Safe & Green Holdings (NASDAQ: SGBX) stock soared 52% in intraday trading Wednesday following a major contract win from a big-box retail client.
Safe & Green Holdings (SGBX) has just inked an agreement with a major big-box retail client. The deal involves the manufacturing of four container-based electrical distribution centers, as part of a broader multi-unit order.
A modular electrical distribution center provides a flexible and customizable solution for distributing electricity from a single source to multiple destinations. Its versatility and dependability make it adept at managing and distributing electrical power efficiently. Moreover, it easily adapts to evolving technologies and increasing power requirements.
While the company did not disclose the name of the client, it revealed that the partnership entails the production of four units initially, with anticipation for a larger 20-unit order in 2024.
Paul Galvin, Chairperson and CEO of Safe and Green Holdings, expressed enthusiasm about the agreement, highlighting the company’s extensive experience in manufacturing modular electrical distribution centers. He said,
“Over the years, Safe and Green has manufactured over a hundred of these modular electrical distribution center units, and we are excited to be manufacturing them again. The versatility of these units allows for electrical distribution wherever and whenever it’s needed, once again highlighting one of the key advantages of modular construction.”
Safe & Green Holdings (NASDAQ: SGBX) Stock Reaction
At the time of this report, SGBX stock stands at $0.22, indicating a 51.98% increase from the previous trading session. This week, it has surged in value by 42.21%. Trading activity has seen 136,908,304 (136.90 million) shares change hands, significantly higher than the average daily volume of 2.89 million.
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