New Fortress Energy is a company established by Fortress Investment Group as its entity in the gas energy business. The company started operations in 2014 in Jamaica but has risen to one of the top gas-to-power companies in other areas too. New Fortress Energy officially filed for an IPO, initial public offering on the NASDAQ on November 9, 2018. The company targets to raise around $100 million through the IPO. The actual date of the IPO unknown since the company has operated for a short while. The American law has set aside the duration that a company needs to be in operation to qualify for an IPO. The Fortress Investment Group subsidiary has three terminals located in Jamaica and other three spread in Ireland, Rico, and Mexico. The Jamaican terminals receive their product from the Miami, Florida based liquefaction manufacturing plant. New Fortress Energy expects to have an additional ten liquefaction facilities in the coming five years. More about of Fortress Investment at therealdeal.com
One of the new investment ventures that the New Fortress Energy is planning to launch is Mexico’s, California Sur. At the port of Pichilingue, the company acquired a contract to construct, develop, and operate a liquefied natural gas importation terminal. Through New Fortress Energy, Fortress Investment Group received the $184 million new project on July 19, 2018, from the Port Authority of Banja California Sur. The project expected to commence in 2020 would be the first terminal of its kind in Baja California Sur. The terminal will benefit the local power plant s by cutting the energy cost by around 30 percent. Additionally, the project will kick off through the cooperation of local officials, industries, and communities. Among the projects that the company implemented include the Pichilingue terminal in August 2108.
After two weeks, the announcement of Shannon LNG took place. The first natural gas project in the New Fortress Energy’s portfolio started in 2016 before JPS. Jamaica Power Company won the contract from the Fortress to build a power a power station in Jamaica’s Northern region. Additionally, Fortress Investment Group through its energy company collaborated with Golar LNG in designing the 120-MW Montego Bay facility and chartering the Golar Arctic for the floating storage services. The collaboration of the two companies would last for the coming 15 years because of Jamaica’s increasing demand for natural gas.