Welcome to our dedicated page for New Fortress Energy news (Ticker: NFE), a resource for investors and traders seeking the latest updates and insights on New Fortress Energy stock.
New Fortress Energy Inc. (NFE) is a global leader in providing clean, reliable, and affordable natural gas solutions. Established in 2015, the company has pioneered the development and supply of natural gas through end-to-end logistics and infrastructure solutions tailored for power producers, transportation companies, and industrial users worldwide.
NFE's operations began with the construction of the first LNG liquefaction plant in Florida, located in Miami. This facility features comprehensive rail and truck operations, along with on-dock rail access at Port of Miami and Port Everglades. The plant caters to various industries including aerospace, marine, transportation, and power, and is poised to lead the transition from oil to natural gas over the next decade.
One of NFE's significant accomplishments includes receiving approval to export natural gas to non-FTA countries and successfully exporting the first LNG shipment from the U.S. lower-48 states. This milestone underscores the company's capability and commitment to expanding global access to natural gas.
The company's business model is integrated, covering the entire production and delivery chain from natural gas procurement and liquefaction to logistics, shipping, terminals, and the development or conversion of natural gas-fired generation. NFE has invested in floating, liquefied natural gas vessels to reduce costs and secure a long-term gas supply for its terminals.
NFE operates through two primary segments: Terminals and Infrastructure (T&I) and Ships. These segments exemplify the company's strategic approach to managing the logistics and infrastructure essential for efficient natural gas distribution. By leveraging its extensive network and innovative solutions, NFE continues to foster partnerships and advance projects that enhance energy accessibility and sustainability.
Recent news and updates about NFE highlight its ongoing initiatives and developments in the energy sector. Stay informed on the latest performance, events, and advancements of New Fortress Energy Inc., a company dedicated to transforming the energy landscape through cleaner and more affordable natural gas solutions.
New Fortress Energy (NASDAQ: NFE) and the Government of Sri Lanka have signed a definitive agreement for NFE's investment in West Coast Power Limited, which owns the 310 MW Yugadanavi Power Plant in Colombo. NFE will acquire a 40% stake in WCP and develop an offshore LNG terminal. The company plans to supply an estimated 1.2 million gallons of LNG per day. The power plant has a long-term agreement to supply electricity to the national grid until 2035, supporting Sri Lanka's transition to cleaner energy and enhancing economic growth.
New Fortress Energy (NFE) has signed a 15-year agreement to supply natural gas to Norsk Hydro ASA's Alunorte Alumina Refinery in Pará, Brazil. This partnership will transition the refinery's fuel source from oil to natural gas, aligning with Hydro's goal to reduce greenhouse gas emissions by 30% by 2030, cutting annual CO2 emissions by 600,000 tonnes. NFE plans to provide 29.5 TBtu of natural gas annually, starting from its Barcarena terminal, expected to be operational in early Q1 2022. The refinery's conversion is targeted for Q1 2023.
New Fortress Energy (NASDAQ: NFE) has signed two Gas Supply Agreements with Unigel Participações, aimed at supplying up to 41 Tbtu of natural gas annually to their fertilizer plants in Brazil for a five-year term starting Q1 2022. This partnership is designed to enhance Unigel’s competitiveness by providing a reliable energy source, while also leveraging NFE’s LNG import terminals. The deal is contingent upon regulatory approvals. Unigel's plants can produce over 3,000 tons of urea daily, reflecting a significant industrial capacity in Brazil.
New Fortress Energy (NASDAQ: NFE) reported second-quarter results for the period ending June 30, 2021, highlighting significant growth in Brazil with eight new sales agreements totaling 5.8 million gallons per day (GPD). The company secured a $75 million credit facility to enhance cash management and reported record revenues of $223.8 million, up $78.1 million from the previous quarter. A dividend of $0.10 per share is set for payment on September 17, 2021. Despite a net loss of $1.7 million for the quarter, operational advancements are on track for multiple projects across the region.
New Fortress Energy (NASDAQ: NFE) has commenced commercial operations at its new LNG terminal in Pichilingue, Baja California Sur, Mexico. This facility aims to deliver affordable, cleaner natural gas, enhancing energy efficiency and reducing costs for customers. NFE has also nearly completed a 135 MW gas-fired power plant scheduled to supply power to the local grid soon. With the innovative ISOFlex system, the terminal can expedite LNG transloading and logistics, facilitating significant emission reductions and job opportunities in the region.
New Fortress Energy Inc. (NASDAQ:NFE) will host an investor update conference call on July 21, 2021, at 11:00 A.M. Eastern Time. Investors can access the call by dialing (866) 953-0778 (U.S.) or (630) 652-5853 (international), referencing 'NFE Investor Update Call.' A live webcast will be available on the company's website. Additionally, a replay of the call will be accessible from 2:00 P.M. on July 21 until 11:00 P.M. on July 28, 2021. New Fortress Energy focuses on accelerating the transition to clean energy through natural gas infrastructure and logistics.
New Fortress Energy (NASDAQ: NFE) has signed a Memorandum of Understanding (MOU) with Lakdhanavi Limited to develop a 350 MW gas-fired power plant in the Kerawalapitiya Power Complex, Colombo, Sri Lanka. This initiative aims to support Sri Lanka’s transition to cleaner energy. LTL holds a 20-year power purchase agreement with the Sri Lankan government to supply electricity. Additionally, New Fortress is proceeding with an offshore LNG terminal to support both this and an existing 300 MW power plant, totaling 650 MW capacity. The MOU is non-binding, subject to further negotiations.
New Fortress Energy (NASDAQ: NFE) has signed a Framework Agreement with the Government of Sri Lanka to construct an offshore LNG terminal off the coast of Colombo. The terminal aims to supply natural gas to Sri Lanka's power sector, starting with the existing 300 MW Yugadanavi Power Plant, which may grow to over 1,000 MW by 2025. New Fortress is negotiating to acquire a 40% stake in the plant, which is under a PPA through 2035. The terminal will support Sri Lanka's transition to cleaner energy sources and is expected to begin operations by late 2022.
New Fortress Energy (NASDAQ: NFE) has secured an LNG supply agreement covering its needs through 2027. This agreement will support its existing natural gas and electricity businesses while enhancing reliability and affordability for its customers. With commercial operations starting shortly in Mexico and Nicaragua, NFE expects to fulfill its anticipated gas needs across five terminals in the Caribbean and Central America. Additionally, it plans to secure further LNG volumes for its upcoming operations in Brazil, with all four terminals expected to be operational in 2022.
New Fortress Energy (NASDAQ: NFE) will announce its Q2 2021 financial results on August 5, 2021, before 8:00 A.M. ET. The results will be accessible on the company's website. Management will host a conference call at 8:00 A.M. ET on the same day, available via phone and a public webcast. A replay of the conference call will be available post-event until August 12, 2021. New Fortress Energy focuses on natural gas infrastructure and aims to expedite the transition to clean energy, contributing to economic growth and environmental sustainability.
FAQ
What is the current stock price of New Fortress Energy (NFE)?
What is the market cap of New Fortress Energy (NFE)?
What does New Fortress Energy Inc. do?
Where is NFE's first LNG liquefaction plant located?
What industries does New Fortress Energy serve?
Has NFE received approval to export natural gas?
What are the primary segments of NFE's operations?
How does New Fortress Energy ensure a long-term gas supply?
What is NFE's role in the energy sector?
What makes NFE's Miami plant significant?
What recent achievements has NFE accomplished?
How does NFE contribute to environmental sustainability?
