New Fortress Energy stock surges on Puerto Rico plant deal report

Investing.com -- Shares of New Fortress Energy (NASDAQ:NFE ) surged up 14% today, marking the most significant intraday rise since October, following reports that a consortium involving the company has been selected to build a new gas-fired power plant in Puerto Rico.

The San Juan Daily Star cited that authorities have chosen a consortium comprising Tropigas de Puerto Rico and Cratos Project Services to construct the 478-megawatt facility.

This development is a substantial step for New Fortress Energy, expanding its footprint in the energy infrastructure of Puerto Rico and potentially bolstering its future revenue streams.

While the company has not issued a formal statement regarding the consortium's selection, the market's response underscores investor confidence in New Fortress Energy's growth prospects.

The stock's movement reflects heightened anticipation of the company's role in addressing Puerto Rico's energy needs with the new plant.

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Source: Investing.com