Safe & Green Holdings Corp. (NASDAQ: SGBX) announced that its energy subsidiary, Olenox Corp., has secured a U.S. Department of Transportation (DOT) number, a critical step as the company prepares to mobilize its service division assets. The approval allows Olenox to begin transporting rigs, downhole tools, and other heavy equipment necessary for field operations, marking the restart of its oilfield services business. According to the company, the expanded service capacity will initially focus on servicing its own wells, with plans to market rigs and service equipment to third-party operators, creating a new revenue stream.
CEO Michael McLaren emphasized that the operational restart of the Oil and Gas (O&G) service division is expected to reduce maintenance and workover costs for the company's own wells while generating income from external clients. A key component of the expanded service offering will be Olenox's proprietary downhole technologies, including plasma pulse and ultrasonic cleaning tools, which are designed to enhance well productivity and efficiency. These technologies are expected to provide a competitive advantage in the oilfield services market.
Safe & Green Holdings projects reaching cash-flow positivity in 2026, supported in part by recurring revenue from third-party well services. The company's energy strategy aligns with ongoing U.S. policy goals focused on strengthening domestic energy production and operational independence. By restarting its service division, Safe & Green aims to capitalize on the growing demand for domestic oil and gas services while reducing dependency on external service providers.
With the DOT number in place, Olenox is now positioned to deploy its assets and begin operations. The company plans to build a sales team to market its services to external operators, expanding its customer base beyond internal needs. This move is part of a broader strategy to diversify revenue and leverage the company's existing infrastructure and technology. For more information, visit the company's newsroom at https://ibn.fm/SGBX.
