Orbital Energy Group's Subsidiary, Orbital Solar Services, Announces Joint Venture Agreement with Industry-Leader Jingoli Power LLC

Rhea-AI Summary

Orbital Energy Group (NASDAQ: OEG) has announced a Joint Venture Agreement with Jingoli Power, enhancing its capabilities in the utility-scale solar market. This venture will yield nearly $2 billion in bonding capacity, positioning Orbital Solar Services (OSS) for larger projects and sustainable growth. Both companies will leverage their expertise in the engineering, procurement, and construction of renewable energy initiatives. The collaboration aims to address increasing demand for reliable solar development amidst aging energy infrastructure.

Positive

• Joint Venture Agreement with Jingoli Power to enhance capabilities in the solar market.
• Nearly $2 billion in bonding capacity, allowing OSS to pursue larger projects.
• Partnership combines Orbital's solar expertise with Jingoli's utility experience.

Negative

• None.

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.

FAQ

What is the significance of the Joint Venture Agreement between Orbital Energy Group and Jingoli Power?

The agreement enhances Orbital's capabilities in solar project delivery and increases bonding capacity to nearly $2 billion.

How will the Joint Venture impact Orbital Energy Group's stock (OEG)?

The partnership positions OEG for potential growth in the utility-scale solar market, which may positively influence investor sentiment.

When was the Joint Venture Agreement between OEG and Jingoli Power announced?

The Joint Venture Agreement was announced on November 2, 2021.

What opportunities does the Joint Venture open up for Orbital Energy Group?

It expands OSS's capacity to take on larger utility-scale solar projects, driving sustainable growth.