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Share Name | Share Symbol | Market | Type |
---|---|---|---|
New Fortress Energy Inc | NASDAQ:NFE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.72 | 2.97% | 24.94 | 24.26 | 24.88 | 695 | 12:06:44 |
AUSTIN, Texas, July 9, 2024 /PRNewswire/ -- Pennybacker Capital Management, LLC (Pennybacker), a leading real assets investment manager, has entered into a definitive agreement to acquire a small-scale LNG business (Miami Facility) based in Miami, Florida, from New Fortress Energy Inc. (Nasdaq: NFE). Financial terms were not disclosed. The transaction is expected to close in the third quarter of 2024 subject to customary terms and conditions.
The Miami-based business includes a small-scale liquefaction facility capable of producing 8,300 MMBtu of LNG per day with onsite storage capacity of ~1,000 cubic meters. The facility can load LNG into both truck and rail and is permitted to export LNG to Free Trade Agreement (FTA) and non-FTA countries.
"We look forward to working with the Miami LNG Team to continue serving its existing customers, as well as growing the platform to provide cost effective and sustainable LNG solutions to new U.S. and Caribbean customers," said Sam Warfield, Managing Director and Head of Critical Infrastructure at Pennybacker.
"This transaction exemplifies Pennybacker's unparalleled ability to identify and execute on investment opportunities through both the strength and relationships of our investment team and use of data analytics throughout the underwriting process, resulting in significant value creation for our investors throughout the lifecycle of the investment," said Tim Berry, Founder, CEO, and Co-CIO of Pennybacker.
About New Fortress Energy Inc.
New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable, and clean energy. The Company owns and operates natural gas and liquefied natural gas (LNG) infrastructure and an integrated fleet of ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, NFE's assets and operations reinforce global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world. For more information, visit https://www.newfortressenergy.com/
About Pennybacker
Pennybacker Capital Management, LLC is a real assets investment manager based in Austin, Texas, with approximately $4 billion in assets under management. The firm pursues real estate and infrastructure strategies through closed-end and open-ended vehicles across the capital structure. For more information, visit https://www.pennybackercap.com.
Media Contacts
investorrelations@pennybackercap.com
View original content:https://www.prnewswire.com/news-releases/pennybacker-furthers-infrastructure-investments-with-acquisition-of-miami-lng-302192087.html
SOURCE Pennybacker Capital Management, LLC
Copyright 2024 PR Newswire
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