Argan, Inc.’s Gemma Power Systems Receives Full Notice to Proceed for a 950-MW Power Project in Ohio
08 Noviembre 2022 - 3:16PM
Business Wire
Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”)
announces today that on November 3, 2022 its wholly owned
subsidiary, Gemma Power Systems (”Gemma”), received full notice to
proceed on an engineering, procurement and construction (“EPC”)
services contract with Clean Energy Future-Trumbull, LLC
(“CEF-Trumbull”), an affiliate of Clean Energy Future, LLC (“CEF”)
of Manchester, Massachusetts, the developer of the Trumbull Energy
Center, a 950 MW natural gas-fired power plant in Lordstown, Ohio.
Gemma has commenced project activities.
“We are excited to build the next state-of-the art facility for
CEF-Trumbull (an international consortium of KOSPO, KIND and
Siemens Energy), a new customer for us,” said Charles E. Collins,
IV, Chief Executive Officer of Gemma. “Our team is looking forward
to delivering a great project experience to the CEF-Trumbull team,
and continuing to develop lasting ties with the local
community.”
This 950 MW natural gas-fired combined cycle power station will
consist of two Siemens Energy SGT6-8000H gas fired, high
efficiency, combustion turbines with two heat recovery steam
generators and a single steam turbine. “We anticipate successfully
working again with Siemens Energy, a leader in combustion turbine
technology, on this important project to deliver long-term,
reliable power supply in the Ohio area,” said Collins.
“We are pleased to have Gemma Power Systems as the EPC
contractor for the Trumbull Energy Center project,” said William
Siderewicz, P.E., President of CEF. “Gemma’s proven record of
excellence within the power industry gives CEF great confidence
that this project will be completed according to its schedule and
will operate as designed.”
About Gemma Power Systems Gemma, a wholly owned
subsidiary of Argan, is a leading EPC services company providing
innovative solutions for the power industry, including the
renewable energy sector. Our wide-ranging and comprehensive
experience comprises 15 GW of installed capacity including combined
cycle and simple cycle natural gas power generating plants,
biomass-fired power plants, solar facilities, wind farms, biofuel
plants and other environmental facilities. Additional information
about Gemma Power Systems can be found at www.gemmapower.com.
About Argan, Inc. Argan’s primary business is providing a
full range of services to the power generation industry that focus
on the engineering, procurement and construction of natural
gas-fired power plants and renewable energy facilities, along with
related commissioning, operations management, maintenance, project
development and consulting services, through its Gemma Power
Systems and Atlantic Projects Company operations. Argan also owns
The Roberts Company, which is a fully integrated fabrication,
construction and industrial plant services company, and SMC
Infrastructure Solutions, which provides telecommunications
infrastructure services.
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws. Reference is hereby made to the cautionary
statements made by the Company with respect to risk factors set
forth in its most recent reports on Form 10-K, Forms 10-Q and other
SEC filings. The Company’s future financial performance is subject
to risks and uncertainties including, but not limited to, the
successful addition of new contracts to project backlog, the
receipt of corresponding notices to proceed with contract
activities, and the Company’s ability to successfully complete the
projects that it obtains. The Company has several signed EPC
contracts that have not started and may not start as forecasted due
to market and other circumstances beyond its control. Actual
results and the timing of certain events could differ materially
from those projected in or contemplated by the forward-looking
statements due to the risk factors highlighted above and described
regularly in the Company’s SEC filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20221108006189/en/
Company Contact: David Watson 301.315.0027
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