Solaris Oilfield Infrastructure has entered the distributed power market through the acquisition of Mobile Energy Rentals (MER) for $200m (鈧�185m).
NYSE-listed Solaris said the transaction to acquire the US provider of distributed power solutions serving the energy and commercial & industrial (C&I) end-markets involves paying $60m cash and issuing 16.5m shares to MER鈥檚 founders and management team, who will join Solaris following the deal.
MER, a company founded in 2022, specialises in providing mobile, natural-gas powered turbine and equipment solutions for energy, data centres and other C&I clients.
Solaris Oilfield Infrastructure, a company specialising in mobile equipment for oil and gas well completion, said it intends to rebrand as Solaris Energy Infrastructure once the acquisition is finalised. It said the name change reflects the firm鈥檚 strategic shift towards offering a wider range of energy solutions across various industries, potentially including the oilfield sector.
Bill Zartler, chairman and CEO of Solaris, said: 鈥淢ER鈥檚 solutions complement our all-electric offering and provide access to new end-market opportunities, including oil and gas production, midstream and downstream activities as well as various C&I applications.
鈥淎s we evaluate the 鈥榚lectrification of everything鈥� and computing power growth needs, we believe reliable power access will become a growing challenge that larger scale, distributed power generation assets are well-positioned to address. Together with MER, we will continue to build on the ten plus years of innovation and leading service quality delivery across our business lines.鈥�
John A Johnson, MER鈥檚 founder and co-owner, said: 鈥淲e recognise significant value in Solaris鈥� existing offering, including a complementary field service team that is skilled in mobilising and commissioning electric equipment, as well as engineering and manufacturing capabilities that can provide synergies for our business.
鈥淎dditionally, the ability to leverage Solaris鈥� existing corporate and support infrastructure allows us to focus on growing our operations and satisfying the needs of our customers.鈥�
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