Orbital Infrastructure Group Awarded a Multi-Year Electric Distribution Reconductor and Pole Replacement Project
HOUSTON, Sept. 6, 2022 /PRNewswire/ -- Orbital Infrastructure Group, Inc. (NASDAQ:OIG) ("OIG") today announced that its subsidiary, Orbital Power Inc. ("OPI"), has been awarded a multi-year electric distribution project for an Investor-Owned Utility customer in Texas.
The scope of work includes a reconductor and pole replacement program on approximately a 20 mile overhead and underground electric distribution circuit and related maintenance on feeder and service lines in conjunction with the system upgrade. The project will take approximately two years to complete.
"This project award is the result of the Orbital Power team's solid and safe execution of smaller projects for this customer over the past eighteen months," said Jim O'Neil, OIG's Vice Chairman & CEO. "This award demonstrates OIG's ability to win and deliver large scale multi-million dollar projects, as we continue to gain momentum in our electric power infrastructure segment. A key component of our strategic plan is to build our customer relationships by providing best in class service, expand our market share, and, thereby, increase our shareholder value."
Orbital Infrastructure Group, Inc. (NASDAQ:OIG) is a diversified infrastructure services platform, providing engineering, design, construction, and maintenance services to customers in three operating segments; electric power, telecommunications, and renewables.
Beginning in April 2021, Orbital Infrastructure Group transformed its infrastructure strategy with the acquisitions of GTS and Front Line Power Construction, the company's telecommunications and electric power segment platforms, as well as three synergistic "tuck in" acquisitions (IMMCO, Inc, Full Moon Telecom, and Coax Fiber) and the divestiture of its legacy Orbital Gas Systems business. The Company is now positioned to profitably grow its infrastructure services platform for years to come, organically and through synergistic acquisitions to capitalize on strong multi-year end market drivers in the industries we serve.
Orbital Infrastructure Group is dedicated to maximizing shareholder value, by striving to exceed our customers' expectations, building a diverse workforce, and making a positive difference in the lives of our employees and the communities in which we operate, and contributing to reducing the carbon footprint through the services we provide.
For more information please visit: www.orbitalinfrastructuregroup.com
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the expected use of proceeds. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, or achievements to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements. Such factors include the risk factors set forth in the Company's filings with the SEC, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2020, its periodic reports on Form 10-Q, and its Current Reports on Form 8-K filed in 2020 and 2021, as well as the risks identified in the shelf registration statement and the prospectus supplement relating to the offering. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. Orbital undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE Orbital Energy Group, Inc.