Shares of Shimmick Corp. soared 46% in after-hours trading after the Irvine-based water infrastructure company revealed it won a $27.6 million subcontract for electrical work at the Sunol Valley Water Treatment Plant Ozonation project in Alameda County.
The shares climbed to $3.05 each. In regular trading, they had increased 13% to $2.07 and a $64 million market cap.
The project aims to control the taste and odor of raw water supplied to the Sunol Valley Water Treatment Plant, involving the construction of an ozone treatment facility and associated infrastructure, including an Ozone Generator Building, an Ozone Contact Basin, and various supporting systems. Shimmick’s scope of work includes installing high-voltage power systems, and instrumentation and controls for the new ozonation facility.
“We are thrilled to be part of this critical infrastructure project that will significantly improve water quality for millions of Bay Area residents,” Shimmick Chief Executive Steve Richards said in a statement. “This contract underscores our expertise in complex water treatment projects and our ability to perform critical specialized electric work that leverages our in-house capabilities.”
The prime contract, valued at $234.8 million, was awarded in May to J.F. Shea Construction Inc. by the San Francisco Public Utilities Commission.
