SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 4)*


NextDecade Corporation
(Name of Issuer)


Common Stock, $0.0001 Par Value
(Title of Class of Securities)


65342K105
(CUSIP Number)


Shawn Kim
280 Park Avenue , 23rd Floor East Tower
New York, NY, 10017
(929) 415-4433


Copies to Eric C. Otness, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP, 1000 Louisiana, Suite 6800
Houston, TX, 77002-5026
(713) 655-5100
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
11/18/2025
(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




SCHEDULE 13D/A
CUSIP No.
65342K105


1 Name of reporting person

HGC NEXT INV LLC
2 Check the appropriate box if a member of a Group (See Instructions)

☐  (a)
☒  (b)
3SEC use only
4 Source of funds (See Instructions)

AF
5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

☐
6 Citizenship or place of organization

DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
7 Sole Voting Power: 0.00
8 Shared Voting Power: 23,410,842.00
9 Sole Dispositive Power: 0.00
10 Shared Dispositive Power: 23,410,842.00
11 Aggregate amount beneficially owned by each reporting person

23,410,842.00
12 Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

☐
13 Percent of class represented by amount in Row (11)

8.8 %
14 Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentage calculation in Row 13 is based on 264,801,408 shares of Common Stock issued and outstanding as of October 27, 2025 as set forth in the Issuer's most recent Form 10-Q, as filed with the Securities and Exchange Commission on October 30, 2025.


SCHEDULE 13D/A
CUSIP No.
65342K105


1 Name of reporting person

Hanwha Impact Partners Inc.
2 Check the appropriate box if a member of a Group (See Instructions)

☐  (a)
☒  (b)
3SEC use only
4 Source of funds (See Instructions)

AF, WC
5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

☐
6 Citizenship or place of organization

DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
7 Sole Voting Power: 0.00
8 Shared Voting Power: 23,410,842.00
9 Sole Dispositive Power: 0.00
10 Shared Dispositive Power: 23,410,842.00
11 Aggregate amount beneficially owned by each reporting person

23,410,842.00
12 Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

☐
13 Percent of class represented by amount in Row (11)

8.8 %
14 Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The percentage calculation in Row 13 is based on 264,801,408 shares of Common Stock issued and outstanding as of October 27, 2025 as set forth in the Issuer's most recent Form 10-Q, as filed with the Securities and Exchange Commission on October 30, 2025.


SCHEDULE 13D/A
CUSIP No.
65342K105


1 Name of reporting person

Hanwha Impact Global Corporation
2 Check the appropriate box if a member of a Group (See Instructions)

☐  (a)
☒  (b)
3SEC use only
4 Source of funds (See Instructions)

AF
5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

☐
6 Citizenship or place of organization

KOREA, REPUBLIC OF
Number of Shares Beneficially Owned by Each Reporting Person With:
7 Sole Voting Power: 0.00
8 Shared Voting Power: 23,410,842.00
9 Sole Dispositive Power: 0.00
10 Shared Dispositive Power: 23,410,842.00
11 Aggregate amount beneficially owned by each reporting person

23,410,842.00
12 Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

☐
13 Percent of class represented by amount in Row (11)

8.8 %
14 Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The percentage calculation in Row 13 is based on 264,801,408 shares of Common Stock issued and outstanding as of October 27, 2025 as set forth in the Issuer's most recent Form 10-Q, as filed with the Securities and Exchange Commission on October 30, 2025.


SCHEDULE 13D/A
CUSIP No.
65342K105


1 Name of reporting person

Hanwha Aerospace Co., Ltd.
2 Check the appropriate box if a member of a Group (See Instructions)

☐  (a)
☒  (b)
3SEC use only
4 Source of funds (See Instructions)

WC
5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

☐
6 Citizenship or place of organization

KOREA, REPUBLIC OF
Number of Shares Beneficially Owned by Each Reporting Person With:
7 Sole Voting Power: 0.00
8 Shared Voting Power: 21,246,252.00
9 Sole Dispositive Power: 0.00
10 Shared Dispositive Power: 21,246,252.00
11 Aggregate amount beneficially owned by each reporting person

21,246,252.00
12 Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

☐
13 Percent of class represented by amount in Row (11)

8.0 %
14 Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The percentage calculation in Row 13 is based on 264,801,408 shares of Common Stock issued and outstanding as of October 27, 2025 as set forth in the Issuer's most recent Form 10-Q, as filed with the Securities and Exchange Commission on October 30, 2025.


SCHEDULE 13D/A
CUSIP No.
65342K105


1 Name of reporting person

Hanwha Ocean USA International LLC
2 Check the appropriate box if a member of a Group (See Instructions)

☐  (a)
☒  (b)
3SEC use only
4 Source of funds (See Instructions)

AF
5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

☐
6 Citizenship or place of organization

DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
7 Sole Voting Power: 0.00
8 Shared Voting Power: 17,536,369.00
9 Sole Dispositive Power: 0.00
10 Shared Dispositive Power: 17,536,369.00
11 Aggregate amount beneficially owned by each reporting person

17,536,369.00
12 Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

☐
13 Percent of class represented by amount in Row (11)

6.6 %
14 Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The percentage calculation in Row 13 is based on 264,801,408 shares of Common Stock issued and outstanding as of October 27, 2025 as set forth in the Issuer's most recent Form 10-Q, as filed with the Securities and Exchange Commission on October 30, 2025.


SCHEDULE 13D/A
CUSIP No.
65342K105


1 Name of reporting person

Hanwha Ocean USA Holdings Corp.
2 Check the appropriate box if a member of a Group (See Instructions)

☐  (a)
☒  (b)
3SEC use only
4 Source of funds (See Instructions)

AF
5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

☐
6 Citizenship or place of organization

DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
7 Sole Voting Power: 0.00
8 Shared Voting Power: 17,536,369.00
9 Sole Dispositive Power: 0.00
10 Shared Dispositive Power: 17,536,369.00
11 Aggregate amount beneficially owned by each reporting person

17,536,369.00
12 Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

☐
13 Percent of class represented by amount in Row (11)

6.6 %
14 Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The percentage calculation in Row 13 is based on 264,801,408 shares of Common Stock issued and outstanding as of October 27, 2025 as set forth in the Issuer's most recent Form 10-Q, as filed with the Securities and Exchange Commission on October 30, 2025.


SCHEDULE 13D/A
CUSIP No.
65342K105


1 Name of reporting person

Hanwha Ocean Co., Ltd.
2 Check the appropriate box if a member of a Group (See Instructions)

☐  (a)
☒  (b)
3SEC use only
4 Source of funds (See Instructions)

WC
5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

☐
6 Citizenship or place of organization

KOREA, REPUBLIC OF
Number of Shares Beneficially Owned by Each Reporting Person With:
7 Sole Voting Power: 0.00
8 Shared Voting Power: 17,536,369.00
9 Sole Dispositive Power: 0.00
10 Shared Dispositive Power: 17,536,369.00
11 Aggregate amount beneficially owned by each reporting person

17,536,369.00
12 Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

☐
13 Percent of class represented by amount in Row (11)

6.6 %
14 Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The percentage calculation in Row 13 is based on 264,801,408 shares of Common Stock issued and outstanding as of October 27, 2025 as set forth in the Issuer's most recent Form 10-Q, as filed with the Securities and Exchange Commission on October 30, 2025.



SCHEDULE 13D/A

Item 1.Security and Issuer
(a) Title of Class of Securities:

Common Stock, $0.0001 Par Value
(b) Name of Issuer:

NextDecade Corporation
(c) Address of Issuer's Principal Executive Offices:

1000 Louisiana Street, Suite 3300, Houston, TEXAS , 77002.
Item 1 Comment: This Amendment No. 4 ("Amendment No. 4") to Schedule 13D relates to the shares of common stock, $0.0001 par value per share ("Common Stock") of NextDecade Corporation, a Delaware corporation (the "Issuer"), and amends and supplements the initial statement on Schedule 13D filed on February 16, 2023, as amended by Amendment No. 1 thereto on July 18, 2023, Amendment No. 2 thereto on June 17, 2024 and Amendment No. 3 thereto on July 31, 2024 (as amended, the "Schedule 13D"). Capitalized terms used but not defined in this Amendment No. 4 shall have the same meanings ascribed to them in the Schedule 13D.
Item 2.Identity and Background
(a)
Item 2 of this Schedule 13D is hereby supplemented by the following:: Annex A of this Schedule 13D is amended and restated as set forth on the updated Annex A attached to this Amendment No. 4.
Item 3.Source and Amount of Funds or Other Consideration
 
Item 3 of this Schedule 13D is hereby supplemented by the following: The purchase of a total of 3,709,884 shares of Common Stock by Hanwha Aerospace Co., Ltd. for an aggregate purchase price of $23,306,023.29 in open market transactions from September 23, 2025 to November 20, 2025 with funds drawn from the working capital of Hanwha Aerospace Co., Ltd.
Item 4.Purpose of Transaction
 
Item 4 of this Schedule 13D is hereby supplemented by the following: The information in Item 3 of this Schedule 13D is incorporated herein by reference.
Item 5.Interest in Securities of the Issuer
(a)
Item (a) of this Schedule 13D are hereby amended and restated as follows: Calculations of the percentages of Common Stock beneficially owned are based on 264,801,408 shares of Common Stock issued and outstanding as of October 27, 2025 as set forth in the Issuer's most recent Form 10-Q, as filed with the Securities and Exchange Commission on October 30, 2025. The aggregate number and percentage of the Common Stock beneficially owned by each of the Reporting Persons are set forth on row 11 and row 13 of the cover pages of this Schedule 13D and are incorporated herein by reference.
(b)
Item (b) of this Schedule 13D are hereby amended and restated as follows: The aggregate number and percentage of the Common Stock for each of the Reporting Persons as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 10 of the cover pages of this Schedule 13D and are incorporated herein by reference.
(c)
Item (c) of this Schedule 13D are hereby amended and restated as follows: Hanwha Aerospace Co., Ltd. effected the following purchases with respect to the Common Stock during the past sixty days, all of which were open market purchases: 551,819 shares at a VWAP of $6.9856 on September 23, 2025, 449,510 shares at a VWAP of $7.0194 on September 24, 2025, 591,837 shares at a VWAP of $6.0685 on November 11, 2025, 460,334 shares at a VWAP of $6.0826 on November 13, 2025, 244,330 shares at a VWAP of $6.0886 on November 14, 2025, 295,875 shares at a VWAP of $5.8683 on November 17, 2025, 462,576 shares at a VWAP of $5.9247 on November 18, 2025, 305,973 shares at a VWAP of $6.0362 on November 19, 2025 and 347,630 shares at a VWAP of $6.0205 on November 20, 2025. Except as set above, the Reporting Persons have not effected any transactions in the Common Stock during the past 60 days.
Item 6.Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
 
Item 6 of this Schedule 13D is hereby amended and supplemented as follows: The information in Item 3 of this Schedule 13D is incorporated herein by reference.

    SIGNATURE 
 
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 
HGC NEXT INV LLC
 Signature:By: Hanwha Impact Partners Inc., its managing member, By: /s/ Sunghyun Hong
 Name/Title:Sunghyun Hong, President
 Date:11/20/2025
 
Hanwha Impact Partners Inc.
 Signature:/s/ Sunghyun Hong
 Name/Title:Sunghyun Hong, President
 Date:11/20/2025
 
Hanwha Impact Global Corporation
 Signature:/s/ Sung Bin Lim
 Name/Title:Sung Bin Lim, President
 Date:11/20/2025
 
Hanwha Aerospace Co., Ltd.
 Signature:/s/ Jaeil Son
 Name/Title:Jaeil Son, Chief Executive Officer
 Date:11/20/2025
 
Hanwha Ocean USA International LLC
 Signature:/s/ Yeonsung Chang
 Name/Title:Yeonsung Chang, Chief Executive Officer/President
 Date:11/20/2025
 
Hanwha Ocean USA Holdings Corp.
 Signature:/s/ Yeonsung Chang
 Name/Title:Yeonsung Chang, Chief Executive Officer/President
 Date:11/20/2025
 
Hanwha Ocean Co., Ltd.
 Signature:/s/ Hee Cheul Kim
 Name/Title:Hee Cheul Kim, Chief Executive Officer
 Date:11/20/2025
ANNEX A

Executive Officers and Directors of HGC NEXT INV LLC

Business Address: 501 2nd Street, Suite 500, San Francisco, CA 94107

Name:
Principal Occupation:
Hanwha Impact Partners Inc.
Managing Member of HGC NEXT INV LLC



Executive Officers and Directors of Hanwha Impact Partners Inc.

Business Address: c/o Hanwha Impact Partners Inc., 501 2nd Street, Suite 500, San Francisco, CA 94107

Name:
Principal Occupation:
Sunghyun Hong (citizen of South Korea)
President / Director
Inkyoon Jung (citizen of South Korea)
Secretary / Treasurer / Director


Executive Officers and Directors of Hanwha Impact Global Corporation

Business Address: c/o Hanwha Impact Global Corporation, 86, Cheonggyecheon-ro, Jung-gu, Seoul, South Korea

Name:
Principal Occupation:
Sung Bin Lim (citizen of South Korea)
President / Director
Gi Yeol Nam (citizen of South Korea)
Compliance Officer
Sunghyun Hong (citizen of South Korea)
Director
Steve Sukyung Park
Director

Executive Officers and Directors of Hanwha Aerospace Co., Ltd.

Business Address: c/o Hanwha Aerospace Co., Ltd., 1204 Changwon-daero, Seongsan-gu, Changwon-si, Gyeongsangnam-do, Korea, 51542

Name:
Principal Occupation:
Dongkwan Kim (citizen of South Korea)
Vice Chairman / Director
Jae Il Son (citizen of South Korea)
President & CEO / Director
Michael William Coulter
Global Defense CEO / Director
Byungchul An (citizen of South Korea)
Head of Strategy Office / Director, Chairman
Hyoun Jin Kim (citizen of South Korea)
Outside Director
Jingoo Jun (citizen of South Korea)
Outside Director
Huy jae Chon (citizen of South Korea)
Outside Director
Do-jin Jung  (citizen of South Korea)
Outside Director
Jeongkeun Lee (citizen of South Korea)
Outside Director

Executive Officers and Directors of Hanwha Ocean USA International LLC

Business Address: c/o Hanwha Ocean USA International LLC, 5051 Westheimer Rd., Galleria Tower II, Suite 1400, Houston, TX 77056

Name:
Principal Occupation:
Yeonsung Chang (citizen of South Korea)
Chief Executive Officer/President/Manager
Jemin Hong (citizen of South Korea)
Chief Financial Officer


Executive Officers and Directors of Hanwha Ocean USA Holdings Corp.

Business Address: c/o Hanwha Ocean USA Holdings Corp., 5051 Westheimer Rd., Galleria Tower II, Suite 1400, Houston, TX 77056

Name:
Principal Occupation:
Yeonsung Chang (citizen of South Korea)
Chief Executive Officer/President/Director
Jemin Hong (citizen of South Korea)
Chief Financial Officer/Treasurer/Secretary

Executive Officers and Directors of Hanwha Ocean Co., Ltd.

Business Address: c/o Hanwha Ocean Co., Ltd., 3370, Geoje-daero, Geoje-si, Gyeongsangnam-do, South Korea

Name:
Principal Occupation:
Hee Cheul Kim (citizen of South Korea)
Chief Executive Officer / Director
Philippe Levy (citizen of France)
Head of Energy Plant Unit / Director
Dongkwan Kim (citizen of South Korea)
Vice Chairman / Non-Executive Director
Wangi Ahn (citizen of South Korea)
Outside Director
Bong-Hwan Kim (citizen of South Korea)
Outside Director
George Prescott Bush
Outside Director
Nak-Hee Hyun (citizen of South Korea)
Outside Director
Hoon Choi (citizen of South Korea)
Outside Director