All the news recently about additional oil and natural gas exploration and development in the U.S. is not just hype, as Wake Forest-based PowerSecure (Nasdaq: POWR) can attest.
The company said Monday that it had secured a contract worth “several million dollars” to help build electrical transmission infrastructure for “a series of new oil and gas production sites.”
The name of the customer and the specific amount of the contract was not disclosed.
PowerSecure said the client is “a major energy company, in partnership with a prominent electric utility.”
“We are excited to announce this new award supporting a major energy company and electric utility to accelerate oil and gas production activities,” said PowerSecure Chief Executive Officer Sidney Hinton.
“The opportunities to serve this booming market are significant, and our capabilities line up perfectly to serve energy companies and utilities with their infrastructure requirements. In fact, addition to our utility infrastructure services, we see a growing opportunity to serve this market with our distributed generation systems. We are very excited about this new assignment, and future opportunities to grow our service to the oil and gas industry.”
PowerSecure announces quarterly earnings on Thursday.
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