05:20 PM EDT, 07/16/2024 (MT Newswires) -- Flotek Industries' ( FTK ) JP3 Measurement said late Tuesday that the Environmental Protection Agency has designated the JP3 system as an approved measurement technology for the recently enacted flare regulations.

JP3 said its technology uses Near InfraRed Spectroscopy to deliver real-time flare emission measurements.

"With over 55,000 existing flares in the United States expected to be subject to some level of monitoring regulation by 2028, this approval positions JP3 to significantly expand its footprint into this new upstream market space," the company said.

Shares of the company were up about 2% in after-hours activity.

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