Parsons Accelerating Clean Energy Technology Through Department of Energy Contract Award

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has been awarded a $14 million task order contract by the U.S. Department of Energy's Office of Clean Energy Demonstrations to expedite clean energy technologies. The contract features a one-year base period with two optional years and is part of the National Nuclear Security Administration's Enterprise Construction Management Services contract awarded in June 2022. The OCED, established with over $25 billion from the Infrastructure Investment and Jobs Act, aims to achieve net zero emissions by 2050. Parsons will provide diverse technical support, enhancing its long-standing partnership with the DOE since 1948.

Positive

• Awarded a $14 million contract to accelerate clean energy technologies.
• The contract supports U.S. climate goals of net zero emissions by 2050.
• Long-term partnership with the DOE enhances credibility and growth prospects.

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• None.

CENTREVILLE, Va., March 23, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was selected by the U.S. Department of Energy (DOE) Office of Clean Energy Demonstrations (OCED) to accelerate clean energy technologies from the lab to market. The new $14 million ceiling-value task order contract includes a one-year base period with two option period years and was awarded under the National Nuclear Security Administration (NNSA) Enterprise Construction Management Services contract that the company was awarded in June 2022.

OCED was established in December 2021 with over $25 billion provided by the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA) for large-scale clean energy demonstration projects, filling a critical innovation gap on the path to achieving the nation’s net zero by 2050 climate goals.

“Parsons is proud to partner with OCED in their efforts to advance America’s climate goal of net zero emissions,” said Jon Moretta, president, Engineered Systems for Parsons. “We have supported DOE in advancing new sustainable technologies from development to commercialization for decades and are eager to work with OCED in promoting projects to facilitate the global energy transition and spur economic growth. This work, which is underpinned by IIJA funding, is accelerating the creation of a decarbonized energy system and is an important step in our collective efforts to deliver a better, cleaner world.”

The contract includes a wide range of technical, program, and project management support. The OCED portfolio includes programs like long-duration energy storage, advanced reactor demonstrations, regional clean hydrogen hubs, regional direct air capture hubs, carbon capture demonstrations, and energy improvements in rural or remote areas.

Parsons has partnered with the Department of Energy and its predecessor organizations since 1948, providing design; construction and project management; and operational, technical, and management services. In addition to the company’s current work supporting the modernization of NNSA’s facilities that maintain the nation’s nuclear deterrence and non-proliferation activities, Parsons has been providing independent technical and engineering advisory services to the Loan Programs Office to de-risk advanced renewable energy projects, including electric vehicle (EV) battery manufacturing facilities, biofuel plants, and concentrating solar power and solar photovoltaic (PV) utility-scale power plants.

To learn more about Parsons’ energy advisory services, visit Parsons.com/energy-advisory-services/.

About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.

Media Contact:
Jonathan Larry
+1 706.832.7330
Jonathan.Larry@parsons.com

Investor Relations Contact:
Dave Spille
+ 1 703.775.6191
Dave.Spille@parsons.com

 

FAQ

What is the recent contract awarded to Parsons Corporation (PSN) for?

Parsons Corporation was awarded a $14 million task order contract to accelerate clean energy technologies.

How long is the contract duration for Parsons' work with the U.S. Department of Energy?

The contract includes a one-year base period with two optional years.

What goals are supported by the contract awarded to Parsons (PSN)?

The contract supports U.S. climate goals aimed at achieving net zero emissions by 2050.

When was the contract awarded to Parsons Corporation (PSN)?

The contract was announced on March 23, 2023.