Business
Stabilis Energy Announces Closing of Previously Announced Strategic Investment from Chart Industries Transaction
HOUSTON, TX / ACCESSWIRE / September 6, 2019 / Stabilis Energy, Inc. (NASDAQ:SLNG) (“Stabilis”) today announced that is has closed its previously announced
About this update from Stabilis Solutions, Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / September 6, 2019 / Stabilis Energy, Inc. (NASDAQ:SLNG) (“Stabilis”) today announced that is has closed its previously announced transaction with Chart Industries, Inc. (“Chart”) on Friday, August 30, 2019. “We welcome Chart as a new shareholder and appreciate Chart’s confidence in Stabilis and the small-scale LNG market,” commented James Reddinger, President and Chief Executive Officer of Stabilis. “We anticipate that the transaction will increase our publicly traded float and total shares outstanding and will thereby facilitate our ability to meet our Nasdaq listing requirements. The transaction also will reduce our financial leverage and give us a stronger balance sheet to support our growth plans.” Stabilis and Chart together built a 100,000 LNG gallon per day liquefier in Texas, with the intended purpose to service multiple end markets, including energy, industrial, mining, and Mexican exports. Chart supplied the liquefaction train, storage, gas pre-treatment, and truck loading facilities.“We are pleased to complete this strategic investment in Stabilis Energy,” said Jill Evanko, Chief Executive Officer of Chart. “We look forward to providing equipment and process to Stabilis and other customers as they expand in the small-scale and utility-scale LNG market. We expect over $650 million of opportunity in this market for our products in the next three years.” At closing, Chart exchanged $7.0 million of indebtedness of Stabilis LNG Eagle Ford LLC, a subsidiary of Stabilis, for 1,470,807 newly issued shares in Stabilis common stock. As a result of the transaction, Chart Industries owns 8.75% of the outstanding common shares of Stabilis. About Stabilis EnergyStabilis Energy, Inc. is a vertically integrated provider of distributed liquefied natural gas (“LNG”) production, distribution and fueling services to multiple end markets in North America. We have safely delivered over 200 million gallons of LNG through more than 20,000 truck deliveries during our 15-year operating history, which we believe makes us one of the largest and most experienced small-scale LNG providers in North America. We provide LNG to customers in diverse end markets, including the industrial, energy, mining, utility, pipeline, commercial, and high horsepower transportation markets. Our customers use LNG as an alternative to tradit...