Orbital Energy Group, Inc. (NASDAQ: OEG) (“Orbital”), today announced that its wholly-owned subsidiary, Orbital Solar Services (“OSS”), a leader in utility-scale solar power generation facilities, has entered into a Joint Venture Agreement (“JVA”) with industry-leading Jingoli Power, LLC (“Jingoli”).
Jingoli (www.jingolipower.com) is a professional services provider for complex electric utility construction projects and a subsidiary of Joseph Jingoli and Son, Inc., a 99-year-old privately held New Jersey-based firm. The Jingoli team is a talented mix of engineers, trade supervisors, experienced project managers, military veterans, and utility line workers. The company’s core leadership team has worked together for over 15 years and has enlisted the industry’s top talent across the country. Jingoli’s expertise allows its customers and counterparts to focus on design and keep crews safe and productive.
The JVA between Jingoli and OSS will have nearly $2 billion in bonding capacity, expanded capabilities, and resources to take on larger and more scalable project opportunities – all with Jingoli, a partner having years of reliable, well-established experience and ability.
“The complimentary services offerings Orbital and Jingoli provide to our utility scale solar market creates the perfect partnership. This JVA will bring an innovative approach to the engineering, procurement, and construction (“EPC”) of renewable projects, resulting in value creation to our customers,” said Jim O’Neil, Orbital Energy Group’s Vice-Chairman & CEO. “Jingoli is a proven, respected service provider to the electric power industry in existence for nearly 100 years. We are honored to work with the Jingoli team in pursuing other markets to expand our partnership as OEG continues to increase presence in the markets we serve for the balance of this year and beyond.”
“This joint venture agreement is a natural fit combining Orbital’s leadership in the solar industry and Jingoli’s vast experience in electric utility interconnections,” said Jingoli CEO Karl Miller. “As extreme weather events continue to stress the nation’s aging energy infrastructure, our team is optimally positioned to deliver on the growing demand for competitive and reliable solar development. Together, we’ll help to build the grid of the future.”
Mike Janda, OSS’s President, stated, “This JVA is an unprecedented opportunity for OSS to achieve sustainable growth and expand its capabilities. With a strong and reliable partner like Jingoli, OSS will position ourselves in the top EPC arena by pursuing additional larger utility size solar projects. The Joint Venture gives us more resources, greater capacity, increased technical expertise and access to established markets and distribution channels.”