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Orbital Energy Group Inc. (OEG) stock rises during current market trading. Why so?

Orbital Energy Group Inc. (NASDAQ: OEG) stock gained by 13.09% in the current market trading. Through the acquisition and growth of innovative enterprises, Orbital Energy Group is building a diverse energy services platform. Orbital Power Services specializes in designing, building, maintenance, and emergency response for the power, utility, and midstream industries.

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What is happening?

A North American Fortune 100 Energy Company has granted OEG’s wholly-owned subsidiary, Orbital Solar Services which is a pioneer in utility-scale solar power production facilities, an Engineering, Procurement, and Construction contract to build a 137-megawatt solar farm in Arkansas. The project is estimated to produce more than $64.0 million in total.

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According to the contract, OSS will design, engineer, and manufacture a utility-scale solar array that will be delivered in early 2022. OSS will deliver complete utility-scale EPC services, including substation building, under the conditions of the contract.

OSS was examined during the selection process for its technological, innovation, and support skills in order to form long-term cooperation in the provision of utility-scale solar systems. OSS was chosen for its in-house technical expertise, supply chain partnerships, and proven track record of completing over 40 solar projects with a total capacity of over 600 megawatts. With more than 50 years of collective expertise in the execution and administration of both commercial and renewable energy construction projects, OSS is a very well-known industry leader.

Brandon Martin, OSS’s CEO, commented:

This new project with a Fortune 100 energy business reflects North American energy firms’ acknowledgment of OSS’s technical experience and ability in planning and implementing big, complicated utility-scale solar projects. OEG is excited to get started on this project, even as they continue to seek new possibilities in this field.

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Jim O’Neil, Orbital Energy Group’s Vice-Chairman & CEO stated,

This award recognizes the importance of their OSS subsidiary to utility-scale solar clients and underscores Orbital’s capacity to deliver services that help reduce their country’s carbon footprint. OSS continues to build industry connections based on a proven track record, world-class facilities, and cutting-edge technology. They expect to grow their footprint in the renewable and alternative energy industry throughout the second half of 2021 and beyond if they continue to seek interesting projects like this one.

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