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Project to Construct 8,600 Miles of Rural Broadband Across Three U.S. States
HOUSTON, July 20, 2021 /PRNewswire/ -- Orbital Energy Group, Inc. (NASDAQ: OEG) ("OEG") today announced that its subsidiary, Gibson Technical Services ("GTS"), has been awarded a project (the "Project") from Charter Communications, Inc. (NASDAQ:CHTR) ("Charter") for approximately 8,600-miles of "full-service construction" across three U.S. states: Louisiana, Alabama, and North Carolina.
The Project is part of the Federal Government's Rural Digital Opportunity Fund ("RDOF") 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. The Project is scheduled to begin immediately and extend over the next 5-6 years.
Charter is a leading broadband connectivity company and cable operator serving more than 31 million customers in 41 states through its Spectrum brand. Over an advanced communications network, the company offers a full range of state-of-the-art residential and business services including Spectrum Internet®, TV, Mobile and Voice. Charter's RDOF buildout represents a $5 billion investment, offset by $1.2 billion in support won in the RDOF auction, which will deliver gigabit broadband access to an FCC-estimated more than 1 million customer locations.
Mike McCracken, GTS's chief executive officer, commented, "We are grateful for the confidence that Charter has shown in our abilities and look forward to continuing our long-standing working relationship. GTS is committed to helping its customers improve their delivery infrastructures, and these broadband services will provide a reliable, cost-effective expansion to this client's already extensive network. Our track record of execution on projects such as this has enabled us to expand our current base of customers, maintain long-standing relationships through repeat business, and garner relationships with iconic clients such as Charter Communications."
OEG Vice-Chairman & CEO, Jim O'Neil, added, "We believe this is a transformative project for GTS and supports OEG's ongoing strategy of providing industry leading engineering and design solutions to the telecom industry valued by our customers. GTS's technical and operational expertise and customer service excellence has provided Charter Communications with a full-service solution to construct their RDOF program in the states we were awarded. We appreciate the opportunity that Charter has provided to OEG and GTS and are committed to successfully building out this world-class communications network."
About Orbital Energy Group
Orbital Energy Group, Inc. (Nasdaq: OEG) is creating a diversified energy services platform through the acquisition and development of innovative companies. Orbital Energy's group of businesses includes Orbital Power Services, Orbital Solar Services, Orbital Telecom Services and Orbital Gas Systems.
Orbital Power Services provides engineering, construction, maintenance and emergency response solutions to the power, utilities, and midstream markets. Orbital Solar Services provides engineering, procurement, and construction ("EPC") expertise in the renewable energy industry and established relationships with solar developers and panel manufacturers in the utility scale solar market.
Orbital Telecom Services, operating as Gibson Technical Services, has nationwide locations equipped to effectively support multi-vendor OEM technology environments and outside plant construction operations on an as-needed basis with specialized services in broadband, wireless, outside plant and building technologies, including healthcare.
Orbital Gas Systems is a 30-year leader in innovative gas solutions, serving the energy, power and processing markets through the design, installation and commissioning of industrial gas sampling, measurement, and delivery systems.
As a publicly traded company, Orbital Energy is dedicated to maximizing shareholder value. But most important, our commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors, and global community.
For more information please visit: www.orbitalenergygroup.com
Important Cautions Regarding Forward Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information regarding these and other factors, which could materially affect the Company and its operations, are included in certain forms the Company has filed with the Securities and Exchange Commission.
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SOURCE Orbital Energy Group, Inc.