HOUSTON, May 11, 2022
/PRNewswire/ -- Orbital Energy Group, Inc. (NASDAQ: OEG)
("Orbital") and nZero Group Limited ("nZero Group") today announced
that they have entered into a share purchase agreement (the
"Agreement") under which Orbital will sell its UK gas business,
Orbital Gas Systems Ltd ("Orbital-UK") to nZero Group.
Effective immediately, nZero Group will assume operations of
Orbital's UK and European business, including sales and
distribution of the GasPT Technology. Orbital retains potential
licensing and royalty rights to certain GasPT projects. Excluded
from the Agreement is Orbital's proprietary VE Technology, which
will be licensed to nZero Group for European and Asian
distribution.
"This transaction is yet another step in Orbital Energy Group's
transformation to a diversified infrastructure services company as
we move forward with an aggressive and disciplined strategy to tap
into the increasing secular demand trends in the electric power,
telecommunications, and renewable industries," said Jim O'Neil, Vice Chairman and CEO of Orbital. "I
want to thank the employees of Orbital Gas UK for their past
service to OEG and congratulate nZero Group for completing this
compelling, strategic transaction."
Matt Allen, Managing Director of
nZero Group stated, "This deal represents a significant step
forward in our strategy to become a key contributor in the UK net
zero energy transition by bringing under common ownership two of
the UK's leading measurement and control partners across the
natural gas, low carbon hydrogen, petrochemical, and waste to
energy sectors. Common ownership of Orbital-UK and Thyson
Technology Limited, an nZero Group subsidiary company, will
invigorate the exceptional talent and manufacturing capability of
both businesses creating an environment that promotes the sharing
of knowledge and best practices leading to improved performance and
a sustainable future together for the long-term benefit of our
customers, partners, and loyal staff. I would like to thank OEG for
this opportunity and the local Orbital-UK management for their
support."
About Orbital Energy Group
Orbital Energy Group, Inc. (Nasdaq: OEG) is a diversified
infrastructure services platform, providing engineering, design,
construction, and maintenance services to customers in the electric
power, telecommunications, and renewable industries.
Orbital Energy Group is dedicated to maximizing shareholder
value, by striving to exceed our customers' expectations, building
a diverse workforce, and making a positive difference in the lives
of our employees and the communities in which we operate, and
contributing to reducing the carbon footprint through the services
we provide.
For more information please visit:
www.orbitalenergygroup.com
About nZero Group Limited
The nZero Group mission is to Innovate our energy system to
sustain our way of life whilst protecting our planet by solving
complex problems of strategic importance for energy producers,
transporters, and industrial users through the integration of best
of breed technology.
nZero Group is the parent company of Thyson Technology Limited
("Thyson") whose principal activity is the design, build,
commissioning, and maintenance of equipment focused on the
measurement and control of gas and liquid with a successful track
record in the natural gas, petrochemical and waste to energy
sectors and the delivery of innovative solutions to decarbonize
energy.
For more information please visit: www.nzerogroup.com
Forward Looking Statements
This press release contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 and
Private Securities Litigation Reform Act, as amended, including
those relating to the expected use of proceeds. These statements
may be identified by the use of forward-looking expressions,
including, but not limited to, "expect," "anticipate," "intend,"
"plan," "believe," "estimate," "potential," "predict," "project,"
"should," "would" and similar expressions and the negatives of
those terms. These statements relate to future events and involve
known and unknown risks, uncertainties and other factors which may
cause actual results, performance, or achievements to be materially
different from any results, performance or achievements expressed
or implied by the forward-looking statements. Such factors
include the risk factors set forth in the Company's filings with
the SEC, including, without limitation, its Annual Report on Form
10-K for the year ended December 31,
2020, its periodic reports on Form 10-Q, and its Current
Reports on Form 8-K filed in 2020 and 2021, as well as the risks
identified in the shelf registration statement and the prospectus
supplement relating to the offering. Prospective investors are
cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date of this press release.
Orbital undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Investor Relations:
Three Part Advisors
John Beisler or Steven Hooser
817-310-8776
investors@orbitalenergygroup.com
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SOURCE Orbital Energy Group, Inc.
