Orbital Energy Group Launches Eclipse Foundation Group

Rhea-AI Summary

Orbital Energy Group (NASDAQ: OEG) announced the launch of its new subsidiary, Eclipse Foundation Group, on January 12, 2021. This company specializes in drilled shaft foundation construction, focusing on electric transmission, substations, communication towers, and disaster restoration services in challenging terrains like marshes and rocks. Led by industry veteran Michael Cutrone, Eclipse aims to address the increasing demand for foundation drilling in the Southern U.S., enhancing Orbital's service offerings in the energy sector.

Positive

• Launch of Eclipse Foundation Group enhances Orbital's service offerings in the energy sector.
• Eclipse has experienced management with 30 years in the industry, differentiating capabilities in difficult terrains.
• Focus on safety, quality, and maintenance of aging power lines aligns with market needs.

Negative

• None.

HOUSTON, Jan. 12, 2021 /PRNewswire/ -- Orbital Energy Group, Inc. (NASDAQ: OEG) ("Orbital Energy" or the "Company") announced today the launch of a new subsidiary, Eclipse Foundation Group, a drilled shaft foundation construction company that specializes in providing services to the electric transmission and substation, industrial, communication towers and disaster restoration market sectors, with expertise in water, marsh and rock terrains.

Headquartered in Baton Rouge, Louisiana, the Eclipse team is renowned for its expertise in successfully executing projects in difficult environments, such as water, marsh, or rock terrains.  Eclipse utilizes amphibious equipment and vibratory caissons to construct up to 16-foot diameter shafts at depths greater than 80 ft in marshland and deeper waters, as well as working from barges, and also has the expertise and equipment to successfully drill through hard rock and granite. Eclipse's services include:

• Furnishing and installing rebar cages and anchor bolt cages,
• Driving caissons,
• Setting structures with its fleet of specialized hydraulic cranes.

Jim O'Neil, Orbital Energy Group's vice-chairman and CEO, said, "There is a growing need for experienced foundation drilling contractors to help upgrade and expand the energy and telecommunication infrastructure across the Southern U.S.  Eclipse's management boasts 30 years of industry experience, with an excellent working record and a highly qualified staff. Eclipse has significant experience drilling projects in extremely difficult terrain, which differentiates their capabilities from others in the industry. The Eclipse team has established relationships with engineers and utility owners that share a common goal, completing vital energy projects safely and on time and budget."

Eclipse is led by president Michael Cutrone, a recognized leader in drilled shaft foundations, and who has nearly 30 years of experience in the operation and management of companies serving electric power, telecommunications, and industrial customers.

"Eclipse prioritizes safety, quality and client service to provide ongoing maintenance to aging power lines and constructing new projects as the grid is reconfigured to serve new power sources, such as renewables and expanded to serve the growth of metropolitan areas in the southern U.S.," said Eclipse president Michael Cutrone. "Additionally, the southern states are vulnerable to severe storms, such as hurricanes, and utility customers are focused on hardening their electric power systems to maximize the reliability of power delivery to their customers. Eclipse partners with EPC companies to provide drilled shaft foundation solutions in an environment where our services are in high demand."

"The addition of Eclipse to our OEG platform, including; Powerline Services, Foundation Services, Solar Services, Gas Systems and Renewable Gas Solutions, enhances our overall service offerings while serving as a valuable asset to many of our other companies where synergies exist," said Nicholas Clough, OEG operations director. "Mike Cutrone's stellar industry reputation precedes him. We are proud to welcome him to our team and thrilled that OEG has put itself in position to attract talent on the highest level to represent our company and serve our customers."

About Orbital Energy Group
Orbital Energy Group, Inc. (Nasdaq: OEG), formerly known as CUI Global, Inc., is creating a diversified energy services platform through the acquisition and development of innovative companies. Orbital Energy's group of businesses includes: Orbital Gas Systems, Inc., Orbital Power Services and Orbital Solar Services. 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. 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. 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:
KCSA Strategic Communications
David Hanover
T: 212-896-1220
orbital@kcsa.com   

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/orbital-energy-group-launches-eclipse-foundation-group-301205941.html

SOURCE Orbital Energy Group, Inc.

FAQ

What is the new subsidiary launched by Orbital Energy Group?

Orbital Energy Group launched a new subsidiary called Eclipse Foundation Group.

What services does Eclipse Foundation Group provide?

Eclipse provides drilled shaft foundation construction services for electric transmission, substations, and communication towers.

When was the Eclipse Foundation Group launched?

Eclipse Foundation Group was launched on January 12, 2021.

Who leads the Eclipse Foundation Group?

The Eclipse Foundation Group is led by Michael Cutrone, who has nearly 30 years of experience in the industry.

How does Eclipse Foundation Group enhance Orbital Energy Group's offerings?

Eclipse enhances Orbital's offerings by providing specialized foundation services in challenging terrains, meeting the growing demand in the energy sector.