Orbital Energy Group, Inc. (NASDAQ: OEG) (“Orbital”) and nZero Group Limited (“nZero Group”) today announced that they have entered into a share purchase agreement (the “Agreement”) under which Orbital will sell its UK gas business, Orbital Gas Systems Ltd (“Orbital-UK”) to nZero Group.
Effective immediately, nZero Group will assume operations of Orbital’s UK and European business, including sales and distribution of the GasPT Technology. Orbital retains potential licensing and royalty rights to certain GasPT projects. Excluded from the Agreement is Orbital’s proprietary VE Technology, which will be licensed to nZero Group for European and Asian distribution.
“This transaction is yet another step in Orbital Energy Group’s transformation to a diversified infrastructure services company as we move forward with an aggressive and disciplined strategy to tap into the increasing secular demand trends in the electric power, telecommunications, and renewable industries,” said Jim O’Neil, Vice Chairman and CEO of Orbital. “I want to thank the employees of Orbital Gas UK for their past service to OEG and congratulate nZero Group for completing this compelling, strategic transaction.”
Matt Allen, Managing Director of nZero Group stated, “This deal represents a significant step forward in our strategy to become a key contributor in the UK net zero energy transition by bringing under common ownership two of the UK’s leading measurement and control partners across the natural gas, low carbon hydrogen, petrochemical, and waste to energy sectors. Common ownership of Orbital-UK and Thyson Technology Limited, an nZero Group subsidiary company, will invigorate the exceptional talent and manufacturing capability of both businesses creating an environment that promotes the sharing of knowledge and best practices leading to improved performance and a sustainable future together for the long-term benefit of our customers, partners, and loyal staff. I would like to thank OEG for this opportunity and the local Orbital-UK management for their support.”