TPG Rise Climate, the climate investing strategy of TPG’s global impact investing platform, TPG Rise, announced today the acquisition of industrial aftermarket emissions reduction solutions provider Miratech, citing opportunities to address the emissions challenge created by growing power demand from increasing data center usage.

Marc Mezvinsky, Partner at TPG and a senior member of the firm’s climate investing team, said:

“MIRATECH’s commitment to reducing emissions by providing cost-effective, technologically advanced solutions will prove critical in the years ahead, particularly as data center power usage continues to grow globally. This investment is a reflection of our thematic focus on negative emissions and derivative equipment & services companies that enable the energy transition.”

Founded in 1992, Tulsa, Oklahoma-based Miratech provides industrial aftermarket emissions and noise reduction solutions, including catalysts, filters, silencers, monitoring systems, and related services to address engine-exhaust pollutants and noise from mission-critical power generation. The company’s offerings are focused on stationary power and data centers, while also providing solutions to monitor and reduce emissions from engines that serve hard-to-decarbonize sectors including energy infrastructure, marine, and construction.

The acquisition comes as AI-driven growth is driving a rapid increase in data center power demand. Over the past few months, several major tech companies, such as Microsoft, Google and Amazon, have highlighted increased energy needs to meet the AI-driven growth in data centers as a key challenge to their decarbonization goals, and have ramped up clean energy purchases over the past several months in order to meet the growing demand.

Miratech CEO David Zenthoefer said:

“As energy demand related to AI and cloud migration increases, there is an opportunity to expand MIRATECH’s market leadership amongst data center emergency backup power providers. We are also seeing increasing emissions regulations and air quality standards around the world, including further caps on methane emissions, which our products are well-placed to address. With the capital and expertise from TPG Rise Climate, we look forward to capitalizing on the substantial growth and emissions reductions opportunities ahead.”

TPG is acquiring Miratech from Texas-based investment manager BP Energy Partners, who acquired the company in 2022.

Dennis Hamilton, Managing Director at BP Energy Partners, said:

“As the global economy becomes more data-driven, energy and power demand continue to grow beyond existing grid capabilities, highlighting a need for practical solutions that provide security, redundancy and reliability. MIRATECH’s solutions have proven critical in addressing emissions challenges across energy and energy-intensive industries. It has been a pleasure partnering with MIRATECH to support their growth and commitment to addressing these challenges.”