New Fortress Energy Soars 6.25% on Jamaica Asset Sale

New Fortress Energy's stock rose by 6.25% in pre-market trading on August 11, 2025, driven by significant developments in the company's business operations.

Excelerate Energy, Inc. has agreed to acquire New Fortress Energy Inc.’s (NFE) business in Jamaica for $1.055 billion in cash. This acquisition includes the Montego Bay LNG Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power (CHP) co-generation plant. Excelerate aims to assume all material contracts currently in place, adding downstream and “last-mile” infrastructure to complement its existing portfolio. The acquisition is expected to close as early as the second quarter of 2025, subject to regulatory approvals and other customary closing conditions.

Excelerate plans to use its own Venture Global LNG supply, which is well-matched with customer offtake commitments, minimizing commodity risk. The company has a 20-year Venture Global LNG supply agreement for 0.7 million metric tons per annum. This acquisition offers opportunities to expand in Jamaica, leveraging existing infrastructure, including LNG bunkering, an expansion of the Clarendon CHP plant, and the ability to grow LNG fuel supply for Jamaica’s industrial base. The transaction also expands Excelerate’s core floating storage and regasification unit (FSRU) terminal services and gas supply businesses in a growth market, positioned in a highly attractive Atlantic basin market with access to abundant, nearby U.S. Gulf Coast LNG supply sources.