Duos Closes Asset Management Deal with Fortress Investment Group
Rhea-AI Summary
Duos Technologies Group (Nasdaq: DUOT) has finalized an Asset Management Agreement (AMA) through its subsidiary, Duos Energy , with Fortress Investment Group.
The deal, announced on November 20, 2024, involves managing a fleet of 30 mobile gas-powered turbines capable of generating 850 megawatts of power. These assets have been acquired by Fortress and will be managed in partnership with Duos. The agreement is valued at $42 million over two years, with Duos securing a 5% equity stake in the parent company owning the assets.
The turbines are immediately deployable and will address urgent energy demands for data centers and other critical sectors. This partnership aligns with Duos' strategic focus on providing scalable energy solutions to support infrastructure growth.
Duos' leadership, which includes former executives from APR Energy, will oversee the deployment and management of these assets. The company is in active discussions with U.S.-based data center developers and international energy projects for immediate turbine deployment.
CEO Chuck Ferry emphasized the importance of flexible and dependable energy solutions to meet evolving power needs.
Positive
- $42 million revenue over two years.
- 5% equity stake in the parent company owning the assets.
- Immediate deployability of 30 mobile gas-powered turbines.
- 850 megawatts of power capacity to meet urgent energy demands.
Negative
- None.
News Market Reaction – DUOT
On the day this news was published, DUOT gained 3.98%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Deal estimated at
JACKSONVILLE, Fla., Jan. 06, 2025 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), is excited to announce the successful closing of an Asset Management Agreement (“AMA”) through its operating subsidiary, Duos Energy Corporation. The AMA – announced on November 20, 2024 – encompasses the deployment and operation of a fleet of 30 mobile gas-powered turbines and associated balance-of-plant inventory (“the Assets”), collectively capable of generating 850 megawatts of power, which have been acquired by funds managed by affiliates of Fortress Investment Group (“Fortress”).
The assets will be managed in partnership with affiliates of Fortress, and are immediately deployable, providing a fast-track solution to meet the urgent energy demands of data centers and other industries. The transaction was finalized on December 31, 2024, following the fulfillment of customary closing conditions and regulatory approvals.
Fortress has entered into this strategic agreement with Duos Energy Corporation, whose leadership includes the former executive management team of APR Energy – from which the Assets were acquired. Duos Energy will oversee the management and deployment of the mobile gas-powered turbine fleet to meet growing energy demands across critical sectors, including Data Centers such as those deployed by subsidiary Duos Edge AI as well as emergency power solutions.
Further solidifying this partnership, Duos has secured a
“Our customers are looking for flexible and dependable energy options as they build out critical infrastructure,” said Chuck Ferry, Chief Executive Officer of Duos. “These assets, coupled with our operational excellence, provide a pathway to meet these demands without the delays or constraints of traditional energy sources.”
This agreement reinforces Duos’ strategic focus on addressing the evolving power needs of data centers, industrial facilities, and international energy markets. Duos Energy is in active discussions with U.S.-based data center developers and international energy projects for immediate deployment of the turbines. The company’s mission is to deliver agile and scalable energy solutions, supporting its customers’ growth while building out a robust energy business aligned with Duos’ long-term vision.
To learn more about Duos Energy Corporation, visit: www.duosenergycorp.com
To learn more about Fortress Investment Group, visit: www.fortress.com
To learn more about Duos Technologies, visit www.duostechnologies.com
About Duos Energy Corporation
Duos Energy Corporation, a subsidiary of Duos Technologies Group, Inc. (Nasdaq: DUOT), focuses on developing, owning, and operating sustainable energy projects to power Edge Data Centers and critical infrastructure industrial facilities across the United States. Specializing in clean-burning natural gas generation and green technologies, the company offers rapid deployment of dedicated off-grid power plants. With extensive industry experience, Duos Energy is dedicated to providing fast-track, reliable, and eco-friendly energy solutions that support mission-critical operations. For more information, visit www.duosenergycorp.com.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiaries, Duos Technologies, Inc., Duos Edge AI, Inc., and Duos Energy Corporation, designs, develops, deploys and operates intelligent technology solutions for Machine Vision and Artificial Intelligence (“AI”) applications including real-time analysis of fast-moving vehicles, Edge Data Centers and power consulting. For more information, visit www.duostech.com, www.duosedge.ai and www.duosenergycorp.com.
Forward-Looking Statements
This news release includes 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, regarding, among other things, our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated" and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1a1d5524-9e14-4b78-82f9-a539625b205d
This press release was published by a CLEAR® Verified individual.
FAQ
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