Rockville-based energy engineering company Argan, Inc (NYSE: AGX) is teaming up with Chicago-based Exelon (NYSE: EXC) to pursue a Massachusetts energy plant contract.
Pending approval from Massachusetts regulators, a dual-fuel 200 MW simple cycle peaking power plant could be completed by 2018. Exelon already owns the West Medway Generating Station adjacent to site of the proposed plant.
Through its wholly owned subsidiary, Gemma Power Systems, LLC (GPS), Argan is involved in the an engineering, procurement and construction contract valued at approximately $100 million.
“We’re delighted that GPS was selected to perform this contract. We look forward to working with Exelon and assisting them in delivering clean, reliable energy to the New England region.” said and Argan Chairman and CEO, Rainer Bosselmann.
Argan's stock is back up to around its peak price from about a year ago. It climbed 4.13 percent to $39.36. The company's market cap has also grown to $558 million