OEG Stock Price: Over 15% Increase Explanation

By Amit Chowdhry ● June 9, 2021
  • The stock price of Orbital Energy Group Inc (NASDAQ: OEG) increased by over 15% this morning. This is why it happened.

The stock price of Orbital Energy Group Inc (NASDAQ: OEG) increased by over 15% this morning. Investors are responding positively to Orbital Energy Group announcing that its wholly-owned subsidiary Orbital Solar Services (OSS), a leader in utility-scale solar power generation facilities, has been awarded an Engineering, Procurement, and Construction (EPC) contract to construct a 137-megawatt solar farm in Arkansas by a North American, Fortune 100 Energy Company. The project has an expected total value of over $64 million.

The contract calls for OSS to design, engineer, and produce a utility-scale solar array to be delivered in early 2022. And under the contract terms, OSS will provide full utility-scale EPC services, including substation construction.

During the selection process, OSS was evaluated for its technical, innovation and support capabilities to create a long-term partnership in providing utility-scale solar facilities. And OSS was selected based on its in-house engineering capabilities, supply chain relationships, and proven track record of having executed over 40 solar projects in excess of 600 megawatts. 

KEY QUOTES:

“This new project with an industry-leading, Fortune 100 energy company, demonstrates the recognition of OSS’s technical expertise and abilities from North American energy companies in designing and building these large, complex, utility-scale solar projects. We look forward to commencing work on this project even as we continue to pursue other potential opportunities in this area.”

— Brandon Martin, OSS’s CEO

”We are thrilled by this award, which highlights the value of our OSS subsidiary to utility-scale solar customers and showcases Orbital’s ability to provide services that contribute to reducing our nation’s carbon footprint. OSS continues to expand its industry relationships based on a solid record of achievement, world-class facilities and innovative technologies. By continuing to pursue attractive projects such as this one, we look forward to expanding our presence in the renewable and alternative energy marketplace during the balance of 2021 and beyond.”

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

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.