The agreement is projected to generate tens of millions of dollars in additional revenue for the Company from the sales of natural gas.
Universal Bioenergy posted sales of $58.29 million for the nine months ended March 31, 2014, which was a 41.19% increase over the same period last year.
According to the utility customer, it is one of the nation’s largest producers and transporters of energy, and has a portfolio which includes thousands of megawatts of electric power generation, thousands of miles of natural gas transmission pipelines and thousands of miles of electric transmission lines. The utility serves energy customers in 10 states, and operates one of the largest natural gas storage systems in the nation, with hundreds of billions of cubic feet of storage capacity. The utility customer is traded on the New York Stock Exchange and reported over $13.12 billion in revenues in their 2013 Annual Report.
NDR Energy Group’s President and CEO, Ken Harris stated, "At the beginning of 2014, we set out on a difficult course to substantially increase our customer base. In that we already had contracts with some of the largest utilities in the US, we knew that maintaining and growing a customer base of first-in-class, large utilities would have been challenging. This new contract is with one of the five largest electric utilities in the U.S. Additionally, this new customer will be one of the most powerful energy companies concerning the natural gas trades for years to come. There are many potential future synergies concerning this transaction, including our exploration of natural gas exports. In the last six months, we have entered into contracts with two of the five largest electric utilities in the US. These continue to be exciting times for NDR."
Universal Bioenergy is a high growth diversified energy company that is experiencing double-digit growth. NDR Energy Group, a subsidiary of Universal Bioenergy, sells natural gas to many of the largest public utilities, electric power producers and local gas distribution companies that serve millions of commercial, industrial and residential customer in the United States. The contract limits NDR Energy from disclosing the customer’s name and certain details of the transaction.
