Argan, Inc.’s Wholly Owned Subsidiary Gemma Power Systems Enters into EPC Agreements with NTE Energy
August 20 2015 - 4:01PM
Business Wire
Argan, Inc. (NYSE: AGX) today announced that its wholly
owned subsidiary, Gemma Power Systems, LLC (GPS), has entered into
two separate Engineering, Procurement and Construction Services
contracts with NTE Ohio, LLC and NTE Carolinas, LLC, each
affiliates of NTE Energy, and has received interim notices to
proceed to commence early activities for the engineering,
procurement and construction of two 475 MW state-of-the-art,
combined cycle natural gas-fired power plants. The Middletown
Energy Center project will be located in Middletown, Ohio, and the
Kings Mountain Energy Center project will be located in Kings
Mountain, North Carolina. The combined value of both contracts is
approximately $550 million and both projects have expected
completion dates in the spring of 2018.
Rainer Bosselmann, Chairman and CEO of Argan, Inc., stated,
“We’re pleased that Gemma was selected to undertake these projects
for NTE Energy. We look forward to working with this new
customer.”
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/20150820006092/en/
Argan, Inc.Company Contact:Rainer Bosselmann,
301-315-0027orInvestor Relations Contact:Cynthia Flanders,
301-315-0027
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