August 26, 2009 (FinancialWire) — Primoris Services Corp. (NASDAQ: PRIM) (NASDAQ: PRIMU) (NASDAQ: PRIMW), one of the largest specialty contractors and engineering companies in the United States, announced the formation of Primoris Renewables, a wholly-owned subsidiary that will focus on exploiting the growing, worldwide opportunities in developing, funding, acquiring and operating renewable energy projects.

Brian Pratt, chairman, president and chief executive officer of Primoris, commented, “Primoris has been actively engaged in the renewable energy industry for several years. We believe that the creation of Primoris Renewables is a logical extension of our business that reinforces our commitment to, and will more effectively focus our resources towards, this growing and important industry. We intend to utilize our 60-year history of engineering and construction experience in the power and energy industries, as well as a strong balance sheet, to pursue renewable energy projects that make sense from an environmental perspective and generate value for all parties. A potential benefit of this endeavor could be realized in the form of associated build-out opportunities for our core businesses of engineering and construction.”

Pratt continued by announcing that Primoris Renewables has signed a Memorandum of Understanding that is expected to lead to a Joint Development Agreement with The Gas company LLC, (TGC), which provides gas energy to consumers, businesses and government throughout the state of Hawaii. Under the agreement, the parties will work together to develop processes, business strategies and potential projects that can assist TGC in, among other things, supplementing and enhancing the renewable components in its existing supply, reducing its overall carbon footprint, and improving the operating efficiencies of its existing operations.

Pratt concluded, “The collective knowledge we have acquired over the years allows us to meaningfully collaborate with our customers to explore, design and execute tailored energy solutions. Hawaii has no geologic sources of natural gas, making it necessary for TGC to manufacture and distribute synthetic natural gas (SNG) from byproducts of imported petroleum. We believe that we can assist TGC in improving the efficiencies of its already environmentally-friendly manufacturing and distribution processes. An even more exciting prospect for us, however, is collaborating with TGC to explore the use of renewable byproducts, such as agricultural feedstock, in the manufacture of SNG. We look forward to helping TGC and the State achieve their shared goals of improved energy efficiency and a reduced dependence on fossil fuels, while continuing to satisfy the growing energy requirements of Hawaii’s residents.”

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.