Orbital Energy Group (NASDAQ:OEG) stock is shining brighter on Monday after announcing a new joint venture with Black Sunrise Fund.
Here’s everything investors need to know about OEG stock and its recent joint venture.
- The joint venture has Orbital Energy Group subsidiary Orbital Solar Services working with Akon Lighting America and Black Sunrise Half Century Fund, who formed a joint venture named Black Sunrise Fund.
- This will have them decommissioning coal-fired power plants across the U.S.
- At the same time, they will also be converting these into solar panel farms.
- Orbital Energy Group notes that this will have Orbital Solar acting as the engineering, procurement, and construction company for these locations.
- This work will start in the second quarter of 2021.
- The Black Sunrise Fund chose Orbital Solar as its partner of choice due to its proven track record of more than 40 solar projects with 600 megawatts.
- Black Sunrise Fund says that it expects to build “over 1 gigawatt of solar power with a beginning investment of $725 million.”
- Orbital Energy Group is a diversified energy company with offerings in several segments.
- It’s seeking growth through the acquisition and development of other companies.
- News of the Orbital Solar joint venture sparked interest in OEG stock today.
- As of this writing, more than 23 million shares of the stock have changed hands.
- For comparison, the company’s daily average trading volume is only 126,000 shares.
OEG stock was up 35.8% as of noon Monday and is up 205.6% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.