Stabilis Solutions Announces Extension of LNG Fuel Contract in Support of Grid Resiliency
HOUSTON, TX / ACCESSWIRE / April 30, 2024 / Stabilis Solutions, Inc., ("Stabilis" or the "Company") (NASDAQ:SLNG), a leading provider of clean fueling and power production, storage, and last mile delivery solutions for many of the world's most recognized, high-performance brands, today announced the extension of its LNG supply agreement with a leading global provider of on-demand industrial power solutions, together with an update on Stabilis' role as a solutions provider of choice for peak load, intermittent, distributed, and emergency relief power needs across multiple industries.
KEY HIGHLIGHTS
- Stabilis continues to enhance its role as a leading clean fuel and power solutions provider for behind-the-meter clean energy installations. Under the terms of Stabilis' supply agreement extension, Stabilis will provide turnkey production and last mile delivery of up to 9.5 million gallons of LNG to generate roughly 23 megawatt-hours of grid resiliency power in support of communities along the Gulf Coast through June 2025.
- Like marine bunkering and aerospace, power generation represents a significant growth sector for Stabilis. In 2023, Stabilis delivered LNG to generate approximately 236,000 megawatts of energy to the power generation sector, representing 25% of total revenue. Stabilis anticipates that future demand for its behind-the-meter power solutions will be driven by significant growth within the data center, manufacturing, and broader industrial sectors, together with weather-related and emergency relief events.
MANAGEMENT COMMENTARY
"Stabilis continues to build a market-leading platform capable of providing turnkey clean fueling and power generation solutions serving a diverse range of growth markets and customers, from leading aerospace and marine brands, to distributed power companies," stated Westy Ballard, President and CEO of Stabilis. "As technology continues to advance, how our nation sources and consumes energy will also evolve, positioning our business to capitalize on the quantum of change required to support the next chapter of commercial and industrial growth."
"Domestic energy consumption is expected to increase materially over the next decade, placing increased stress on the U.S. electrical grid, and we believe our heritage as a last-mile provider of on-demand and redundant power solutions that sit beyond the service scope of traditional energy infrastructure will become increasingly more important in the years ahead. We are excited to continue our partnership with our global industrial power solutions customer, consistent with our strategic focus on multi-year, high-value contractual relationships," stated Ballard.
ABOUT STABILIS SOLUTIONS
Stabilis Solutions, Inc., ("Stabilis" or the "Company") (NASDAQ:SLNG), a leading provider of clean fueling and power production, storage, and last mile delivery solutions for many of the world's most recognized, high-performance brands. To learn more, visit www.stabilis-solutions.com.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "can," "believes," "feels," "anticipates," "expects," "could," "will," "plan," "may," "should," "predicts," "potential," "outlook" and similar expressions are intended to identify such forward-looking statements.
Such forward-looking statements relate to future events or future performance, but reflect our current beliefs, based on information currently available. Most of these factors are outside our control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, and general economic conditions.
The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in the Risk Factors in Item 1A of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 7, 2024 which is available on the SEC's website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.
Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
CORPORATE CONTACT
Andrew Puhala
Chief Financial Officer
[email protected]
SOURCE: Stabilis Solutions
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