(Energy Analytics Institute, 21.Nov.2024) — Pennybacker Capital Management, LLC, a real assets investment manager, completed the acquisition of the small-scale Florida-based liquefied natural gas production and distribution business (Miami LNG business) from New Fortress Energy.
The Miami LNG business is a strategically located 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, Pennybacker said 21 Nov. 2024 in an official statement.
The Miami LNG business serves the hospitality, industrial, transportation, aerospace, and marine bunkering sectors principally in Florida and the Caribbean islands, according to Pennybacker.
It said 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.
Additionally, in connection with the acquisition, Pennybacker 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,” McLaughlin said in the statement.
“The Miami LNG business is uniquely positioned to deliver innovative energy solutions to our customers across the Southeast and the Caribbean,” McLaughlin added.
McLaughlin said part of the plan entailed unlocking new opportunities to drive long-term success.
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By Aaron Simonsky. © Energy Analytics Institute (EAI). All Rights Reserved.
