The Worley Ltd (ASX: WOR) share price is one to watch this morning after the company announced a new joint venture (JV) in the United States (US).
What did Worley announce this morning?
Worley and XENDEE Inc have created a US incorporated JV called VECKTA Corporation. VECKTA will own and operate a cloud-based market platform for microgrids and distributed energy systems.
Microgrids are a subsystem which split from the main power grid and form a contained network of their own.
The Worley share price will be on watch in early trade following the after-market announcement yesterday afternoon.
XENDEE's core energy configuration software will be linked to the cloud-based platform with access to a global network of equipment, finance and project delivery providers through Worley.
The VECKTA JV is the latest collaboration between the 2 companies, which have a relationship dating back to 2018. Worley will retain 51% ownership with the remaining 49% being held by XENDEE.
What does this mean for the Worley share price?
The Worley share price is currently trading flat at $14.30 per share, having had a volatile couple of days.
It will be interesting to see how shareholders react when the ASX opens later this morning.
Given the existing relationship between the 2 companies, I'd expect the Worley share price reaction to be relatively muted.
Is Worley a good buy at the moment?
The company's shares are currently trading in the middle of their 52-week trading range at $14.30 per share.
It's been a busy start to November with Worley signing a number of new or extended contracts to kick off the month.
The Worley share price is pricey at 38.6x earnings right now, but does also boast a $7.4 billion market cap.
Worley currently yields a tidy 1.66% per annum and is up 26.10% to be outperforming the S&P/ASX 200 Index (INDEXASX: XJO) so far in 2019.
