NextDecade Corporation (NASDAQ: NEXT) announced today that its subsidiary, Rio Grande LNG, LLC, has withdrawn its application for the proposed carbon capture and storage (CCS) project at the Rio Grande LNG facility from the Federal Energy Regulatory Commission (FERC). The company has also requested that FERC terminate the ongoing CCS proceeding.
“We appreciate the FERC’s diligence during the review process,” said NextDecade Chairman and CEO Matt Schatzman. “At this time, the CCS project at RGLNG is not sufficiently developed to continue the FERC review. However, we remain committed to advancing and reducing the cost of carbon capture and storage technology, helping companies lower their facility emissions, and supporting the achievement of clean energy goals.”
About NextDecade Corporation
NextDecade Corporation is an energy company focused on accelerating the transition to a net-zero future. As a leader in sustainable LNG and carbon capture solutions, NextDecade is dedicated to providing cleaner energy access worldwide. Through its subsidiaries, Rio Grande LNG and NEXT Carbon Solutions, the company is developing a 27 MTPA LNG export facility in South Texas and has proposed a carbon capture and storage project at the site. NextDecade also collaborates with third-party customers to deploy proprietary processes that lower the cost of carbon capture and reduce CO2 emissions at industrial-scale facilities. The company’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” Headquartered in Houston, Texas, more information about NextDecade can be found at www.next-decade.com.
Forward-Looking Statements
This press release contains forward-looking statements as defined under U.S. federal securities laws. Terms such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “could,” “should,” and similar expressions are intended to identify these statements. These forward-looking statements are based on assumptions and analysis by NextDecade, considering current expectations, historical trends, and future events and trends. They involve known and unknown risks that may cause actual results to differ materially from those anticipated. While NextDecade believes the expectations in these statements are reasonable, there is no assurance that they will be correct. Actual results could vary significantly due to various factors, including those outlined in NextDecade’s periodic reports filed with the Securities and Exchange Commission. The development of additional trains at the Rio Grande LNG facility or CCS projects is contingent on obtaining government approvals, executing commercial and financing agreements, securing financing commitments and potential tax incentives, fulfilling customary conditions, and making a final investment decision. The forward-looking statements in this press release speak only as of the date of this release, and NextDecade disclaims any obligation to update them unless required by law.
