NextDecade (NEXT) Announces Issuance of Preferred Equity to OGCI Climate Investments
- Futures slip as U.S. calls for pause in J&J's single-dose COVID-19 vaccine
- U.S. Calls for Pause of J&J (JNJ) Vaccine After Clotting Cases, Including One Death
- Oil prices rise after robust China data
- Bitcoin (BTC) Price Soars 5% to Fresh Record Highs Ahead of Coinbase IPO
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced today that it has agreed to sell $10 million of Series C Convertible Preferred Stock (Series C Preferred Stock) in a private placement to OGCI Climate Investments Holdings LLP (OGCI Climate Investments).
OGCI Climate Investments is a fund set up by member companies of the Oil and Gas Climate Initiative (OGCI) to catalyze low carbon ecosystems and deliver carbon reduction. One of OGCI Climate Investments’ areas of focus is the capture and storage of carbon dioxide (CCS) in industrial processes including power generation. The fund invests in projects and technologies that are economic and implementable, helping to demonstrate the viability of a global CCS industry.
Earlier this month, NextDecade announced its wholly owned subsidiary, NEXT Carbon Solutions, is developing one of the largest CCS projects in North America at Rio Grande LNG. NEXT Carbon Solutions’ CCS project at Rio Grande LNG is expected to enable the capture and permanent geologic storage of more than five million tonnes of CO2 per year.
“We are pleased to welcome OGCI Climate Investments as a NextDecade investor,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “We share a vision of providing the world access to cleaner energy. This capital will enable the further advancement of NextDecade’s proprietary processes to lower the cost of utilizing CCS technology and the realization of the transformative and impactful contributions that we expect to make to the global energy industry and the quest toward a net-zero future.”
“Through its work at Rio Grande LNG, NextDecade demonstrates the economic and operational viability of CCS to deliver carbon reduction,” said Pratima Rangarajan, OGCI Climate Investments’ Chief Executive Officer. “We believe in NextDecade’s vision of delivering the lowest end-to-end emission LNG possible from the Permian and Eagle Ford basins.”
The offer and sale of the Series C Preferred Stock has not been, and will not be, registered under the Securities Act of 1933 (Securities Act), or any other securities laws, and the Series C Preferred Stock cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Trip.com Group (TCOM) Announces Pricing of Global Offering
- Geron Corp (GERN) Reports First Patient Dosed in IMpactMF Phase 3 Clinical Trial in Refractory Myelofibrosis
- Ford Motor (F) to open showrooms for EV in 20 Chinese cities