Orion Selected by Large Specialty Retailer to Provide Turnkey LED Lighting Retrofit Solutions for its Nationwide Chain of Stores
In July, The Orion stock price was trading in the $3.50 range, yesterday it closed at $7.01. Our sources are working to find the name of this Large Specialty Retailer.
MANITOWOC, Wis., Sept. 01, 2020 (GLOBE NEWSWIRE) — Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of LED lighting systems and turnkey project implementation, including installation and commissioning of fixtures, controls and IoT capabilities, ongoing system maintenance and program management, today provided additional detail regarding a turnkey LED lighting retrofit project for a new customer, a large specialty retailer. Orion referenced this expected opportunity in its Q1’21 quarterly release.
Orion has secured a contract for the turnkey LED lighting retrofit of the specialty retailer’s locations nationwide. The initial phase of the project will be approximately 390 locations and is expected to generate product and services revenue of approximately $8M during the third and fourth quarters of Orion’s fiscal 2021 ending March 31, 2021. Orion expects to retrofit the customer’s remaining stores during late fiscal 2021 and early fiscal 2022.
Mike Altschaefl, Orion’s Board Chair and CEO, commented, “We are pleased to extend the reach of our turnkey LED lighting retrofit solutions to this new, large national retail customer. We believe they chose Orion for this nationwide project because of the quality, value and long-term ROI provided by our turnkey, design-build-install LED lighting and controls solutions. Further, with our efficient fixture designs, installations can be completed quickly and easily with virtually no disruption to their business. Our teams are focused on delivering best-in-class customer service and the highest in quality and energy efficiency, as reliability and long-term ROI are the hallmarks of customer satisfaction, referrals and repeat business. This new retail customer is additional confirmation of confidence in Orion delivering a large-scale turnkey solution for a national roll-out.”