Primoris Services Corporation Receives Renewables Projects Valued Over $200 Million

Rhea-AI Summary

Primoris Services Corporation (NYSE: PRIM) announced receiving two renewable project awards totaling over $200 million. These projects contribute to the Company’s existing backlog of over $3 billion in its Energy Segment. The significant projects include a carbon capture utilization and storage pipeline in the Midwest, expected to commence in Q2 2024, and a utility-scale solar facility in the Southwest, slated to start construction in Q3 2023 with expected completion in Q3 2024. The Company emphasizes its capability to adapt to the energy transition and its strong client relationships supporting ongoing utility-scale solar work.

Positive

• Received awards for renewable projects valued over $200 million.
• Expands backlog to more than $3 billion in the Energy Segment.
• Demonstrates adaptability with new carbon capture project.
• Strong relationships leading to continued utility-scale solar contracts.

Negative

• None.

DALLAS--(BUSINESS WIRE)-- Primoris Services Corporation (NYSE: PRIM) (“Primoris” or “Company”) received two renewables awards with a combined value over $200 million. The Company’s Energy Segment secured the projects in the first quarter of 2023.

“These awards add over $200 million to the more than $3 billion of backlog the Energy Segment started with in 2023,” said Tom McCormick, President and Chief Executive Officer of Primoris. “We are pleased that one of the awards is for a carbon capture utilization and storage pipeline project located in the Midwest set to begin in the second quarter of 2024. We believe this award demonstrates our ability to broaden the scope of our pipeline projects to align with the ongoing energy transition. Additionally, we continue to win utility-scale solar work through our consistent execution and strong customer relationships.”

The engineering, procurement and construction of a utility-scale solar facility in the Southwest is expected to begin in the third quarter of 2023 with completion of the project expected in the third quarter of 2024.

About Primoris

Primoris Services Corporation is a premier specialty contractor providing critical infrastructure services to the utility, energy, and renewables markets throughout the United States and Canada. Built on a foundation of trust, we deliver a range of engineering, construction, and maintenance services that power, connect, and enhance society. On projects spanning utility-scale solar, renewables, power delivery, communications, and transportation infrastructure, we offer unmatched value to our clients, a safe and entrepreneurial culture to our employees, and innovation and excellence to our communities. To learn more, visit www.prim.com and follow us on social media at @PrimorisServicesCorporation.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230419005318/en/

Blake Holcomb

Vice President, Investor Relations

214-545-6773

bholcomb@prim.com

Source: Primoris Services Corporation

FAQ

What are the recent project awards received by Primoris Services Corporation (PRIM)?

Primoris received two renewable project awards totaling over $200 million.

What is the significance of the carbon capture project for Primoris (PRIM)?

The carbon capture project represents an expansion into new energy solutions, set to begin in Q2 2024.

When will the utility-scale solar facility project start for Primoris (PRIM)?

The construction of the utility-scale solar facility is expected to begin in Q3 2023.

How much backlog does Primoris Services Corporation (PRIM) have in its Energy Segment?

Primoris has over $3 billion in backlog within its Energy Segment.