Orion Energy Systems Commences Onsite Installation for $9.6M Turnkey, Energy-Efficient LED Lighting Retrofit Projects for U.S. Department of Defense

Rhea-AI Summary

Orion Energy Systems has begun on-site installation activities for a $9.6 million contract to retrofit LED lighting at five Department of Defense bases in Europe. The project includes replacing over 60,000 fixtures with efficient LED lighting systems.

Positive

• Orion Energy Systems has secured a $9.6 million contract for LED lighting retrofits at five Department of Defense bases in Europe, which could positively impact their stock price. The project involves replacing over 60,000 fixtures with highly efficient LED lighting systems.

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• None.

MANITOWOC, Wis., July 20, 2023 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (Nasdaq: OESX) (Orion Lighting), a provider of energy-efficient LED lighting and controls, maintenance services, and electric vehicle (EV) charging station solutions announced today that it has commenced on-site installation activities for a previously announced $9.6 million contract for LED lighting retrofits at five Department of Defense (DoD) bases in Europe. The turnkey retrofit program includes site audits, engineering, project management, replacement of over 60,000 fixtures with its highly efficient LED lighting systems and final system commissioning.

These projects were secured through a global ESCO (Energy Service Company) based in Europe. Following initial activities in Q4’23 and Q1’24, Orion continues to expect to complete the project over the balance of its current fiscal year which ends March 31, 2024.

“We are thrilled to leverage our extensive experience working with the U.S. Department of Defense to support their energy efficiency, workplace environment, and safety objectives,” stated Mike Jenkins, CEO of Orion. “The start of this turnkey LED installation is a significant milestone we have been working toward for several years. It was made possible through strong relationships with our ESCO partners and marks our first venture in Europe for the DoD. We are delighted to witness the growth of our collaboration with our global ESCO partner and are currently exploring future opportunities across their diverse operation.”

About Orion Energy Systems (www.orionlighting.com)
Orion provides energy efficiency and clean tech solutions including LED lighting and controls, maintenance services and electrical vehicle (EV) charging solutions. Orion specializes in turnkey design-through-installation solutions for large national customers, with a commitment to helping customers achieve their business and environmental goals with healthy, safe and sustainable solutions that reduce their carbon footprint and enhance business performance.

Orion is committed to operating responsibly throughout all areas of our organization. Learn more about our ESG priorities, goals and progress here or visit our website.

Safe Harbor Statement
Certain matters discussed in this press release, are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements will include words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or words of similar import. Similarly, statements that describe our future plans, objectives or goals, including business relationships with government customers, are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected including, but not limited to, the risks described in our filings with the Securities and Exchange Commission.

Shareholders, potential investors and other readers are urged to consider risks and uncertainties carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at http://investor.oriones.com/ in the Investor Relations section of our Website. Except as required by applicable law, we assume no obligation to update any forward-looking statements publicly or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.

Twitter: @OrionLighting and @OrionLightingIR
StockTwits: @Orion_LED_IR

Investor Relations Contacts
Per Brodin, CFO	William Jones; David Collins
Orion Energy Systems, Inc.	Catalyst IR
pbrodin@oesx.com	(212) 924-9800 or OESX@catalyst-ir.com

FAQ

What is Orion Energy Systems working on?

Orion Energy Systems is working on a $9.6 million contract to retrofit LED lighting at Department of Defense bases in Europe.

What does the project involve?

The project involves replacing over 60,000 fixtures with highly efficient LED lighting systems.

When is the project expected to be completed?

The project is expected to be completed over the balance of Orion Energy Systems' current fiscal year, which ends on March 31, 2024.

Who is Orion Energy Systems partnering with for this project?

Orion Energy Systems is partnering with a global ESCO (Energy Service Company) based in Europe for this project.

What are the potential future opportunities for Orion Energy Systems?

Orion Energy Systems is currently exploring future opportunities across their global ESCO partner's diverse operation.