New Fortress Energy Agrees to Sell Miami Liquefaction and Storage Facility
July 01 2024 - 8:00AM
Business Wire
New Fortress Energy Inc. (Nasdaq: NFE) (“NFE” or the “Company”)
announced that it has entered into a definitive agreement to sell
its liquefaction and storage facility in Miami, Florida (“Miami
Facility”) to a U.S. middle-market infrastructure fund. The
transaction is expected to close in the third quarter of 2024
subject to customary terms and conditions.
The Miami Facility is a small-scale liquefaction facility with
one liquefaction train capable of producing 8,300 MMBtu of LNG per
day. The facility has three LNG storage tanks with a total capacity
of approximately 1,000 cubic meters as well as two separate LNG
transfer areas capable of serving both truck and rail. The facility
is authorized to export up to 60,000 tonnes per annum of LNG to
Free Trade Agreement (“FTA”) and Non-FTA countries for a 20-year
term that began on February 5, 2016.
“The Miami Facility is the inaugural asset of NFE and we are
proud to have built this best-in-class infrastructure. Today’s sale
highlights our commitment and execution of our asset sale program,
allowing us to reduce debt and recycle proceeds into high return
downstream projects,” said Wes Edens, Chairman and CEO of New
Fortress Energy.
About New Fortress Energy
Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy
infrastructure company founded to help address energy poverty and
accelerate the world’s transition to reliable, affordable, and
clean energy. The Company owns and operates natural gas and
liquefied natural gas (LNG) infrastructure and an integrated fleet
of ships and logistics assets to rapidly deliver turnkey energy
solutions to global markets. Collectively, the Company’s assets and
operations reinforce global energy security, enable economic
growth, enhance environmental stewardship and transform local
industries and communities around the world.
Cautionary Statement Concerning
Forward-Looking Statements
This communication contains forward-looking statements. All
statements contained in this communication other than historical
information are forward-looking statements that involve known and
unknown risks and relate to future events, future financial
performance or projected business results. You can identify these
forward-looking statements by the use of forward-looking words such
as “expects,” “may,” “will,” “predicts,” “intends,” “plans,”
“estimates,” “anticipates,” or the negative version of these terms
or other comparable words. Forward looking statements include but
are not limited to: the ability to close, and the timing of the
closing for the sale of the Miami Facility.
These forward-looking statements are necessarily estimates based
upon current information and involve a number of risks,
uncertainties and other factors, many of which are outside of the
control of the Company. Actual results or events may differ
materially from the results anticipated in these forward-looking
statements. Specific factors that could cause actual results to
differ from those in the forward-looking statements include, but
are not limited to: failure to achieve the terms and conditions to
closing the sale of Miami LNG, including not receiving any required
regulatory approvals and third-party consents; adverse regional,
national, or international economic conditions, adverse capital
market conditions and adverse political developments; business
disruption following the transaction; and the impact of public
health crises, such as pandemics and epidemics and any related
company or government policies and actions to protect the health
and safety of individuals or government policies or actions to
maintain the functioning of national or global economies and
markets. These factors are not necessarily all of the important
factors that could cause actual results to differ materially from
those expressed in any of the Company’s forward-looking statements.
Other known or unpredictable factors could also have material
adverse effects on future results.
Any forward-looking statement speaks only as of the date on
which it is made, and we undertake no duty to update or revise
these forward-looking statements, even though our situation may
change in the future. New factors emerge from time to time, and it
is not possible for the Company to predict all such factors. When
considering these forward-looking statements, you should keep in
mind the risk factors and other cautionary statements included in
NFE’s annual, quarterly and periodic reports filed with the
Securities and Exchange Commission, which could cause its actual
results to differ materially from those contained in any
forward-looking statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20240701143839/en/
For New Fortress Energy
Investor Relations: Chance Pipitone ir@newfortressenergy.com
Media Relations: Ben Porritt press@newfortressenergy.com (516) 268-7403
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