-The stock price of Orbital Energy Group Inc (NASDAQ: OEG) increased by over 39% pre-market. Investors are responding positively to Orbital Energy Group announcing that its recently acquired subsidiary Gibson Technical Services (GTS) has been awarded a project for approximately 700-miles of engineering and construction turnkey services across Central Mississippi to be completed over the next 4 years for TEC of Jackson, Inc., dba: TEC (TEC).
-GTS started the first engineering phase of the Project in April 2021 with construction slated to start in June 2021. And the project is being funded with both private TEC capital and from the Federal Government’s Rural Digital Opportunity Fund (“RDOF”) for rural fiber buildouts.
-The RDOF extends the Federal Communication Commission’s Connect America Fund and will provide $20.4 billion in funding over a 10-year period to support broadband networks in rural communities across the country. This partnership between TEC and GTS creates one of the first RDOF rural builds to be started in the United States.