New Fortress Energy Inc Company Profile

New Fortress Energy, a liquefied natural gas (LNG) company, was founded in 2014. The company states that it is dedicated to providing access to affordable, reliable, and cleaner energy to all. Universal access to energy can influence world issues and have a positive impact on education, poverty reduction and gender equality. Their mission is offering such access in a way that is environmentally responsible.

The company traces its early beginnings in Florida when Wes Edens, the founder of New Fortress Energy, sought to convert a freight rail to run on cleaner fuel and built Florida’s first liquefied natural gas (LNG) production facility. After this, New Fortress Energy successfully delivered Jamaica’s first liquefied natural gas (LNG). Since then, the company has expanded internationally driven by the vision of a world where electricity is no longer a privilege but accessible to all human beings.

The company’s mission is to help their customers replace oil-based fuels with liquefied natural gas (LNG). NFE aims at providing turnkey, tailored energy solutions to customers of all sizes around the world. Their expertise in power, infrastructure, transportation, and liquefied natural gas (LNG) allows them to manage building and operating liquefaction facilities, onshore and offshore regasification terminals, pipelines, power plants, as well as smaller scale projects.

Wes Eden and the New Fortress Energy

In 2014, Wes Edens founded New Fortress Energy. American billionaire businessman, Edens has an impressive career, firstly working with the Lehman Brothers as a partner and managing director up until 1993 and later with BlackRock as partner and managing director until 1997.

In 2019, New Fortress constructed a $1 billion floating LNG terminal in Jamaica’s Old Harbour Bay, providing cheaper energy costs for the country. New Fortress Energy has been involved in various philanthropic projects in Jamaica. Later in the 2020s, it invested in H2Pro, a startup that develops low-cost green hydrogen technology. New Fortress’ Zero is the company’s renewable hydrogen division, and together with H2Pro they will develop and commercialise green hydrogen technology. The Zero division also partnered with a gas-fired power plant in Ohio to blend hydrogen and produce electricity.

In January 2021, NFE announced its acquisition of natural gas company Hygo Energy Transition Ltd, as well Golar LNG Partners LP., for $5 billion, as part of its plans to expand in Brazil.

New Fortress Energy strikes agreement with Petrobras

U.S. energy company New Fortress Energy (NFE) has agreed to charter the floating storage and regasification unit (FSRU) Energos Winter from Brazilian state-owned oil and gas giant Petrobras which will commence this December.

According to NFE, the FSRU will be employed to Terminal Gas Sul (TGS), which is NFE’s brand new LNG import terminal in Santa Catarina, Brazil. It will start its commercial operations in January 2024. NFE announced that they will sub-charter the Energos Winter for the duration of Petrobras’ existing charter, with plans to then directly charter it on a long-term basis with Energos, a U.S.-based infrastructure company.

This move is anticipated to allow NFE to start its commercial activities at TGS in January 2024 and maintain seamless, ongoing service over the long term. Energos Infrastructure, which owns the Energos Winter, is predominantly owned by investment funds managed by Apollo (80%) and partially (20%) by NFE.

Managing Director of NFE, Andrew Dete, commented on the news: “We are extremely pleased to reach this agreement with Petrobras and begin operations at the TGS terminal in Santa Catarina, Brazil, ahead of schedule in January 2024. The TGS terminal is a unique, high-growth opportunity for NFE, as connection to the pipeline system in south Brazil offers a diverse and near-term set of opportunities across power and gas supply.”

NFE latest initiatives

Regarding NFE’s recent LNG initiatives, in September 2023, the Pioneer II liquefaction rig embarked on its journey to Altamira, Mexico, to join Pioneer I and Pioneer III. At that time, Pioneer II’s arrival would signify the completion of all rigs for its Fast LNG 1 Unit.

NFE and the Mexican state-owned electric utility Comisión Federal de Electricidad (CFE) have teamed up to establish the FLNG hub off the Altamira coast. According to the finalised agreements, NFE will use multiple FLNG units, each capable of producing 1.4 million metric tons per annum (MTPA), leveraging CFE’s existing firm pipeline transportation capacity on TC Energy’s Sur de Texas-Tuxpan Pipeline to transport feedgas volumes for NFE.

New Fortress Energy (NASDAQ:NFE) Third Quarter 2023 Results

New Fortress Energy Inc. (NFE) on Wednesday (8 Nov. 2023) reported third-quarter net income of $61.2 million. On a per-share basis, the New York-based company said it had a profit of 30 cents. The results disappointed investors as they came below Wall Street expectations. For example, the average estimate of three analysts surveyed by Zacks Investment Research was Earnings Per Share (EPS) to come in at $0.35.

The company reported revenue of $514.5 million in the period, which also missed forecasts. Three analysts surveyed by Zacks anticipated $519.5 million.

• Revenue: US$514.5m (down 30% from 3Q 2022).
• Net income: US$61.2m (down 1.0% from 3Q 2022).
• Profit margin: 12% (up from 8.4% in 3Q 2022). The increase in margin was driven by lower expenses.
• EPS: US$0.30.

Looking ahead, revenue is expected to grow 24% p.a. on average during the next 3 years, while revenues in the US Oil and Gas industry are forecast to remain flat.

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