Argan Inc.'s (NYSE: AGX) stock soared 6.97% in pre-market trading on Thursday, February 6, 2025, driven by a significant contract win for its subsidiary Gemma Power Systems.
Gemma Power Systems, Argan's wholly-owned subsidiary, secured an engineering, procurement, and construction (EPC) services contract with Sandow Lakes Energy Company, LLC, for a 1.2 GW ultra-efficient natural gas-fired power plant in Lee County, Texas.
The project, expected to commence construction this summer and be completed by 2028, will supply power to approximately 800,000 homes within the Electric Reliability Council of Texas (ERCOT) region. This major contract highlights Argan's robust expertise and track record in the power generation sector, positioning the company for further growth amid increasing demand for reliable and efficient energy sources.
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