NV5 Awarded $14 Million in Utility Geospatial Asset and Vegetation Management Contracts
30 Maio 2024 - 9:00AM
NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a
provider of technology, conformity assessment, and consulting
solutions, announced today that it has been awarded $14 million in
contract wins by utilities to support asset management and
vegetation management of electrical transmission and distribution
grid infrastructure.
Increasing demand for electricity without investments in new
electrical generation places additional reliability and efficiency
requirements on the aging electrical grid. NV5’s geospatial data
acquisition technologies, predictive analytics, proprietary
algorithms, and engineering design methodologies make it uniquely
qualified to assess potential hazards and reliability challenges in
utility grid assets.
"Electrification initiatives and the expansion of
energy-intensive facilities such as data centers have put
unprecedented capacity requirements on the nation’s electrical
grid,” said Dickerson Wright, PE, Executive Chairman of NV5. “NV5
scans approximately 100,000 miles of utility transmission and
distribution lines each year to assist utilities with meeting the
growing demand for electrical service, and the increased adoption
of geospatial data for utility infrastructure improvements
continues to accelerate organic growth in NV5’s utility geospatial
segment.”
A prominent West Coast utility selected NV5 for a one-year, $7
million contract to deliver lidar and imagery for the utility’s
asset management and engineering program. The scope of the project
includes electrical transmission infrastructure across numerous
terrains throughout the utility’s service area.
NV5 was also selected for $7 million of geospatial asset
management and electrical distribution infrastructure inspection
services. NV5 will identify distribution assets and vegetation
encroachments to mitigate fire risks and support service safety and
reliability.
About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology,
conformity assessment, and consulting solutions for public and
private sector clients supporting utility, infrastructure, and
building assets and systems. The Company primarily focuses on six
business verticals: Utility services, infrastructure engineering,
construction quality assurance, buildings & technology,
environmental health sciences, and geospatial services. NV5
operates out of more than 100 offices nationwide and
internationally. For additional information, please visit the
Company’s website at www.NV5.com. Also visit the Company
on Twitter, LinkedIn, Facebook, and Vimeo.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. The Company cautions that
these statements are qualified by important factors that could
cause actual results to differ materially from those reflected by
the forward-looking statements contained in this news release. Such
factors include: (a) changes in demand from the local and state
government and private clients that we serve; (b) general economic
conditions, nationally and globally, and their effect on the market
for our services; (c) competitive pressures and trends in our
industry and our ability to successfully compete with our
competitors; (d) changes in laws, regulations, or policies; and (e)
the “Risk Factors” set forth in the Company’s most recent SEC
filings. All forward-looking statements are based on information
available to the Company on the date hereof, and the Company
assumes no obligation to update such statements, except as required
by law.
Investor Relations Contact
NV5 Global, Inc.Jack CochranVice President, Marketing &
Investor RelationsTel: +1-954-637-8048Email: ir@nv5.com
NV5 Global (NASDAQ:NVEE)
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