OR WAIT null SECS
New subsidiary aims to advance alternative fuel solutions and expand natural gas supply for remote applications
Liberty has announced the commercial launch of Liberty Power Innovations (LPI), a provider of alternative fuel and power solutions for remote applications. LPI will initially focus on compressed natural gas (CNG) supply, field gas processing and treating, and well site fueling and logistics. Liberty is shifting from diesel to natural gas, with LPI supplying access to fuel for well site operations.
To help LPI's expansion, Liberty acquired Siren Energy, a Permian-focused natural gas compression and CNG delivery business. The acquisition will provide 16 million cubic feet (MMcf) per day of natural gas compression capacity at two Permian sites, alongside transportation, logistics, and pressure reduction services. Siren's logistics system is designed to deliver CNG, RNG, or hydrogen to remote locations, catering to customers in both drilling and completions markets.
“Liberty’s digiTechnologies bring the highest thermal efficiency and lowest emissions solutions to the market. As we lead this technology transition, owning power generation and now the natural gas fuel supply for our fleets ensures execution at the highest level,” said Chris Wright, Chief Executive Officer of Liberty Energy. “LPI adds another critical component to our vertical integration strategy, alongside Liberty’s sand, logistics, design, and manufacturing capabilities.”
Liberty’s suite of offerings includes digiTechnologies mobile power generation, digiFrac electric fleets, and hybrid pump digiPrime. LPI complements Liberty's technology transition by vertically integrating fueling and power services.
"LPI exemplifies our strategy of investing for the future with high rate-of-return opportunities. Today’s accretive transaction accelerates this strategy by unlocking significant value with a faster, go-to-market approach for LPI to bring natural gas fuel to the oilfield, enabling lower well development costs for our E&P customers and higher profitability for our shareholders,” Wright said. “As we look ahead, our mobile power generation technology with thermal efficiency and integrated fueling and logistics provides exciting opportunities beyond the oilfield.”
Siren connects and facilitates the industry's growing demand for low-cost, low carbon fueling alternatives via virtual pipelines. Liberty provides services and technologies to onshore oil and natural gas exploration and production companies.