Sg Echo Awarded Record $11.3 Million Purchase Order to Supply Modular Units to Long-Standing Private Infrastructure Solutions Client

New contract with recurring customer represents largest single order to date; reflects Company’s track record of quick, sustainable, and cost-efficient production

Project to commence immediately and expected to be completed during the first half of 2024

SG Echo Manufacturing Facility

MIAMI, FL, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Safe & Green Holdings Corp. (NASDAQ: SGBX) (“Safe & Green Holdings” or the “Company”), a leading developer, designer, and fabricator of modular structures, announced today that SG Echo, LLC, a wholly-owned subsidiary of Safe & Green Holdings Corp., today announced it has been awarded a purchase order to provide over 150 additional modular units to an existing infrastructure solutions customer. The purchase order is expected to generate revenue of approximately $11.3 million, commencing immediately and continuing over the next six months.

This order is in addition to another recent follow-on order for 40 units with the same customer, as previously announced on October 30, 2023.  The Company anticipates the order will utilize a significant portion of its remaining capacity across its two operational manufacturing facilities.

Paul Galvin, Chairperson and CEO of Safe & Green Holdings, commented, "This record order from a recurring customer is a strong validation of our ability to provide high-quality units quickly, sustainably, and cost-efficiently.  This contract will not only generate meaningful revenue but also provide attractive margins. Importantly, the project is slated to commence immediately, and we aim to complete the project during the first half of 2024 – an ambitious but achievable goal. We believe that our track record of executing on orders such as these and continually exceeding our clients’ expectations allows us to foster strong, enduring partnerships as well as attract new clients. We look forward to expanding our relationship with this customer and anticipate additional sizable orders in the near future.”

Tricia Kaelin, Chief Financial Officer of Safe & Green Holdings, further noted, “We are off to a strong start in 2024. Upon completion of the project in the second quarter of 2024, this one contract alone will generate more revenue than we recorded in the entire first half of 2023.  Moreover, as we increase throughput at our facilities, we anticipate attractive margins and meaningful cash flow from the project.”