When I study companies I run across some engaging people, such as Wes Edens, 60, an investor with a long history of money management with Lehman Brothers and BlackRock prior to founding Fortress Investment Group in 1998. He may be best known as co-owner of the NBA’s Milwaukee Bucks.
In 2014, Edens founded New Fortress Energy, which is “Powered by Positive Energy.” NFE’s mission statement is “We want to light the world,” driven by an awareness that “Billions of people around the planet lack access to affordable power. Electricity should not be a luxury good.” NFE is a liquefied natural gas (LNG) company.
I’m just beginning my study. It’s a unique utility with a low dividend yield and a low B+ S&P credit rating, but I’m intrigued by Eden’s “change the world” spirit. I think solar is the key to our energy future, but Eden sees an important role for LNG and hydrogen. It’s a fascinating human interest, environmental and sustainability story,