U.S. Well Services Announces Commitment to Purchase 120 Electric Motors Totaling 360,000 HHP
HOUSTON, June 30, 2021 /PRNewswire/ -- U.S. Well Services (NASDAQ: USWS) ("USWS" or the "Company") today announced it has committed to purchasing 60 Power Cubes from AmeriMex Motor & Controls, LLC ("AmeriMex"), a subsidiary of Industrial Service Solutions. Each patented Power Cube contains two 3,000 HHP electric motors, two variable frequency drives, a power transformer and other components that combine to create a self-contained power center. The Company expects to begin taking delivery of the Power Cubes in the third quarter of 2021.
"We are proud to be able to provide the state-of-the-art Power Cubes on which U.S. Well Services' Clean Fleet® Technology relies," said Wade Stockstill, CEO of Industrial Service Solutions. "We look forward to continuing our long-term partnership with U.S. Well Services and working with their team to develop patented technology that is revolutionizing the industry through better performance and reduced emissions."
"U.S. Well Services is pleased to continue our long-standing partnership with AmeriMex as we build and deploy the next generation of Clean Fleet® technology," commented Joel Broussard, the Company's President and CEO. "We have used AmeriMex electric motors on our Clean Fleets since we deployed the industry's first all-electric fracturing fleet in 2014. These Power Cubes represent innovative technology that enables us to maintain our competitive advantage and continue to deliver best-in-class results for our customers."
About U.S. Well Services, Inc.
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 dramatically decreases emissions and sound pollution while generating exceptional operational efficiencies, including significant customer fuel cost savings versus conventional diesel fleets. For more information visit: www.uswellservices.com. Information on our website is not part of this release.
The information above includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, the private placement and the use of proceeds and the expected impact of the transactions on the Company's financial position and prospects, if at all, are forward-looking statements. These forward-looking statements may be identified by their use of terms and phrases such as "may," "expect," "believe," "intend," "estimate," "project," "plan," "may," "anticipate," "will," "should," "could," and similar terms and phrases. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent the Company's current expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are subject to certain risks, including the ability and willingness of the Organization of Petroleum Exporting Countries ("OPEC") and non–OPEC countries, such as Russia, to set and maintain production levels and prices for oil, and the impact of epidemics, pandemics or other major public health issues, such as the COVID–19 coronavirus, as well as the other risks, uncertainties and assumptions identified in this release or as disclosed from time to time in the Company's filings with the Securities and Exchange Commission (the "SEC"). Factors that could cause actual results to differ from the Company's expectations include changes in market conditions and other factors described in the Company's public disclosures and filings with the SEC, including those described under "Risk Factors" in its annual report on Form 10-K filed on March 11, 2021 and in our quarterly reports on Form 10-Q. As a result of these factors, actual results may differ materially from those indicated or implied by forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors.
U.S. Well Services
Vice President, Finance and Investor Relations
Dennard Lascar Investor Relations
SOURCE U.S. Well Services, Inc.
Released June 30, 2021