Safe & Green Holdings Corp. will move its SG Echo factory operations from Oklahoma to a newly acquired property in Conroe, Texas, consolidating operations with its Olenox subsidiary and tapping into the Houston labor market.
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Safe & Green Holdings Corp. (NASDAQ: SGBX) announced on Wednesday plans to relocate its SG Echo modular factory from Durant, Oklahoma, to Conroe, Texas, as part of a strategic consolidation with its wholly owned subsidiary, Olenox Corp.
The organization announced that the new location will serve as its unified operational center, integrating both manufacturing and Olenox’s oil and gas services. The Conroe property features a combination of office and warehouse space, along with leased buildings, contributing to increased revenue potential.
"This decision enables us to merge SG Echo’s operations with Olenox, enhancing efficiency, lowering overhead, and boosting profit potential," Chief Financial Officer Tricia Kaelin stated.
Chief Operating Officer Jim Pendergast emphasized that integrating modular manufacturing with Olenox’s services will enhance logistics, optimize resource sharing, and strengthen the company’s presence in Texas. "The availability of a skilled workforce in the greater Houston area, along with the closeness to essential transportation routes, will play a crucial role in expanding our production capabilities and enhancing our service to clients," Pendergast stated.
Safe & Green Holdings has announced its intention to sell the Durant facility as part of its strategy to generate working capital for future growth initiatives. A $3 million acquisition of property in Conroe is dependent on securing a $2.4 million loan from a third party, as outlined in the company's filings.
The move is part of Safe & Green’s strategy to enhance its presence in Texas, where Olenox Energy has recently announced impressive production figures, including over 3,000 barrels of oil produced, more than 2,500 sold, and peak rates hitting 55 barrels per day. The subsidiary is poised to achieve a remarkable production month.
The company has revealed a settlement agreement concerning its SG Blocks unit, which has successfully resolved litigation with EDI International, PC, and PVE, LLC. The agreement featured a confidential payment to SG Blocks along with the termination of all outstanding appeals.
Safe & Green Holdings, a multifaceted company involved in real estate, construction, healthcare, and energy, has partnered with technology firm OneQode to enhance infrastructure and improve operational efficiency.
