Sam Boughedda

Investing.com — Mammoth Energy Services Inc (NASDAQ:) 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.

Aquawolf will support Aquawolf’s clean transportation efforts by supporting the contract valued at up to $5million.

Mammoth Energy shares rose to $2.66 on Friday.

Aquawolf is a Denver-based provider of infrastructure engineering services. It will direct and supervise subcontractors that provide civil and structural engineering, electric distribution design, planning and mapping, permit and construction support. 

Arty Straehla (CEO of Mammoth) said, “This contract represents a significant development in our Aquawolf team” 

“A portion of the infrastructure bill recently passed contains $7.5 billion to develop 500,000 EV charging stations, and distribute them throughout the U.S. Aquawolf will now be able to develop new business lines as well as expand the engineering capabilities of its offerings.” said Mammoth Energy Chief.

This company is primarily involved in the construction and repair of the electric grid. It has received a variety of contracts, including an engineering contract for $40 million and a contract to upgrade street lighting worth as high as $30 million.