News Article | April 19, 2017
LONDON, UK / ACCESSWIRE / April 19, 2017 / Active Wall St. blog coverage looks at the headline from Blank Check Company Harmony Merger Corp. (NASDAQ: HRMN). Harmony Merger and NextDecade LLC jointly announced on April 18, 2017, the signing of an agreement for a business combination transaction. On completion of the merger transaction, NextDecade, which is currently a privately held liquefied natural gas development Company, will become a publicly listed Company. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/. One of Harmony Merger's competitors within the Conglomerates space, HRG Group, Inc. (NYSE: HRG), is estimated to report its earnings on May 09, 2017. AWS will be initiating a research report on HRG Group following the release of its next earnings results. Today, AWS is promoting its blog coverage on HRMN; touching on HRG. Get all of our free blog coverage and more by clicking on the link below: http://www.activewallst.com/register/. Commenting on the merger agreement, Kathleen Eisbrenner, Founder and CEO of NextDecade said: "We believe a transaction with Harmony will strengthen our ability to bring competitively priced, US-produced LNG to the world market in the early part of the next decade." "Following confirmatory due diligence activities, we believe that NextDecade's commercial, regulatory, and engineering standing affords the Company key competitive advantages and brings a unique opportunity for Harmony stockholders to participate at the development stage in an investment in the US LNG export market." The merger agreement is the result of the letter of intent signed by both Companies in March 2017. Harmony will bring to the table approximately $112.8 million cash in trust funds. The all-stock transaction will result in the formation of a merged entity with a pro-forma enterprise value of more than $1.0 billion at the close of the deal. NextDecade's shareholders will be entitled to additional contingent stock consideration of approximately $200 million, which will be payable on achieving certain pre-agreed milestones. Once the transaction is completed Harmony will own nearly 13% in the merged entity. The Boards of Directors of both Harmony and its Special Advisor have approved the merger agreement. NextDecade's Board of Managers as well as its members has also approved this deal. The transaction is expected to close in the later part of Q2 2017 subject to approvals from Harmony's shareholders and certain closing conditions. Details of the Parties to the Merger Agreement Harmony Merger Corp. – The New York based Company is a blank check firm, also known as a Special Purpose Acquisition Company (SPAC). It does not have any business operations but has raised $100 million via an IPO (Initial Public Offering). Its only objective is to merge with a private Company whose value is in the range of $250 million to $1.0 billion or more. Harmony's management team lead by CEO Eric Rosenfeld has successfully completed four SPAC transactions, including Hill International (NYSE: HIL), Primoris Services Corp. (NASDAQ: PRIM), SAExploration (NASDAQ: SAEX), and Pangaea Logistics Solutions (NASDAQ: PANL). Harmony had earlier on January 07, 2017 announced the merger with privately-held MUNDOmedia. However, the merger was terminated by MUNDOmedia in February 2017. The issue was resolved in early March 2017 with the merger being terminated amicably effective February 23, 2017. NextDecade LLC – The Woodlands, Texas based Company was founded in 2010 and is a project development and management firm of LNG projects. NextDecade is currently focused on a land-based LNG export project - Rio Grande LNG (RGLNG) in Brownsville, Texas located on the US Gulf Coast and Rio Bravo pipeline originating in the Agua Dulce market area. Apart from this the Company is exploring and developing opportunities in the US and across the globe in areas like creation of natural gas infrastructure, transportation and storage of LNG, and the trading of natural gas as LNG. NextDecade has submitted its pre-filing request to the Federal Energy Regulatory Commission (FERC) in March 2015 followed by a formal application in May 2016. The main investors and majority stakeholders in NextDecade include funds managed by York Capital Management, Valinor Management, and Halcyon Capital Management. At the close of trading session on Tuesday, April 18, 2017, Harmony Merger's stock price slipped 1.64% to end the day at $10.20. A total volume of 1.44 thousand shares were exchanged during the session. The Company's share price has gained 0.05% in the past one month and 0.29% on YTD basis. The stock currently has a market cap of $316.91 million. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. 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News Article | December 12, 2016
THE WOODLANDS, Texas--(BUSINESS WIRE)--In a joint announcement, NextDecade Global Solutions, a subsidiary of NextDecade, LLC, and FLEX LNG revealed that the two companies have signed a Heads of Agreement (HOA) to create a full value chain solution for customers looking to purchase LNG from NextDecade’s Rio Grande LNG export project in Brownsville, TX. Initially, NextDecade and FLEX LNG will develop Floating Storage and Regasification Unit (FSRU) and dockside solutions for international customers of NextDecade’s, with the LNG supply also provided by NextDecade. The agreement will reunite two pioneers of the floating LNG business, NextDecade Chair and CEO Kathleen Eisbrenner and Jonathan Cook who will become CEO of FLEX LNG early next year. In 2003, Eisbrenner founded Excelerate Energy where she originated and brought to market the first FSRUs, dramatically altering the LNG industry landscape by opening up new markets to LNG with a flexible and cost-effective solution. At Eisbrenner’s side, Cook as Chief Operating Officer helped lead the development, construction, and operations of those efforts. “Global interest for NextDecade’s U.S.-produced LNG has demonstrated a need for additional and flexible import solutions worldwide,” said Eisbrenner. “We are delighted to be partnering with FLEX LNG to bring these options to support our customers.” The HOA stipulates the terms for the long-term charter of FLEX LNG FSRUs, connecting customers with a need for regasification import solutions to NextDecade’s Rio Grande LNG export project. FLEX LNG is actively developing FSRU solutions which include new-build vessels as well as conversions of existing LNG carriers. The agreement with NextDecade will enable the companies to jointly develop and deliver timely and cost effective import solutions tailored to its customers' needs. Since the advent of the FSRU, the number of countries capable of importing LNG has more than tripled, with much of this growth directly attributable to the FSRU technology pioneered by Eisbrenner and Cook. FLEX LNG was incorporated in 2006 and has developed floating LNG solutions including floating regasification, LNG production, and LNG carriers. The Company is listed in Norway under the ticker code FLNG and is constructing two state of the art MEGI Panamax LNG carriers with a capacity of 174,000m3 with Samsung Heavy Industries, for delivery in H1 2018. FLEX LNG is also marketing the two MEGI 174,000m3 LNG carriers that are under construction at DSME for delivery in 2018, controlled by affiliated Seatankers Management Co Ltd. NextDecade, based in The Woodlands, Texas, is a development and management company of land-based and floating LNG projects, creating innovative opportunities in the integrated natural gas industry and providing customers access to the full LNG value chain. By bringing together people, companies and opportunities, NextDecade assembles best in class assets to deliver successful projects. Founded in 2010, NextDecade represents a team of industry leaders with extensive experience in the full LNG value chain, including successfully closing major LNG off-take deals, LNG/FLNG technology, and project management. The experienced team has developed, led, closed and operated industry-leading LNG, Gas and Electricity projects globally. For more information, please visit www.next-decade.com. Statements made herein by NextDecade, LLC (“ND”) or any of its officers, directors, members, shareholders, employees, advisors, representatives, contractors or agents (“ND Representatives”) may include statements of future expectations and other forward-looking statements that are based on such ND’s or ND Representatives’ present views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to materially differ from those expressed or implied in such statements. ND and ND Representatives assume no obligation to update any forward-looking statement or to update any information contained herein. To the fullest extent permitted by law, Company excludes all representations and warranties relating to its contents and excludes all liability for damages arising out of or in connection with use of this information. Any development of the project remains contingent upon completing required commercial agreements; acquiring all necessary permits and approvals; securing all financing commitments and potential tax incentives; achieving other customary conditions; and making a final investment decision to proceed.
Eisbrenner K.,NextDecade LLC |
Srinivasan V.,NextDecade LLC |
Davison S.,NextDecade LLC |
Van Vliet R.,NextDecade LLC |
And 2 more authors.
Offshore Technology Conference, Proceedings | Year: 2014
FLNG solutions are gaining credibility as an effective solution to monetize stranded gas reserves, and in the process are slated to become an integral part of the LNG value chain. FLNG's role in the LNG value chain can be likened to proven FPSO solutions in the crude oil business, LPG FPSO's, and FSRU's. A discussion covers an overview of FLNG designs; potential markets; and investment insights to developers and investment professionals seeking participation in the FLNG market. This is an abstract of a paper presented at the Offshore Technology Conference 2014 (Houston, TX 5/5-8/2014).