TPG Rise Climate, the climate-focused investing strategy of TPG’s global impact platform TPG Rise, has announced the acquisition of Miratech, a company specializing in emissions reduction solutions for the industrial aftermarket. This move highlights TPG Rise Climate’s focus on companies that provide negative emissions technologies and services that support the transition to cleaner energy. Miratech, founded in 1992 and based in Tulsa, Oklahoma, offers a range of products and services aimed at reducing engine-exhaust pollutants and noise from power generation systems. These include catalysts, filters, silencers, and monitoring systems. The company’s solutions primarily target stationary power systems, particularly in data centers, as well as sectors that are challenging to decarbonize, such as energy infrastructure, marine, and construction. The acquisition comes as the demand for power from data centers surges, driven by the growth of AI and cloud-based technologies. Major technology companies like Microsoft, Google, and Amazon have recently pointed out the growing energy needs linked to AI and data center operations as a significant hurdle to achieving their decarbonization goals. In response, these companies have increased their clean energy purchases. Marc Mezvinsky, Partner at TPG and a senior member of its climate investing team, stated that Miratech’s focus on reducing emissions with cost-effective and advanced technological solutions is crucial, especially as global data center power usage continues to rise.
He emphasized that the investment aligns with TPG Rise Climate’s strategy of supporting companies that enable the energy transition. The CEO of Miratech, David Zenthofer, pointed out that the increase in energy demand due to artificial intelligence and cloud migration will contribute to strengthening the position of Miratech among the providers of reduction solutions for emergency power of the data center. He also pointed to increased international regulations on greenhouse gas emissions and air quality standards, including controls on methane emissions, which Miratech’s products are well suited to handle. Sponsored by TPG Rise Climate, Zenthoefer presented a positive outlook on investing in growth and emission reduction opportunities in the coming years. TPG will acquire Miratech from BP Energy Partners, a Texas-based investment manager that acquired the company in 2022. The growing need for solutions that require security, additional and reliable energy and power supply. He added that Miratech’s solutions are critical to meeting the challenges of greenhouse gas emissions across energy-intensive industries, and expressed his pleasure in working together to support growth. of the company.