Shares of Orbital Energy Group, Inc. [NASDAQ: OEG] surged 74.65% during the trading session of Tuesday. The strong performance of the firm highlighted the positive reaction of the investors after the firm disclosed that its new unit Gibson Technical Services has been given the project for nearly 700-miles of engineering and construction turnkey services across Central Mississippi.
It has been disclosed that the project is scheduled to be executed over the next four years for TEC of Jackson, Inc. The first engineering phase of the project has been commenced by GTS in April 2021 and the construction line up to commence in June 2021.
Furthermore, the project is being financed with both private TEC capital and from the Federal Government’s Rural Digital Opportunity Fund (RDOF) for rural fiber buildouts. The RDOF widens the Federal Communication Commission’s (FCC) Connect America Fund (CAF) and will offer $20.4 billion in financing over ten years to back broadband networks in rural communities across the country.
Shares of Orbital Energy Group, Inc. [NASDAQ: OEG] skyrocketed 74.65% during the trading session of Tuesday. The firm has recorded a trading volume of 124.00 million as compared to the average volume of 1.99 million. OEG market capitalization has remained high, reaching $177.00 million at the time of writing.
Additionally, this collaboration between TEC and GTS makes one of the first RDOF rural builds to be commenced in the US. GTS’s CEO disclosed that the grant of this project from such a well-recognized telecommunication service provider as TEC validates GTS’s capacity to provide the highest quality engineering and construction services.