Duos Technologies Group announced that its operating subsidiary, Duos Energy Corporation, has signed a two-year Asset Management Agreement (AMA) to deploy and operate a fleet of mobile gas turbines and balance-of-plant inventory with a combined generation capacity of 850 megawatts.
The AMA was signed with affiliates of Fortress Investment Group; funds managed by affiliates of Fortress are acquiring the portfolio from APR Energy. With the AMA, Duos will oversee the management and deployment of the assets. Duos is already in active discussions regarding deployment to developers of immediate-demand power projects, such as US-based data center developers and other international projects.
Mobile gas turbines could be particularly valuable for customers needing Behind-the-Meter (BTM) power solutions – as the assets can be deployed in a matter of weeks. And this offers a significant advantage over traditional utility power or new generation assets that can incur a 24-month or longer manufacturing timeline.
This agreement accelerates the diversification of Duos’s business as part of its strategy to achieve profitability in FY2025 with the contract value estimated at $42 million over the two-year period. And Duos recently announced the formation of Duos Energy Corporation to respond to the overwhelming demand for power solutions from Data Center Hyper Scalers and the overlapping synergies between the power and data center industry.
With the leadership of Duos CEO Chuck Ferry, Duos has recruited a senior leadership team with significant technical and project management skillsets. The Duos management team has over 100 years of combined power project experience, which includes installing and operating more than 1GW of fast-track power between 2016 and 2020 across the globe.
The Fortress – APR Energy transaction will close upon the completion of customary closing conditions and regulatory approval.
KEY QUOTES:
“This new agreement accelerates the diversification of Duos’s business. We are thrilled to partner with Fortress on deployment of the APR Energy assets. With rising demand across the globe for power generation, we see significant opportunity to deploy these high-capacity mobile turbines both in the US and internationally – and they’re available immediately.”
– Chuck Ferry, CEO of Duos Technologies Group
“With grid constraints in some markets and rising demand for power, we believe these assets offer an ideal solution for immediately available behind-the-meter power generation.”
– Robert Warden, Managing Director at Fortress
