11:54 AM EST, 12/10/2024 (MT Newswires) -- ProPetro ( PUMP ) announced Tuesday its new ProPetro Energy Solutions unit that will do business as ProPWR with about $122 million growth capital investment.

ProPetro ( PUMP ) said it will fund the investment with cash, about $20 million in early 2025, and the remaining with external financing.

ProPWR will work on an initial order of over 110 megawatts of mobile power generation equipment for oilfield and industrial applications, with deliveries expected between June 2025 and March 2026, ProPetro ( PUMP ) added.

Shares of ProPetro ( PUMP ) were up over 17% in recent trading.

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