M&I Electric Secures $7M Award for 700MW Power Generation Project
HOUSTON, Jan. 06, 2016 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (NASDAQ:AETI), a leading provider of power delivery solutions for the global energy industry, announced today that its M&I Electric business has recently been selected to provide a turnkey power delivery solution for a new US based 700-MW natural gas-fired, combined-cycle power generation facility.
M&I Electric received the $7 million contract from a leading engineering, procurement and construction (EPC) firm for this green-field power generation facility which will provide clean and reliable base load power generated by two natural gas turbines and one steam turbine.
The M&I Electric turnkey solution includes custom-designed low and medium voltage power distribution switchgear and low and medium voltage motor control centers, all deployed within M&I’s custom built, climate-controlled Power Distribution Centers (PDCs).
This project award represents M&I Electric’s first order from this major EPC firm, which selected M&I Electric due to the company’s ability to provide customized and integrated PDCs within a short-cycle delivery time.
"We are very pleased to have been selected to provide power delivery systems to enable this new power generation facility," said Charles Dauber, President and CEO, AETI. "This project exemplifies our mission of Empowering EnergyTM and shows progress in our growth strategy of working with owners and EPC firms within the power generation segment of the global energy industry."
American Electric Technologies, Inc. (NASDAQ:AETI) is a leading supplier of power delivery solutions for the global energy industry. AETI offers M&I Electric™ power distribution and control products, electrical services, and E&I construction services. South Coast Electric Systems L.L.C., a subsidiary, services Gulf Coast marine and vessel customers.
AETI is headquartered in Houston and has global operations in Beaumont, Texas; Bay St. Louis, Mississippi, and Rio de Janeiro and Macae, Brazil. In addition, AETI has minority interests in two joint ventures, which have facilities located in Xian, China and Singapore. AETI’s SEC filings, news and product/service information are available at www.aeti.com.
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(January 6, 2016 - 8:01 AM EST)
Investors valued debt-adjusted growth even more in 2016 The crash in oil prices which started at the end of 2014 exposed a number of oil and gas companies that had sacrificed their balance sheet in the name of growth. Many were left over-levered and forced to sell assets or file for bankruptcy in order to make it through the ensuing[Read More…]
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