Stocks

Orbital Energy Group (OEG) surges on recent acquisition award

Shares of Orbital Energy Group (OEG) has surged due to recent acquisition Gibson Technical Services , having been awarded a project for approximately 700-miles of engineering and construction turnkey services across Central Mississippi to be completed over the next four years for TEC of Jackson, Inc., dba: TEC.

Gibson Technical Services began the first engineering phase of the Project in April 2021 with construction slated to start in June 2021. The Project is being funded with both private TEC capital and from the Federal Government’s Rural Digital Opportunity Fund for rural fiber buildouts.

The RDOF extends the Federal Communication Commission’s (“FCC”) Connect America Fund (“CAF”) and will provide $20.4 billion in funding over a ten-year period to support broadband networks in rural communities across the country. This partnership between TEC and GTS creates one of the first RDOF rural builds to be started in the United States.

As explained by GTS’s chief executive officer, Mike McCracken, “The award of this project from such a well-respected telecommunication service provider as TEC confirms GTS’s ability to deliver the highest quality engineering and construction services. I am proud of the entire GTS group for the teamwork demonstrated in securing this project. We look forward to providing the world class service, dependability, engineering, and unique solutions that have become the hallmarks of GTS.”