Stabilis Solutions, Inc. (NASDAQ: SLNG) is engaged as a provider of liquefied natural gas (LNG) production, storage and delivery to multiple markets across North America. The company distributes its LNG to industrial, midstream and oilfield clients, while fueling solutions are provided to industrial users of energy products. Shares of the natural gas producer are soaring 94% through early trading on Wednesday, September 21, 2022. Over the past three months, Stabilis Solutions has seen average daily volume of 5,210 shares. However, volume of 12.58 million shares or dollar volume of around $130.45 million, has already exchanged hands through early trading.
Shares of Stabilis Solutions are surging after the company announced that it has received approval and authorization from the U.S. Department of Energy (DOE) to export its domestically-produced LNG to all free trade and non-free trade countries. Stabilis Solutions will now be able to export its LNG to countries across Latin America, Asia and Europe.
Under the terms of the DOE approval, Stabilis Solutions will be able to export up to 51.75 billion cubic feet per year of U.S.-produced LNG. The DOE’s authorization is active for a term of 28 years.
“The DOE’s approval provides us with the ability to assist in the world’s current energy crisis as well as longer term capabilities to facilitate the world’s transition to cleaner energy sources,” said Westy Ballard, President & Chief Executive Officer of Stabilis, “and we look forward to working with our customers to commercialize these exciting export opportunities.”
The DOE ruling comes amid the Russia-Ukraine war, which has subsequently led to Russia turning off its energy exports to most of Europe. With the winter months rapidly approaching, European countries, in particular, are scrambling to find new energy supplies to help reduce rising costs and to ensure proper heating for their citizens for the months ahead.
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