Solaris Energy Infrastructure Expands with Mobile Energy Rentals
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Solaris Energy Infrastructure Welcomes New Horizons
Solaris Energy Infrastructure, Inc. (NYSE: SEI), previously known as Solaris Oilfield Infrastructure, Inc. (NYSE: SOI), has recently completed its acquisition of Mobile Energy Rentals LLC ("MER"). This strategic move positions Solaris for significant growth opportunities within the energy and commercial sectors.
Financing the Future
To support the expansion and modernization of MER's distributed power fleet, Solaris has secured a new $325 million senior secured term loan. In addition, the company is in the process of establishing a $75 million revolving credit facility, which is expected to remain undrawn after it is finalized. This financial strategy replaces a previous $300 million bridge loan that had been put in place at the time of the acquisition announcement.
Introduction to the New Identity
As part of its evolution into a broader energy provider, Solaris has officially changed its name to "Solaris Energy Infrastructure, Inc." This rebranding marks a new chapter for the organization, reflecting its commitment to integrated energy solutions. The trading ticker for its Class A Common Stock transitioned from "SOI" to the new ticker "SEI", effective September 12, 2024.
Leadership and Vision
Bill Zartler, the Chairman and CEO of Solaris, expressed enthusiasm about welcoming the MER team into the Solaris family. He noted, "We are excited to unite our unique skills and technologies under the new name 'Solaris Energy Infrastructure.' This acquisition enriches our team with experienced professionals and a solid base of contracted business, paving the way for growth in diverse markets ranging from oilfields to commercial applications like data centers."
Commitment to Customers and Growth
The merger is poised to deliver benefits to customers, employees, and shareholders alike. By expanding their offerings, Solaris aims to create a steady cash flow, enabling further investments in innovative solutions and enhanced returns for shareholders. This growth-oriented mindset fosters a robust environment for pursuing additional opportunities in adjacent sectors.
About Solaris Energy Infrastructure, Inc.
Solaris Energy Infrastructure, Inc. (NYSE: SEI) focuses on providing mobile and scalable equipment-based solutions for distributed power generation and managing raw materials for oil and natural gas well completions. Based in Houston, Solaris serves various U.S. markets, including energy, data centers, and other commercial and industrial sectors.
Frequently Asked Questions
What is the new name of Solaris Energy Infrastructure?
The company has officially rebranded to "Solaris Energy Infrastructure, Inc.".
What are the new trading symbols for the company's stock?
The Class A Common Stock will trade under the new symbol "SEI" starting September 12, 2024.
How much financing has Solaris secured for its expansion?
Solaris has entered into a $325 million senior secured term loan and is finalizing a $75 million revolving credit facility.
What markets does Solaris serve?
Solaris provides services to various markets including energy, data centers, and other commercial and industrial sectors.
Who is the CEO of Solaris Energy Infrastructure?
Bill Zartler serves as the Chairman and CEO of Solaris Energy Infrastructure.
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