Puerto Rico Selects ICF for $24 Million Disaster Management Contract

Rhea-AI Summary

ICF (NASDAQ:ICFI) has been awarded a $24 million contract by the Government of Puerto Rico's Public Private Partnership Authority to provide disaster recovery project development and hazard mitigation program services, utilizing leading-edge technologies like integrated remote sensing and artificial intelligence. The company has a local team of over 90% Puerto Ricans, committed to rebuilding Puerto Rico after suffering from multiple natural disasters.

Positive

• Awarded a $24 million contract for disaster recovery and hazard mitigation services
• Utilizing advanced technologies like integrated remote sensing and artificial intelligence
• Local team of over 90% Puerto Ricans working on recovery efforts

Negative

• None.

Work Expands to Include Hazard Mitigation Services

RESTON, Va., Aug. 7, 2023 /PRNewswire/ -- ICF (NASDAQ:ICFI), a global consulting and technology services provider, was recently awarded a multiple-award, recompete contract by the Government of Puerto Rico's Public Private Partnership Authority (P3) to provide disaster recovery project development services. The contract, which is administered by the Central Office for Recovery, Reconstruction and Resiliency (COR3), was also expanded to include hazard mitigation program services. It has a value of $24 million and a term of three years, including a one-year base and two one-year options.

ICF will bring expertise in disaster management and leading-edge technologies to provide program administration and technical assistance support to assist COR3 in dispersing Federal Emergency Management Agency (FEMA) Public Assistance and Hazard Mitigation Grant Program funds as quickly as possible.

These technologies include integrated remote sensing with artificial intelligence for efficient damage documentation; digitized data collection for quicker, more accurate data analysis; and ICF's cloud-based, end-to-end grant management solution disasTRAX for centralized project management and reporting.

"Puerto Ricans have suffered through multiple natural disasters which have devastated their homes, crippled the island's infrastructure, and caused major disruption to their livelihoods," said Anne Choate, ICF executive vice president for energy, environment and infrastructure. "ICF has worked with COR3 since 2018 on nearly 13,000 projects obligating over $31 billion in FEMA funding. Our Puerto Rican-led teams are committed to rebuilding Puerto Rico in a way that protects the island and its residents from the impacts of future disasters."

ICF's local team consists of over 90% local Puerto Ricans and staff living on the island, many of whom were personally impacted by hurricanes Maria and Irma. The company is invested in building local industry acumen, so recovery efforts continue to be a Puerto Rican-led effort.

ICF supports communities across the disaster management lifecycle and is an established leader in end-to-end mitigation services—from assessment to public engagement and planning through implementation. Having been on the ground for nearly every major disaster in relevant U.S. history, ICF's community-based teams have processed hundreds of thousands of applications and compliantly distributed over $12 billion to property owners.

Read more about ICF's efforts to help rebuild in Puerto Rico, and its disaster management services.

About ICF
ICF is a global consulting and technology services company with approximately 9,000 employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements

Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19), or any other future pandemic, and related national, state and local government actions and reactions, on the health of our staff and that of our clients, the continuity of our and our clients' operations, our results of operations and our outlook. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577

View original content to download multimedia:https://www.prnewswire.com/news-releases/puerto-rico-selects-icf-for-24-million-disaster-management-contract-301894807.html

SOURCE ICF

FAQ

What contract was ICF awarded recently?

ICF was recently awarded a multiple-award, recompete contract by the Government of Puerto Rico's Public Private Partnership Authority (P3) to provide disaster recovery project development services, which was expanded to include hazard mitigation program services.

What is the value and term of the contract?

The contract has a value of $24 million and a term of three years, including a one-year base and two one-year options.

What technologies is ICF utilizing for disaster recovery?

ICF is utilizing integrated remote sensing with artificial intelligence for efficient damage documentation, digitized data collection for quicker, more accurate data analysis, and ICF's cloud-based, end-to-end grant management solution disasTRAX for centralized project management and reporting.

What is the composition of ICF's local team in Puerto Rico?

ICF's local team consists of over 90% local Puerto Ricans and staff living on the island, many of whom were personally impacted by hurricanes Maria and Irma.

What is ICF's track record in disaster management?

ICF has worked with COR3 since 2018 on nearly 13,000 projects obligating over $31 billion in FEMA funding, processing hundreds of thousands of applications and compliantly distributing over $12 billion to property owners.

What is the company's commitment to rebuilding Puerto Rico?

ICF is invested in building local industry acumen, with recovery efforts being a Puerto Rican-led effort.