New Fortress Energy (NFE) and Apollo have formed a joint venture (JV) that now owns and operates 11 liquefied natural gas (LNG) infrastructure vessels.

The deal closed more than a month after the companies agreed to form a $2bn LNG maritime JV.

The newly established platform has been named Energos Infrastructure. Apollo-managed funds will own an 80% stake in the company, while the remaining 20% holding will be with NFE.

Maritime industry veteran Arthur Regan will lead Energos executive team as the CEO.

Energos will support the delivery, storage, and regasification of LNG, thereby helping countries to reduce their dependence on oil and coal, and lower carbon emissions.

New Fortress Energy chairman and CEO Wes Edens said: “Reliable energy infrastructure is essential to address the global energy crisis and reduce emissions.

“We are pleased to partner with Apollo to launch a premier LNG maritime infrastructure company that will enhance our efforts to bring cleaner fuel and energy security to customers around the world.”

Energos vessel portfolio will include six Floating Storage and Regasification Units (FSRUs), two LNG Carriers (LNGCs), and three Floating Storage Units (FSUs).

NFE will also charter ten of these vessels for a period of up to 20 years. These charters have commenced immediately or will begin after the vessels’ existing third-party charter agreements expire.

Commenting on the transaction, Apollo Partner Brad Fierstein said: “Energy transition and energy reliability are global priorities and core to Apollo’s sustainable investing platform.

“We’re very pleased to complete the JV transaction with NFE, and to have an industry veteran like Art at the helm, leading the business into its next phase.”