NV5 Awarded $14 Million in Utility Geospatial Asset and Vegetation Management Contracts
HOLLYWOOD, Fla., May 30, 2024 (GLOBE NEWSWIRE) -- 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 . Also visit the Company on , , , and .
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.
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