NextDecade Targets Carbon-Neutrality at Rio Grande LNG
October 06 2020 - 4:01PM
Business Wire
NextDecade Corporation (NextDecade or the Company) (NASDAQ:
NEXT) today announced that the Company has developed proprietary
processes using proven technology to reduce carbon dioxide
equivalent (CO2e) emissions at its proposed Rio Grande LNG facility
by approximately 90 percent. NextDecade is also exploring options
to address the remaining emissions to enable Rio Grande LNG to
achieve carbon-neutrality.
Throughout the course of NextDecade’s pre-FID development
activities, and intensively in recent months, the Company has
evaluated multiple technical solutions to ascertain the commercial
viability of dramatically reducing CO2e emissions at Rio Grande
LNG.
Based on these evaluations, NextDecade has determined that
carbon capture and storage (CCS) is the most feasible technical
solution for Rio Grande LNG. The Company believes that the addition
of proven CCS technology in conjunction with its proprietary
processes could reduce the CO2e emissions of its Rio Grande LNG
facility by approximately 90 percent. While NextDecade advances its
work in this area, the Company is also exploring options to address
the remaining (approximately 10 percent) CO2e emissions.
“Natural gas has a critical role to play in the global energy
transition to a low-carbon economy, ensuring the security of energy
supplies and preserving high quality jobs in the United States and
around the world,” said Matt Schatzman, NextDecade’s Chairman and
Chief Executive Officer. “Our work to date confirms that reliable,
competitively priced LNG and responsible environmental stewardship
are not mutually exclusive. A solution that promises both is indeed
eminently feasible with the thoughtful use of existing technologies
and the application of our proprietary processes.”
NextDecade continues to work on remaining commercial agreements
needed to achieve a final investment decision in 2021, enabled by
flexible commercial offerings and leadership in environmental and
social performance including targeting carbon-neutrality at Rio
Grande LNG.
About NextDecade Corporation
NextDecade is a liquefied natural gas (LNG) development company
focused on LNG export projects. NextDecade is developing the
largest LNG export solution linking Permian Basin and Eagle Ford
Shale natural gas to the global LNG market, creating value for
producers, customers, and stockholders. Its portfolio of LNG
projects includes the 27 mtpa Rio Grande LNG export facility in the
Port of Brownsville, Texas. NextDecade’s common stock is listed on
the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is
headquartered in Houston, Texas. For more information, visit
www.next-decade.com.
NextDecade Forward-Looking Information
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words
“anticipate,” “contemplate,” “estimate,” “expect,” “project,”
“plan,” “intend,” “believe,” “may,” “might,” “will,” “would,”
“could,” “should,” “can have,” “likely,” “continue,” “design” and
other words and terms of similar expressions are intended to
identify forward-looking statements, and these statements may
relate to the business of NextDecade and its subsidiaries. These
statements have been based on NextDecade’s current assumptions,
expectations, and projections about future events and trends and
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
uncertainties about progress in the development of NextDecade’s LNG
liquefaction and export projects and the timing of that progress;
NextDecade’s final investment decision (“FID”) in the construction
and operation of a LNG terminal at the Port of Brownsville in
southern Texas (the “Terminal”) and the timing of that decision;
the successful completion of the Terminal by third-party
contractors and an approximately 137-mile pipeline to supply gas to
the Terminal being developed by a third-party; NextDecade’s ability
to secure additional debt and equity financing in the future to
complete the Terminal; the accuracy of estimated costs for the
Terminal; statements that the Terminal, when completed, will have
certain characteristics, including amounts of liquefaction
capacities; the development risks, operational hazards, regulatory
approvals applicable to the Terminal’s and the third-party
pipeline's construction and operations activities; NextDecade’s
anticipated competitive advantage and technological innovation
which may render its anticipated competitive advantage obsolete;
the global demand for and price of natural gas (versus the price of
imported LNG); the availability of LNG vessels worldwide; changes
in legislation and regulations relating to the LNG industry,
including environmental laws and regulations that impose
significant compliance costs and liabilities; the 2019 novel
coronavirus pandemic and its impact on NextDecade’s business and
operating results, including any disruptions in NextDecade’s
operations or development of the Terminal and the health and safety
of NextDecade’s employees, and on NextDecade’s customers, the
global economy and the demand for LNG; risks related to doing
business in and having counterparties in foreign countries;
NextDecade’s ability to maintain the listing of its securities on a
securities exchange or quotation medium; changes adversely
affecting the business in which NextDecade is engaged; management
of growth; general economic conditions; NextDecade’s ability to
generate cash; compliance with environmental laws and regulations;
the result of future financing efforts and applications for
customary tax incentives; and other matters discussed in the “Risk
Factors” section of NextDecade’s Annual Report on Form 10-K for the
year ended December 31, 2019 and other subsequent reports filed
with the Securities and Exchange Commission, all of which are
incorporated herein by reference.
Additionally, any development of the Terminal remains contingent
upon completing required commercial agreements, acquiring all
necessary permits and approval, securing all financing commitments
and potential tax incentives, achieving other customary conditions
and making a final investment decision to proceed. The
forward-looking statements in this press release speak as of the
date of this release. Although NextDecade believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that the expectations will
prove to be correct. NextDecade may from time to time voluntarily
update its prior forward-looking statements, however, it disclaims
any commitment to do so except as required by securities laws.
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