Scott Edelbach
About Scott Edelbach
Executive Vice President at OPAL Fuels since December 2020, age 54, with a Bachelor’s in Business Management from Southwestern University. Co-founder of TruStar Energy (formed in 2009) and former Vice President of the Refuse Division at Oshkosh Truck Corporation, where he led integration of natural gas fuel systems into Class 8 trucks and contributed to heavy-duty hybrid chassis programs . Company operating performance during his tenure shows RNG production up 30% year-over-year in Q3 2025, with nine-month revenue increasing 13% vs. 2024 and Adjusted EBITDA of $56.0M for 9M 2025; see performance table below .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| TruStar Energy | Founder | 2009 onward (formation year noted) | Built OPAL’s dispensing/monetization foundation through RNG/CNG fuel infrastructure |
| Oshkosh Truck Corporation | Vice President, Refuse Division | 18 years | Led first major OEM integration of natural gas fuel systems into Class 8 trucks; contributed to heavy-duty electric hybrid chassis and utility bodies programs |
External Roles
- No external public company board roles or committee positions disclosed for Edelbach .
Fixed Compensation
- Base salary and individual cash bonus amounts for Edelbach are not disclosed in the latest proxy. The company’s program includes base salary reviewed annually for market competitiveness and performance, and annual cash bonuses under a Short-Term Incentive Plan (STIP) for NEOs and other executive officers .
Key design features (company-wide):
- Base salary: Set by scope, competencies, market levels; reviewed annually .
- STIP bonuses: Weighted corporate metrics and strategic/personal objectives with a safety modifier; payout scale 0–200% .
Performance Compensation
STIP (Annual Cash Incentive) Design
| Metric | Weighting range | Payout opportunity | Notes |
|---|---|---|---|
| Adjusted EBITDA ($ millions) | 40% | 0–200% | Non-GAAP as defined by company |
| RNG Production (MMBtus) | 20% | 0–200% | |
| RNG Design Capacity Placed in Construction (MMBtus) | 30% | 0–200% | |
| New Transportation Fuel Contracts (GGEs) | 10% | 0–200% | |
| Strategic/Personal Objectives | 20–30% | Discretionary | |
| Safety Modifier | +/-10% | Modifier |
- 2024 weighting emphasized corporate metrics 70–80% and strategic/personal 20–30% . For reference, 2023 weighting was 50–70% corporate and 30–50% strategic/personal, indicating increased emphasis on corporate performance in 2024 .
LTIP (Equity Incentives) Structure and Vesting
| Award type | Standard vesting | Change-of-control and termination provisions |
|---|---|---|
| RSUs (time-based) | 3 equal annual installments from vesting commencement | Accelerated vesting upon death; full acceleration for termination without cause or resignation for good reason in connection with or within 24 months post change in control; pro-rata next tranche for disability or termination without cause |
| Options (time-based) | 3 equal annual installments; exercise price set at grant-date close | Same acceleration provisions as RSUs |
| PRSUs (performance-based) | Cliff vest after 3-year performance period (2024 awards vest 3/31/2027; 2023 awards vest 3/31/2026) | Death: vest at target; Change-in-control termination: greater of target or performance as of termination; Non-CoC termination: pro rata based on months of service in performance period; post-period events vest based on actual performance |
PRSU Performance Metrics and Targets
| Metric | Weighting | Threshold | Target | Maximum |
|---|---|---|---|---|
| Adjusted EBITDA + ITC Proceeds (millions) – 2024 PRSU | 50% | $408.8 | $545.0 | $681.3 |
| RNG projects placed into construction (millions MMBtus) – 2024 PRSU | 50% | 4.5 | 6.0 | 7.5 |
| Adjusted EBITDA (millions) – 2023 PRSU | 50% | $309.9 | $516.5 | $645.6 |
| RNG projects placed into construction (millions MMBtus) – 2023 PRSU | 50% | 4.8 | 6.0 | 7.5 |
Note: Individual grant sizes and payouts for Edelbach are not disclosed; the tables reflect company PRSU plan design and targets .
Equity Ownership & Alignment
- Anti-hedging and anti-pledging: Company prohibits short sales, hedging, derivatives, and pledging by directors and executive officers; preclearance required for trades; blackout windows apply .
- Benefits and plans: No deferred compensation or pension; executives participate in standard employee benefits and 401(k) with matching, consistent with broad employee benefits .
Employment Terms
- Executive officers are elected annually and serve at the discretion of the Board; no family relationships disclosed for Edelbach; no material legal proceedings reported for executives .
- No NEO employment agreements; STIP provides prorated bonus upon certain change-in-control terminations; equity awards include detailed acceleration terms (see LTIP table) .
Performance & Track Record Snapshot (Company-level)
| Metric | Q3 2024 | Q3 2025 | 9M 2024 | 9M 2025 |
|---|---|---|---|---|
| Revenue ($USD Millions) | $84.047 | $83.357 | $219.949 | $249.220 |
| Net Income ($USD Millions) | $17.107 | $11.386 | $19.692 | $20.229 |
| Adjusted EBITDA ($USD Millions) | $31.103 | $19.456 | $67.407 | $56.028 |
| RNG Production (Million MMBtus) | 1.0 | 1.3 | 2.8 | 3.5 |
Operating context highlights:
- RNG production up 30% YoY in Q3 2025; annual design capacity at 9.1 million MMBtu across twelve operating projects; continued growth in fueling station volumes and IRA Investment Tax Credit monetization .
Compensation Structure Analysis
- Shift in STIP weighting from 2023 to 2024 increased emphasis on corporate performance (from 50–70% to 70–80%), tightening pay-for-performance alignment and reducing discretionary weightings .
- LTIP emphasizes multi-year performance via PRSUs with explicit EBITDA/ITC and construction milestones, reinforcing execution on development and monetization levers; time-based RSUs/options support retention with three-year ratable vesting and standard acceleration protections .
Risk Indicators & Red Flags
- Anti-pledging policy reduces alignment risk from collateralized holdings; no hedging allowed .
- No disclosed clawback policy details; no individual employment agreement or severance multiples disclosed for Edelbach .
- Related-party arrangements (e.g., CoStar IT services and FS2 administrative services) exist at the company level; oversight via Audit Committee .
Investment Implications
- Alignment: STIP/PRSU metrics (Adjusted EBITDA + ITC proceeds, RNG construction) tightly link incentives to core value drivers (production growth, credit monetization, project pipeline), a positive for execution focus .
- Retention: Three-year vesting on RSUs/options and PRSU cliffs create strong retention hooks; acceleration on CoC mitigates transition risk though can front-load vesting value on transactions .
- Trading signals: Company anti-hedging/anti-pledging reduces risk of hedged insider positions; monitor March 31 vest dates (RSUs/options) for potential Form 4 activity windows though Edelbach’s individual grants are not disclosed .
- Execution risk: Adjusted EBITDA declined YoY in Q3 2025 amid lower RIN price environment, but RNG volumes and 9M revenue grew; incentives tied to buildout and monetization should continue to push development milestones and tax credit sales, while volatility in environmental credit pricing remains a key external variable .