Solaris Energy Infrastructure, Inc., a company specializing in oil and gas field machinery and equipment, has reported a significant change in its executive leadership.
The company, which has demonstrated remarkable market performance with a 317% return over the past year according to InvestingPro data, detailed in its latest Form 8-K filing with the U.S. Securities and Exchange Commission that Kelly Price, the Chief Operating Officer and principal operating officer, retired on December 31, 2024.
Concurrent with Mr. Price's retirement, William A. Zartler, who is serving as the Chief Executive Officer, has taken over the role of the principal operating officer. The company disclosed this transition in a regulatory filing on January 7, 2025, which formally announced the departure and subsequent appointment within the executive ranks.
Solaris Energy Infrastructure, previously known as Solaris Oilfield Infrastructure (NYSE:SEI), Inc., is incorporated in Delaware and has its principal executive offices located in Houston, Texas. The company's Class A Common Stock is traded on the New York Stock Exchange under the ticker symbol SEI.
The transition comes after the company had initially reported Mr. Price's impending retirement in an earlier 8-K filing dated October 7, 2024. The recent announcement confirms the effective date of the change and the completion of the leadership shift.
This update is based on information contained in a press release statement filed with the SEC and does not include any speculative insights or additional commentary on the company's future direction or the implications of the executive change.
In other recent news, Solaris Energy Infrastructure announced the pricing of an underwritten public offering of 6.5 million shares at $24.75 each, expected to yield around $156 million in net proceeds. This move is intended to fund the expansion of power generation equipment to meet increasing customer demand.
In other developments, Solaris Energy Infrastructure's shareholders approved the acquisition of Mobile Energy Rentals and the company provided a $29.75 million loan to facilitate the purchase of power generation equipment.
Furthermore, Solaris Energy increased its adjusted EBITDA forecast for Q4 2024, now expecting it to be between $36 million and $39 million. This adjustment comes after strategic moves and growing demand, leading to the company placing orders for nine additional gas-fired turbines, each with a capacity of 16.5 megawatts.
In terms of leadership, the company announced the upcoming retirement of its COO, Kelly Price, at the end of 2024. The search for Price's successor is ongoing, with candidates being considered from both internal and external sources. Piper Sandler, an investment firm, maintained its Overweight rating on Solaris following these recent developments. These are among the recent developments shaping the trajectory of Solaris Energy Infrastructure.
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