Orion Energy Partners Closes a Financing Agreement with Evolution Well Services to Support Additional Electric Powered Pressure Pumping Fleets
Orion Energy Partners, L.P. (“Orion Energy”) announces the
closing of a delayed draw, senior secured term loan to Evolution Well
Services Holdings, LLC (“Evolution”), a provider of leading edge,
electric powered pressure pumping. Funds from this facility will support
Evolution’s expansion of additional electric powered pressure pumping
fleets for some of the largest onshore oil and gas producers, across all
major basins in the United States.
Based in The Woodlands, Texas, Evolution utilizes custom designed
electric equipment and technical expertise to deploy and operate 100%
electrically powered pressure pumping fleets to stimulate production
within its clients’ wells. Evolution’s electric equipment consumes 100%
natural gas as the fuel source to generate electric power for its
pressure pumping operations. Evolution’s patent-protected processes
produce lower emissions, reduced noise, improved safety, reduced well
pad footprint, reduced operating personnel and a 95% reduction of fuel
costs, when compared to conventional diesel powered pressure pumping
fleets.
“Orion Energy is providing Evolution with flexible, strategic capital to
meet the increasing demand for our electric powered pressure pumping
fleets,” said Jeff Morris, Evolution’s President. “This capital will
allow Evolution to support additional partnerships with best in class
operators who are seeking to optimize their completion programs, from an
economic, efficiency, environmental and safety perspective.”
“Evolution is well positioned to become the industry leader in providing
efficient and reliable pressure pumping equipment to its customers, who
have selected Evolution for its strong operational track record and
significant commercial and environmental benefits,” said Nazar Massouh,
CEO and Managing Partner of Orion Energy. “Orion Energy joins Evolution
as it increases its electric fleet horsepower, beyond the six electric
fleets already under contract.”
Akin Gump Strauss Hauer & Feld LLP acted as legal counsel and PPHB LP,
an independent investment banking firm that provides financial advisory
services exclusively to clients in the energy services industry, acted
as sole financial advisor to Evolution.
Latham & Watkins LLP acted as legal counsel to Orion Energy.
About Evolution Well Services
Evolution provides natural gas fueled, electrically powered pressure
pumping equipment, utilizing a proprietary system that generates
electric power from best-in-class, clean burning mobile gas-turbine
generator technology fueled by locally supplied field gas and alternate
natural gas sources. Evolution’s proven electric pressure pumping
equipment is able to save operators up to 95% on fuel costs, while
operating well below the Environmental Protection Agency’s Tier 4
emission standards. Evolution currently has six electric fleets
operating or under construction, representing a total of over 300,000
HHP of capacity. For more information, visit www.EvolutionWS.com.
About Orion Energy Partners
Orion Energy is a credit-oriented private equity firm with over US$ 1
billion of investable capital. Orion Energy is focused on providing
creative capital solutions to middle market energy infrastructure
businesses across North America and select international markets with a
focus on downstream, midstream, conventional electric power, renewable
energy and storage, asset-heavy energy services and other energy
subsectors. Its management has substantial experience leading successful
energy companies and energy infrastructure investments. For more
information, visit www.OrionEnergyPartners.com.
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