Plexus Holdings PLC (LON:POS) received the London Stock Exchange's Green Economy Mark which recognises companies that are ‘driving the global green economy’.
The mark is given to companies and funds that derive more than 50% of revenues from environmental solutions.
Plexus is a supplier to the oil and gas industry and its lead product is the POS-GRIP friction-grip method of wellhead engineering which improves safety and reduces environmental risks.
“The mark supports Plexus in communicating our green credentials to investors and other stakeholders, highlighting our efforts to support the transition to a low or net zero economy,” said chief executive Ben van Bilderbeek.
"Committed to our Environmental, Social, and Governance (ESG) responsibilities, Plexus has for over 30 years focussed on unique engineering solutions for its customers as it strives to be a champion for sustainability in the oil and gas sector.”
“I am delighted that the LSE has established that there are significant environmental benefits to using our products.”
Van Bilderbeek added: “As we collectively face the climate emergency, mindsets must change, and they are.
“As the impending Methane Emissions Reduction Act in the United States and similar legislation being progressed in Europe demonstrate, regulations are increasingly becoming more stringent. The industry needs to act.
“Help is at hand in the form of new methods of engineering, which can enable the oil and gas industry to reduce emissions substantially throughout the supply chain from wellsite to consumer.
"It is at the wellsite that Plexus' technology and HG wellhead sealing solutions can play a vital role in achieving emissions targets over the coming years by reducing leaks at the wellhead. Indeed, in today's decarbonising world, methane wellhead leaks should be prevented whenever and wherever possible, as should unnecessary maintenance intervention and loss of production costs.”
The Plexus chief highlighted that the company provides a proven solution that benefits users both in terms of costs and also their ESG obligations by helping to produce hydrocarbons in a more sustainable and safer manner.