Duos signs asset management agreement with Fortress

Author: Simon Rowley

Duos Technologies Group has announced that its operating subsidiary, Duos Energy Corporation, has signed a two-year Asset Management Agreement (AMA) to deploy and operate a fleet of mobile gas turbines and balance-of-plant inventory that has a combined generation capacity of 850 megawatts.

The AMA has been signed with affiliates of Fortress Investment Group; funds managed by affiliates of Fortress are acquiring the portfolio from APR Energy. Through the AMA, Duos will oversee the management and deployment of the assets. Duos is already in active discussions regarding deployment to developers of immediate-demand power projects, including US-based data centre developers and other international projects.

“This new agreement accelerates the diversification of Duos’s business,” says Chuck Ferry, CEO of Duos Technologies Group. “We are thrilled to partner with Fortress on deployment of the APR Energy assets. With rising demand across the globe for power generation, we see significant opportunity to deploy these high-capacity mobile turbines both in the US and internationally – and they’re available immediately.”

Mobile gas turbines can be particularly valuable for customers needing Behind-the-Meter (BTM) power solutions – as the assets can be deployed in a matter of weeks. This offers a significant advantage over traditional utility power or new generation assets that can incur a 24-month or longer manufacturing timeline.

This agreement accelerates the diversification of Duos’s business as part of its strategy to achieve profitability in FY2025 with the contract value estimated at $42m over the two-year period. Duos recently announced the formation of Duos Energy Corporation to respond to the overwhelming demand for power solutions from data centre hyper scalers and the overlapping synergies between the power and data centre industry.

Under the leadership of Duos CEO, Chuck Ferry, Duos has recruited a senior leadership team with significant technical and project management skillsets. Collectively, the Duos management team has more than 100 years of combined power project experience, which includes installing and operating more than 1GW of fast-track power between 2016 and 2020 across the globe.

“With grid constraints in some markets and rising demand for power, we believe these assets offer an ideal solution for immediately available behind-the-meter power generation,” adds Robert Warden, Managing Director at Fortress.

The Fortress – APR Energy transaction will close upon the completion of customary closing conditions and regulatory approval.

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