Argan subsidiary Gemma Power Systems receives full notice to proceed for biomass-fired power project

Argan Inc. (NYSE MKT: AGX) announced that its wholly owned subsidiary Gemma Power Systems (GPS) has received full notice to proceed from East Texas Electric Cooperative (ETEC) for a contract to design and build a 49.9 MW biomass-fired power plant near Woodville, Texas.

GPS previously announced the awarding of this contract on October 17, 2011.

The project is estimated to be completed in December 2014.

Rainer Bosselmann, Chairman and Chief Executive Officer of Argan, stated, “We look forward to working with ETEC toward the successful, on-time completion of this important project.”