“This announcement demonstrates the flexibility, efficiency and significance of our innovative Fast LNG solution to bring more affordable, reliable and cleaner fuels to customers around the world,” said Wes Edens, Chairman and CEO of NFE. “This is a big step in the growth of our Fast LNG portfolio, which will include both tolling liquefaction for high credit worthy partners like ENI as well as market volumes from our merchant assets like these. With rapid deployment, this project can play a significant role in supporting our nation’s commitment to our European allies and their energy security as well as support our efforts to reduce emissions and energy poverty around the world.”
The Project will be located in federal waters approximately 16 miles off the southeast coast of Grand Isle, Louisiana, and will access abundant U.S. gas supply by leveraging existing infrastructure. Procurement of all long-lead materials is complete and modular assembly of equipment is underway. Subject to the receipt of all required permits and approvals, NFE targets beginning operations in the first quarter of 2023.
NFE’s Fast LNG liquefaction design pairs the latest advancements in modular, midsize liquefaction technology with jack up rigs or similar offshore infrastructure to enable a much lower cost and faster deployment schedule than today’s floating liquefaction vessels and onshore liquefaction terminals.
With the recent announcement by the United States and European Commission to ensure additional LNG volumes for the EU, LNG production off the coast of Louisiana can support the EU’s goal to end its dependence on Russian fossil fuels as well as NFE’s growing business around the world of reducing emissions and pollution by providing a cleaner, affordable and reliable alternative to oil-based fuels.
In addition, management will host a conference call on Friday, April 1, 2022 at 8:30 A.M. Eastern Time. The conference call may be accessed by dialing (866) 953-0778 (from within the U.S.) or +1 (630) 652-5853 (from outside of the U.S.) fifteen minutes prior to the scheduled start of the call; please reference “NFE Corporate Update."
A copy of materials that management will reference will be posted and a simultaneous webcast of the conference call will be available to the public on a listen-only basis in the Investor Relations section of NFE’s website, www.newfortressenergy.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast.
A replay of the conference call will be available after 11:30 A.M. Eastern Time on April 1, 2022 through 11:30 A.M. Eastern Time on April 8, 2022 at (855) 859-2056 (from within the U.S.) or +1 (404) 537-3406 (from outside of the U.S.), Passcode: 4746436.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.