HOUSTON, TX / ACCESSWIRE / March 15, 2021 / National Energy Services Reunited Corp. ("NESR" or the "Company") (NASDAQ:NESR)(NASDAQ:NESRW), a national, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") and Asia Pacific regions, today announced its participation in the initial investment round of an innovative geothermal technology company, ICE Thermal Harvesting, LLC ("ICE"), as part of its Environmental, Social and Governance Impact Segment ("ESG IMPACT") strategy. As previously announced, the ESG IMPACT segment is envisaged to host a portfolio of product lines and services to mitigate climate change, enhance water management and conservation, minimize environmental waste in the industry, and introduce innovative energy solutions.
ICE is co-founded by Ben Bodishbaugh and Carrie Murtland, who both previously served in leadership roles with an industry-leading service provider where they were first movers in the industrial-scale electrification of that space. "A growing number of corporations are committing to aggressive climate goals as a part of their journey to become more environmentally responsible and this trend of renewable energy growth will continue and gain momentum. Our goal is to support companies in their journey by supplying zero-emission power to expedite the achievement of their carbon reduction targets," said Murtland.
"This investment in ICE is a natural progression of our ESG IMPACT strategy whereby we are now investing to create an innovative technology and process platform to address the key challenges of climate change, and which will add to our portfolio of ESG IMPACT service offerings," commented Sherif Foda, Chairman of the Board and CEO of NESR "With ICE's technology we aim to support our customers to reduce their carbon footprint by capturing geothermal energy to generate electric power. In essence, thermal energy which was previously untapped and was being dissipated into the atmosphere now will be harnessed to replace existing energy sources. ICE is led by a highly capable, pedigreed team with significant experience in the electrification space, and we look forward to working with Carrie and Ben to help ICE make a difference and help our customers find solutions to their climate change mitigation challenges."
About National Energy Services Reunited Corp.
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 5,000 employees, representing more than 60 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.
About ICE Thermal Harvesting, LLC
Founded in 2021, ICE aims to provide zero-emission electric power solutions based on geothermal heat sources to industrial consumers across multiple sectors globally using innovative proprietary technology and processes. The initial investment round was led by Geneses Capital Management, a Houston-based investment firm focused primarily on opportunities across the energy, technology, and industrial landscape.
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The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: the ability to recognize the anticipated benefits of the Company's recent business combination transaction, which may be affected by, among other things, the price of oil, natural gas, natural gas liquids, competition, the Company's ability to integrate the businesses acquired and the ability of the combined business to grow and manage growth profitably; integration costs related to the Company's recent business combination; estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, political disturbances, war, terrorist acts, international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC").
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For inquiries regarding NESR, please contact:
Christopher Boone or Dhiraj Dudeja
National Energy Services Reunited Corp.
SOURCE: National Energy Services Reunited Corp