Parties Commit to Exclusive Collaboration for
Delivery of up to 3 Million Tons of LNG per year into the Irish Gas
Grid
NextDecade, LLC (“NextDecade”), a liquefied natural gas (“LNG”)
development company focused on LNG export projects in the State of
Texas, announced it has signed a Memorandum of Understanding
(“MOU”) with the Port of Cork Company (“Port of Cork”) to advance a
joint business development opportunity in Ireland for a new
Floating Storage and Regasification Unit (“FSRU”) and associated
LNG import terminal infrastructure.
NextDecade and the Port of Cork are planning a joint public
event at the Port of Cork on August 2, 2017, to highlight the MOU
and its potential benefits for Ireland and its regional partners.
NextDecade CEO Kathleen Eisbrenner and Flex LNG CEO Jonathan Cook
will meet with port officials and discuss the opportunity with
local industry and political leaders.
Under the terms of the MOU, the potential development at the
Port of Cork would receive LNG from NextDecade’s planned Rio Grande
LNG (“RGLNG”) project in South Texas. The development would provide
competitively priced energy solutions to Ireland and its regional
partners under long-term contracts. If constructed, the project
would substantially increase and diversify Ireland’s supply of
natural gas.
The MOU commits the parties to undertake exclusive negotiations
to develop the LNG import project. A key seaport in the south of
Ireland, the Port of Cork is a sheltered, natural deepwater harbor
capable of handling large liquids and cargo ships of all sizes.
NextDecade’s RGLNG project is optimally located in close
proximity to associated and stranded gas resources in the Permian
Basin and Eagle Ford Shale. RGLNG and its associated Rio Bravo
Pipeline, originating in the Agua Dulce market area, are
well-positioned among the second wave of U.S. LNG projects.
NextDecade believes the Port of Cork facility could support imports
of up to 3 mtpa from RGLNG.
In December 2016, NextDecade announced it had signed a Heads of
Agreement with FSRU provider FLEX LNG (Oslo Børs: FLNG) for the
joint development of a full value chain infrastructure solution
utilizing FSRU and dockside regasification import technology. FLEX
LNG will be supporting NextDecade to provide a fully integrated
regas import solution for the proposed LNG terminal at the Port of
Cork. NextDecade is in discussions with European energy companies
to enter into long-term purchase contracts for delivery of LNG at
the Port of Cork. Additionally, NextDecade will manage shipping
from its proposed RGLNG export facility at the Port of Brownsville
in South Texas to the Port of Cork.
On June 29, 2017, Harmony Merger Corp. (NASDAQ: HRMN)
(“Harmony”) filed a definitive proxy statement with the U.S.
Securities and Exchange Commission (“SEC”). The definitive proxy
statement provides detailed information regarding Harmony’s planned
merger with NextDecade, which is subject to approval of Harmony’s
stockholders at a special meeting on July 24, 2017. If approved by
Harmony’s stockholders, following consummation of the merger,
NextDecade will be a publicly listed company (NASDAQ: NEXT).
# # #
About NextDecade, LLC
NextDecade, based in The Woodlands, Texas, is a developer of LNG
projects and associated pipelines in the State of Texas. NextDecade
is focused on providing customers around the world with flexible
solutions for low-cost, reliable LNG across the full value chain.
Founded in 2010, NextDecade has a team of industry leaders with
extensive experience in signing major LNG off-take deals, and
developing and managing LNG, FLNG, and FSRU projects, as well as
associated natural gas and electricity infrastructure around the
world. Any development of its projects remains contingent upon
completing required commercial agreements; acquiring all necessary
permits and approvals; securing all financing commitments and
potential tax incentives; achieving other customary conditions; and
making a final investment decision to proceed. For more
information, please visit www.next-decade.com.
About Harmony Merger Corp.
Harmony Merger Corp. (NASDAQ: HRMN) was incorporated in Delaware
on May 21, 2014 as a blank check company whose objective is to
acquire, through a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization or other similar
business combination, one or more businesses or entities. On March
27, 2015, Harmony consummated its initial public offering (“IPO”)
of 11,500,000 units, each unit consisting of one share of common
stock and one warrant to purchase one common share, and a
simultaneous private placement of units to certain initial
stockholders and Cantor Fitzgerald & Co., the representative of
the underwriters in the IPO. Pursuant to a definitive merger
agreement with NextDecade, as well as subsequent proxy materials
filed with the SEC, Harmony expects to consummate a merger with
NextDecade following a stockholder vote scheduled for July 24,
2017. For more information, please visit
www.harmonymergercorp.com.
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words “believe”,
“expect”, “intend”, “plan”, “potential”, and similar expressions
are intended to identify forward-looking statements, and these
statements may relate to the merger transaction. These statements
involve a number of known and unknown risks, which may cause actual
results to differ materially from expectations expressed or implied
in the forward-looking statements. THESE RISKS INCLUDE THE FACT
THAT THE MOU IS NON-BINDING ON THE PARTIES AND NEXTDECADE’S
DISCUSSIONS WITH THE PORT OF CORK DOES NOT IMPOSE ANY LEGAL
OBLIGATIONS UPON EITHER OF THEM; the ability of NextDecade and
the Port of Cork to obtain necessary legal and regulatory approvals
to establish an FSRU in Ireland; the ability of the parties to
enter into long-term contracts on terms acceptable to the parties
or at all to deliver the LNG at the Port of Cork if the FSRU is
established; uncertainties about NextDecade’s ability to complete
the merger with Harmony; the development of the Rio Grande LNG
export project following completion of the merger; and other
matters discussed in the “Risk Factors” section of Harmony’s
Definitive Proxy Statement (the “Proxy Statement”) related to the
proposed merger filed with the Securities and Exchange Commission
(the “SEC”) on June 29, 2017, and any updates thereto in subsequent
reports filed with the SEC. The forward-looking statements in this
press release speak as of the date of this release. Although
NextDecade and/or Harmony may from time to time voluntarily update
prior forward-looking statements, they disclaim any commitment to
do so except as required by securities laws.
IMPORTANT INFORMATION FOR STOCKHOLDERS
This communication does not constitute an offer to buy or sell
or the solicitation of an offer to buy or sell any securities or a
solicitation of any vote or approval. In connection with Harmony’s
proposed business combination, Harmony filed and mailed to
stockholders of Harmony the Proxy Statement on June 29, 2017.
HARMONY STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT
(INCLUDING ANY AMENDMENTS AND SUPPLEMENTS) AND ANY OTHER MATERIALS
THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF
AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.
Harmony stockholders will be able to obtain free copies of these
documents (if and when available) and other documents containing
important information about Harmony and NextDecade, once such
documents are filed with the SEC, through the website maintained by
the SEC at http://www.sec.gov. Copies of the documents filed with
the SEC by Harmony will be available free of charge on Harmony’s
internet website at www.harmonymergercorp.com or by contacting
Harmony using the contact information below.
PARTICIPANTS IN SOLICITATION
Harmony and its directors, executive officers and other members
of its management and employees may be deemed to be participants in
the solicitation of proxies from Harmony’s stockholders in
connection with the business combination. Stockholders are urged to
carefully read the definitive proxy statement, and any other
related materials that may be filed with the SEC when they become
available, because they will contain important information.
Information regarding the persons who may, under the rules of the
SEC, be deemed participants in the solicitation of Harmony’s
stockholders in connection with the business combination is set
forth in the definitive proxy statement. Information about
Harmony’s executive officers and directors is set forth in the
definitive proxy statement relating to the business combination and
stockholders are encouraged to read any amendments or supplements
to the definitive proxy statement and other related materials filed
with the SEC. You can obtain free copies of these and other
documents containing relevant information at the SEC’s web site at
www.sec.gov or by directing a request to the address or phone
number set forth below.
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version on businesswire.com: http://www.businesswire.com/news/home/20170719006183/en/
INVESTORSHeight for NextDecadePatrick Hughes, + 1
(202) 629 0004phughes@heightllc.comorHarmony Merger
Corp.David Sgro, + 1 (212) 319
7676ds@harmonymergercorp.comorMEDIAWard for
NextDecadeMolly LeCronier, +1 (713) 869
0707MLeCronier@wardcc.com
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