Latest news with #Excelerate
Business Wire
05-06-2025
- Business
- Business Wire
Excelerate Energy to Participate in Jefferies Energy Conference
THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) today announced that Steven Kobos, President and Chief Executive Officer, will participate in a panel discussion regarding the outlook for U.S. LNG and host one-on-one investor meetings at the upcoming investor conference: Jefferies Energy Conference | The Sanctuary at Kiawah Island in Kiawah, South Carolina Participation Date: June 10 – 11, 2025 ABOUT EXCELERATE ENERGY Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of services including floating storage and regasification units ('FSRUs'), LNG import infrastructure development, and LNG and natural gas supply. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, London, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit
Yahoo
05-06-2025
- Business
- Yahoo
Jefferies starts Excelerate Energy at Buy on LNG tailwinds and stable cash flow
-- Jefferies initiated coverage of Excelerate Energy with a "Buy" rating and a price target of $39, saying the company is well-positioned to benefit from rising global demand for liquefied natural gas (LNG) through its fleet of floating storage and regasification units (FSRUs). Excelerate operates the world's largest FSRU fleet, with 12 vessels including one under construction, and manages LNG import terminals across 12 countries. Most of its infrastructure is tied to long-term, take-or-pay contracts, providing steady cash flow with minimal exposure to commodity price swings, Jefferies said. The brokerage noted that four of Excelerate's vessels have recently been re-contracted at higher day rates following the Ukraine war, and it expects more vessels to secure favorable terms once their current contracts expire. Cumulative contracted cash flow stood at around $3.7 billion as of December 2024. Jefferies also highlighted the company's growth initiatives, including a $1 billion acquisition of LNG-to-power assets in Jamaica, which is expected to add $118 million in annual EBITDA. Additional upside may come from LNG marketing agreements and the startup of Hull 3407, a new FSRU set to launch in mid-2026. While capital expenditures will rise in 2026 due to Hull 3407, Jefferies forecasts free cash flow to rebound in 2027, potentially reaching $236 million. That could give Excelerate room to raise its dividend by as much as $90 million. The $39 price target is based on a 7x multiple of projected 2027 EBITDA, which Jefferies said is conservative compared to other LNG peers. While share liquidity remains a concern, Jefferies expects long-term support from major shareholder George Kaiser. Related articles Jefferies starts Excelerate Energy at Buy on LNG tailwinds and stable cash flow Tesla stock tumbles as Trump/Musk relationship blows up Spirits outlook dims further amid tariffs, inventory shifts: Jefferies
Zawya
27-05-2025
- Business
- Zawya
African Bank's acquisition strategy strengthens business and commercial offerings
African Bank Holdings Limited (ABHL) has reported robust interim results for the six months ending 31 March 2025, with Group net profit after tax climbing 15% year-on-year to R202m. These results underscore the momentum of its Excelerate strategy, as the Group accelerates its evolution into a diversified, full-service bank catering to both personal and business clients. Chief executive officer Kennedy Bungane said the Group's performance affirms the strategic choices made in recent years and underscores a return to African Bank's original mission of financial inclusion. 'These results are more than a financial milestone, they mark a reaffirmation of purpose,' said Bungane. 'They show that our customer-first, innovation-led approach is reaching South Africans where it matters most. Whether it's a township entrepreneur accessing capital or a family investing in solar power, African Bank is delivering impact.' Net advances grew 20% to R39.1bn, with a strong 49% surge in Business and Commercial advances. The Bank also reported a solid 6% increase in its customer base to 6.1 million, driven by growth in both its Personal Banking and Alliance Banking platforms. 'Our shift toward a broader product mix, particularly into secured lending, is building resilience into our business while unlocking new revenue streams,' added Bungane. 'As we celebrate 50 years since our founding, we are actively shaping a future where more South Africans have access to the capital, tools and services they need to thrive.' Diversification drives growth African Bank's diversification drive includes the successful acquisition of Sasfin's capital equipment finance business, which follows last year's acquisition of its commercial property finance division. These additions strengthen the Bank's Business and Commercial proposition and expand its footprint in the SMME sector. The Group continues to maintain a healthy funding base, which grew by 8% to R36.3bn. Customer deposits remain the primary source of funding, comprising 91% of the total. The Group's total capital adequacy ratio stands at 28%, well above regulatory minimums. Non-interest income grew by 39% to R909m, driven by increased uptake of the Bank's digital offerings, including the MyWorld transactional account and credit-card services – demonstrating increasing trust in the Bank and its services. Credit impairment charges declined by 10%, bringing the credit loss ratio down to 5.3%, thanks to strengthened risk management and a shift towards secured lending. Chief financial officer Anbann Chetti said the results validate the Group's strategy and operational focus: 'Our Excelerate strategy is not only delivering earnings growth but also reshaping the fundamentals of our business. We are building a scalable, diversified, and future-ready financial institution that is creating real value for shareholders, employees and society.' As part of its Pre-IPO roadmap, African Bank launched its employee share ownership scheme, iKamva Lethu, allocating 10% of the bank's shares to staff. Additional broad-based empowerment initiatives, including a retail BEE offering and a management scheme, are under development. Looking ahead, African Bank will expand its secured lending offerings, launch a digital SMME lending platform, and invest further in digital infrastructure, compliance, and cybersecurity. Bungane concluded: 'This journey is about building a bank that belongs to South Africans, one that serves with integrity and purpose. As we prepare for a future listing, we remain guided by our founders' bold vision and the needs of the communities we serve.'
Yahoo
16-05-2025
- Business
- Yahoo
New Fortress completes Jamaica assets sale to Excelerate for $1.05bn
New Fortress Energy has completed the sale of its Jamaican assets and operations to Excelerate Energy for $1.05bn. The assets involved in the deal comprise New Fortress Energy's LNG import terminal in Montego Bay, an offshore floating storage and regasification terminal in Old Harbour, and a 150MW combined heat and power plant in Clarendon. New Fortress and Excelerate Energy signed a definitive agreement for the transaction in March 2025. The transaction aims to bolster Excelerate's position in the region while allowing New Fortress to reduce its corporate debt. Proceeds from the sale will be directed towards reducing New Fortress Energy's revolving credit facility by $270m and to pay off $55m of a Term Loan A facility, with any remaining funds being added to the company's cash reserves on the balance sheet. New Fortress Energy CEO and chairman Wes Edens said: 'The closing of the sale of our Jamaican assets to Excelerate is a significant milestone for the company as we streamline our operations and pay down corporate debt through asset sales. 'NFE has made a positive impact on Jamaica's energy transition, and we are proud of the contributions our world-class employees and assets have made in improving energy costs and reliability on the island. We are confident that Excelerate will continue NFE's vision of providing reliable and cost-effective energy to Jamaica and continue to drive substantial progress towards improving Jamaica's energy future.' To finance the acquisition, Excelerate Energy raised approximately $1bn through equity and debt financings. In the second quarter of 2025, the company completed an equity offering of eight million shares of Class A common stock at $26.5 per share, generating $212m in gross proceeds, including the greenshoe option. Additionally, Excelerate closed an $800m offering of 8% senior unsecured notes due in 2030. Excelerate CEO and president Steven Kobos said: 'The closing of this acquisition represents a significant step forward in the execution of Excelerate's downstream expansion strategy. These assets align seamlessly with our operational expertise and long-term LNG supply agreements, while also presenting promising opportunities for future growth. 'This acquisition enhances our financial outlook through its stable, long-term cash flows with predictable margins. We are confident that integrating this Jamaica platform will generate substantial value for our shareholders while advancing our mission to provide cleaner, more cost-effective natural gas solutions to the people of Jamaica.' Excelerate Energy has also recently entered a memorandum of understanding (MOU) with Petrovietnam Gas. The MOU outlines collaboration between the two companies to secure a stable supply of LNG from the US, potentially commencing as early as 2026. "New Fortress completes Jamaica assets sale to Excelerate for $1.05bn" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Wire
14-05-2025
- Business
- Business Wire
Excelerate Energy Closes Acquisition of Integrated LNG and Power Platform in Jamaica
THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) ('Excelerate' or the 'Company') today announced that it has closed its acquisition of New Fortress Energy Inc.'s (Nasdaq: NFE) business in Jamaica (the 'Acquisition'). Under the terms of the purchase agreement, Excelerate has acquired the assets and operations of the Montego Bay liquified natural gas ('LNG') Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power plant. Subsequent to the announcement of the Acquisition, the Company successfully raised approximately $1.0 billion in equity and debt financings to fund the Acquisition. In the second quarter of 2025, Excelerate completed an equity offering of eight million shares of Class A common stock at a price per share of $26.50 for $212 million of gross proceeds, inclusive of the greenshoe. Also in the second quarter, Excelerate closed an $800 million offering of 8.000% senior unsecured notes due in 2030. In connection with the closing of the Acquisition, the maturity of Excelerate's senior secured revolving credit facility (the 'Credit Agreement') was extended from March 2027 to March 2029 and the total capacity available for borrowing under the Credit Agreement was increased from $350 million to $500 million. Also concurrently with the closing of the Acquisition, the Company used proceeds from the notes offering to repay in full the existing term loan under the Credit Agreement. 'The closing of this acquisition represents a significant step forward in the execution of Excelerate's downstream expansion strategy,' said Steven Kobos, President and CEO of Excelerate. 'These assets align seamlessly with our operational expertise and long-term LNG supply agreements, while also presenting promising opportunities for future growth. This acquisition enhances our financial outlook through its stable, long-term cash flows with predictable margins. We are confident that integrating this Jamaica platform will generate substantial value for our shareholders while advancing our mission to provide cleaner, more cost-effective natural gas solutions to the people of Jamaica.' ABOUT EXCELERATE ENERGY Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of services, including floating storage and regasification units, LNG import infrastructure development, and LNG and natural gas supply. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, London, Rio de Janeiro, Singapore, and Washington, DC. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Excelerate and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding our business strategy and plans, expansion plans and strategy, objectives of management for future operations, and expected benefits of the Acquisition, including its effects on our cash flows, shareholder value, and organic growth opportunities, are forward-looking statements. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors, including, but not limited to, the following: our ability to realize the anticipated benefits of the Acquisition; our ability to manage the risks of the Acquisition; and other risks, uncertainties and factors set forth in any of our filings with the Securities and Exchange Commission (the "SEC"). These risks and uncertainties are described more fully in our other filings with the SEC, including our most recent Annual Report on Form 10-K. All forward-looking statements are based on assumptions or judgments about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside our control. The occurrence of any such factors, events or circumstances would significantly alter the results set forth in these statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. In addition, statements that 'we believe' and similar statements reflect our beliefs and opinions on the relevant subject and based on information available to us as of the date of this press release. While we believe that the statements provided herein are supported by information obtained in a reasonable manner, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
