Archrock to Partner with Ionada on Carbon Capture
- None.
- None.
HOUSTON, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE:AROC) (“Archrock”) today announced that it will serve as the lead investor in a Series A financing round for Ionada PLC (“Ionada”), a global carbon capture technology company.
Ionada has developed a post combustion carbon capture solution that combines proprietary hollow fiber membrane contactors with proven amine solvents. This modular carbon capture system is designed and engineered for small to mid-sized industrial emitters in the energy, marine, and e-fuels industries, among others. Ionada has conducted extensive research and development and completed successful testing in a lab setting. Archrock’s investment is expected to be used primarily for additional research and development as well as the construction of field demonstration units.
“Archrock’s investment in Ionada supports our new ventures strategy of diversifying into complementary businesses that have the potential to both decarbonize hydrocarbons and create meaningful long-term value for Archrock and its shareholders,” said Brad Childers, Archrock’s President and Chief Executive Officer. “Ionada has significant experience with developing emissions reduction technology in the marine sector and we are excited to partner with them on this scalable and cost-efficient carbon capture technology as Ionada advances into the field demonstration phase of its technology development. In conjunction with the work we continue to progress on methane capture, successful application of this technology in natural gas compression could contribute meaningfully to the industry’s efforts to reduce emissions. We are proud to continue Archrock’s mission to lead our industry in powering a cleaner America.”
Edoardo Panziera, Founder and Chief Executive Officer of Ionada, said, “We believe Ionada’s carbon capture system is a practical and economic solution for small-scale carbon capture in a number of industrial sectors, including the natural gas compression industry. As the largest outsourced natural gas compression provider in the U.S., Archrock is an ideal partner for us. Archrock has deep industry expertise, extensive operating history and long-standing customer relationships, complementing our cutting-edge research and development and carbon capture engineering capabilities.”
Archrock will serve as the lead investor for the investment round along with a group of strategic investors that includes Yinson Production and a global shipowner and operator. These investors join NGIF Cleantech Ventures LP and Halliburton Company’s (NYSE: HAL) energy and climate technology accelerator, Halliburton Labs, as shareholders in the company.
About Archrock
Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is the leading provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Archrock embodies its purpose, WE POWER A CLEANER AMERICA, visit www.archrock.com.
About Ionada
Ionada is a global climate technology company committed to reducing greenhouse gas emissions and creating a sustainable future. The company develops innovative post-combustion carbon capture systems to capture CO2 emissions from various industrial processes in oil & gas, thermal power generation, waste-to-energy, hydrogen, steel, cement, and maritime industries.
For more information about Ionada’s sustainable solutions, visit ionada.com
Forward-Looking Statements
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical fact, included herein that address activities, events, developments or transactions that Archrock expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in Archrock’s reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except as required by law, Archrock does not intend to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
For information, contact:
Megan Repine
Vice President, Investor Relations
(281) 836-8360
investor.relations@archrock.com
FAQ
What did Archrock announce?
What is Ionada's carbon capture system designed for?
How will Archrock's investment benefit Ionada?
Who are the other investors in Ionada's financing round?
