HOUSTON, May 11, 2022 /PRNewswire/ — Orbital Energy Group, Inc. (NASDAQ: OEG) (“Orbital”) and nZero Group Limited (“nZero Group”) announced today 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 businesses, including sales and distribution of GasPT technology. Orbital retains potential license and royalty rights to certain GasPT projects. Excluded from the deal is Orbital’s proprietary EV technology, which will be licensed to nZero Group for distribution in Europe and Asia.
“This transaction is another step in the transformation of Orbital Energy Group into a diversified infrastructure services company as we move forward with an aggressive and disciplined strategy to exploit rising secular demand trends in the sectors electric power, telecommunications and renewable energies,” said Jim O’Neil, vice president and CEO of Orbital. “I would like to thank the employees of Orbital Gas UK for their past service to OEG and congratulate nZero Group on completing this compelling strategic transaction.”
Matt AllenManaging Director of nZero Group, said: “This agreement represents a significant step forward in our strategy to become a key contributor to the UK’s net zero energy transition by bringing together under common ownership two of the UK’s leading measurement and control partners. natural gas, hydrogen, petrochemical and low-carbon waste sectors. Joint ownership of Orbital-UK and Thyson Technology Limited, a subsidiary of nZero Group, will invigorate the exceptional talent and manufacturing capability of both companies by creating an environment that fosters 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 management of Orbital-UK 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 energies.
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 helping to reduce the carbon footprint through the services we provide.
For more information, visit: www.orbitalenergygroup.com
About nZero Group Limited
nZero Group’s mission is to innovate our energy system to sustain our way of life while protecting our planet by solving complex problems of strategic importance to energy producers, transporters and industrial users through the integration of the best technologies.
nZero Group is the parent company of Thyson Technology Limited (“Thyson”) whose principal business is the design, construction, commissioning and maintenance of equipment focusing on the measurement and control of gases and liquids with a successful experience in natural gas, petrochemicals and energy recovery from waste and the supply of innovative solutions to decarbonize energy.
For more information, visit: www.nzerogroup.com
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 the Private Securities Litigation Reform Act, as amended, including those relating to the intended use of the product. These statements can 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 these terms. These statements relate to future events and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied. by forward-looking statements. These 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 fiscal 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, and the risks identified in the shelf registration statement and prospectus supplement relating to the offering. Potential investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Orbital undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
John Beisler or Steven Hooser
SOURCE Orbital Energy Group, Inc.