RLAY
RLAY

Mammoth Energy Services Inc. (NASDAQ: TUSK) stock declined by 9.43% at the last close whereas the TUSK stock price gained by 28.96%in the pre-market trading session. Using its infrastructure services divisions, Mammoth is a comprehensive, growth-oriented energy services firm concentrating on the restoration of the power grid for private utilities, public investor-owned utilities, and co-operative utilities. The company also offers goods and services to help in the discovery and production of unconventional oil and gas reserves onshore in North America.

TUSK stock’ Significant Update

A prominent utility has given the contract to Mammoth Energy Services’ wholly-owned subsidiary, Aquawolf, to offer design and development services for the construction of electric vehicle charging station framework to help its sustainable mobility goals. Direct engineering and supervision of subcontractors providing civil and structural engineering, electrical distribution design, planning, drafting and mapping, permits, and construction support are included in the contract’s scope of services. The multi-year contract has a maximum value of $5 million and will last until 2024.

Arty Straehla, CEO of Mammoth commented,

This deal is a huge step forward for their Aquawolf team, allowing them to compete for additional EV charging business. A portion of the recently enacted infrastructure package includes $7.5 billion for the building and deployment of 500,000 electric vehicle charging stations across the United States. Aquawolf’s entry into EV charging stations helps them to diversify their business lines while also expanding their engineering capabilities.

Recent Development

Mike Byrne provided quotes to Mammoth Energy Services related to the work done by Mammoth’s subsidiary Cobra Acquisitions. Byrne’s remarks were stated in a declaration filed in the United States District Court for the Southern District of Florida on April 15, 2021, as one of the Mastec Renewables Puerto Rico v. Mammoth Energy Services, Inc. and Cobra Acquisitions, LLC case.

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