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The Buzz Show: Featuring Our Corporate News Recap on “U.S. Well Services Set to Move Towards Full Electrification of its Portfolio”
U.S. Well Services (NASDAQ: USWS) surged over 24% in premarket trading after the company announced its move towards full electrification of its portfolio.
The company announced its commitment to becoming an all-electric hydraulic fracturing services provider and expects to have fully exited the diesel frac market by the end of Q4 2021, thus becoming the first publicly-traded, pure-play electric completions services provider.
U.S. Well Services, Inc. is a leading provider of hydraulic fracturing services and a market leader in electric fracture stimulation. The Company’s patented electric frac technology provides one of the first fully electric, mobile well stimulation systems powered by locally-supplied natural gas, including field gas sourced directly from the wellhead. The Company’s electric frac technology dra
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HOUSTON, May 24, 2021 /PRNewswire/ U.S. Well Services (Nasdaq: USWS) ( USWS or the Company ) today announced its commitment to becoming an all-electric hydraulic fracturing services provider and expects to have fully exited the diesel frac market by the end of Q4 2021. As a result of this strategic transition, USWS expects to become the first publicly-traded, pure-play electric completions services provider.
The Company also announced it has entered into a definitive agreement to sell certain diesel-powered hydraulic fracturing equipment to a privately-held buyer for net proceeds of $21 million, subject to certain closing conditions. Further, the Company is in active negotiations with several counterparties and anticipates entering into a series of additional transactions to sell the majority of its remaining diesel fracturing equipment as well as certain power generation assets. In total, the Company believes it should generate
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HOUSTON, May 19, 2021 /PRNewswire/ U.S. Well Services (Nasdaq: USWS) ( USWS or the Company ) today announced the next generation of its proprietary Clean Fleet® technology with the unveiling of its newly designed Nyx Clean Fleet® frac pump. Nyx will use our patented PowerCube, driving two independently controlled electric motors and frac pumps to provide 6,000 hydraulic horsepower ( HHP ) on a single trailer. Based on current pricing from vendors, U.S. Well Services expects that it can deliver a Nyx Clean Fleet®, consisting of ten pump trailers totaling 60,000 HHP, two blenders and a combination switchgear for a capital cost of approximately $23 million.