Orbital Energy Group (NASDAQ:OEG) is the biggest gainer and trading with double digit rally in the pre-market session after the news on Tuesday.
Orbital Energy Group, Inc.’s Recently Acquired Subsidiary, Gibson Technical Services, Reaches Agreement With TEC On 700-Mile Engineering And Construction Project Across Central Mississippi
- 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.
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.”
Market Action
As of 8:26, OEG stock soared $1.45 or 41% to $5.01. So far the stock has traded 3.27 million shares traded hands.
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