1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
EE
Event Date
2022-04-13
Sector
Utilities
Subsector
Gas Utilities
Offer Range
$24.00
Shares Offered
16M
108.28M
$2.5B
14.8%
Implied Upside vs Midpoint
Description
Excelerate is changing the way the world accesses cleaner, more affordable and reliable energy by delivering regasified natural gas, benefitting hundreds of millions of people around the world. From our founding, we have focused on providing flexible liquefied natural gas (“LNG”) solutions to emerging markets in diverse environments across the globe, providing a lesser emitting form of energy to markets that often rely on coal as their primary energy source. At Excelerate, we believe that access to affordable energy such as LNG is critical to assisting emerging markets in their decarbonization efforts, while at the same time promoting economic growth and improving quality of life. We have grown our business significantly since our first floating storage and regasification unit (“FSRU”) charter in 2003, and today, we are a profitable energy company with a geographically diversified business model. Our business spans the globe, with regional offices in eight countries and operations in the United States, Brazil, Argentina, Israel, United Arab Emirates, Pakistan and Bangladesh. We are the largest provider of regasified LNG in Argentina and Bangladesh and one of the largest providers of regasified LNG in Brazil and Pakistan, and we operate the largest FSRU in Brazil. We also lease an LNG terminal in Bahia, Brazil from Petróleo Brasileiro S.A. (“Petrobras”), and in December 2021, we started importing LNG and selling regasified natural gas to Petrobras. In addition to Petrobras, we have plans to sell regasified natural gas to other downstream customers in Brazil, Albania, the Philippines and Bangladesh. In each of these countries, we offer a cleaner energy source from which power can be generated consistently. The high value our customers place on our services has resulted in a reliable source of revenues to us, while our global reach helps balance seasonal demand fluctuation among the geographies in which we operate. Our business focuses on the integration of the natural gas-to-power LNG value chain, and as part of this value chain, we operate regasification terminals in growing global economies that utilize our FSRU fleet. Our business is substantially supported by time charter contracts, which are effectively long-term, take-or-pay arrangements and provide consistent revenue and cash flow from our high-quality customer base. As of February 2022, we operate a fleet of ten purpose-built FSRUs, have completed more than 2,200 ship-to-ship (“STS”) transfers of LNG with over 40 LNG operators since we began operations and safely delivered more than 5,500 billion cubic feet (“BCF”) of natural gas through 15 LNG terminals. For the years ended December 31, 2021 and December 31, 2020, we generated revenues of $468.0 million and $430.8 million, respectively, from our FSRU and terminal services businesses, representing approximately 53% and 100% of our total revenues for each of those years. We also procure LNG from major producers and sell regasified natural gas through our flexible LNG terminals. For the year ended December 31, 2021, we generated revenues of $420.5 million from LNG and natural gas sales, representing approximately 47% of our total revenues for that year. For the year ended December 31, 2020, we had no revenue from LNG and natural gas sales due to our strategic decision to pursue long-term sales contracts rather than short-term contracts or spot market sales. The commercial momentum that we have established in recent years and the increasing need for access to LNG around the world have resulted in a significant portfolio of new growth opportunities for us to pursue. In addition to our FSRU and terminal services businesses and natural gas sales, we plan to expand our business to provide customers with an array of products, including LNG-to-power projects and a suite of smaller-scale natural gas distribution solutions. We are currently developing a set of integrated LNG projects in Albania, the Philippines and Bangladesh. We consider these projects to be in advanced development and estimate that these projects together represent $1 billion in future capital investment. We are also evaluating and pursuing over twenty additional early-stage projects with opportunities in the Middle East, Africa, Europe, Latin America and Asia. Our integrated LNG solutions are designed to avoid the roadblocks that routinely hinder the development of terminal, gas and power projects in markets worldwide. We offer enhanced energy security and independence to the countries in which we operate, while playing a vital role in advancing their efforts to lower carbon emissions and comply with the Paris Agreement on climate change. From our global experience, we see firsthand the impact of providing local communities with a reliable source of energy and the subsequent development of natural gas and power infrastructure to take advantage of the natural gas we deliver to them. With improved accesses to cleaner, more affordable and reliable energy, countries are able to power industries, light homes and bolster economies. Additionally, some of the markets in which we operate lack developed energy infrastructure and therefore rely heavily on our services. For example, our operations in Pakistan provide as much as 15% of the country’s daily natural gas requirements, and our projects in Bangladesh have increased the country’s natural gas supply by 20% to 30%. We seek to optimize our LNG portfolio and fleet flexibility to deliver the best solutions that scale with our customers’ needs. We believe that LNG will play a critical part in the global transition to a lower-carbon future. Even the most aggressive scenarios that call for a larger role for renewables and new technology in decarbonization efforts fail to achieve the Paris Agreement’s goals without substantial growth in natural gas volumes, including in the form of LNG, through 2040. While more aggressive mandates to shift electricity generation away from fossil fuels to renewable energy sources are possible, as a pioneer in flexible LNG solutions, we are well positioned to support society’s transition to a lower-carbon energy future. --- Excelerate was incorporated in Delaware on September 10, 2021. It had no business operations prior to this offering. In connection with the consummation of this offering, Excelerate will become (or a wholly owned subsidiary of Excelerate will become) the general partner of EELP. Our principal executive offices are located at 2445 Technology Forest Blvd., Level 6, The Woodlands, TX 77381 and our telephone number is (832) 813-7100. Our website address is www.excelerateenergy.com.
Excelerate Energy, Inc. annual income statement and balance sheet, FY 2022 to FY 2025, as reported in SEC filings.
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $2.5B | $1.2B | $851M | — |
| Operating income | $187M | $211M | $215M | — |
| Metric | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | — | — | $2.9B | $4.1B |
| Total liabilities | — | — | $995M | $1.9B |
| Total equity | — | — | $1.9B | $2.2B |
| Cash & equivalents | — | — | $538M | $538M |