Iteris Awarded Contract to Support Minnesota’s Interstate 494 Improvement Project

Rhea-AI Summary

Iteris has secured a four-year contract with the Minnesota Department of Transportation for the $377 million I-494 Improvement Project. The initiative aims to enhance traffic management around the Minneapolis area, focusing on the I-494 corridor leading to the Minneapolis−Saint Paul International Airport. Key features include the installation of new E-Z Pass HOV lanes, the reconstruction of multiple interchanges, and the building of new bridges and retaining walls. Iteris will employ its ClearGuide® SaaS solution to monitor traffic flow and mitigate delays during construction. This project represents the third use of ClearGuide for performance-based traffic management in highway projects. The goal is to improve safety and mobility in a region that has seen rising roadway accidents, particularly in work zones.

Positive

• Awarded a four-year contract for the $377 million I-494 Improvement Project.
• Utilizing ClearGuide SaaS to enhance traffic management and safety during construction.
• Project aims to improve access to Minneapolis−Saint Paul International Airport.
• Continual engagement with local agencies to minimize traffic delays.

Negative

• Potential construction delays may impact traffic flow in surrounding areas.
• Rising roadway accidents highlight ongoing safety concerns, particularly in work zones.

Four-year agreement leverages Iteris’ ClearGuide to provide performance-based smart work zone traffic management  

• Iteris will coordinate the design and construction of project-wide traffic management activities to keep traffic moving through vital freeway interchange and local streets
• Project addresses current and future transportation issues on I-494 leading to the Minneapolis−Saint Paul International Airport

MINNEAPOLIS--(BUSINESS WIRE)-- Iteris, Inc. (NASDAQ: ITI), the world’s trusted technology ecosystem for smart mobility infrastructure management, today announced it has been chosen by the Minnesota Department of Transportation (MnDOT) to provide performance-based maintenance of traffic (MOT) in support of the I-494 Improvement Project in the Minneapolis area.

The $377 million I-494 construction design-build project will be led by C.S. McCrossan Construction, Inc. and aims to improve the portion of I-494 that travels from East Bush Lake Road to 12th Avenue. New E-Z Pass HOV lanes will be installed in both directions, and multiple interchanges and accesses will be reconstructed or reconfigured. It will also include the construction of 12 new bridges, more than 30 retaining walls, new noise abatement walls and new drainage infrastructure.

Iteris will be responsible for monitoring and managing the local arterial network throughout this project to ensure the major construction does not increase delays beyond what MnDOT and local agencies have mandated. The local arterial network will span through the cities of Bloomington, Richfield, Eden Prairie and Edina.

Iteris’ ClearGuide® SaaS solution will be used to analyze and visualize traffic data to improve safety and mobility during construction. MnDOT initially purchased a license for Iteris’ ClearGuide in 2019, which provides them with access to powerful features including: dynamic maps to support detailed traffic analysis during construction; features to help identify and mitigate congestion; animations to analyze events and optimize response plans; and historical trend reports and dynamic congestion charts to track reliability and support planning of project detour routes. As a knowledgeable user experiencing the benefits offered by ClearGuide, MnDOT requires its use on the project to monitor local streets.

ClearGuide is a key component of Iteris’ ClearMobility™ Platform, the world’s most complete solution to continuously monitor, visualize and optimize mobility infrastructure. ClearMobility applies cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to enhance community environments by improving driver and pedestrian safety and travel efficiency.

“The number of roadway accidents continues to skyrocket in the United States, with work zones, which accounted for more than 100,000 accidents in 2020, being points of particular vulnerability,” said Scott Carlson, vice president and general manager, Mobility Professional Services at Iteris. “Iteris is committed to help reverse this trend and is excited to provide real-time traffic data to support safer, more efficient mobility and traffic management operations during the construction phase of Minnesota’s I-494 improvement project.”

This project is the third in the nation that will utilize ClearGuide for maintenance of traffic (MOT) in highway design-build construction projects, which Iteris continues to transform with a performance-based approach. Previous projects include the I-405 Improvement Project in Southern California and the I-10 Broadway Curve Improvement in Phoenix, Arizona. Iteris’ ability to provide both the software platform and the expertise needed for performance MOT uniquely positions the company to improve safety, increase mobility and reduce carbon emissions in projects such as these.

About Iteris, Inc.

Iteris is the world’s trusted technology ecosystem for smart mobility infrastructure management. Delivered through Iteris’ ClearMobility® Platform, our cloud-enabled end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world, and help bridge legacy technology silos to unlock the future of transportation. That’s why more than 10,000 public agencies and private-sector enterprises focused on mobility rely on Iteris every day. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.

Iteris Forward-Looking Statements

This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," “should,” “will,” "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the contract, the project, and impacts and benefits of our maintenance of traffic services and ClearGuide solution. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, our ability to provide our services and products in a cost-efficient manner; adverse impacts due to government funding and budgetary delays, issues and timing; adverse impacts related to performance timing and cancellation of a project; our ability to introduce, market and gain broad acceptance of our new and existing product and service offerings in the transportation industry; the potential impact of product and service offerings from competitors and other competitive pressures; and the impact of general economic, political and other conditions in the markets we address. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC’s website (www.sec.gov).

View source version on businesswire.com: https://www.businesswire.com/news/home/20230425005189/en/

Media Contact

Breanna Wallace

Tel: (949) 996-5348

Email: brwallace@iteris.com

Investor Relations

MKR Investor Relations, Inc.

Todd Kehrli

Tel: (213) 277-5550

Email: iti@mkr-group.com

Source: Iteris, Inc.

FAQ

What is the value of the I-494 Improvement Project awarded to Iteris?

The project is valued at $377 million.

What role does ClearGuide play in the I-494 Improvement Project?

ClearGuide will be used to monitor traffic and manage delays during construction.

How long is Iteris contracted for the I-494 project?

Iteris has secured a four-year agreement for the project.

What specific improvements are included in the I-494 project?

The project includes new E-Z Pass HOV lanes, reconstructed interchanges, and new bridges.

Who is managing the I-494 Improvement Project?

The project is managed by the Minnesota Department of Transportation.