Safe & Green Holdings Corp. (NASDAQ: SGBX) announced that its wholly owned subsidiary Olenox Corp. has received its Department of Transportation number and is now mobilizing its oil and gas service assets. This regulatory milestone enables the company to deploy specialized downhole tooling including ultrasonic cleaning tools and plasma pulse tools for oil field operations.
The DOT approval represents a significant operational advancement for Safe & Green Holdings, allowing Olenox to formally enter the oil and gas services sector. Company officials emphasized that this development will substantially reduce internal maintenance costs while supporting efforts to bring wells back online more efficiently. The mobilization of these specialized assets positions Olenox to actively pursue third-party contracting opportunities within the large and recurring U.S. oil-well services market.
According to the company's strategic outlook, growth in service revenues from Olenox's operations is expected to be a key driver in Safe & Green Holdings' plan to achieve cash-flow positivity by 2026. The timing of this expansion into oil field services comes as the energy sector continues to seek cost-effective maintenance and operational solutions. The full press release detailing these developments is available at https://ibn.fm/Dytt3.
For investors tracking the company's progress, ongoing news and updates related to SGBX are maintained in the corporate newsroom accessible through https://ibn.fm/SGBX. The mobilization of Olenox's service capabilities represents a strategic diversification for Safe & Green Holdings beyond its core modular solutions business, potentially creating new revenue streams while leveraging existing operational expertise in industrial services.
