New Fortress Energy Ships First Full Cargo from Mexico's Fast LNG Facility

New Fortress Energy Inc. (NASDAQ: NFE) has marked a significant milestone in the liquefied natural gas (LNG) market with the successful departure of the first full LNG cargo from its Fast LNG facility located offshore Altamira, Mexico.

The company announced that the Energos Princess, loaded with the inaugural shipment, has set sail for Europe, marking a pivotal moment for NFE’s proprietary Fast LNG technology.

The development comes on the heels of a crucial authorization from the U.S. Department of Energy (DOE) granted earlier this month. The authorization permits NFE to export up to 1.4 million tonnes per annum of LNG to non-Free Trade Agreement countries from the Fast LNG 1 facility for a five-year term. Combined with a previous approval for Free Trade Agreement countries, the authorization enables NFE to supply LNG globally.

“Natural gas and power supply are critical components of a sustainable, affordable, and cleaner energy system and we’re excited to be able to provide our own gas supply to the world markets and our customers,” said Wes Edens, Chairman and CEO of New Fortress Energy.

Edens previously commented on the DOE authorization: “This important authorization cements NFE’s position as a leading global vertically integrated gas to power company and enhances the marketability of our FLNG 1 asset. NFE is now able to freely supply cheaper and cleaner natural gas to underserved markets across the world and further our goal of accelerating the world’s energy transition.”

The development positions New Fortress Energy as a key player in the global LNG market. The company’s proprietary Fast LNG design is the first of its kind, pairing the latest advancements in modular liquefaction technology with jack up rigs or similar offshore infrastructure to enable a faster deployment schedule than traditional liquefaction facilities.

The Fast LNG 1 facility is the first of two FLNG production units that comprise NFE’s Fast LNG Altamira export project on Mexico’s east coast. The project is supplied with U.S. natural gas via the Sur de Texas-Tuxpan pipeline, which extends from US-Mexico border in Brownsville, Texas, to Tuxpan, Veracruz. As the facility uses natural gas sourced from the United States, LNG exports from this project require regulatory approvals from the U.S. DOE.

A ruling from earlier this year by the U.S. Customs and Border Protection permits the company to transport U.S.-sourced LNG produced at the facility using non-U.S. qualified vessels without violating the Jones Act. This ruling is significant because it allows NFE to sell and deliver LNG produced at the Fast LNG facility to U.S. locations—most notably Puerto Rico, a key market for the company.