AUSTIN,
Texas, Nov. 21, 2024 /PRNewswire/ -- Pennybacker
Capital Management, LLC (Pennybacker), a leading real assets
investment manager, today announced it has completed the
acquisition of the small-scale Florida-based liquefied natural gas production
and distribution business (Miami LNG business) from New Fortress
Energy Inc. (Nasdaq: NFE).
The Miami LNG business is a strategically located small-scale
liquefaction operation, equipped with one liquefaction train that
produces up to approximately 8,300 MMBtu per day of LNG, optimized
for truck and rail logistics to enable efficient and flexible
distribution for its customers. The Miami LNG business serves the
hospitality, industrial, transportation, aerospace, and marine
bunkering sectors principally in Florida and the Caribbean islands. LNG provides on average an
estimated 15-40% cost advantage over traditional fuels like diesel,
making it a cost-effective, reliable, and cleaner energy
source.
In connection with the acquisition, Pennybacker has appointed
Daniel McLaughlin as President and
Chief Commercial Officer to lead the Miami LNG business. McLaughlin
has more than 10 years of experience in the energy sector.
"The Miami LNG business is critical for supporting the energy
transition in underserved markets. I am honored to be leading this
business, which is poised for significant growth with the support
of Pennybacker as a capital and strategic partner," McLaughlin
said. "The Miami LNG business is uniquely positioned to deliver
innovative energy solutions to our customers across the Southeast
and the Caribbean, and I look
forward to working with our talented team to unlock new
opportunities and drive long-term success."
Sam Warfield, Managing Director
and Head of Critical Infrastructure at Pennybacker, added: "Through
our ownership, and working with Daniel and his team, we look
forward to serving existing Miami
facility customers and providing cost-effective and sustainable LNG
solutions to new U.S. and Caribbean customers."
About Pennybacker Capital Management, LLC
Pennybacker Capital Management, LLC (Pennybacker) is a real
assets investment manager based in Austin, Texas with offices in Charlotte, North Carolina, Dallas, Texas, Denver, Colorado, and New York, New York with approximately
$4 billion in assets under
management. The firm pursues real estate and infrastructure
strategies through closed-end and open-ended vehicles across the
capital structure. For more information, visit
https://www.pennybackercap.com
Contact for Pennybacker
investorrelations@pennybackercap.com
Contact for Miami LNG
info@miami-lng.com
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SOURCE Pennybacker Capital Management, LLC