Orbital Energy Group's Subsidiary, Orbital Solar Services, Partners with Black Sunrise Half Century Fund and Akon Lighting America as exclusive EPC for North American Solar Projects
Orbital Energy Group (NASDAQ: OEG) announced its subsidiary, Orbital Solar Services (OSS), has been selected as the exclusive EPC company for the Black Sunrise Half Century Fund. This partnership aims to convert redundant coal-fired power plants into utility-scale solar farms across the U.S., with an initial investment of $725 million. The Fund plans to build over 1 gigawatt of solar power in three years. OSS brings experience from over 40 solar projects totaling over 600 megawatts. The collaboration emphasizes diversity in the energy sector, promoting opportunities for minority-run businesses.
- Partnership with Black Sunrise Fund to convert coal plants into solar farms.
- Initial investment of $725 million for solar power projects.
- Experience of OSS with over 40 solar projects totaling 600 megawatts.
- None.
HOUSTON, Jan. 25, 2021 /PRNewswire/ -- Orbital Energy Group, Inc. (NASDAQ: OEG), today announced that its wholly-owned subsidiary, Orbital Solar Services ("OSS"), a leader in utility-scale solar power generation facilities, has been named the engineering, procurement, and construction ("EPC") company "of choice" for the newly-formed Black Sunrise Half Century Fund.
As announced by Akon last Wednesday at President Biden's "Clean Energy for America" Inaugural Ball (Clean Energy Ball), OSS is partnering with Akon, Akon Lighting America (Akon Lighting), and the Black Sunrise Half Century Fund to decommission coal-fired power plants throughout the United States and convert them into utility-scale solar energy farms. OSS is responsible for providing full EPC services for these solar facilities, beginning in the second quarter of 2021.
The Black Sunrise Fund ("BSF" or the "Fund") was created in conjunction with Akon Lighting America, a leading developer of clean energy projects across the globe, to bring large scale solar power to North America by remediating now redundant coal facilities and converting the site into a utility scale solar farm, producing clean energy. Over the next three years, BSF expects to build over 1 gigawatt of solar power with a beginning investment of
In selecting OSS and Orbital Energy Group as its EPC company of choice, BSF considered OSS's technical, innovation and support capabilities. This includes OSS's proven track record of success in executing over 40 solar projects in excess of 600 megawatts, with more than 50 years combined experience in the delivery and management of both commercial and renewable energy construction projects.
OSS's CEO, Brandon Martin, stated, "We are now entering a new age of solar development in our nation. Through this partnership with the Black Sunrise Fund and Akon Lighting America, we are committed to fostering greater diversity within the industry, ensuring that people of color and minority-run businesses have ample opportunities to join in this expansion."
Jim O'Neil, Orbital Energy Group's Vice-Chairman & CEO, commented, "We are proud to be a part of this exciting new venture. This type of socially responsible and environmentally friendly enterprise proves that corporate America can 'do well by doing good.' These utility-scale projects, along with planned follow-on developments will enhance our presence in the renewable/alternative energy marketplace well into 2021 and beyond."
Mr. O'Neil added, "As part of diversifying into an energy infrastructure service provider, one of our priorities is to elevate our environmental, social and governance efforts. Bringing greater diversity and opportunities to under-represented minorities in this industry is a key part of this strategy. This undertaking is exactly the type of program that can radically change the energy industry for the better and we are grateful to be a part of it."
Akon announced the collaboration between OSS, BSF, and Akon Lighting America during his opening remarks at the "Clean Energy for America" Inaugural Ball in Washington, DC, last Wednesday following the inauguration of President Joe Biden and Vice-President Kamala Harris. A video of those remarks can be accessed through the 'News' page of the Orbital Energy website at www.orbitalenergygroup.com.
Commenting on the announcement, Akon stated, "This joint venture between Orbital Solar and the Black Sunrise Fund is the first of many energy projects that will systemically change energy infrastructure in North America - opening up significant opportunities for black entrepreneurs and black-owned companies throughout the industry. It furthers my commitment to diversify this industry while increasing the opportunities and quality of life for people in need around the world. I look forward to working with Brandon Martin, his team, and the entire Orbital Energy Group to change the face of energy management, infrastructure, production, and delivery throughout the nation."
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:
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T: 212-896-1220
orbital@kcsa.com
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