Port of Corpus Christi Authority and Stabilis Solutions Partner to Construct LNG Fueling Infrastructure for Marine Vessels
HOUSTON, TX, May 04, 2021 (GLOBE NEWSWIRE) —
The Port of Corpus Christi Authority and Stabilis Solutions Inc. (“Stabilis”) (NASDAQ:SLNG), a leading provider of energy transition services, including hydrogen and liquefied natural gas (“LNG”) fueling solutions, have entered into a Memorandum of Understanding (MOU) to facilitate the use of LNG as a marine fuel at the Port of Corpus Christi.
LNG-powered vessels are becoming increasingly prominent amongst the world fleet, as LNG fuel benefits port customers in both efficiency and emissions reductions compared to diesel combustion engines. Some of the vessels calling on the Port of Corpus Christi today are already LNG-compatible. With this partnership and the increasing availability of LNG as a marine fuel at the Port of Corpus Christi, the Port and Stabilis hope to attract more LNG-capable vessels and to encourage the conversions to LNG power. The Port of Corpus Christi and Stabilis have committed to providing extensive customer education and technical support as well as attracting capital, including grant funding opportunities designed to incentivize market development and viable customer solutions.
“The Port of Corpus Christi Authority sees LNG fueling of marine vessels as an important step toward our broader commitment to decarbonization and improved air quality,” said Sean Strawbridge, Chief Executive Officer of the Port of Corpus Christi. “We have a strong commitment to protecting our air attainment status, so by offering LNG as an alternative to diesel as a marine fuel within our gateway, we are evolving our sustainability protocols by reducing mobile source emissions.”
According to the MOU, the Port of Corpus Christi will provide suitable access to dock space for shore-to-ship fueling operations while Stabilis will deploy its existing fleet of mobile cryogenic assets (including LNG transportation and distribution equipment) from its LNG production plant in South Texas to support LNG fueling operations.
“We are excited to partner with the Port of Corpus Christi on this opportunity,” said Jim Reddinger, President and CEO of Stabilis Solutions. “The use of LNG as a marine fuel is critical for marine operators to reduce their emissions profile, and Stabilis is uniquely positioned to provide this service to customers along the Gulf Coast and beyond. Meeting the requirements of the energy transition requires innovative solutions, and we are excited to be part of this journey with the Port of Corpus Christi and its partners.”
“We applaud the Port of Corpus Christi and Stabilis for joining together on such an important endeavor to further the maritime sector’s efforts to decarbonize and reduce emissions,” said Peter Keller, Chairman of SEA-LNG, a global industry coalition established to demonstrate LNG’s benefits as a marine fuel. “Through innovative thinking and partnerships such as this, SEA-LNG members like the Port of Corpus Christi and Stabilis are helping the industry move into a cleaner and more prosperous future.”
About Port Corpus Christi
As a leader in U.S. Crude Oil export ports and a major economic engine of Texas and the nation, Port Corpus Christi is the largest port in the United States in total revenue tonnage. Strategically located on the western Gulf of Mexico with a 36-mile, soon to be 54-foot (MLLW) deep channel, Port Corpus Christi is a major gateway to international and domestic maritime commerce. The Port has excellent railroad and highway network connectivity via three North American Class-1 railroads and two major interstate highways. With an outstanding staff overseen by its seven-member commission, Port Corpus Christi is “Moving America’s Energy.” www.portofcc.com
About Stabilis
Stabilis Solutions, Inc. is a vertically integrated energy transition company that provides clean energy solutions to our customers. Our solutions include small-scale liquefied natural gas (“LNG”) production, distribution and fueling services to multiple end markets in North America. Stabilis also provides hydrogen fueling services to its customers. Stabilis has safely delivered over 250 million gallons of LNG through more than 25,000 truck deliveries during its 16-year operating history in the LNG industry, which we believe makes us one of the largest and most experienced small-scale LNG providers in North America. Stabilis’ customers use LNG and hydrogen as a fuel sources in a variety of applications in the industrial, energy, mining, utilities and pipelines, commercial, and high horsepower transportation markets. Stabilis’ customers use LNG and hydrogen as alternatives to traditional fuel sources, such as distillate fuel oil and propane, to lower fuel costs and reduce harmful environmental emissions. Stabilis’ customers also use LNG as a “virtual pipeline” solution when natural gas pipelines are not available, or volumes are curtailed. To learn more, visit www.stabilis-solutions.com.
Cautionary Statement 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,” “expects,” “could,” “will,” “plan,” “may,” “should,” “predicts,” “potential” and similar expressions are intended to identify such forward-looking statements.
Such forward-looking statements relate to future events or future performance, but reflect the parties’ current beliefs, based on information currently available. Most of these factors are outside the parties’ 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 our quarterly reports on Form 10‐Q and annual reports on Form 10‐K, which are 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.
CONTACT: Port of Corpus Christi Contact: Lisa Hinojosa Director of Communications Dir. Line: 361.885.6165 lhinojosa@pocca.com Stabilis Solutions Contact: Andrew Puhala Chief Financial Officer Dir. Line: 832-456-6502 ir@stabilis-solutions.com
