Archrock to Partner with ECOTEC on Methane Emissions Management
Source: Nasdaq GlobeNewswire / 25 Apr 2022 07:00:00 America/New_York
HOUSTON, April 25, 2022 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE:AROC) (“Archrock”) today announced that it has agreed to acquire for cash a minority equity stake in Ecotec International Holdings, LLC (“ECOTEC”), a global leader in methane emissions monitoring and management. In addition to the strategic investment, Archrock will also begin offering ECOTEC’s suite of solutions to its customers in support of their sustainability goals.
ECOTEC provides a comprehensive ecosystem of methane solutions for its customers, helping them identify, quantify and manage their emissions. The combination of cutting-edge instrumentation and software provides accurate and directly measured emissions data, which is auditable by third-party organizations. ECOTEC has more than thirty years of expertise in the natural gas, biogas, carbon credits and air quality industries and Archrock’s investment is expected to be used to accelerate ECOTEC’s recent expansion into the oil and gas industry.
“We are excited to partner with ECOTEC and advance our shared vision for helping the oil and gas industry decarbonize,” said Brad Childers, Archrock’s President and Chief Executive Officer. “The expansion of our services to include direct emissions detection, management and mitigation is a significant step in our strategy to develop a suite of solutions that supports our customers’ sustainability goals. ECOTEC’s management team has an impressive track record of building emissions management businesses in other sectors and this partnership connects their proven technology with our leading U.S. natural gas compression infrastructure and customer network. This investment provides a unique opportunity to deliver value for our customers and shareholders as we position Archrock to reduce emissions across the oil and gas industry.”
Tim Novick, President and Chief Executive Officer of ECOTEC, said, “We are thrilled to partner with Archrock as an increasing number of oil and gas companies commit to thoughtful ESG strategies to measure and reduce their methane emissions. In particular, methane leak mitigation will be critical in solidifying the important role natural gas will play in energy transition. With over 67 years of operating history, Archrock’s deep industry understanding and long-standing customer relationships will be fundamental to accelerating ECOTEC’s growth in oil and gas and creating value for ECOTEC and its stakeholders.”
Intrepid Partners, LLC served as financial advisor to ECOTEC.
Archrock is an energy infrastructure company with a pure-play focus on midstream natural gas compression. Archrock is the leading provider of natural gas compression services to customers in the oil and natural gas industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment in the U.S. Archrock is headquartered in Houston, Texas. For more information, please visit www.archrock.com.
ECOTEC specializes in the design and development of specialty equipment and software solutions for the natural gas, biogas, renewable natural gas, carbon credit and oil and gas markets through its ECOTEC, AQMESH, GAS DATA, and GAZOMAT brands. With offices around the globe, ECOTEC's comprehensive solutions have been deployed around the world to help companies, organizations and municipalities identify, quantify, and remediate their environmental footprint, particularly through reductions in methane emissions. Learn more at www.ecotecco.com.
For information, contact:
Vice President, Investor Relations