Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Innovent Biologics Shares Rally on New Eli Lilly Oncology and Immunology Deal 
Taiwan Says Moving 40% of Semiconductor Production to the U.S. Is Impossible 
Samsung Electronics Shares Jump on HBM4 Mass Production Report 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
SpaceX Pivots Toward Moon City as Musk Reframes Long-Term Space Vision 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
DBS Expects Slight Dip in 2026 Net Profit After Q4 Earnings Miss on Lower Interest Margins 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
- 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
