Voltrek Successfully Secures More Than $11 Million of EV Charging Construction Services Work
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The recent announcement by Orion Energy Systems regarding its EV charging division, Voltrek, securing contracts with Eversource Energy is a positive development for the company. The $11 million in open construction services contracts under the Eversource 'EV Make Ready' program indicates a robust pipeline of projects that could lead to consistent revenue streams. This is significant as it demonstrates Orion's ability to capitalize on the growing demand for EV infrastructure, a market that is expanding as electric vehicle adoption increases.
The mention of these contracts being included in Orion's revenue outlook suggests this development has been anticipated by the company and factored into their financial projections. For investors, this could mean that Orion's financial performance might remain on track as per their expectations. However, it is essential to monitor the execution of these contracts to ensure they translate into realized revenue without cost overruns.
Orion Lighting's success in securing contracts for EV charging solutions is indicative of the strategic alignment with the energy sector's shift towards sustainability. The involvement with a leading utility like Eversource Energy not only enhances Orion's credibility but also positions it advantageously in the northeast region's EV infrastructure market. The diversification into Level 2 and Level 3 chargers caters to a wide customer base, which is critical for long-term growth in a competitive landscape.
For stakeholders, the immediate impact may be minimal since these developments were expected and included in the revenue outlook. However, the long-term implications could be substantial, as establishing a strong foothold in the EV charging market can lead to future opportunities. It is also worth noting that partnerships with utilities can provide a competitive edge in terms of regulatory support and potential future contracts.
Investors should consider the implications of Orion's announcement from a financial perspective. The contracts with Eversource Energy, amounting to over $11 million, are a significant addition to Orion's order book. This influx of contracted revenue can improve the company's cash flow predictability and potentially enhance its valuation metrics. As these projects are set to be executed within the fiscal year 2025, they may contribute positively to the company's earnings within a relatively short timeframe.
It is important to assess the cost structure and margin profiles for these projects to understand their impact on profitability. Additionally, investors should keep an eye on Orion's ability to scale operations efficiently to meet the demand for EV charging solutions without incurring disproportionate increases in expenses.
MANITOWOC, Wis., April 03, 2024 (GLOBE NEWSWIRE) -- Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting, announced significant progress in its EV charging business through its electric vehicle (EV) charging solutions division, Voltrek. Voltrek has successfully secured more than
These planned projects encompass both Level 2 and Level 3 chargers and cater to a diverse range of needs, including public, workplace and fleet charging applications.
"We are excited to showcase our diverse range of projects and products, which highlight our commitment to flexibility, innovation, and customer satisfaction," said Voltrek’s President, Kathleen Connors. "Our longstanding relationship with Eversource has continued to grow as we head into FY25 with over
By thoroughly understanding the unique needs and preferences of each client, Voltrek consistently exceeds expectations, fostering satisfaction and loyalty. To learn more about Orion Energy Systems and Voltrek’s EV charging solutions, visit the orionlighting.com website for more information.
About Orion Energy Systems
Orion provides energy efficiency and clean tech solutions, including LED lighting and controls, maintenance services, and electrical vehicle (EV) charging solutions. Orion specializes in turnkey design-through-installation solutions for large national customers, with a commitment to helping customers achieve their business and environmental goals with healthy, safe, and sustainable solutions that reduce their carbon footprint and enhance business performance.
Orion is committed to operating responsibly throughout all areas of our organization. Learn more about our sustainability goals and progress here, or visit our website at www.orionlighting.com.
Safe Harbor Statement
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Shareholders, potential investors and other readers are urged to consider risks and uncertainties carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at http://investor.oriones.com/ in the Investor Relations section of our Website. Except as required by applicable law, we assume no obligation to update any forward-looking statements publicly or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
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| Marketing Contact | |
| Steve Paulus, Director, Marketing and Communications | |
| Orion Energy Systems, Inc. | |
| spaulus@oesx.com | |
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| Per Brodin, CFO | William Jones; David Collins |
| Orion Energy Systems, Inc. | Catalyst IR |
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FAQ
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