Press release
New Fortress Energy Announces First Quarter 2021 Results; Forms Joint Venture with Fortress Transportation and Infrastructure LLC Focused on Renewable and Clean Fuels; Declares Dividend of $0.10 per Class A Common Share
NEW YORK--(BUSINESS WIRE)-- New Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the first quarter ending
About this update from New Fortress Energy Inc.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nNew Fortress Energy Inc. (NASDAQ: NFE) (“NFE” or the “Company”) today reported its financial results for the first quarter ending March 31, 2021.\n\nBusiness Highlights\n\n\nClosed previously announced acquisitions of Hygo Energy Transition Ltd. (“Hygo”) and Golar LNG Partners LP (“GMLP”) for $5.1bn enterprise value\n\n\nDevelopment projects are advancing on budget and schedule(1)\n\n\nOur Mexico and Nicaragua terminals are expected to be operational(2) in Q2 2021\n\n\nOur first ISO Flex vessel has arrived in La Paz and two more expected in Nicaragua in Q2 2021\n\n\nWe are FID(3) and currently developing new terminals at Santa Catarina, Barcarena, and Suape in Brazil\n\n\n\n\nWe continue to make great progress on our Fast LNG asset which we expect will provide us with surety of stable supply at rates well below the current open market prices\n\n\nActively engaging with gas suppliers around the globe to supply long-term, fixed-price feedstock\n\n\nSecured two world class jack up rigs from Maersk\n\n\nProgressed engineering and design, complete with full operational simulations and deployment scenarios\n\n\nMaintaining the development timeline of 16-20 months to full operations\n\n\n\n\nLaunching Zero Parks, a Joint Venture with Fortress Transportation and Infrastructure\n\n\nNFE is forming a new joint venture called “Zero Parks” with Fortress Transportation and Infrastructure LLC (NYSE: FTAI), a business with deep investment experience in transportation and high-utility infrastructure assets in the United States\n\n\nZero Parks pairs FTAI’s transportation experience and infrastructure with NFE’s focus on hydrogen and clean energy to commercialize the rapidly growing opportunity for renewable and low-carbon fuels\n\n\nStarting with near-term opportunities for renewable diesel and blue hydrogen, Zero Parks aims to reach FID(3) on its first two projects in 90-120 days\n\n\n\n\nSignificant volume growth – over 5.1 million GPD Committed(4) with over 21.2 million GPD of Committed(4) and In Discussion Volumes(5)\n\n\nCompleted the private offering of $1.5 billion of senior secured notes due 2026 (the “2026 Notes”)\n\n\nThe 2026 Notes bear interest at 6.50% per annum and were issued at an issue price equal to 100% of principal\n\n\n\n\nClosed a $200 million senior secured Revolving Credit Facility (“Revolvin...