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ENGlobal Corp. (ENG) Agrees to Renewal of Successful Partnership in the Energy Sector

ENGlobal, through the announcement of a new five-year Professional Services Agreement with Xcel Energy in Denver, has continued to develop its foothold in the energy sector of the United States.

Xcel Energy, a major electric and natural gas company operating in eight states, is a longtime partner of ENGlobal. The two companies have previously worked together on a variety of major projects including multiple lengthy pipeline replacements, as well as extensive smaller capital and maintenance jobs.

“Xcel Energy and ENGlobal have a proven history of successful collaboration – having worked well together to efficiently manage and execute a substantial capital program,” stated William A. Coskey, Chairman and Chief Executive Officer of ENGlobal.

According to its website, Xcel Energy, through its wholly owned subsidiaries, provides a comprehensive portfolio of energy-related products and services to approximately 3.4 million electricity customers and 1.9 million natural gas customers. With the continued support of one of the leading energy companies in the nation, ENGlobal could be in for substantial growth in the coming months.

Through a combination of consistent project execution, significant internal growth and an increase in overall margins, ENGlobal was able to close out 2014 on an unbelievable high. By growing its annual revenue by over 21 percent from the previous year, the company provided investors with a powerful glimpse at its profitable potential.

“[We] are currently encouraged by the continued level of spending by our largely midstream and downstream clientele,” continued Coskey. “[W]e now expect to explore acquisition opportunities for external growth.”

The United States Energy Information Administration reports that electricity consumption throughout the United States has risen by nearly 83 percent since 1980, driving the need for continued upgrade and expansion projects around the country. As its successful partnership with Xcel Energy continues into the future, expect ENGlobal to attract the attention of additional energy sector clientele in the years to come.

With its work through both its automation and engineering business segments, ENGlobal is developing important partnerships that could prove vital to the company’s long-term growth potential. Look for ENGlobal to build on its impressive revenue totals from 2014 as it continues to target sustainable growth through multiple channels.

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