The Woodlands, Texas-based Excelerate Energy Inc. signed an agreement on Aug. 25 with ENGIE to provide flexible and secure LNG regasification capacity for Germany as it continues to seek alternatives to Russian pipeline gas supply.
Under the proposed agreement, announced Sept. 1, Excelerate would deploy a floating storage and regasification unit (FSRU) from its integrated fleetto provide regasification services for a period of five years at Germany’s fifth planned LNG import terminal, which is being developed at the port of Wilhelmshaven by Tree Energy Solutions (TES) and ENGIE. The deployment of an FSRU to Germany would significantly increase the Excelerate’s presence in the European market.
“This term sheet represents an important milestone in our commercial negotiations to support the development of a new FSRU import terminal in Germany,” said Oliver Simpson, commercial vice president of Excelerate. “We look forward to collaborating with ENGIE and its partners E.ON and TES to support Germany as the country seeks to enhance its energy security and achieve its decarbonization goals.”
The proposed deal demonstrates the flexibility of Excelerate’s business model and the value of its integrated FSRU fleet, which allows the company to help strengthen Europe’s energy security while expanding its terminal services and downstream gas sales in markets around the world.
Excelerate Energy Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Founded in 2003 by George B. Kaiser, the company 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. Excelerate offers a full range of flexible regasification services from FSRU to infrastructure development to LNG supply. The company has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC.Tags: Excelerate Energy Inc., Floating Storage and Regasification Unit (FSRU), LNG, LNG exports