Mammoth Energy Announces Multi-Year Electric Vehicle Charging Station Engineering Contract

Rhea-AI Summary

Mammoth Energy Services, Inc. (TUSK) announced a contract awarded to its subsidiary, Aquawolf LLC, to provide engineering services for EV charging station infrastructure. This multi-year contract is valued at up to $5 million and will extend into 2024. The initiative is part of broader clean transportation efforts, backed by the recent infrastructure bill allocating $7.5 billion for 500,000 EV charging stations across the U.S. This contract highlights Mammoth's strategic move into the EV market, enhancing its engineering service capabilities.

Positive

• Awarded a multi-year contract valued at up to $5 million, extending into 2024.
• Positions Aquawolf to compete in the growing EV charging market.
• Supported by the infrastructure bill allocating $7.5 billion for EV charging station development.

Negative

• None.

OKLAHOMA CITY, Nov. 18, 2021 /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company") today announced that its wholly owned subsidiary, Aquawolf LLC ("Aquawolf"), a Denver-headquartered provider of infrastructure engineering services, has been awarded a contract by a major utility to provide engineering and design service for the building of Electric Vehicle ("EV") charging station infrastructure to support its clean transportation initiatives. The scope of services under the contract includes direct engineering and oversight of subcontractors providing civil and structural engineering, electrical distribution design, planning, drafting and mapping, permitting and construction support. The multi-year contract was issued in an amount not to exceed $5 million and will run into 2024.

"This contract is a significant development for our Aquawolf team and allows us to compete for further business in the EV charging market," said Arty Straehla, CEO of Mammoth. "Part of the recently passed infrastructure bill contains $7.5 billion for the development of 500,000 EV charging stations and distribution throughout the U.S. This move into EV charging stations allows Aquawolf to expand our business lines and continue the growth of our engineering offerings."

Mammoth Energy Services, Inc.

Mammoth is an integrated, growth-oriented energy services company focused on the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its infrastructure services businesses. The Company also provides products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserves. Mammoth's suite of services and products include: infrastructure services, well completion services, natural sand and proppant services, drilling services and other energy services. For more information, please visit www.mammothenergy.com.

Contact:
Mark Layton, Chief Financial Officer
mlayton@mammothenergy.com
(405) 608-6007

Investors:
Rick Black
rblack@dennardlascar.com
(832) 435-0026

View original content:https://www.prnewswire.com/news-releases/mammoth-energy-announces-multi-year-electric-vehicle-charging-station-engineering-contract-301428605.html

SOURCE Mammoth Energy Services, Inc.

FAQ

What is the significance of the contract awarded to Mammoth Energy Services (TUSK)?

The contract enables Mammoth's subsidiary, Aquawolf, to provide engineering services for EV charging station infrastructure, positioning it for growth in the EV market.

How much is the contract awarded to Aquawolf worth?

The contract is valued at up to $5 million.

When will the contract for EV charging stations run until?

The contract will run into 2024.

What recent legislation supports the EV charging station initiative?

The initiative is backed by an infrastructure bill that allocates $7.5 billion for the development of 500,000 EV charging stations in the U.S.