ChampionX Announces Acquisition of Scientific Aviation, Inc.

Rhea-AI Summary

ChampionX Corporation (NASDAQ: CHX) has successfully acquired Scientific Aviation, Inc., a leader in methane emissions monitoring solutions. This acquisition aligns with ChampionX's strategy to enhance its emissions management portfolio to support customers in achieving emissions reduction goals. The integration of Scientific Aviation's technology with ChampionX's AI-driven predictive algorithms is expected to bolster environmental stewardship in the energy sector. This move follows ChampionX's prior investment in QLM Technology Ltd, reflecting a commitment to growth in the evolving energy landscape.

Positive

• Acquisition of Scientific Aviation enhances ChampionX's emissions management portfolio.
• Combines methane detection technology with AI algorithms for improved environmental solutions.
• Strategic alignment with previous investment in QLM Technology Ltd to drive sustained growth.

Negative

• None.

THE WOODLANDS, Texas, July 05, 2021 (GLOBE NEWSWIRE) -- ChampionX Corporation (“ChampionX” or the “Company”) (NASDAQ: CHX) announced today the completion of its acquisition of Scientific Aviation, Inc., a market leader in site-specific and regional methane emissions monitoring solutions for continuous and periodic monitoring applications.

“Our acquisition of Scientific Aviation further demonstrates our commitment to the strategic priority of evolving our portfolio for sustained growth as the energy industry evolves. This acquisition follows our investment in QLM Technology Ltd and is consistent with our growth pathway of building out our emissions management portfolio that helps our customers achieve their emissions reduction goals. We are excited about the future growth potential as we combine Scientific Aviation’s industry leading methane emissions detection and monitoring solutions with our extensive expertise and presence in upstream production well sites and midstream solutions,” said Sivasankaran “Soma” Somasundaram, President and Chief Executive Officer of ChampionX.

“By combining our methane detection technology with ChampionX’s artificial intelligence predictive failure algorithms and extensive network of field technicians, this partnership will help upstream and midstream operators further enhance their environmental stewardship practices and make progress toward the goal of meaningfully reducing global methane emissions. I am excited about this combination and look forward to the next chapter in our story!” said Dr. Stephen Conley, CEO and Founder of Scientific Aviation.

About ChampionX

ChampionX is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. ChampionX’s products provide efficient functioning throughout the lifecycle of a well with a focus on the production phase of wells.

To learn more about ChampionX, visit our website at www.championX.com.

About Scientific Aviation, Inc.

Scientific Aviation was founded in Boulder, Colorado in 2010 by Stephen Conley, Ph.D., an atmospheric scientist, to offer plane-based measurements of air pollutants and greenhouse gases. The company introduced its drone-based methane emissions detection system in 2018 and launched its ground-based continuous fence line monitoring solution in 2020. In March 2021, a joint energy industry partnership study (Project Falcon) was launched with a focus on the optimal deployment of continuous methane monitoring technology. The industry partnership is using Scientific Aviation’s SOOFIE (Systematic Observations of Facility Intermittent Emissions) system, a ground-based technology that measures methane emissions 24 hours a day, and immediately alerts operators about potential concerns.

To learn more about Scientific Aviation, visit www.scientificaviation.com.
Investor Contact:
Byron Pope – byron.pope@championx.com – 281-602-0094

Media Contact:
John Breed – john.breed@championx.com – 281-403-3751

FAQ

What is ChampionX's recent acquisition?

ChampionX recently acquired Scientific Aviation, a leader in methane emissions monitoring solutions.

How does the acquisition of Scientific Aviation benefit ChampionX?

The acquisition strengthens ChampionX's emissions management portfolio, enabling better support for customers' emissions reduction goals.

What technology will be integrated with Scientific Aviation's systems?

ChampionX will combine Scientific Aviation's methane detection technology with its artificial intelligence predictive algorithms.

When was the acquisition of Scientific Aviation completed?

The acquisition was completed on July 5, 2021.

What is the significance of this acquisition for the energy industry?

It enhances environmental stewardship practices for upstream and midstream operators, aiming to reduce global methane emissions.