NextDecade Corporation (NextDecade) (NASDAQ: NEXT) and Project
Canary announced today the formation of a joint pilot project for
monitoring, reporting, and independent third-party measurement and
certification of the greenhouse gas (GHG) intensity of liquefied
natural gas (LNG) to be sold from NextDecade’s Rio Grande LNG
export facility in the Port of Brownsville, Texas.
Project Canary is focused on delivering independent, trusted,
continuous emissions monitoring data and related technologies to
assess environmental performance across the energy value chain. In
its pilot project with NextDecade, the first in the global LNG
industry, Project Canary will deploy its TrustWell™ certification
process to confirm each element of the natural gas value chain –
from the wellhead to the ship at Rio Grande LNG – has achieved low
emissions targets and utilized the highest standards of
environmental performance and social responsibility. This
partnership will enable the development of a responsibly sourced
natural gas supply chain from leading producers in the Permian
Basin and Eagle Ford Shale and independent, third-party
certification of the GHG intensity of LNG.
“NextDecade is committed to working with sustainable producers
seeking to supply responsibly sourced natural gas to Rio Grande
LNG,” said Matt Schatzman, NextDecade’s Chairman and Chief
Executive Officer. “Project Canary’s independent measurement
and certification platform will provide transparency and give
confidence to our customers who are increasingly focused on
securing low greenhouse gas-intensive LNG. Reliable, competitively
priced LNG and responsible environmental stewardship are not
mutually exclusive, and we are pleased to work with Project Canary
to establish a new and higher standard for the supply of low-GHG
LNG to markets around the world.”
Last month, NextDecade announced its wholly owned subsidiary,
NEXT Carbon Solutions, is developing one of the largest carbon
capture and storage (CCS) projects in North America at Rio Grande
LNG. NEXT Carbon Solutions’ CCS project at Rio Grande LNG is
expected to enable the capture and permanent geologic storage of
more than five million tonnes of carbon dioxide (CO2) per year.
Combining responsibly sourced gas with the anticipated CO2
emissions reduction associated with NEXT Carbon Solutions’ CCS
project is expected to enable Rio Grande LNG to produce the lowest
lifecycle GHG LNG on a free-on-board basis and to be the greenest
LNG project in the world.
“The differentiated market for responsibly sourced gas is
expanding rapidly on a global scale as customers, investors and
regulators seek, push for, and reward energy produced with the
highest environmental standards,” said Chris Romer, Project
Canary Co-Founder and Chief Executive Officer. “We’re proud of
the important and growing role we’re playing in putting our
independent technologies to work to help our customers and look
forward to supporting NextDecade and the companies involved in its
natural gas value chain in enhancing environmental performance,
ensuring compliance with regulatory standards, and delivering on
commercial commitments.”
A Denver-based B-Corp, Project Canary provides emissions
monitoring data and related technologies across the energy value
chain – from the production, transmission and marketing of
responsibly sourced natural gas. Project Canary’s TrustWell™
certification is the premium standard for responsibly sourced gas.
Trustwell™ certification, which scores across four primary
categories of responsibility – air, water, land, and community –
assigns ratings based on independent review and rigorous data
analysis and has been involved in over 85 percent of responsibly
sourced gas transactions in the United States to date. Project
Canary has completed more than 5,500 TrustWell™ certifications,
with over 1,000 in process, and by mid-year 2021 will have
approximately 400 real-time emissions monitoring units
deployed.
About NextDecade Corporation
NextDecade Corporation (NextDecade) is committed to providing
the world access to cleaner energy. NextDecade, through its wholly
owned subsidiaries Rio Grande LNG and NEXT Carbon Solutions, is
developing a 27 mtpa LNG export facility in South Texas along with
one of the largest carbon capture and storage projects in North
America. The Rio Grande LNG facility is expected to be the largest
and greenest U.S. LNG export solution linking Permian Basin and
Eagle Ford Shale natural gas to the global LNG market. NextDecade’s
common stock is listed on the Nasdaq Stock Market under the symbol
“NEXT.” NextDecade is headquartered in Houston, Texas. For more
information, please visit www.next-decade.com.
About Project Canary
Project Canary, an International Environmental Standards company
based in Denver, Colorado, is a mission-driven B-Corporation
(approval pending) accountable to a double bottom line of profit
and the social good. Project Canary believes it is possible to
create a financially successful, self-sustaining business that
“does well and does good.” Project Canary’s goal is to mitigate
climate change by helping the energy value chain operate on a
cleaner, more efficient, more sustainable basis. Its proven
solutions provide real-time emissions monitoring and rigorous
independent certification of oil and gas well sites for responsible
operations. Project Canary helps organizations collect, manage,
operationalize, and benefit from real-time, trusted, and
independent environmental data. Project Canary also partners with
the Colorado School of Mines Payne Institute to develop a
collaborative environment for oil and gas companies and external
parties to share best practices and insights garnered through
continuous monitoring. For more information, please visit
www.projectcanary.com.
NextDecade Forward-Looking Information
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws including, in
particular, statements about the Company’s private placement of
Series C Preferred Stock and the use of proceeds thereof. 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; NextDecade’s ability
to develop and implement carbon capture and storage or similar
technology to reduce anticipated carbon emissions from the
Terminal; global pandemics including the 2019 novel coronavirus
pandemic and their 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, 2020 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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version on businesswire.com: https://www.businesswire.com/news/home/20210419005130/en/
Patrick Hughes phughes@next-decade.com +1-832-209-8131
Brian Miller brian.miller@projectcanary.com +1-202-669-3801
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