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Travis Hoium has been writing for fool.com since July 2010 and covers the solar industry, renewable energy, and gaming stocks among other things. Follow @TravisHoium
What happened
Shares of
Orbital Energy Group (NASDAQ:OEG) jumped as much as 37.1% in trading Tuesday after the company announced a new partnership. Shares were up 16.9% at 3:25 p.m. EST.
So what
Orbital announced an engineering, procurement, and construction (EPC) agreement with the newly formed Black Sunrise Half Century Fund. The fund is decommissioning coal-fired power plants across the U.S. and converting them to solar energy. Management expects the partnership to begin providing services in the second quarter of 2021.
1/25/2021 7:40:07 PM GMT
Toward the end of trading Monday, the Dow traded down 0.25% to 30,918.27 while the NASDAQ rose 0.37% to 13,593.25. The S&P also rose, gaining 0.17% to 3,847.82.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 25,127,570 cases with around 419,220 deaths. India confirmed a total of at least 10,667,730 confirmed cases and 153,470 deaths, while Brazil reported over 8,844,570 COVID-19 cases with 217,030 deaths. In total, there were at least 99,245,800 cases of COVID-19 worldwide with over 2,130,650 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Utilities shares gained by 1.7% on Monday. Meanwhile, top gainers in the sector included VivoPower International PLC VVPR 24.71%, up 25%, and Just Energy Group Inc JE 17.99%, up 20%.
Orbital Energy Group s Subsidiary, Orbital Solar Services, Partners with Black Sunrise Half Century Fund and Akon Lighting America as exclusive EPC for North American Solar Projects
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HOUSTON, Jan. 25, 2021 /PRNewswire/ Orbital Energy Group, Inc. (NASDAQ: OEG), today announced that its wholly-owned subsidiary, Orbital Solar Services ( OSS ), a leader in utility-scale solar power generation facilities, has been named the engineering, procurement, and construction ( EPC ) company of choice for the newly-formed Black Sunrise Half Century Fund.
As announced by Akon last Wednesday at President Biden s Clean Energy for America Inaugural Ball (Clean Energy Ball), OSS is partnering with Akon, Akon Lighting America (Akon Lighting), and the Black Sunrise Half Century Fund to decommission coal-fired power plants throughout the United States and convert them into utility-scale solar energy farms. OSS is responsible for providing