Duos Technologies Group signs $42M asset management agreement with Fortress

Duos Technologies Group (DUOT) announces 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. “This new agreement accelerates the diversification of Duos’s business,” said 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.”