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Show Notes

[00:02:59] - [First question] - Defining landfill gas and its historic and current state

[00:05:50] - What Archaea is, their business scale, and economic profile

[00:07:44] - The waste hauling value chain and how money is made in the ecosystem

[00:11:33] - How Archaea takes something that’s perceived to be worthless and profits from it

[00:15:47] - The way the company is organized to capture and capitalize on this opportunity set

[00:17:56] - How much visibility they have into their future earnings

[00:19:04] - The renewable fuel standard and how revenue is derived from it

[00:20:10] - Explaining how you produce renewable natural gas from a landfill

[00:24:52] - The unit economics of a single Archaea landfill to gas site

[00:25:40] - How much capital can be deployed into one of their projects

[00:26:45] - What differentiates and makes Archaea defensible from private equity companies

[00:27:51] - The history of the company, how it was founded, and its major players

[00:29:57] - Thoughts about the size of the untapped opportunity in this sector

[00:31:57] - Where is Europe in doing something comparable to this

[00:32:59] - Free cash flow conversion and financing requirements

[00:34:18] - The current state of the competitive landscape

[00:37:37] - The key risks for a business like Archaea

[00:40:30] - Lessons learned from studying Archaea from an investor’s and operator’s perspective

[00:43:02] - His reaction to the news of Archaea being purchased