HOUSTON, Nov. 2, 2021 /PRNewswire/ -- Orbital Energy
Group, Inc. (NASDAQ: OEG) ("Orbital"), today announced that its
wholly-owned subsidiary, Orbital Solar Services ("OSS"), a leader
in utility-scale solar power generation facilities, has entered
into a Joint Venture Agreement ("JVA") with industry-leading
Jingoli Power, LLC
("Jingoli").
Jingoli (www.jingolipower.com) is a professional services
provider for complex electric utility construction
projects and a subsidiary of Joseph
Jingoli and Son, Inc., a 99-year-old privately held
New Jersey-based firm. The Jingoli
team is a talented mix of engineers, trade supervisors, experienced
project managers, military veterans, and utility line workers. The
company's core leadership team has worked together for over 15
years and has enlisted the industry's top talent across the
country. Jingoli's expertise allows its customers and
counterparts to focus on design and keep crews safe and
productive.
The JVA between Jingoli and OSS will have nearly $2 billion in bonding capacity, expanded
capabilities, and resources to take on larger and more scalable
project opportunities – all with Jingoli, a partner having years of
reliable, well-established experience and ability.
"The complimentary services offerings Orbital and Jingoli
provide to our utility scale solar market creates the perfect
partnership. This JVA will bring an innovative approach to
the engineering, procurement, and construction ("EPC") of renewable
projects, resulting in value creation to our customers," said
Jim O'Neil, Orbital Energy Group's
Vice-Chairman & CEO. "Jingoli is a proven, respected service
provider to the electric power industry in existence for nearly 100
years. We are honored to work with the Jingoli team in
pursuing other markets to expand our partnership as OEG continues
to increase presence in the markets we serve for the balance of
this year and beyond."
"This joint venture agreement is a natural fit combining
Orbital's leadership in the solar industry and Jingoli's vast
experience in electric utility interconnections," said Jingoli CEO
Karl Miller. "As extreme weather
events continue to stress the nation's aging energy infrastructure,
our team is optimally positioned to deliver on the growing demand
for competitive and reliable solar development. Together, we'll
help to build the grid of the future."
Mike Janda, OSS's President,
stated, "This JVA is an unprecedented opportunity for OSS to
achieve sustainable growth and expand its capabilities. With a
strong and reliable partner like Jingoli, OSS will position
ourselves in the top EPC arena by pursuing additional larger
utility size solar projects. The Joint Venture gives us more
resources, greater capacity, increased technical expertise and
access to established markets and distribution channels."
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.
Investor Relations:
Three Part Advisors
John Beisler or Steven Hooser
817-310-8776
investors@orbitalenergygroup.com
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SOURCE Orbital Energy Group, Inc.
