Who Owns Solaris Oilfield Infrastructure Company?

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Who owns Solaris Energy Infrastructure, Inc.?

Understanding a company's ownership is key to grasping its strategic direction and accountability. Solaris Oilfield Infrastructure, Inc., now Solaris Energy Infrastructure, Inc., went public on May 12, 2017, offering 10,100,000 shares of Class A common stock at $12.00 each.

This IPO raised approximately $110.8 million, transitioning the company from private to public on the New York Stock Exchange under 'SOI,' later changing to 'SEI' in September 2024 to reflect its broader energy focus.

Founded in 2014 and based in Houston, Texas, the company initially focused on mobile equipment and services for hydraulic fracturing, including its Solaris Oilfield Infrastructure BCG Matrix, and has since expanded into distributed power solutions.

As of July 31, 2025, Solaris Energy Infrastructure boasts a market capitalization of $1.32 billion with 40.4 million shares outstanding.

Solaris Oilfield Infrastructure, Inc. was founded in 2014 by a group of experienced energy professionals, with Bill Zartler serving as its initial Founder, Chairman, and Chief Executive Officer. Cindy Durrett, who holds the position of Chief Administrative Officer and Director, was also a key founding leader. Their collective expertise in the energy sector laid the groundwork for the company's establishment.

Founding Leadership

Bill Zartler, a founder and former Managing Partner at Denham Capital Management, brought over 30 years of experience in building and investing in energy businesses. Cindy Durrett also contributed over 30 years of experience in midstream and oilfield services.

Early Focus

In its initial years, the company focused on developing proprietary technologies for well completion, hydraulic fracturing, and on-site equipment management. This technological emphasis was central to its early strategy.

Funding Strategy

Prior to its initial public offering (IPO), the company's expansion was financed through a combination of private equity investments and reinvested earnings. This approach supported the development of its technological capabilities and product portfolio.

Investor Base

While specific early equity splits are not publicly disclosed, the company's reliance on private funding suggests a concentrated ownership structure among its founders and early strategic investors.

Operational Expansion

The company utilized its funding to build a diverse range of innovative oilfield products and establish operational centers in key oil-producing regions. This expansion was critical for its market presence.

Founders' Backgrounds

Bill Zartler's prior role as Founder and Managing Partner at Denham Capital Management provided significant experience in private equity and energy sector growth. Cindy Durrett's extensive background in midstream and oilfield services further solidified the founding team's expertise.

The early ownership of Solaris Oilfield Infrastructure was characterized by a foundational group of entrepreneurs and seasoned energy professionals. Bill Zartler, as Founder, Chairman, and CEO, alongside Cindy Durrett, Chief Administrative Officer and Director, were instrumental in the company's inception in 2014. Their combined experience, with Zartler’s background in private equity and energy investing and Durrett’s extensive knowledge of midstream and oilfield services, shaped the company's initial direction. The company's early growth was fueled by private equity investments and reinvested earnings, indicating a concentrated ownership structure among the founders and early strategic investors, supporting its focus on developing proprietary technologies for well completion and hydraulic fracturing. Understanding the Mission, Vision & Core Values of Solaris Oilfield Infrastructure provides further context to their early strategic decisions.

Key Founding Figures

Bill Zartler and Cindy Durrett were the primary founders of Solaris Oilfield Infrastructure in 2014.

• Bill Zartler: Founder, Chairman, and CEO
• Cindy Durrett: Chief Administrative Officer and Director

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Solaris Oilfield Infrastructure, Inc. became a public entity on May 12, 2017, with an initial public offering that raised approximately $110.8 million. A significant strategic shift occurred in September 2024 with a name change to Solaris Energy Infrastructure, Inc. (NYSE: SEI) and the acquisition of Mobile Energy Rentals (MER), signaling diversification into the distributed energy sector.

As of May 2025, Solaris Energy Infrastructure, Inc. (SEI) operates with a dual-share structure: Series A common stock, traded on the NYSE, and Series B common stock, which grants voting power to founders and management without economic value. The company's primary assets are financial securities, specifically approximately 40 million units in Solaris LLC, its operating subsidiary, representing a 60% ownership stake. Minority interest accounts for about 45% of the company's equity. The total outstanding shares comprise 40.4 million Class A shares and 27.1 million Class B shares, totaling 67.4 million shares.

Key Stakeholders in Solaris Energy Infrastructure

Major institutional investors play a significant role in the ownership of Solaris Energy Infrastructure. These entities collectively hold a substantial number of shares, indicating their confidence in the company's strategic direction.

• BlackRock, Inc.
• Encompass Capital Advisors LLC
• Driehaus Capital Management Llc
• Vanguard Group Inc.

As of late 2024 and early 2025 filings, significant institutional shareholders included BlackRock, Inc., Encompass Capital Advisors LLC, Driehaus Capital Management Llc, and Vanguard Group Inc., collectively owning 47,740,066 shares. By April 17, 2024, a total of 326 funds or institutions held 27,985,000 shares. Insiders held 7.65% of the company's shares as of late July 2025, while institutional ownership reached 100.02%, highlighting a strong institutional presence. Understanding these ownership dynamics is crucial for assessing the company's governance and strategic decision-making, especially in light of its recent diversification efforts, which are detailed in the Growth Strategy of Solaris Oilfield Infrastructure.

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As of January 30, 2025, Solaris Energy Infrastructure, Inc. has a Board of Directors comprising 10 members. Max Yzaguirre recently joined as an independent director. Key figures include Bill Zartler, the Founder, Chairman, and CEO, and Cindy Durrett, Chief Administrative Officer and Director.

The voting power within Solaris Energy Infrastructure is structured through Class A and Class B common stock, with both classes voting together as a single unit on all shareholder matters. Each share of either class grants one vote. Notably, Class B common stock carries no economic rights but exclusively provides voting power. This dual-class system is designed to maintain voting control for founders and management. An analysis from July 30, 2025, indicated that this structure is also intended to reduce personal tax liabilities for the management and founders of MER and SEI. Recent insider trading activity in late July 2025 involved the cancellation of 4 million Class B super-voting shares, which has slightly enhanced the alignment with a one-share/one-vote principle and improved governance.

Understanding Solaris Oilfield Infrastructure's Voting Structure

Solaris Energy Infrastructure utilizes a dual-class stock system to manage voting power. This structure is key to understanding who owns Solaris Oilfield and how decisions are made.

• Class A and Class B common stock holders vote as one class.
• Class B shares offer voting power without economic rights.
• The structure aims to preserve founder and management control.
• Recent adjustments have reduced dual-class dilution.
• This impacts the overall Solaris Oilfield Infrastructure ownership dynamics.

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Over the past 3-5 years, Solaris Energy Infrastructure, Inc. has seen significant shifts in its ownership and strategic focus. The company rebranded from Solaris Oilfield Infrastructure, Inc. in September 2024, reflecting a move into distributed power generation. This strategic pivot was significantly influenced by the acquisition of Mobile Energy Rentals (MER) for $323 million in September 2024.

Following the MER acquisition, management, insiders, and MER's founders and management collectively hold approximately 50% of Solaris on a pro forma basis. Recent insider activity in July 2025 involved a planned sale of up to 4,000,000 Class A common shares by an affiliate, J Turbines, Inc., valued at around $121.2 million. This entity had previously sold 2,000,000 shares for $41.9 million in the preceding three months. This substantial insider disposition may suggest a short-term decrease in insider confidence, but it also has the potential to increase the public float and trading liquidity.

Post-Acquisition Ownership Structure

Management, insiders, and MER founders/management collectively own about 50% of Solaris post-acquisition. This indicates significant retained ownership by key stakeholders involved in the company's strategic shift.

Insider Share Disposition

An affiliate, J Turbines, Inc., planned to sell up to 4,000,000 Class A shares in July 2025. This sale, valued at approximately $121.2 million, could impact short-term insider sentiment and public float.

Shareholder Returns and Capital Management

Solaris has maintained consistent quarterly cash dividends, with a $0.12 per share dividend approved for Class A stock in Q1 and Q2 2024. The company has returned approximately $178 million to shareholders via dividends and repurchases since 2018, also reducing total shares outstanding by 7%.

Growth Initiatives and Debt Financing

A $550 million senior secured loan facility was recently secured to fund growth and strategic ventures. Solaris anticipates its total operated power generation capacity to reach approximately 1,700 MW by the first half of 2027, indicating a strong focus on expanding its distributed power generation capabilities, aligning with its Target Market of Solaris Oilfield Infrastructure.

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