Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced that its wholly-owned subsidiary, Primoris Renewables, will participate in the construction of two new waste-to-energy facilities under a recently signed cooperative agreement with Synergy Renewables. The construction phase for these projects is scheduled to begin in 2012 with a commercial operation target of Q4 2013. These contracts are expected to generate revenues to Primoris of approximately $40 million.
Synergy Renewables, based in Dallas, Texas, plans to develop and construct multiple waste-to-energy projects worldwide working with Primoris Renewables and Dynamis Energy, LLC, a proprietary technology and development partner based in Boise, Idaho. The first two contracts under this cooperative agreement have been executed with Sunbeam Synergy, LLC to construct two waste-to-energy facilities in Puerto Rico. Sunbeam Synergy, LLC is jointly owned by Synergy Renewables, Sunbeam Caribbean Corporation of Puerto Rico, and Dynamis Energy.
Each of the two facilities will utilize a proprietary process to gasify approximately 180,000 tons of municipal solid waste annually in order to generate 10MWs of clean renewable energy per location.
Primoris Renewables is focused on exploiting the growing, worldwide opportunities in developing, funding, acquiring and operating renewable energy projects.
Founded in 1946, Primoris, through various subsidiaries, has grown to become one of the largest specialty contractors and infrastructure companies in the United States. Serving diverse end markets, Primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. Since December 2009, Primoris has doubled its size and the Company’s national footprint now extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and Canada. For additional information, please visit www.prim.com.
Forward Looking Statements
This press release contains certain forward-looking statements, including with regard to the Company’s future performance. Words such as "estimated," "believes," "expects," "projects," “may,” and "future" or similar expressions are intended to identify forward-looking statements. Forward-looking statements inherently involve risks and uncertainties, including without limitation, those described in this press release and those detailed in the "Risk Factors" section and other portions of our Quarterly Report on Form 10-Q for the period ended September 30, 2011, and other filings with the Securities and Exchange Commission. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.