Matrix Service Company Announces Strategic Relationship With Geldof to Provide Total EPC Solutions For Ammonia Storage Across Europe
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The partnership between Matrix Service Company and Engicon nv (Geldof) signifies a strategic move in the energy sector, particularly in the sustainable energy infrastructure space. By combining Matrix's engineering and construction expertise with Geldof's specialized knowledge in cold tank storage solutions, the joint venture is poised to capitalize on the growing demand for ammonia storage in Europe. Ammonia, being a hydrogen carrier, is critical for the hydrogen economy, which is gaining momentum as part of the broader energy transition away from fossil fuels.
This collaboration is expected to enhance the competitive positioning of both companies in the EPC market for sustainable energy resources. The ability to offer comprehensive solutions could lead to increased market share and potentially higher revenues, given the European Union's commitment to reducing carbon emissions and investing in renewable energy infrastructures. The market will likely monitor the progress of this partnership closely, as successful project execution could result in a positive outlook for both companies' financial performance.
The Memorandum of Understanding between Matrix Service Company and Engicon nv aligns with the current environmental policies and goals set by the EU, particularly the European Green Deal. The increased focus on ammonia as a hydrogen carrier supports the shift towards a decarbonized energy system. Ammonia's role in storing and transporting hydrogen makes it a key element in the renewable energy supply chain, potentially reducing the dependence on traditional fossil fuels.
For stakeholders, this partnership represents not just a business opportunity, but a commitment to environmental sustainability. The long-term implications could include a strengthened regulatory position and potentially favorable policy incentives for companies that contribute to the EU's renewable energy targets. However, the success of such initiatives will depend on the continued support of environmental policies and the scalability of ammonia-based energy solutions.
The alliance between Matrix Service Company and Engicon nv is indicative of a trend within the energy market where companies are increasingly pursuing collaborations to leverage complementary strengths. The focus on ammonia storage and the broader hydrogen economy reflects a strategic response to anticipated shifts in energy consumption patterns and infrastructure needs.
From a market perspective, this partnership could signal to investors the potential for growth in the EPC sector related to sustainable energy projects. It also suggests that Matrix Service Company is actively expanding its international footprint, which could diversify its revenue streams and reduce geographical risk. The impact on the stock market may be contingent upon the successful implementation of the projects and the market's perception of the viability of ammonia as a long-term energy solution.
TULSA, Okla., March 19, 2024 (GLOBE NEWSWIRE) -- With significant demand across Europe for infrastructure supporting sustainable energy resources, Matrix Service Company (Nasdaq: MTRX), a leading provider of engineering and construction services to the energy and industrial markets, announced today that its subsidiary, Matrix PDM Engineering, has signed a Memorandum of Understanding with Engicon nv (Geldof), headquartered in Harelbeke, Belgium, allowing the team to jointly provide total Engineering, Procurement, and Construction (EPC) solutions for ammonia storage across Europe.
“Our relationship with Geldof provides customers across Europe with world-class storage and terminal solutions for ammonia, which is also used as a hydrogen carrier, and brings additional strength to our partnership offerings in technology and construction to meet the increasing global demand for more sustainable energy resources,” said Matrix Service Company President and CEO John R. Hewitt. “We look forward to a long, mutually beneficial relationship which brings together Geldof’s leading brand with our more than 65 years of legacy expertise in the engineering, design and construction of complex cryogenic infrastructure.”
Added Peter Verrept, CEO of Engicon nv (Geldof), “We hold extensive expertise in the field of cold tank storage solutions and a proven track record in successfully executing ammonia storage projects for the European chemical and fertilizer industry. As part of our commitment to supporting the energy transition, we have placed a strong emphasis on the large-scale deployment of ammonia as an energy (hydrogen) carrier across Europe. In pursuit of these ambitious goals, we have forged a strategic partnership with Matrix. By synergizing our collective expertise and strength, we aspire to bring forth groundbreaking projects that will shape the future of energy solutions.”
About Matrix Service Company
Matrix Service Company (Nasdaq: MTRX), through its subsidiaries, is a leading North American industrial engineering, construction, and maintenance contractor headquartered in Tulsa, Oklahoma with offices located throughout the United States and Canada, as well as Sydney, Australia and Seoul, South Korea.
The Company reports its financial results in three key operating segments: Utility and Power Infrastructure, Process and Industrial Facilities, and Storage and Terminal Solutions.
With a focus on sustainability, building strong Environment, Social and Governance (ESG) practices, and living our core values, Matrix ranks among the Top Contractors by Engineering-News Record, has been recognized for its Board diversification, is an active signatory to CEO Action for Diversity and Inclusion, and is recognized as a Great Place to Work®. To learn more about Matrix Service Company, visit www.matrixservicecompany.com and read our Fiscal 2022 Sustainability Report.
For more information about Matrix, please contact:
Kellie Smythe
Matrix Service Company
Senior Director, Investor Relations
T: 918-359-8267
Email: ksmythe@matrixservicecompany.com
About Geldof
Engicon nv is a privately owned company based in Belgium with subsidiaries in the Netherlands and Poland, that operates under the brand name Geldof.
Geldof is an engineering fabricator/contractor and full scope solution provider for the storage, handling and processing of bulk solids, liquids and gasses. The company has a strong reputation in the realization of storage tanks (and terminals and maintenance services), dry bulk storage and handling projects, pressure vessels and other complex engineered fabrications.
Geldof’s unwavering focus on durable solutions, coupled with sustainable methods, have positioned them as a key player in the European industry and energy sector with references worldwide.
For more information about Geldof, please visit www.geldof.com or contact:
Pieter Van Acker
Engicon nv (Geldof)
Chief Commercial Officer
pieter.van.acker@geldof.com
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.
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