025, the Company paid $0.1 million on behalf of the joint ventures for expenses incurred in the ordinary course of business, respectively. As of December 31, 2024 and September 30, 2025, other outstanding receivables due from the joint ventures with TotalEnergies and bp were $0.4 million and $0.2 million, respectively.

In the three and nine months ended September 30, 2024, the Company received $1.2 million and $3.2 million, respectively, from the joint ventures with TotalEnergies and bp for management and O&M fees and reimbursement of expenses incurred in the ordinary course of business. In the three and nine months ended September 30, 2025, the Company received $1.0 million and $2.6 million, respectively, from the joint ventures with TotalEnergies and bp for management and O&M fees and reimbursement of expenses incurred in the ordinary course of business. In the three and nine months ended September 30, 2024, the Company paid $0.6 million and $3.0 million, respectively, to the joint ventures with TotalEnergies and bp, relating to environmental credits pursuant to the contractual agreements of the TotalEnergies joint venture and bpJV. In the three and nine months ended September 30, 2025, the Company paid $0.9 million and $2.8 million, respectively, to the joint ventures with TotalEnergies and bp, relating to environmental credits pursuant to the contractual agreements of the TotalEnergies joint venture and bpJV. As of December 31, 2024 and September 30, 2025, the Company had payables due to the joint ventures with TotalEnergies and bp of $0.6 million and $0.5 million,

respectively, relating to sharing of environmental credits pursuant to the contractual agreements of the TotalEnergies joint venture and bpJV.

On June 30, 2025, the Company entered into a Guaranty Agreement in favor of the buyer of ITC credits sold by the bpJV on June 30, 2025 (Note 16). Pursuant to the Guaranty Agreement, the maximum potential future exposure to the Company is $38.3 million in the event of a tax credit loss incurred by the buyer. The Guaranty Agreement is expected to end in January 2030. The Company received a fee of $0.7 million from the bpJV in connection with Guaranty Agreement.

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Rimere

In the three and nine months ended September 30, 2024, the Company provided $2.0 million and $5.5 million, respectively, to Rimere in connection with its loan commitments (see Note 17). In the three and nine months ended September 30, 2025, the Company provided $0.7 million and $3.1 million, respectively, to Rimere in connection with its loan commitments. As of December 31, 2024 and September 30, 2025, the carrying amount of the Company’s convertible promissory notes measured at fair value was $0.3 million and $0.5 million, respectively, and is included in “Notes receivable - related party” as of December 31, 2024 and September 30, 2025 in the accompanying condensed consolidated balance sheets.

In the three and nine months ended September 30, 2024, the Company recognized management fee revenue from Rimere of $0.2 million and $0.5 million, respectively. In the three and nine months ended September 30, 2025, the Company recognized management fee revenue from Rimere of $0.2 million and $0.5 million, respectively. As of December 31, 2024 and September 30, 2025, the Company had management fee receivables due from Rimere of $0.1 million and $0.1 million, respectively.

In the three and nine months ended September 30, 2024, excluding management fee revenue, the Company recognized $0.1 million of revenue relating to equipment sold to Rimere in the ordinary course of business. Excluding management fee revenue, no other revenue from Rimere was recognized in the three and nine months ended September 30, 2025. There were no outstanding receivables, excluding management fee receivables, due from Rimere as of December 31, 2024 and September 30, 2025.