The Power Play: Orion Strikes Gold with Voltrek
Orion Energy Systems, Inc.‘s OESX has struck a goldmine with its electric vehicle charging solutions division, Voltrek. The division recently clinched over $11 million in open construction services contracts from Eversource Energy as part of its ‘EV Make Ready’ program. These contracts have set the stage for more than 25 individual projects, solidifying Orion’s position in the EV charging revolution.
Pioneering the EV Charging Realm
Voltrek’s triumph underscores Orion’s pioneering spirit in the electric vehicle charging space. From Level 2 to Level 3 chargers, catering to public, workplace, and fleet charging needs, Voltrek is reshaping the landscape to meet the surging demand for EV solutions. This success not only propels OESX’s EV charging business forward but also cements Voltrek’s reputation as a reliable industry ally.
Accelerating Growth in EV Segment
Orion’s EV Segment continues to gain momentum, offering a comprehensive suite of services from sales to installation of charging stations and software subscriptions. Despite a slight flatline in revenues during the third quarter of fiscal 2023, the company is making significant strides in bolstering its long-term EV charging project pipeline, engaging new and existing clients to fulfill their charging requirements. With an expanding Voltrek team and broader geographic coverage, Orion is poised to capitalize on the burgeoning EV market, evident from its robust project pipeline exceeding $50 million.
Navigating Market Challenges
While Orion has faced a recent 7.1% downtrend in its shares over the last three months compared to the industry’s robust growth, the company’s strategic resolve shines through. Overcoming inflationary hurdles that dampened profitability, Orion adjusted its pricing strategy to align better with its operational dynamics. This resilience underscores the company’s adaptability and commitment to sustained growth.
Energizing Market Sentiment
Amidst market fluctuations, Orion remains well-positioned to capitalize on the evolving landscape of EV charging solutions. As the world shifts towards sustainability and renewable energy sources, Orion’s Voltrek stands as a beacon of innovation and reliability in the electric vehicle domain. With a supportive Zacks Rank, Orion is on track to navigate through market volatilities and emerge as a transformative force in the EV arena.
