Argan, Inc.’s Wholly Owned Subsidiary Gemma Power Systems Enters into an EPC Agreement with Exelon
August 05 2015 - 4:02PM
Business Wire
Argan, Inc. (NYSE: AGX) today announced that its wholly
owned subsidiary, Gemma Power Systems, LLC (GPS) has entered into a
Turnkey Engineering, Procurement and Construction Contract with
Exelon West Medway II, LLC, a wholly owned subsidiary of Exelon
Generation Company, LLC and Exelon Corporation (NYSE: EXC)
and received a limited notice to proceed to commence early
activities for the engineering, procurement and construction of a
dual-fuel 200 MW simple cycle peaking power plant to be located
adjacent to Exelon’s existing West Medway Generating Station in
Medway, Massachusetts. The full notice-to-proceed is contingent
upon Exelon receiving all Massachusetts regulatory approvals for
the project. The contract value is approximately $100 million and
has an expected completion date of mid-2018.
Rainer Bosselmann, Chairman and CEO of Argan, Inc., stated,
“We’re delighted that GPS was selected to perform this contract. We
look forward to working with Exelon and assisting them in
delivering clean, reliable energy to the New England region.”
About Argan, Inc.
Argan’s primary business is designing and building energy plants
through its Gemma Power Systems subsidiary. These energy
plants include simple and combined cycle natural gas-fired power
plants as well as alternative energy facilities including
biodiesel, ethanol, and those powered by renewable energy sources
such as wind and solar. Argan also owns Atlantic Projects
Company Limited and Southern Maryland Cable, Inc.
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws and are subject to risks and uncertainties
including, but not limited to: (1) the Company’s ability to
achieve its business strategy while effectively managing costs and
expenses; (2) the Company’s ability to successfully and
profitably integrate acquisitions; and (3) the continued
strong performance of our power industry services business. Actual
results and the timing of certain events could differ materially
from those projected in or contemplated by the forward-looking
statements due to a number of factors detailed from time to time in
Argan’s filings with the Securities and Exchange Commission. In
addition, reference is hereby made to cautionary statements with
respect to risk factors set forth in the Company’s most recent
reports on Form 10-K and 10-Q, and other SEC filings.
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version on businesswire.com: http://www.businesswire.com/news/home/20150805006372/en/
Argan, Inc.Company Contact:Rainer Bosselmann,
301-315-0027orInvestor Relations Contact:Cynthia Flanders,
301-315-0027
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