Investments in Unconsolidated Affiliates	12 Months Ended
Dec. 31, 2025
Investments in Unconsolidated Affiliates
Investments in Unconsolidated Affiliates	12. Investments in Unconsolidated Affiliates and Other Strategic Investments Investment in FGC Holdco On October 1, 2024, we, together with ColdStream, entered into a limited liability agreement with FGC Holdco, a company that designs, manufactures and sells MaCH₄ NRS equipment, through distributors. As of the effective date of the agreement, FGC Holdco had initial authorized capital of 1.0 million units, with 68% of its units issued to ColdStream and 32% of its units issued to us at a cost of $0.001 per unit. Subject to certain contractual provisions, we are obligated to fund, as capital contributions, our proportionate share of FGC Holdco’s general, administrative and operational costs and expenses. During the year ended December 31, 2025, we invested $0.5 million in FGC Holdco, and as of both December 31, 2025 and 2024, the carrying value of our investment in FGC Holdco, including transaction costs of $0.2 million, was $0.2 million, which is included in other assets in our consolidated balance sheets. We determined FGC Holdco is a VIE over which we do not have the power to direct the activities that most significantly impact economic performance and therefore are not the primary beneficiary. The board of directors of FGC Holdco have control over the activities that most significantly impact the economic performance, and while we have voting rights through board participation, we do not have the ability to control board decisions. We apply the equity method of accounting to account for this investment. The carrying value of our equity investment is impacted by our share of investee income or loss, distributions, amortization or accretion of basis differences and other-than-temporary impairments. As of December 31, 2025, we had a $0.2 million basis difference between the cost of our investment and our proportionate share of the carrying value of FGC Holdco’s underlying net assets. The basis difference is primarily attributed to intangible assets and is being amortized over the estimated 20-year useful life. Basis differences are updated as needed to reflect the impact of additional capital contributions. We recognized losses of $0.5 million related to our investment in FGC Holdco for the year ended December 31, 2025, which is included in equity in net loss of unconsolidated affiliate, in our consolidated statements of operations. The investment is included in other assets in our consolidated balance sheets. Cash contributions are included in the investing activities section of our consolidated statements of cash flows. See Note 27 (“Related Party Transactions”) for further details. Investment in Ionada We are the lead investor in a series A preferred financing round for Ionada, a global carbon capture technology company committed to reducing GHG emissions and creating a sustainable future. As of December 31, 2025 and 2024, we had a fully diluted ownership equity interest in Ionada of 12%. We have elected the fair value measurement alternative to account for this investment. See Note 25 (“Fair Value Measurements”) for further details. At December 31, 2025 and 2024, the carrying value of our investment in Ionada was $5.5 million, including cumulative transaction costs of $0.5 million, and is included in other assets in our consolidated balance sheets. Subject to certain contractual conditions, we may invest on the same terms and conditions as the initial and secondary investments up to $6.1 million prior to July 2026, for a fully diluted ownership interest up to 24%. Investment in ECOTEC We hold a 25% equity interest in ECOTEC, a company specializing in methane emissions detection, monitoring and management. We have elected the fair value option to account for this investment, and during the years ended December 31, 2025, 2024 and 2023, we recognized unrealized losses of $0.0 million, $1.5 million and $1.0 million, respectively, related to the change in fair value of our investment. Changes in the fair value of this investment are recognized in other expense, net in our consolidated statements of operations. During the year ended December 31, 2024, we contributed $1.3 million to maintain our 25% ownership interest in ECOTEC, which is included in other assets in our consolidated balance sheets. See Note 25 (“Fair Value Measurements”) for further details. Other Strategic Investments On December 19, 2025, we entered into a SAFE with Shoreline AI, a software-as-a-service company, focused on predictive maintenance for energy infrastructure assets. We have elected the fair value measurement alternative to account for this investment and at December 31, 2025, the carrying value of our investment was equal to its $5.2 million cost, including cumulative transaction costs of $0.2 million, and is included in other assets in our consolidated balance sheets.

Investments in Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2025

Investments in Unconsolidated Affiliates

Investments in Unconsolidated Affiliates

12. Investments in Unconsolidated Affiliates and Other Strategic Investments

Investment in FGC Holdco

On October 1, 2024, we, together with ColdStream, entered into a limited liability agreement with FGC Holdco, a company that designs, manufactures and sells MaCH₄ NRS equipment, through distributors. As of the effective date of the agreement, FGC Holdco had initial authorized capital of 1.0 million units, with 68% of its units issued to ColdStream and 32% of its units issued to us at a cost of $0.001 per unit. Subject to certain contractual provisions, we are obligated to fund, as capital contributions, our proportionate share of FGC Holdco’s general, administrative and operational costs and expenses. During the year ended December 31, 2025, we invested $0.5 million in FGC Holdco, and as of both December 31, 2025 and 2024, the carrying value of our investment in FGC Holdco, including transaction costs of $0.2 million, was $0.2 million, which is included in other assets in our consolidated balance sheets.

We determined FGC Holdco is a VIE over which we do not have the power to direct the activities that most significantly impact economic performance and therefore are not the primary beneficiary. The board of directors of FGC Holdco have control over the activities that most significantly impact the economic performance, and while we have voting rights through board participation, we do not have the ability to control board decisions. We apply the equity method of accounting to account for this investment. The carrying value of our equity investment is impacted by our share of investee income or loss, distributions, amortization or accretion of basis differences and other-than-temporary impairments.

As of December 31, 2025, we had a $0.2 million basis difference between the cost of our investment and our proportionate share of the carrying value of FGC Holdco’s underlying net assets. The basis difference is primarily attributed to intangible assets and is being amortized over the estimated 20-year useful life. Basis differences are updated as needed to reflect the impact of additional capital contributions. We recognized losses of $0.5 million related to our investment in FGC Holdco for the year ended December 31, 2025, which is included in equity in net loss of unconsolidated affiliate, in our consolidated statements of operations.

The investment is included in other assets in our consolidated balance sheets. Cash contributions are included in the investing activities section of our consolidated statements of cash flows. See Note 27 (“Related Party Transactions”) for further details.

Investment in Ionada

We are the lead investor in a series A preferred financing round for Ionada, a global carbon capture technology company committed to reducing GHG emissions and creating a sustainable future. As of December 31, 2025 and 2024, we had a fully diluted ownership equity interest in Ionada of 12%. We have elected the fair value measurement alternative to account for this investment. See Note 25 (“Fair Value Measurements”) for further details.

At December 31, 2025 and 2024, the carrying value of our investment in Ionada was $5.5 million, including cumulative transaction costs of $0.5 million, and is included in other assets in our consolidated balance sheets. Subject to certain contractual conditions, we may invest on the same terms and conditions as the initial and secondary investments up to $6.1 million prior to July 2026, for a fully diluted ownership interest up to 24%.

Investment in ECOTEC

We hold a 25% equity interest in ECOTEC, a company specializing in methane emissions detection, monitoring and management. We have elected the fair value option to account for this investment, and during the years ended December 31, 2025, 2024 and 2023, we recognized unrealized losses of $0.0 million, $1.5 million and $1.0 million, respectively, related to the change in fair value of our investment. Changes in the fair value of this investment are recognized in other expense, net in our consolidated statements of operations. During the year ended December 31, 2024, we contributed $1.3 million to maintain our 25% ownership interest in ECOTEC, which is included in other assets in our consolidated balance sheets. See Note 25 (“Fair Value Measurements”) for further details.

Other Strategic Investments

On December 19, 2025, we entered into a SAFE with Shoreline AI, a software-as-a-service company, focused on predictive maintenance for energy infrastructure assets. We have elected the fair value measurement alternative to account for this investment and at December 31, 2025, the carrying value of our investment was equal to its $5.2 million cost, including cumulative transaction costs of $0.2 million, and is included in other assets in our consolidated balance sheets.