New Fortress Energy is a gas supplier with over 39 new contracts and 37 clients many from Jamaica. New Fortress Energy, led by CEO Wes Edens, does not produce gas but gets its gas from other sources and distributes it to other companies and clients.
In the June quarter, the company reported earnings of over $76 million, and over $45 million of this was directly from Jamaica. The main purpose of doing operations in Jamaica is to deliver liquefied natural gas to clients. The American plant of New Fortress Energy supplies Jamaica’s alumina refinery with power. According to energy investor Wes Edens, this is part of the national grid electricity within the Jamaica Public Service making it extremely important to work together to bring power and resources to the island.
Wes Edens, a longtime business developer, has brought the company volume as assets have reached over 1.7 million gallons per day. The company expects the boilers in Jamaica to start running 24 hours at 150,000 gallons per day. With this amount of fuel running through Jamaica, it accounts for about 60% of the top June quarter sales.
The high increase in sales was also driven by the sale of the Old Harbour Terminal. With the sale of Old Harbour, New Fortress Energy made $23 million from the sale. Speaking to Bloomberg, Wes Edens has relayed the potential profitability and benefits of investment in the energy sector.
The company will continue its trends into Mexico and Nicaragua and help develop those areas and help truck in LNG cylinders to customers. They are further reducing an 18-month redevelopment and eliminating and build-out infrastructure to increase development efforts. According to company leader Wes Edens, this continued upward mobility is indicative of a growing interest in international energy movement.