M&I Electric announces $5M project with major EPC firm for new chemical plant

Tuesday, May 9, 2017 1:02 PM UTC

Break-in win at top 5 largest Engineering, Procurement and Construction firms
First award with $40B global chemical company owner

HOUSTON, May 09, 2017 -- 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 been awarded a $5M contract to provide a turnkey power delivery solution for a new chemical plant under construction on the Texas Gulf Coast

This is M&I’s first turnkey solution project award with this large Engineering, Procurement and Construction (EPC) firm, who ranked in the top five largest Engineering News Record (ENR) Top 500 Design Firms with revenues of $10B.

The M&I turnkey power delivery system will supply safe, reliable power distribution for a new chemical plant under construction near Alvin, TX for a $40B global chemical company owner.

M&I’s turnkey power delivery solutions includes custom-designed medium and low voltage conventional switchgear, low voltage and medium voltage motor control centers, and communications equipment all integrated into multiple M&I Power Distribution Centers (PDCs).

“This is a very important order award for the company as it represents a break-in win for our company into another top 5 EPC firm,” said Charles Dauber, President and CEO, AETI. “We look forward to working with our new customer and the project owner to deliver our turnkey power delivery solution for this chemical plant project.”

M&I expects delivery of this project to occur in the late 2017. Additional details were not disclosed.

About AETI:

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. AETI is headquartered in Houston and has global operations in Beaumont, Texas; and Rio de Janeiro, Macae and Belo Horizonte 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.

Contact:
Bill Brod
Chief Financial Officer
713-644-8182

Editor's Picks

Breathing through your nose when you exercise may make your runs easier

Entrepreneurs are facing a mental health crisis — here's how to help them

Are fish oil supplements as healthy as we think? And is eating fish better?

Will AI kill our creativity? It could – if we don’t start to value and protect the traits that make us human

Does AI have a right to free speech? Only if it supports our right to free thought

How can I lower my cholesterol? Do supplements work? How about psyllium or probiotics?

Why we need to set limits on sperm donation

Aging with a healthy brain: How lifestyle changes could help prevent up to 40% of dementia cases

Seven techniques to avoid weight regain, approved by experts

M&I Electric announces $5M project with major EPC firm for new chemical plant

Editor's Picks

Welcome to EconoTimes