Investments in Unconsolidated Affiliates and Other Strategic Investments	6 Months Ended
Jun. 30, 2026
Investments in Unconsolidated Affiliates and Other Strategic Investments
Investments in Unconsolidated Affiliates and Other Strategic Investments	7. Investments in Unconsolidated Affiliates and Other Strategic Investments Investment in FGC Holdco In October 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 three months ended June 30, 2026, we did not invest in FGC Holdco, whereas during the three months ended June 30, 2025, we invested $0.2 million, and during both the six months ended June 30, 2026 and 2025, we invested $0.4 million, in FGC Holdco. As of both June 30, 2026 and December 31, 2025, 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 condensed consolidated balance sheets. Cash contributions are included in the investing activities section of our condensed consolidated statements of cash flows. On July 1, 2026, the limited liability agreement was amended, to include, among other provisions, authorization of additional capital of 80 thousand units issued to us at a purchase price of $25 per unit. In connection with the amendment, we invested $2.0 million in FGC Holdco, which resulted in a 37% equity interest in FGC Holdco at that time. 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 although we participate in board governance, we do not have the unilateral ability to control board decisions. We apply the equity method of accounting to account for our 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 June 30, 2026, 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. We recognized equity method losses of $0.4 million and $0.2 million during the three months ended June 30, 2026 and 2025, respectively, and $0.9 million and $0.2 million during the six months ended June 30, 2026 and 2025, respectively, which is included in equity in net loss of unconsolidated affiliate in our condensed consolidated statements of operations. We eliminate intra-entity profits and losses on transactions with FGC Holdco to the extent such profits or losses are not realized through transactions with third parties. See Note 18 (“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. We have elected the fair value measurement alternative to account for this investment. See Note 17 (“Fair Value Measurements”) for further details. On March 13, 2026, we invested an additional $1.3 million in Ionada and as a result, the carrying value of our investment in Ionada at June 30, 2026 was $6.8 million, including transaction costs of $0.5 million, and is included in other assets in our condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, we had a fully diluted ownership equity interest in Ionada of 16% and 12%, respectively. Subject to certain contractual conditions, we may invest on the same terms and conditions as the initial and secondary investments, up to $4.8 million prior to April 3, 2027, 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 three and six months ended June 30, 2026 and 2025, we did not recognize unrealized gains or losses related to the change in fair value of our investment. Changes in the fair value of this investment are recognized in other income, net in our condensed consolidated statements of operations. See Note 17 (“Fair Value Measurements”) for further details. Other Strategic Investments In December 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 as of June 30, 2026 and December 31, 2025, the carrying value of our investment was equal to its $5.2 million cost, including transaction costs of $0.2 million, and is included in other assets in our condensed consolidated balance sheets. See Note 17 (“Fair Value Measurements”) for further details.

Investments in Unconsolidated Affiliates and Other Strategic Investments

6 Months Ended

Jun. 30, 2026

Investments in Unconsolidated Affiliates and Other Strategic Investments

Investments in Unconsolidated Affiliates and Other Strategic Investments

7. Investments in Unconsolidated Affiliates and Other Strategic Investments

Investment in FGC Holdco

In October 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 three months ended June 30, 2026, we did not invest in FGC Holdco, whereas during the three months ended June 30, 2025, we invested $0.2 million, and during both the six months ended June 30, 2026 and 2025, we invested $0.4 million, in FGC Holdco. As of both June 30, 2026 and December 31, 2025, 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 condensed consolidated balance sheets. Cash contributions are included in the investing activities section of our condensed consolidated statements of cash flows.

On July 1, 2026, the limited liability agreement was amended, to include, among other provisions, authorization of additional capital of 80 thousand units issued to us at a purchase price of $25 per unit. In connection with the amendment, we invested $2.0 million in FGC Holdco, which resulted in a 37% equity interest in FGC Holdco at that time.

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 although we participate in board governance, we do not have the unilateral ability to control board decisions. We apply the equity method of accounting to account for our 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 June 30, 2026, 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.

We recognized equity method losses of $0.4 million and $0.2 million during the three months ended June 30, 2026 and 2025, respectively, and $0.9 million and $0.2 million during the six months ended June 30, 2026 and 2025, respectively, which is included in equity in net loss of unconsolidated affiliate in our condensed consolidated statements of operations. We eliminate intra-entity profits and losses on transactions with FGC Holdco to the extent such profits or losses are not realized through transactions with third parties. See Note 18 (“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. We have elected the fair value measurement alternative to account for this investment. See Note 17 (“Fair Value Measurements”) for further details.

On March 13, 2026, we invested an additional $1.3 million in Ionada and as a result, the carrying value of our investment in Ionada at June 30, 2026 was $6.8 million, including transaction costs of $0.5 million, and is included in other assets in our condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, we had a fully diluted ownership equity interest in Ionada of 16% and 12%, respectively. Subject to certain contractual conditions, we may invest on the same terms and conditions as the initial and secondary investments, up to $4.8 million prior to April 3, 2027, 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 three and six months ended June 30, 2026 and 2025, we did not recognize unrealized gains or losses related to the change in fair value of our investment. Changes in the fair value of this investment are recognized in other income, net in our condensed consolidated statements of operations. See Note 17 (“Fair Value Measurements”) for further details.

Other Strategic Investments

In December 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 as of June 30, 2026 and December 31, 2025, the carrying value of our investment was equal to its $5.2 million cost, including transaction costs of $0.2 million, and is included in other assets in our condensed consolidated balance sheets. See Note 17 (“Fair Value Measurements”) for further details.