Pennybacker Closes Acquisition of Miami LNG Business, Appoints Daniel McLaughlin President and Chief Commercial Officer to Lead Miami LNG
PR Newswire
AUSTIN, Texas, Nov. 21, 2024
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
(END) Dow Jones Newswires
November 21, 2024 13:45 ET (18:45 GMT)
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