Matrix Service Company Announces Substantial Completion of EPC Joint Venture Power Plant
TULSA, Okla., June 4, 2015 (GLOBE NEWSWIRE) -- Matrix Service Company (Nasdaq:MTRX) announced today that its subsidiary, Matrix North American Construction ("Matrix NAC") has reached substantial completion on the Calpine (NYSE:CPN) Garrison Energy Center, an acquired EPC joint venture with Parsons Brinckerhoff.
"We are pleased to announce that this project is substantially complete and as such Calpine is in commercial operation of the facility," said Matrix Service Company president and CEO, John R. Hewitt. "We are proud of our team's commitment to ensuring safe, high quality work and in meeting our delivery obligations under a difficult delivery schedule. While we will be completing various punch list activities during the coming weeks, we expect to complete the project within our previous forecast."
Calpine Executive Vice President of Power Operations, John Adams, expressed appreciation for Matrix NAC's work on the state-of-the-art plant, which will bring more efficient, economic power to its customers in an environmentally clean manner. "Matrix NAC's expertise in combined cycle power plants, together with their commitment to quality and timeliness has been invaluable," he said. "We are excited to bring this state-of-the-art plant online."
The Garrison Energy Center, located in Dover, DE, is a 309-megawatt facility that employs highly efficient combined cycle gas-fired technology and advanced environmental controls and can produce enough electricity for 300,000 homes. Combined cycle power plants are 40 percent more fuel efficient than plants employing older technologies, making them both cost-effective and low-carbon sources of electricity.
About Matrix Service Company
Founded in 1984, Matrix Service Company is parent to a family of companies that include Matrix Service, Matrix NAC, Matrix PDM Engineering and Matrix Applied Technologies. Our subsidiaries design, build and maintain infrastructure critical to North America's energy, power and industrial markets. Matrix Service Company is headquartered in Tulsa, Oklahoma with subsidiary offices located throughout the United States and Canada.
The Company reports its financial results based on four key operating segments: Electrical Infrastructure, Storage Solutions, Oil Gas & Chemical and Industrial.
To learn more about Matrix Service Company, visit matrixservicecompany.com
Calpine Corporation generates more electricity than any other independent power producer in America, with a fleet of 87 power plants in operation or under construction, representing more than 27,000 megawatts of generation capacity. Serving customers in 18 states and Canada, Calpine specializes in developing, constructing, owning and operating natural gas-fired and renewable geothermal power plants that use advanced technologies to generate power in a low-carbon and environmentally responsible manner. To learn more about Calpine, visit www.calpine.com.
This release contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as "anticipate," "continues," "expect," "forecast," "outlook," "believe," "estimate," "should" and "will" and words of similar effect that convey future meaning, concerning the Company's operations, economic performance and management's best judgment as to what may occur in the future. Future events involve risks and uncertainties, such as unanticipated delays or expenses in completing certain punch list items, which may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including those factors discussed in the "Risk Factors" and "Forward Looking Statements" sections and elsewhere in the Company's reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this release.
CONTACT: For more information, please contact: Matrix Service Company Kevin S. Cavanah Vice President and CFO T: 918-838-8822 Email:email@example.com