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Bowman Consulting Group Ltd. (NASDAQ: BWMN) announced booking $3 million in new renewable energy assignments in the 90 days following the acquisition of SEI Professional Services in November 2022. This acquisition enhances Bowman's portfolio with technical services for solar energy and battery storage markets. Additionally, Bowman is expanding its UAS hardware, increasing its drone fleet by over 25%, and has acquired Spatial Acuity. The company anticipates strong growth in renewable energy demand, particularly from the Inflation Reduction Act, with U.S. renewable energy growth nearly doubling in the past five years, especially in solar capacity.
Positive
Booking of $3 million in renewable energy assignments within 90 days post-acquisition.
Acquisition of SEI Professional Services enhances service offerings for solar energy and energy storage.
Expansion of drone fleet by over 25% to improve data collection capabilities.
Acquisition of Spatial Acuity for enhanced geospatial services.
Anticipated tripling of solar capacity demand by 2027, positioning Bowman for growth.
Negative
None.
RESTON, Va.--(BUSINESS WIRE)--
Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN) reported booking $3 million of new renewable energy, solar, electric vehicle, and energy storage assignments during the first 90 days post-closing on SEI Professional Services in November 2022. These assignments vary in size and duration covering multiple customers and geographies. The SEI acquisition added a variety of technical services and experiences to Bowman’s portfolio which benefit developers and owners of solar energy facilities along with photovoltaic and battery energy storage operators within the utility and commercial markets.
Bowman continues to support its utility and renewables customers with expanded energy related engineering design and geospatial services relating to infrastructure transition and maintenance monitoring. This includes expansion of Bowman’s UAS hardware to broaden the company’s fleet of fixed-wing and rotary drones by more than 25%, upgraded data collection hardware and software, and the acquisition of Spatial Acuity in November 2022. Bowman’s extensive fleet of geospatial assets enables the company’s team of technical and survey professionals to collect high-precision, vital data for solar sites, utility transmission facilities, and power generation systems.
"The SEI and Spatial Acuity acquisitions have positioned us to compete more broadly in the race towards decarbonization and energy transition,” said Dan Swayze, Executive Vice President of Energy Services at Bowman. “The Inflation Reduction Act is supercharging interest in investment in renewable energy sources resulting in increasing demand for our depth of experience, expertise and national reach within the energy industry. Renewable energy growth in the U.S. has nearly doubled over the last five years and demand for solar capacity alone is expected to nearly triple by 2027. Bowman is well-positioned to meet the accelerating growth.”
About Bowman Consulting Group Ltd. (Bowman): Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With approximately 1,700 employees in more than 70 offices in the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.
What new assignments did Bowman Consulting Group book recently?
Bowman Consulting Group booked $3 million in new renewable energy assignments during the first 90 days after acquiring SEI Professional Services.
What acquisitions has Bowman Consulting Group made?
Bowman has recently acquired SEI Professional Services and Spatial Acuity to enhance its technical services and geospatial capabilities.
How is Bowman positioned in the renewable energy market?
Bowman is well-positioned due to the increasing demand for renewable energy, particularly post the Inflation Reduction Act, which is expected to drive significant growth.
What is the expected growth in solar capacity demand?
Solar capacity demand in the U.S. is expected to nearly triple by 2027.
