Talking trash: Neogenyx Fuels and the opportunity to scale landfill RNG (Ep. 247)

The U.S. has a massive, underutilized energy resource in its landfills—methane from decomposing trash—now being transformed into renewable natural gas (RNG) by Neogenics Fuels, a joint venture between Amoresco and Hasi. CEO Mike Backus reveals that this waste-to-energy model isn't just environmentally sound but economically viable, with RNG already supplying enough clean fuel to power the entire U.S. residential sector. What’s revolutionary is that RNG is a 'drop-in' fuel—compatible with existing pipelines, power plants, and even LNG infrastructure—making it a low-friction solution for decarbonizing hard-to-abate sectors. The real game-changer? The global shipping industry, where international regulations and U.S. policy shifts are poised to create a 13-fold increase in demand for green fuels. Backus predicts a surge in RNG adoption by 2027–2028, driven by maritime decarbonization efforts and new EPA pathways for green hydrogen. This isn't just a domestic opportunity—it’s a potential export engine, with projects already underway in Japan and the UK. The business model combines decades of Amoresco’s technical expertise with $400 million in Hasi capital, enabling rapid scaling without acquisitions. And while dairy-based RNG remains constrained by policy dependency, Neogenics is entering agriculture with a new, LCFS-independent ag project—hinted at but not yet revealed.