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Investing.com -- Safe & Green Holdings Corp. (NASDAQ:SGBX) stock surged 39% in premarket trading Thursday following the company’s reiteration of its partnership with OneQode amid concerns over global cloud infrastructure vulnerabilities.
The company highlighted the significance of its recently signed Open Collaborative Framework (OCF) partnership with OneQode, a technology company specializing in high-performance networking and digital infrastructure. The announcement comes in the wake of Monday’s worldwide Amazon Web Services outage that disrupted websites and apps globally.
Safe & Green CEO Michael McLaren emphasized the critical importance of reliable data collection and communication for the company’s Olenox subsidiary, a vertically integrated energy company. "If critical data, such as sour well leak detection or spills, is not sent or received on time that can cause thousands of hours lost and possible environmental issues," McLaren stated.
OneQode CEO Matt Shearing pointed out that "most people don’t realize that much of the technology AWS runs on is 25+ years old," adding that the recent outage was "no surprise" for his company. Shearing noted that OneQode has designed its platform to be "fundamentally different" from traditional infrastructure providers.
The partnership will initially focus on combining OneQode’s technology capabilities with Olenox’s operational expertise to support infrastructure, automation, and production optimization. The framework also establishes groundwork for potential future collaborations, including joint infrastructure projects and co-development of solutions for the energy sector.
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