By Sam Boughedda
Investing.com — Mammoth Energy Services Inc (NASDAQ:TUSK) shares rose more than 20% Friday after it announced its subsidiary, Aquawolf, has been awarded a contract by a "major utility" to provide engineering and design services for the building electric vehicle charging station infrastructure.
The contract is worth up to $5 million and will run into 2024, seeing Aquawolf support the company's clean transportation initiatives.
Mammoth Energy shares have climbed to $2.66 so far on Friday.
Aquawolf, a Denver-headquartered provider of infrastructure engineering services, will be involved in direct engineering and oversight of subcontractors providing civil and structural engineering, electrical distribution design, planning, drafting and mapping, permitting, and construction support.
"This contract is a significant development for our Aquawolf team and allows us to compete for further business in the EV charging market," said Arty Straehla, CEO of Mammoth.
"Part of the recently passed infrastructure bill contains $7.5 billion for the development of 500,000 EV charging stations and distribution throughout the U.S. This move into EV charging stations allows Aquawolf to expand our business lines and continue the growth of our engineering offerings," added the Mammoth Energy Chief.
The company, whose primary business involves constructing and repairing the electric grid, has been awarded a number of new contracts this year, including a $40 million engineering contract and a street lighting upgrade contract worth up to $30 million.