HOUSTON, June 26, 2019 (GLOBE NEWSWIRE) — U.S. Well Services, Inc. (NASDAQ: USWS) today announced it had successfully deployed its patent pending PowerPath® technology to provide power to an all-electric Clean Fleet® for remote hydraulic fracturing operations on the first of sixteen wells located in a loop spanning over one mile for a large E&P operator in the Permian Basin. PowerPath® technology allows power generation to be centrally located in a fixed location serving multiple pads, transmitting power via overhead lines to on-site Clean Fleet® equipment. The technology uses high voltage electricity at 13.8 kV to enable power to be sent over a large distance without power losses typically experienced by low and medium voltage systems.
PowerPath® has numerous uses in the oilfield beyond the creation of mobile, long-distance micro-grids for powering hydraulic fracturing equipment. PowerPath® can also be employed to power other oilfield equipment such as drilling rigs, artificial lift systems and wellsite support equipment. CEO Joel Broussard said of the technology, “U.S. Well Services is pleased to offer Clean Fleet® and PowerPath® as a solution to our customers. The successful deployment of PowerPath® demonstrates the progress we have made in electric hydraulic fracturing technology and ensures that U.S. Well Services remains the market leader in electric frac services. Our company continues to pioneer new technologies and solutions for our customers, and is defining the future of electric hydraulic fracturing.”
U.S. Well Services powered its turbine generator with natural gas, using its F3 Fuel™ technology, which allows for the use of field gas, compressed natural gas (“CNG”) or liquefied natural gas (“LNG”) as a fuel source. F3 Fuel™ technology offers the potential for significant cost savings relative to diesel-powered equipment.
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 addition of the Company to the Russell Indexes and the benefits obtained from such addition, are forward-looking statements. These forward-looking statements may be identified by their use of terms and phrases such as “may,” “expect,” “believe,” “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, 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, timing of the addition to the Russell Indexes 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 14, 2019 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
Ken Dennard / Lisa Elliott
Source: U.S. Well Services, Inc.