New partnership expected to drive revenue growth and accelerate industry adoption of AireCore emissions monitoring technology
WATERTOWN, Mass., April 17, 2024 (GLOBE NEWSWIRE) -- Spectaire Holdings Inc. (NASDAQ: SPEC) (“Spectaire” or the “Company”), a pioneer in environmental measurement technology, signed a distribution partnership agreement with a Fortune 1000 Energy Company (the “Strategic Partner”). The Strategic Partner has been granted global distribution rights for the Company’s AireCore units for the oil and gas industry.
AireCore, a patented technology developed at MIT, provides a solution for oil and gas companies to quickly understand the effects of their efforts to lower emissions and enables real-time visualization of the outcomes from environmental initiatives. By measuring and quantifying emissions during drilling operations, AireCore helps oil and gas companies identify pollutants, assess emission reduction technologies, and optimize processes to minimize environmental impact.
Brian Semkiw, CEO of Spectaire, stated, "This collaboration with our Strategic Partner is a transformative step for Spectaire and the oil and gas industry at large. By integrating our state-of-the-art AireCore technology with the global reach and expertise of our partner, we're setting a new standard for environmental measurement and emissions reduction. Our technology's capability to precisely monitor and report emissions will be instrumental in helping the industry achieve its ambitious environmental goals. We are proud to work alongside a partner that shares our commitment to sustainability and innovation."
The agreement with the Strategic Partner is expected to significantly accelerate the adoption of Spectaire's technology across the global oil and gas industry, a sector that is increasingly focused on reducing its environmental footprint. Companies within this sector, such as Shell, Exxon, and BP, have made substantial commitments to cut emissions and transition towards more sustainable operations. Spectaire's AireCore units are ideally positioned to play a crucial role in enabling these companies to meet their environmental objectives.
The partnership is poised to tap into a growing market, as the number of global oil and gas wells continues to rise. With over one million wells currently in production and an increase in volume of 19% from 2022 to 2023, according to Rystad Energy, an independent energy consulting services and business intelligence provider, Spectaire’s foray into the oil and gas market represents a strategic market expansion, demonstrating the adaptability and relevance of its technology across various sectors.
About Spectaire Holdings Inc.
Spectaire is at the forefront of air quality and emissions reduction technology. With a relentless focus on innovation and environmental sustainability, Spectaire is committed to helping industries monetize their investments in emissions mitigation to the benefit of their businesses, the economy, and the environment.
Dave Gentry, CEO RedChip Companies, Inc. 1-800-733-2447 [email protected]
Forward-Looking Statements
This release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “would,” “will continue,” “will likely result” and similar expressions.
The forward-looking statements are based on the current expectations of the management of Spectaire and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. Forward-looking statements reflect material expectations and assumptions, including, without limitation, expectations, and assumptions. Such expectations and assumptions are inherently subject to uncertainties and contingencies regarding future events and, as such, are subject to change. Forward-looking statements involve a number of risks, uncertainties or other factors that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made by Spectaire with the U.S. Securities and Exchange Commission (the “SEC”) and the following: Spectaire’s ability to operate as a going concern; Spectaire’s requirement of significant additional capital; Spectaire’s limited operating history; Spectaire’s history of losses; Spectaire’s ability to attract qualified management; Spectaire’s ability to adapt to rapid and significant technological change and respond to introductions of new products in order to remain competitive; the loss of, or nonperformance by, one or more significant customers; disruptions of Spectaire’s manufacturing operation; changes in governmental regulations reducing demand for Spectaire’s products or increasing Spectaire’s expenses; the effects of global health crises on Spectaire’s business plans, financial condition and liquidity; changes or disruptions in the securities markets; legislative, political or economic developments; Spectaire’s failure to obtain any necessary permits or comply with laws and regulations and other regulatory requirements; accidents, equipment breakdowns, labor disputes or other unanticipated difficulties or interruptions; potential cost overruns or unanticipated expenses in development programs; potential legal proceedings; and Spectaire’s failure to obtain or maintain insurance covering all of Spectaire’s operations.
Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of Spectaire prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements concerning matters addressed herein and attributable to Spectaire or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Except to the extent required by applicable law or regulation, Spectaire undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.
