Exhibit 99.1
Crown LNG Issues Corporate Update
London, United Kingdom September 11, 2024 (GLOBE NEWSWIRE) — Crown LNG Holdings Limited (NASDAQ: CGBS) (“Crown” or “Crown
LNG”), a leading provider of liquefied natural gas (“LNG”) regasification and liquefaction terminal technologies for harsh weather locations, today published a corporate update outlining its strategic focus to capitalize on
growing customer demand, emerging market conditions and continued commercial progress towards its previously announced projects across the world. The full text of the update below can also be found at https://www.crownlng.com/investors.
As Crown LNG’s CEO, I am excited to share our plans to accomplish our mission to enable stable, secure, year-round LNG deliveries in growing markets
where harsh weather conditions can otherwise make LNG delivery dangerous or unviable.
Crown is in a truly unique position to more quickly and
cost-effectively address one of the largest challenges of the global energy transition and broader energy complex, helping world economies ensure access to more secure, clean energy options and accelerating the replacement of coal in their energy
mix.
Following the completion of our successful business combination and entry to public markets in early July, I would like to take this opportunity to
clearly outline our pathway to commercialization and stable cash flows over the next several quarters.
As energy demand increases across world economies,
LNG use is projected to expand dramatically. Crown LNG is well-positioned to capitalize on the strong market tailwinds of rising energy security concerns and the increasing use of natural gas as a transition fuel. As this demand grows, the need for
weather-resistant, critical infrastructure will also increase.
The technology underlying our platform has operated for many years in harsh weather
environments like the North Sea, offshore Eastern Canada, and other locations. The strength of our opportunity to address potential bottlenecks to global LNG supply is due to our differentiated facility plans that are less costly, easier to permit,
and faster to installation and operations than other LNG infrastructure. Our ability to execute is evidenced by the demonstrable progress we have made toward final investment decision (“FID”) on near-term projects. Underpinning this
progress are our strong relationships with partners and customers in key markets across the globe, which provide a strong pipeline of commercial projects to drive our growth.
Today I am sharing with you the core strategic priorities that serve as the basis for our plan to bring projects online and expand our revenue generating
opportunities:
| |
• |
|
Advancing projects toward FID: We have multiple near-term projects progressing toward FID, including our
already approved gravity-based structure (“GBS”) project in Kakinada, India, and our planned floating LNG import terminal in the Firth of Forth, Scotland, for which we recently announced the appointment of a design and engineering
partner. We now target FID of Q2 2025 for our project in Firth of Forth, Scotland, and re-affirm target of Q3 2025 for our project in Kakinada, India. |