Hygo Energy Transition

Hygo Energy Transition Ltd. was a Bermuda-based company that provided integrated downstream liquefied natural gas (LNG) solutions, operating LNG carriers, Floating Storage and Regasification Units (FSRUs), terminals, and power distribution services. The company was established as a 50-50 joint venture between Golar LNG Limited and Stonepeak Infrastructure Partners. Hygo's business model focused on developing projects that promoted natural gas as a replacement for oil-derived liquid fuels in underserved markets, with a significant presence in Brazil.

In January 2021, New Fortress Energy (NFE) announced it would acquire 100% of Hygo in a transaction valued at a $3.1 billion enterprise value and a $2.18 billion equity value. The acquisition, which also included Golar LNG Partners (GMLP), was completed in April 2021 for 31.4 million shares of NFE stock and $580 million in cash. The deal positioned NFE as a leading gas-to-power provider in Brazil. Through the acquisition, NFE absorbed Hygo's portfolio, which included an operational FSRU terminal, a 50% interest in a 1500MW power plant in Sergipe, Brazil, and two other FSRU terminals in advanced development. The transaction also included Hygo's fleet of a newbuild FSRU and two operating LNG carriers.

Prior to the acquisition, Hygo had planned for a $450 million IPO on the Nasdaq in September 2020. However, the company faced a setback when its then-CEO, Eduardo Antonello, was implicated in a Brazilian corruption probe for activities prior to his role at Hygo, which led to his resignation. Paul Hanrahan was appointed as the new CEO in December 2020 before the company was ultimately acquired.

Keywords: Hygo Energy Transition, New Fortress Energy, Golar LNG, Stonepeak Infrastructure Partners, LNG solutions, gas-to-power, FSRU, floating storage regasification unit, energy infrastructure, LNG carriers, Brazil energy market, Sergipe power plant, LNG acquisition, downstream LNG, energy transition.