Billionaire Wes Edens’ Big Energy Dream Hit the Rocks
US billionaire Wes Edens is facing major setbacks in his ambitious push to build a global energy powerhouse, after his company, New Fortress Energy, went all in on an experimental concept it branded as Fast LNG — a bet that has increasingly weighed on the firm.
In a lengthy interview with Bloomberg Businessweek, Edens, 64, laid out his optimistic vision for the company’s future despite mounting challenges.
He highlighted New Fortress Energy’s operations in Brazil, Mexico, and Nicaragua, as well as the broader global growth potential of liquefied natural gas.
The discussion took place at the company’s facility at the Port of San Juan in Puerto Rico, where New Fortress Energy supplies more than a third of the island’s natural gas and operates several power plants.
Edens said the company has invested about $7 billion and devoted millions of hours to building what he described as an impressive constellation of assets, while noting that public markets are not always patient with long-term strategies.
However, the company’s heavy reliance on the Fast LNG model has exposed it to significant operational and financial risks, as returns have lagged and doubts have grown over the viability of the approach, putting increasing pressure on its future prospects.
In a lengthy interview with Bloomberg Businessweek, Edens, 64, laid out his optimistic vision for the company’s future despite mounting challenges.
He highlighted New Fortress Energy’s operations in Brazil, Mexico, and Nicaragua, as well as the broader global growth potential of liquefied natural gas.
The discussion took place at the company’s facility at the Port of San Juan in Puerto Rico, where New Fortress Energy supplies more than a third of the island’s natural gas and operates several power plants.
Edens said the company has invested about $7 billion and devoted millions of hours to building what he described as an impressive constellation of assets, while noting that public markets are not always patient with long-term strategies.
However, the company’s heavy reliance on the Fast LNG model has exposed it to significant operational and financial risks, as returns have lagged and doubts have grown over the viability of the approach, putting increasing pressure on its future prospects.
