Orion Energy Systems’ EV Charging Business (Voltrek), Secures Major EV Charger Project for Long-Time Municipal Customer
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Insights
The announcement by Orion Energy Systems regarding the installation of a mix of Level 2 and Level 3 EV chargers represents a strategic expansion into the burgeoning EV infrastructure market. This project not only showcases the company's ability to secure substantial contracts, valued at over $1 million, but also underscores the growing demand for EV charging solutions, particularly from municipal customers. This trend is likely to continue as public sector entities increasingly adopt EVs to meet sustainability goals and reduce operational costs.
The involvement of the Eversource Make Ready Program in funding this initiative is noteworthy. It highlights the supportive role of financial incentives in accelerating the adoption of EV infrastructure. Such programs can significantly lower the barrier to entry for organizations, potentially leading to increased business for providers like Orion Energy Systems. This can have a positive impact on the company's financial performance and attractiveness to investors.
Orion Energy Systems' successful bid for the EV charging project indicates potential revenue growth, which could positively influence the company's stock performance. The project's valuation of more than $1 million suggests a substantial increase in the company's order book, which is an important metric for investors as it provides visibility into future revenues. Furthermore, the project may improve the company's competitive positioning in the EV charging space, potentially leading to more such contracts in the future.
Investors should monitor the company's ability to deliver on this project efficiently and within budget, as this can impact profit margins and the company's reputation. Additionally, the company's association with the Eversource Make Ready Program might open doors for future collaborations and funding opportunities, which could be beneficial for long-term growth strategies.
The integration of Level 2 and Level 3 chargers by Orion Energy Systems' Voltrek division is significant as it caters to different charging needs. Level 2 chargers, which offer a balance between charging speed and equipment cost, are suitable for overnight charging or longer parking durations. In contrast, Level 3 chargers provide rapid charging, ideal for quick top-ups or fleet vehicles with limited downtime. This strategic choice demonstrates Orion's understanding of diverse customer requirements and its ability to provide tailored solutions.
From an industry perspective, the move by Orion aligns with the broader shift towards electrification of transportation. As municipalities and businesses transition to EVs, the demand for reliable and accessible charging infrastructure is expected to grow, presenting opportunities for companies like Orion to capitalize on this trend. The success of such projects could serve as a benchmark for the industry, potentially influencing standards for future municipal EV infrastructure initiatives.
Mix of Level 2 and Level 3 EV Chargers Planned for EV Fleet Needs
MANITOWOC, Wis., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, electric vehicle (EV) charging stations, and maintenance services, announces that its EV charging business, Voltrek, has successfully secured a substantial project from a long-time municipal customer. The project involves the installation of 43 electric vehicle chargers strategically placed throughout various municipal locations to address the customer’s growing EV fleet.
The comprehensive project, valued at more than
Kathleen Connors, President of Voltrek, expressed enthusiasm about the collaboration, stating, “We are excited to provide our long-time customer with a world-class turnkey EV charging installation experience as they make their transition to an EV fleet. They came to us needing assistance with site planning and design, load management requirements, equipment selection, and installation – all of which we are experienced in delivering.”
The EV chargers will be strategically located within garages, garage bays, and parking lots, ensuring accessibility for a variety of EV types. The entire project is anticipated to be completed within Orion’s 4th quarter of fiscal 2024.
To learn more about Orion Energy Systems and Voltrek’s EV charging solutions, visit the orionlighting.com website for more information.
About Orion Energy Systems
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 sustainability goals and progress here, or visit our website at www.orionlighting.com.
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.
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| Marketing Contact | |
| Steve Paulus, Director, Marketing and Communications | |
| Orion Energy Systems, Inc. | |
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| Per Brodin, CFO | William Jones; David Collins |
| Orion Energy Systems, Inc. | Catalyst IR |
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FAQ
What is the nature of the project announced by Orion Energy Systems, Inc. regarding EV chargers?
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Which types of EV chargers will be used in the project announced by Orion Energy Systems, Inc.?
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