Fortress Investment Group and its subsidiary New Fortress Energy have made great progress during the last four years. They achieved rapid growth by expanding access to natural gas in multiple countries. Recent projects benefited these nations’ economies in several ways and significantly reduced emissions. Meanwhile, the company has taken steps to begin selling shares on the Nasdaq exchange.
New Fortress Energy currently runs a terminal in Montego Bay that receives liquefied natural gas from Florida. The firm plans to begin operating a similar facility during 2019. It will establish this offshore terminal in Old Harbour. New Fortress spent around $2 billion on its global facilities between 2014 and 2018.
The company doesn’t depend on other businesses to liquefy the gas that it supplies to Jamaica. Its workers complete this task at a facility in southern Florida. Company officials intend to open as many as 10 more plants during the next five years. In the near future, NFE will establish another liquefaction facility in Pennsylvania.
The New Fortress plant in Miami sells approximately 400,000 gallons of natural gas each day. Although this figure may seem impressive, NFE predicts that it will achieve far greater sales in the years to come. It hopes to accomplish this as the company establishes additional LNG terminals and more businesses switch to natural gas.
The Montego Bay facility has the potential to accept almost three times as many shipments as it presently receives. Consequently, NFE keeps working to attract additional buyers in this part of Jamaica. It hopes that more factory owners will choose to burn natural gas. A well-known Kingston brewery recently signed a contract with the company.
During August, Morgan Stanley decided to supply NFE with a $240 million loan. This funding will help pay for the Old Harbour facility. New Fortress also plans to use the money to expand its regasification plants and buy the equipment needed to store natural gas in larger volumes.
New Fortress Energy seeks to enhance the lives of people in the communities that it serves. The firm aims to improve the world’s air quality by supplying natural gas to power stations that currently rely on oil or coal. It also donates money to responsible nonprofits and strives to provide local workers with valuable career training.
For example, the company recently gave $4.5 million Jamaican dollars ($36,025) to an organization known as RISE Life Management Services. This Kingston nonprofit qualified for a European Union grant after raising a specific amount of money, so the NFE donation enabled it to gain $700,000 in EU funding.
RISE provides highly beneficial education and social services. It works to prevent child abuse and assist youngsters who have been mistreated. A New Fortress Energy executive visited the organization’s RISE Life Centre in Kingston and praised its accomplishments. The nonprofit’s top director expressed strong appreciation for NFE’s support.
New Fortress has begun to expand its operations into Mexico. During July, the regional government approved its plan to set up an LNG terminal in Pichilingue, Baja California. It will become the first company to supply Baja California with natural gas. The firm plans to establish a floating regasification and storage facility.
Company officials predict that the new terminal will begin operating in 2020. They intend to supply natural gas to local power plants. Trucks will transport some of the gas to stations that provide fuel for LNG-powered vehicles. Businesses in Baja California could save considerable amounts of money and reduce their emissions by switching from oil to natural gas.
New Fortress Energy recently entered the European market. The firm purchased land in Ballylongford, and Irish authorities approved its Shannon LNG project. It plans to establish a new natural gas terminal at a cost of $581 million. This facility will make history as the first gas import terminal in Ireland.
The European Union has strongly encouraged its members to shift away from coal and other fuels that produce excessive amounts of air pollution. This campaign gives Ireland a major incentive to embrace natural gas. The NFE project will also create jobs and cut costs by providing the Irish public with a wider range of energy options.
During mid-November, news reports began to reveal NFE’s plans for an initial public offering. The company intends to list its stock on the Nasdaq exchange. It hopes to raise $100 million by selling Class A shares. However, little information is available, and the details could change before this IPO takes place.
The founder of Fortress Investment Group spent the first years of his life in Montana. Wes Edens lived on a ranch and learned to ride horses. His focus shifted over time, and he eventually became an investment banker with an office in New York City. Edens’ skillful decisions repeatedly resulted in his promotion.
He stopped working for the bank and found employment at an investment management firm called Black Rock. Although Edens enjoyed a lucrative career, the financial expert decided to take a risk and start a new business. Fortress Investment Group was founded in 1998. It began to manage equities for a wide range of individuals and organizations.
Edens admires Warren Buffett and has embraced his strategy of investing in a huge variety of industries. For instance, he bought a basketball team and started laying the tracks for a high-speed train that will carry passengers across Florida. His wise decisions have enabled Fortress Investment Group to acquire roughly $70 billion in assets.
Wes Edens chose to supply Jamaica with natural gas for several reasons. The company’s founder noted that the island has a skilled workforce and its laws simplify the importation of LNG. He also wanted to help Jamaica generate power with a relatively clean fuel instead of using diesel or oil.
The first LNG shipment reached Montego Bay in 2016. Thanks to natural gas, Jamaica has diversified its energy sources and prevented electrical outages. Edens regularly visits the island to monitor the progress of his firm’s projects. He also enjoys Jamaican cuisine and sporting events during these trips.
Softbank acquired Fortress Investment Group in July after stockholders approved the deal. Nonetheless, the same directors will continue to manage NFE in an independent manner. They have assured staff members and the public that this transaction won’t affect its operations in Jamaica or prevent it from expanding into new regions.
The company hopes to begin providing natural gas to additional Caribbean islands, such as Puerto Rico. It recently sought government approval to export LNG to the Bahamas and construct a power station on one of the islands. New Fortress has also expressed an interest in supplying natural gas to African countries.