\nNextDecade Corporation (NextDecade) (NASDAQ: NEXT) and Project Canary announced today the formation of a joint pilot project for monitoring, reporting, and independent third-party measurement and certification of the greenhouse gas (GHG) intensity of liquefied natural gas (LNG) to be sold from NextDecade\u2019s Rio Grande LNG export facility in the Port of Brownsville, Texas.\n<\/p>\n
\nProject Canary is focused on delivering independent, trusted, continuous emissions monitoring data and related technologies to assess environmental performance across the energy value chain. In its pilot project with NextDecade, the first in the global LNG industry, Project Canary will deploy its TrustWell\u2122 certification process to confirm each element of the natural gas value chain \u2013 from the wellhead to the ship at Rio Grande LNG \u2013 has achieved low emissions targets and utilized the highest standards of environmental performance and social responsibility. This partnership will enable the development of a responsibly sourced natural gas supply chain from leading producers in the Permian Basin and Eagle Ford Shale and independent, third-party certification of the GHG intensity of LNG.\n<\/p>\n
\n\u201cNextDecade is committed to working with sustainable producers seeking to supply responsibly sourced natural gas to Rio Grande LNG,\u201d said Matt Schatzman, NextDecade\u2019s Chairman and Chief Executive Officer.<\/b> \u201cProject Canary\u2019s independent measurement and certification platform will provide transparency and give confidence to our customers who are increasingly focused on securing low greenhouse gas-intensive LNG. Reliable, competitively priced LNG and responsible environmental stewardship are not mutually exclusive, and we are pleased to work with Project Canary to establish a new and higher standard for the supply of low-GHG LNG to markets around the world.\u201d\n<\/p>\n
\nLast month, NextDecade announced its wholly owned subsidiary, NEXT Carbon Solutions, is developing one of the largest carbon capture and storage (CCS) projects in North America at Rio Grande LNG. NEXT Carbon Solutions\u2019 CCS project at Rio Grande LNG is expected to enable the capture and permanent geologic storage of more than five million tonnes of carbon dioxide (CO2<\/sub>) per year. Combining responsibly sourced gas with the anticipated CO2<\/sub> emissions reduction associated with NEXT Carbon Solutions\u2019 CCS project is expected to enable Rio Grande LNG to produce the lowest lifecycle GHG LNG on a free-on-board basis and to be the greenest LNG project in the world.\n<\/p>\n \n\u201cThe differentiated market for responsibly sourced gas is expanding rapidly on a global scale as customers, investors and regulators seek, push for, and reward energy produced with the highest environmental standards,\u201d said Chris Romer, Project Canary Co-Founder and Chief Executive Officer.<\/b> \u201cWe\u2019re proud of the important and growing role we\u2019re playing in putting our independent technologies to work to help our customers and look forward to supporting NextDecade and the companies involved in its natural gas value chain in enhancing environmental performance, ensuring compliance with regulatory standards, and delivering on commercial commitments.\u201d\n<\/p>\n \nA Denver-based B-Corp, Project Canary provides emissions monitoring data and related technologies across the energy value chain \u2013 from the production, transmission and marketing of responsibly sourced natural gas. Project Canary\u2019s TrustWell\u2122 certification is the premium standard for responsibly sourced gas. Trustwell\u2122 certification, which scores across four primary categories of responsibility \u2013 air, water, land, and community \u2013 assigns ratings based on independent review and rigorous data analysis and has been involved in over 85 percent of responsibly sourced gas transactions in the United States to date. Project Canary has completed more than 5,500 TrustWell\u2122 certifications, with over 1,000 in process, and by mid-year 2021 will have approximately 400 real-time emissions monitoring units deployed.\n<\/p>\n About NextDecade Corporation<\/b><\/p>\n \nNextDecade Corporation (NextDecade) is committed to providing the world access to cleaner energy. NextDecade, through its wholly owned subsidiaries Rio Grande LNG and NEXT Carbon Solutions, is developing a 27 mtpa LNG export facility in South Texas along with one of the largest carbon capture and storage projects in North America. The Rio Grande LNG facility is expected to be the largest and greenest U.S. LNG export solution linking Permian Basin and Eagle Ford Shale natural gas to the global LNG market. NextDecade\u2019s common stock is listed on the Nasdaq Stock Market under the symbol \u201cNEXT.\u201d NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com<\/a>.\n<\/p>\n About Project Canary<\/b><\/p>\n \nProject Canary, an International Environmental Standards company based in Denver, Colorado, is a mission-driven B-Corporation (approval pending) accountable to a double bottom line of profit and the social good. Project Canary believes it is possible to create a financially successful, self-sustaining business that \u201cdoes well and does good.\u201d Project Canary\u2019s goal is to mitigate climate change by helping the energy value chain operate on a cleaner, more efficient, more sustainable basis. Its proven solutions provide real-time emissions monitoring and rigorous independent certification of oil and gas well sites for responsible operations. Project Canary helps organizations collect, manage, operationalize, and benefit from real-time, trusted, and independent environmental data. Project Canary also partners with the Colorado School of Mines Payne Institute to develop a collaborative environment for oil and gas companies and external parties to share best practices and insights garnered through continuous monitoring. For more information, please visit www.projectcanary.com<\/a>.\n<\/p>\n NextDecade Forward-Looking Information<\/b><\/p>\n \nThis press release contains forward-looking statements within the meaning of U.S. federal securities laws including, in particular, statements about the Company\u2019s private placement of Series C Preferred Stock and the use of proceeds thereof. The words \u201canticipate,\u201d \u201ccontemplate,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201cbelieve,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201ccan have,\u201d \u201clikely,\u201d \u201ccontinue,\u201d \u201cdesign\u201d and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on NextDecade\u2019s current assumptions, expectations, and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about progress in the development of NextDecade\u2019s LNG liquefaction and export projects and the timing of that progress; NextDecade\u2019s final investment decision (\u201cFID\u201d) in the construction and operation of a LNG terminal at the Port of Brownsville in southern Texas (the \u201cTerminal\u201d) and the timing of that decision; the successful completion of the Terminal by third-party contractors and an approximately 137-mile pipeline to supply gas to the Terminal being developed by a third-party\u037e NextDecade\u2019s ability to secure additional debt and equity financing in the future to complete the Terminal; the accuracy of estimated costs for the Terminal; statements that the Terminal, when completed, will have certain characteristics, including amounts of liquefaction capacities; the development risks, operational hazards, regulatory approvals applicable to the Terminal\u2019s and the third-party pipeline’s construction and operations activities\u037e NextDecade\u2019s anticipated competitive advantage and technological innovation which may render its anticipated competitive advantage obsolete; the global demand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG industry, including environmental laws and regulations that impose significant compliance costs and liabilities; NextDecade\u2019s ability to develop and implement carbon capture and storage or similar technology to reduce anticipated carbon emissions from the Terminal; global pandemics including the 2019 novel coronavirus pandemic and their impact on NextDecade\u2019s business and operating results, including any disruptions in NextDecade\u2019s operations or development of the Terminal and the health and safety of NextDecade\u2019s employees, and on NextDecade\u2019s customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; NextDecade\u2019s ability to maintain the listing of its securities on a securities exchange or quotation medium; changes adversely affecting the business in which NextDecade is engaged; management of growth; general economic conditions; NextDecade\u2019s ability to generate cash; compliance with environmental laws and regulations; the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the \u201cRisk Factors\u201d section of NextDecade\u2019s Annual Report on Form 10-K for the year ended December 31, 2020 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference. Additionally, any development of the Terminal remains contingent upon completing required commercial agreements, acquiring all necessary permits and approval, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210419005130\/en\/<\/a><\/span><\/p>\n \nPatrick Hughes<\/p>\n
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phughes@next-decade.com
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+1-832-209-8131\n<\/p>\n
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