New Fortress Energy Achieves First LNG for its Fast LNG Asset
July 19 2024 - 9:25AM
Business Wire
New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”)
today announced that it has achieved First LNG for its initial Fast
LNG asset located offshore Altamira, Mexico (“FLNG”). With this
significant milestone, FLNG establishes itself as the fastest
large-scale LNG project ever developed.
NFE’s proprietary Fast LNG design is the first of its kind,
pairing the latest advancements in modular liquefaction technology
with jack up rigs or similar offshore infrastructure to enable a
faster deployment schedule than traditional liquefaction
facilities.
With a production capacity of 1.4 MTPA, or approximately 70
TBtus, FLNG completes the vertical integration of NFE’s LNG
portfolio and will play a pivotal role in supplying low-cost, clean
LNG to the Company’s downstream terminal customers.
“First LNG represents a transformative moment for our Company
and the industry as a whole, and reaffirms our position as a fully
integrated leader in the global LNG market,” said Wes Edens,
Chairman and CEO of New Fortress Energy.
"We are immensely proud of the dedication and hard work by our
team, who have completed more than 9 million work hours, to bring
this large-scale project to life at a record pace. In doing so, our
downstream customers now benefit from additional access to clean
and reliable LNG, enabling sustained growth well into the future,”
said Chris Guinta, Chief Financial Officer of New Fortress
Energy.
FLNG adds more than $2 billion of infrastructure to the
Company’s asset base, greatly improving NFE’s operational
capabilities, financial flexibility, and credit profile.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy
infrastructure company founded to 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 Language Regarding 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, our future financial
performance or our 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: expectations related to the full
commercial operations of our initial Fast LNG asset.
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
Company’s control. 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 receive the expected fixed payments under
our contracts, unknown and unforeseen risks related to the full
commercial operation for our initial Fast LNG Asset, delays and
schedule changes, high costs and expenses, and regulatory and legal
challenges, among others; failure to receive expected financing on
terms acceptable to NFE; receipt of permits, approvals and
authorizations from governmental and regulatory agencies on a
timely basis or at all; our inability to operationalize our plans
for the projects and derive the benefits expected; common risks
related to successful integration of the businesses; breach or
failure by the parties to comply with the covenants and obligations
under the agreements; nonpayment or nonperformance of obligations
by the parties; inability to realize the anticipated benefits from
the project or our partnerships; 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 NFE’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 and quarterly 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/20240719283377/en/
Investors Chance Pipitone ir@newfortressenergy.com Media
press@newfortressenergy.com
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