Orbital Energy Group Inc. (NASDAQ: OEG) gained 6.97% following the announcement that a Fortune 100 Energy Company had awarded its subsidiary Orbital Solar Services (OSS) Engineering, Procurement, and Construction contract worth $64 million for the construction of a 137 MW solar farm in Arkansas. The stock lost 4.79% in the last trading session.
OSS to complete the project by next year
According to the contract, OSS will design, engineer, and build a utility-scale solar array completed in early 2022. In addition, the company will deliver full utility-scale EPC services, including substation building.
OSS was examined during the selection process for its expertise, innovation, and support abilities to form long-term cooperation in providing utility-scale solar systems. The Fortune 100 Energy company chose OSS because of its in-house engineering capabilities, supply chain connections, and proven record of completing over 40 solar projects with a total capacity of over 600 megawatts. In addition, OSS is a well-known industry leader with more than 50 years of combined delivery and management experience.
OSS CEO Brandon Martin stated that a new project with a Fortune 100 energy company reflects its’ acknowledgment of OSS’s technical ability and experience in planning and building large, complicated utility-scale solar projects. Martin said they are excited to get started on this project, even as we continue to seek new opportunities in this field.
Orbital expanding in the renewable energy field
Orbital Energy Group CEO Jim O’Neil said they are ecstatic to receive the contract, recognizing the OSS subsidiary’s significance to utility-scale solar customers. He added that the award underlines Orbital’s capacity to provide services that help reduce our country’s carbon impact. OSS builds industry connections based on a proven track record, world-class facilities, and cutting-edge technology. O’Neil said that it will continue expanding its presence in the renewable energy marketplace.