Orbital Energy Group, Inc. (NASDAQ: OEG) is engaged as a diversified energy services company. The energy services company operates four main businesses: Orbital Power Services, Orbital Solar Services, Orbital Telecom Services, and Orbital Gas Systems.
Shares of the energy services provider are rallying 60%, through early trading on Tuesday, June 1, 2021. Over the past three months, Orbital Energy Group has seen average daily volume of 1.99 million shares. However, volume of 48.21 million shares or dollar volume of $299.38 million, has already exchanged hands through early trading on Tuesday.
Orbital Energy is gaining after announcing its subsidiary, Gibson Technical Services, has been awarded a project covering 700 miles of engineering and construction turnkey services. The project is located in Central Mississippi and will be completed over the next four years. The project is sponsored by TEC and, with assistance from the federal government, Orbital Energy will help lay fiber to support broadband networks in rural communities.
Orbital Energy Group, Inc. Press Release:
HOUSTON, June 1, 2021 /PRNewswire/ — Orbital Energy Group, Inc. (NASDAQ: OEG) (“OEG”) today announced that its recently acquired subsidiary, Gibson Technical Services (“GTS”), has been awarded a project for approximately 700-miles of engineering and construction turnkey services across Central Mississippi(the “Project”) to be completed over the next four years for TEC of Jackson, Inc., dba: TEC (“TEC”).
GTS began the first engineering phase of the Project in April 2021 with construction slated to start in June 2021. The Project is being funded with both private TEC capital and from the Federal Government’s Rural Digital Opportunity Fund (“RDOF”) for rural fiber buildouts.
The RDOF extends the Federal Communication Commission’s (“FCC”) Connect America Fund (“CAF”) and will provide $20.4 billion in funding over a ten-year period to support broadband networks in rural communities across the country. This partnership between TEC and GTS creates one of the first RDOF rural builds to be started in the United States.
As explained by GTS’s chief executive officer, Mike McCracken, “The award of this project from such a well-respected telecommunication service provider as TEC confirms GTS’s ability to deliver the highest quality engineering and construction services. I am proud of the entire GTS group for the teamwork demonstrated in securing this project. We look forward to providing the world class service, dependability, engineering, and unique solutions that have become the hallmarks of GTS.”
OEG Vice-Chairman & CEO, Jim O’Neil, added, “The award of this milestone project from this caliber of customer is a testament to GTS, Mike, and his entire team, and their experience and capability to provide TEC with a full-service solution to complete this fiber buildout. The project further underscores GTS’s capabilities and the value created by our recent acquisition.”
“Having been a leader in the telecommunications industry for almost a century,” said Lisa Wigington, Vice President of Strategic Operations. “TEC is committed to providing its customers not just a reliable product, but superior service and outstanding support. This partnership with GTS continues that tradition and we look forward to the successful and timely completion of this exciting project.”
TEC provides economic stability to its local service areas, employing over 200 people across Alabama, Mississippi, Tennessee, Georgia, and Louisiana. Currently, TEC has invested in and maintains approximately 1,400 miles of fiber in its rural markets. For nearly a century, TEC has been a forerunner in providing telecommunications services to rural America and was the first to bring internet options to many rural markets more than 20 years ago. For more information, visit www.TEC.com or social media @TECconnects.
About Orbital Energy Group
Orbital Energy Group, Inc. (Nasdaq: OEG) is creating a diversified energy services platform through the acquisition and development of innovative companies. Orbital Energy’s group of businesses includes Orbital Power Services, Orbital Solar Services, Orbital Telecom Services and Orbital Gas Systems. Orbital Power Services provides engineering, construction, maintenance and emergency response solutions to the power, utilities, and midstream markets. Orbital Solar Services provides engineering, procurement, and construction (“EPC”) expertise in the renewable energy industry and established relationships with solar developers and panel manufacturers in the utility scale solar market. Orbital Telecom Services, operating as Gibson Technical Services, has nationwide locations equipped to effectively support multi-vendor OEM technology environments and outside plant construction operations on an as-needed basis with specialized services in broadband, wireless, outside plant and building technologies, including healthcare. Orbital Gas Systems is a 30-year leader in innovative gas solutions, serving the energy, power and processing markets through the design, installation and commissioning of industrial gas sampling, measurement, and delivery systems. As a publicly traded company, Orbital Energy is dedicated to maximizing shareholder value. But most important, our commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors, and global community.
For more information please visit: www.orbitalenergygroup.com
Important Cautions Regarding Forward Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information regarding these and other factors, which could materially affect the Company and its operations, are included in certain forms the Company has filed with the Securities and Exchange Commission.