New Fortress Energy Inc. (NASDAQ:NFE) Q4 2022 Earnings Call Transcript

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But I think that the quality and duration and durability of some of those products is actually very, very, very inexpensive relative to the rest of the world. And so I am a big believer in the value of those assets. And whether it’s directly or it’s in partnership or some combination of all that, I think that’s something we will explore over time. And obviously, it’s first step first is get the FLNG. So, we are connected to the system directly. And then I think those kinds of opportunities are things that we will think about.

Martin Malloy: Okay. And my second question, I just wanted to ask about the hydrogen zero project. And maybe are there any milestones we should be looking out for there?

Wes Edens: Yes. I mean the €“ I left it out of the presentation because we are actually so far on the tracks of what our thoughts are with regards to that as a business. As we said before, my goal is to get a project fully committed and out of the ground and then in all likelihood, spin that off as a separate company because it deserves to have a separate identity. And I think our goal for that is to do so in the first half of this year if everything goes to plan. We have ordered the long lead items from Plug. We have personnel that are working on it every day. We have a site which is now cleared. We have the bulk of the engineering down. So, there is a whole bunch of individual milestones. But rather than kind of clutter up what I think is an otherwise very clean beginning of the year picture for the company, I thought we would just leave that on to the side.

But it’s a good question to ask. And I think that I think €“ look, I think with the IRA and the incentives the government has provided, makes the U.S. the most attractive place on earth to build hydrogen facilities. The location of those facilities is very, very important because when you create hydrogen, it quickly turns from a chemistry problem into a transportation problem. So, you want to be located next to where people are going to use it. Our site down in Beaumont we think is ideal because we are close to customers or close to hydrogen pipelines, that’s great. But I think our goal is to actually have a pretty specific update on this in the not-too-distant future. So €“ and I think that the prospects for that business, given kind of the macro environment for here in the U.S. and the $3 a kilogram production credit are actually quite good.

So, thanks for the question.

Operator: And that will conclude today’s question-and-answer portion of the call. I would now like to turn the conference back to Mr. Edens for any additional or closing remarks.

Patrick Hughes: Jess, I will take it. It’s Patrick Hughes here. Thanks everybody for joining today. We remain available to you as always, to answer additional questions as they may arise. And we wish you a good day. Thank you.

Operator: Ladies and gentlemen, that does conclude today’s call. We thank you for your participation. You may disconnect at this time and have a great day.

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