New Fortress Energy Achieves First LNG for its Fast LNG Asset
New York—New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”), a global energy infrastructure company, has officially announced the successful production of First LNG at its inaugural Fast LNG project situated offshore Altamira, Mexico (“FLRG”). This milestone characterizes FLNG as the most rapidly developed large-scale LNG project in history.
The proprietary Fast LNG design unveiled by NFE is the first of its kind, incorporating modern modular liquefaction technology with jack-up rigs or akin offshore structures. This innovative approach significantly accelerates the deployment timeline compared to conventional liquefaction facilities.
Boasting a production capability of 1.4 MTPA, or around 70 TBtus, the FLNG project is a major step towards completing the vertical integration of NFE’s LNG offerings. This development is set to crucially support the delivery of low-cost, clean LNG to the Company’s down-stream terminal clientele.
Wes Edens, Chairman and CEO of New Fortress Energy, expressed his enthusiasm, “First LNG is not only a pivotal point for our Company but also for the broader industry, affirming our status as a comprehensive leader in the global LNG market.”
Chris Guinta, Chief Financial Officer of New Fortress Energy, added, “The tireless effort and dedication from our team, accumulating over 9 million work hours, have been instrumental in achieving this large-scale project at an unparalleled speed. This accomplishment enables our downstream customers unparalleled access to clean and dependable LNG, fuelling our sustained growth into the foreseeable future.”
The FLNG project has significantly enhanced NFE’s asset base by over $2 billion, bolstering the Company’s operational capabilities, financial flexibility, and credit standing.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is at the forefront of addressing energy poverty and expediting the global transition towards reliable, affordable, and clean energy. The Company owns and operates a range of natural gas and liquefied natural gas (LNG) infrastructure, along with an integrated fleet of ships and logistic assets to deliver comprehensive energy solutions across the globe. NFE’s assets and operations are instrumental in enhancing global energy security, fostering economic growth, advancing environmental stewardship, and transforming industries and communities worldwide.
Cautionary Note on Forward-Looking Statements
This document contains forward-looking statements regarding the expectations for the future performance of the initial Fast LNG asset, including its full commercial operations. It’s important to note that these forward-looking statements are estimates based on current data and involve risks, uncertainties, and other factors that may cause actual results to differ materially from those anticipated in such statements. Factors that could influence the outcome include, but are not limited to, the failure to receive expected payments or finance on favorable terms, regulatory and legal hurdles, challenges in the full commercial operation of the FLNG Asset, integration risks, and the impact of external economic and political factors. These and other potential factors could impact the Company’s results, as detailed in NFE’s filings with the Securities and Exchange Commission. The forward-looking statements are made as of the date of publishing, with no obligation on the Company’s part to update or revise them in light of new information or future events.
New Fortress Energy continues to break ground in the LNG field, setting benchmarks for rapid deployment and integration in the energy sector, poised to make a significant impact on global energy dynamics.
