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Technology and the Internet

Ultrasystems’ Power Group Has 9 Projects Under Way

By MARIA L. LA GANGA
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Ultrasystems Inc., an Irvine engineering and construction company specializing in electrical power facilities, told securities analysts at a New York luncheon Wednesday that it has nine projects under development in its Power & Environmental Systems Group that will require an estimated $375 million in capital.

Most of the projects, which are in various stages of development, are located on the East Coast, including four coal-fired plants in the mid-Atlantic region, wood-fueled plants in Vermont and Mississippi and a waste-to-energy plant in Michigan.

James P. Kelly, president of the group developing the projects, said the company is considering several other prospects, including plants fueled with wood and natural gas. “We do not expect to close every one of these projects, but we do expect, realistically, to obtain financing for some $200 million during 1988 and at least that amount in 1989,” Kelly said.

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The announcement had little effect on Ultrasystems stock, which closed at $10.375 a share, down 62.5 cents for the day, in light trading Wednesday on the American Stock Exchange.

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Maria L. La Ganga

Maria L. La Ganga is the deputy managing editor for California and Metro, overseeing the Los Angeles Times’ largest editorial department. She joined The Times in 1981 as an academic intern, splitting her time between the former Metro section and National Dragster, the official publication of the National Hot Rod Assn. She has served as Seattle bureau chief, San Francisco bureau chief, edited in the Business section and pitched in on six presidential elections, five for The Times and one for the Guardian. La Ganga left The Times in 2015 and returned in 2018 after a brief hiatus during which she wrote for the Guardian and the Idaho Statesman. She was named city editor in 2022 and promoted to her current role in 2024. La Ganga graduated from Granada Hills High School in the San Fernando Valley and Cal State Northridge, where she studied English literature and journalism.

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