Excelerate Energy owns and operates a fleet of floating storage and regasification units (FSRUs) — vessels that receive liquefied natural gas (LNG) delivered by tanker, convert it back into natural gas, and pipe it into local gas grids. This floating approach lets countries access LNG supply faster and at lower cost than building permanent onshore terminals. Excelerate's customers are primarily state-owned energy companies and government ministries in markets that lack domestic gas resources or pipeline access, making LNG imports critical for power generation and industrial use. Excelerate operates 11 FSRUs across Argentina, Bangladesh, Brazil, Finland, Germany, Pakistan, and the UAE, with a 12th under construction for Iraq. Excelerate reports two revenue lines: Terminal Services, where customers pay fixed daily charter rates under long-term, take-or-pay contracts for FSRU use; and LNG, Gas and Power, where Excelerate sources LNG under long-term purchase agreements and sells it back-to-back under long-term sales agreements, locking in a fixed margin regardless of LNG prices. The integrated model — bundling the vessel, terminal, and LNG supply — generates higher returns and is Excelerate's preferred growth approach. Over 90% of EBITDA is backed by take-or-pay contracts. Excelerate is expanding via integrated LNG-to-power deals (notably a $520-550M project in Iraq), a hub-and-spoke LNG distribution model in the Caribbean using Jamaica as a central hub, and fleet growth through FSRU conversions and newbuilds.