Spark Power Announces Contract Award to Orbis Engineering
OAKVILLE, ONTARIO – October 29, 2018 – Spark Power Group Inc. (TSX: SPG, SPG.WT), parent company to Spark Power Corp. (“Spark Power” or the “Company”), a leading provider of integrated power solutions to industrial, commercial and institutional customers across North America, today announced that its wholly-owned subsidiary, Orbis Engineering Field Services Ltd. (“Orbis”), has been awarded a multi-year capital maintenance contract (the “Contract”) by AltaLink, Alberta’s largest electricity transmission provider. AltaLink owns and operates more than 300 substations and 13,000 kilometres of transmission lines, accounting for more than half of Alberta’s transmission grid.
“Spark acquired Orbis in July 2018 as part of our strategy to grow by acquiring technically strong companies with extensive customer relationships in key regions where we’ve previously had little or no presence,” said Jason Sparaga, co-founder and co-CEO, Spark Power Corp. “Award of this contract represents a meaningful evolution of Orbis’ ongoing relationship with AltaLink that first began back in 2011. This type of mandate is strongly aligned with our business model and has the potential, along with other recently secured contracts, to grow Orbis’ annual revenue by approximately one-third in 2019 alone.”
The Contract covers both capital replacement and upgrade (“CRU”) and non-capital replacement and upgrade (“non-CRU”) projects. Orbis is one of two contractors approved to undertake the CRU work, which includes replacing substation equipment or installing new equipment and other major site upgrades that involve new control or switchgear buildings. The CRU workload consists of a high volume of small projects, mostly located in and around energized electrical facilities and worksites, with the potential for a few larger projects. The Contract begins January 1, 2019 and covers an initial period of three years, with an AltaLink option to extend it by a further two years.
Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink is Alberta’s largest electricity transmission provider. AltaLink is partnering with its customers to provide innovative solutions to meet the province’s demand for reliable and affordable energy. A wholly-owned subsidiary of Berkshire Hathaway Energy, AltaLink is part of a global group of companies delivering energy services to customers worldwide.
About Orbis Engineering Field Services
Orbis Engineering Field Services is an engineering design and technical field services firm specializing in power systems engineering and on-site field services including commissioning and start-up. The company’s meticulous safety protocols, supportive culture, experienced staff, and ability to service remote and restricted areas, have made Orbis the preferred engineering firm for clients in oil and gas, mining, utilities, forestry, and public sector markets. For more information, please visit us at www.orbisengineering.net.
About Spark Power Corp.
Spark Power is a leading integrated power solutions company serving more than 6,500 industrial, commercial, and institutional customers across North America. For more information, visit us at www.sparkpowercorp.com.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements (within the meaning of applicable securities laws) which reflect Spark Power’s current expectations regarding future events. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions. These statements are based on Spark Power’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company’s business and potential expansion of the business and include, without limitation, statements regarding the growth of Spark Power’s and Orbis’ business and execution of its business strategy by Messrs. Sparaga and Clark.
The forward-looking statements in this news release are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Spark Power assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.