New Fortress Energy Inc. (NFE) announced the execution of a Memorandum of Understanding (MOU) with the Islamic Republic of Mauritania for the development of an Energy Hub, including natural gas, power, liquefied natural gas ("LNG") and blue ammonia, utilizing existing offshore gas reserves off the coast of Mauritania.

Under the MOU, NFE will deploy its innovative “Fast LNG” liquefaction technology to produce LNG in the Atlantic coastal basin offshore Mauritania for local gas and power markets as well as international exports. NFE will supply natural gas to both the existing 180MW Somolec Power Plant and a new 120MW combined cycle power plant that will be developed.

“The production of liquefied natural gas from these fields with our innovative Fast LNG liquefiers will help accelerate the global transition to cleaner fuels,” said Wes Edens, Chairman and CEO of NFE. “Supply of natural gas and modern power infrastructure will also help bring more affordable, reliable and cleaner power to support industrial development and sustainable economic growth in Mauritania and, at the same time, unlock the country’s potential to be a top exporter of clean LNG and blue ammonia.”

NFE’s “Fast LNG” liquefaction design pairs the latest advancements in modular, midsize liquefaction technology with jack up rigs or similar floating infrastructure to enable a much lower cost and faster deployment schedule than today’s floating liquefaction vessels. NFE is in advanced discussions for the deployment of this technology in several other markets around the world, including offshore United States.

The natural gas production and power infrastructure in Mauritania will support industrial development and reduce emissions and pollution by providing a cleaner, affordable and reliable alternative to oil-based fuels.

The MOU is non-binding on the parties and actual terms of any future definitive agreement may differ from the terms of the MOU.

About New Fortress Energy

New Fortress Energy (NASDAQ: NFE) is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.