Business
Stabilis Solutions Secures Long-Term Sales Contracts for up to 40% of its LNG Production Plant Capacity
Stabilis projects that LNG plant utilization will approach 100% in 2021 and beyondHOUSTON, TX / ACCESSWIRE / March 17, 2021 / Stabilis Solutions, Inc.
About this update from Stabilis Solutions, Inc.
[{"type":"text","content":"Stabilis projects that LNG plant utilization will approach 100% in 2021 and beyondHOUSTON, TX / ACCESSWIRE / March 17, 2021 / Stabilis Solutions, Inc. (\"Stabilis\" or the \"Company\") (OTCQX:SLNG), a leading provider of distributed liquified natural gas (\"LNG\") and hydrogen fuels, today announced that it has signed three long-term LNG sales contracts that in aggregate represent up to 40% of the capacity at its Texas LNG production plant. The contracts are with customers in the infrastructure and mining markets. When combined with existing contracted and uncontracted sales, Stabilis projects that plant utilization should approach 100% in 2021 and beyond.\"We are pleased to announce that we have signed three new contracts that bring us closer to operating at full capacity at our LNG production facility in Texas,\" said Jim Reddinger, Stabilis President and Chief Executive Officer. \"After a brief pandemic driven slowdown in 2020, customer inquiries and sales have grown rapidly, culminating in record fourth quarter 2020 sales at Stabilis. We believe that these new orders will allow our LNG production facility to operate near full capacity for the foreseeable future.\"The first customer added is a highway paving contractor operating throughout Texas. This customer uses LNG to create heat required to produce finished asphalt. This asphalt is used in numerous government-funded infrastructure projects to expand and improve Texas roadways. The second and third customers are Texas-based sand mines that sell to multiple industrial and energy end markets.Reddinger continued, \"Our LNG production facility is most efficient when operating at or near full capacity. Adding these additional contracts will significantly impact the Company's revenue growth and profitability in 2021 and beyond. Thanks to our partnerships with twenty-five other LNG supply sources located throughout North America, Stabilis will be able to continue to supply LNG to customers in all geographic markets despite this high-capacity utilization at our LNG production plant.\"About StabilisStabilis Solutions, Inc. is a vertically integrated energy transition company that provides clean energy solutions to our customers. Our solutions include small-scale liquefied natural gas (\"LNG\") production, distribution and fueling services to multiple end markets in North America. ...