Argan, Inc.’s Wholly Owned Subsidiary Gemma Power Systems Enters into an EPC Contract & Receives Notice to Proceed for a 10...
24 Maio 2021 - 10:51AM
Business Wire
Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”)
announced today that its wholly owned subsidiary, Gemma Power
Systems (”Gemma”), recently entered into an engineering,
procurement and construction (“EPC”) services contract with CPV
Maple Hill Solar, LLC, an affiliate of Competitive Power Ventures,
Inc. (“CPV”), to construct the Maple Hill Solar facility, which
will be among the largest solar-powered energy plants in
Pennsylvania. Gemma also received Notice to Proceed with project
activities immediately. Project completion is scheduled to occur
during the second half of 2022.
“CPV is a valued customer, and we are pleased with the
opportunity to continue our relationship by providing a turn-key
solution in the alternative energy space.” said Colin Trebilcock,
President of Gemma Power Systems. “This large, utility scale,
electrical power generating facility will be erected on a 480-acre
site and will provide Gemma with another opportunity to utilize the
skills and experience of Pennsylvania craft labor which has
successfully supported Gemma on past projects.”
The unique Maple Hill Solar project will be constructed using
over 235,000 photovoltaic modules to generate approximately 100
megawatts of electrical power. Located in Cambria County on
previously cleared timber property, the Maple Hill facility will
avoid the release of over 100,000 tons of CO2 into the atmosphere
per year by displacing older, less efficient generation and will
add to the clean energy mix in the Commonwealth. The project will
employ 250-400 workers at peak construction and will bring
significant local tax benefits to the area.
“The Maple Hill Solar project will be our first renewable
generation project with Gemma Power Systems who we have enjoyed a
strong working relationship with for more than a decade,” said Gary
Lambert, CPV CEO. “CPV values Gemma’s construction execution
expertise in the power industry. We are confident that working
together we can successfully complete this project as we look to
fulfill our mission of reducing the carbon emissions of our energy
supply during the ongoing energy transition without compromising
reliability.”
“This project is a demonstration of our real commitment to
provide EPC services to customers in the renewable energy space. We
are particularly pleased that the owner of this project is CPV, a
long-time customer of our core gas-fired power plant construction
business, with whom we share several recent and significant power
plant project successes like the CPV Towantic Energy Center,” said
Rainer Bosselmann, Argan’s CEO. “As the U.S. electricity grid
continues to evolve with the goals of reducing emissions while
maintaining its reliability, our teams continue to focus on
providing our customers with proven EPC services today for the
construction of power plants that will contribute to a better
tomorrow.”
About Argan, Inc.
Argan’s primary business is providing a full range of services
to the power industry, including the renewable energy sector.
Argan’s service offerings have focused on the engineering,
procurement and construction of natural gas-fired power plants,
along with related commissioning, operations management,
maintenance, project development and consulting services, through
its Gemma Power Systems and Atlantic Projects Company operations.
Argan also owns The Roberts Company, which is a fully integrated
fabrication, construction and industrial plant services company,
and SMC Infrastructure Solutions, which provides telecommunications
infrastructure services.
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws and the Company’s future financial performance is
subject to risks and uncertainties including but not limited to the
successful addition of new contracts for gas-fired as well as
renewable energy projects to backlog, the receipt of corresponding
notices to proceed with contract activities, the Company’s ability
to successfully complete the projects that it obtains, and the
Company’s success in minimizing the adverse impacts of the COVID-19
pandemic on the Company’s businesses. The Company has several
signed EPC contracts that have not started and may not start as
forecasted due to market and other circumstances beyond its
control. Actual results and the timing of certain events could
differ materially from those projected in or contemplated by the
forward-looking statements due to the number of factors described
from time to time in the Company’s SEC filings. In addition,
reference is hereby made to the cautionary statements made by the
Company with respect to risk factors set forth in its most recent
reports on Form 10-K, Forms 10-Q and other SEC filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20210524005543/en/
Company: Rainer Bosselmann 301.315.0027 Investor
Relations: David Watson 301.315.0027
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