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Story by The Wall Street Journal

Billionaire investor Carl Icahn on Monday disclosed he had raised his stake in Cheniere Energy Inc.

Funds controlled by Mr. Icanh, which last month reached an agreement with Cheniere to add two representatives to its board, now hold 22.7 million of the Houston energy company’s outstanding shares, or about 9.59%.

Earlier in August, the Icahn-led group disclosed an 8.18% stake in Cheniere, saying, among other things, the company’s stock was undervalued.

Cheniere is preparing to export the first major amounts of U.S. natural gas by sea this year from a plant in the final phases of construction on Louisiana’s Gulf Coast. The company has lost money every year since it was founded almost two decades ago, but its contracts to sell gas promise to generate billions of dollars annually once shipments begin.

Shares, down 23% this year, rose nearly 3% to $55.70 in late trading.