Spectaire Announces Strategic Distribution Partnership with a Fortune 1000 Energy Company

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.