Hong Kong Urban Renewal Authority and Large Data Center Operator Award NV5 $3 Million in Design and Inspection Contracts

Rhea-AI Summary

NV5 Global, Inc. (NASDAQ: NVEE) announced contracts worth $3 million with the Hong Kong Urban Renewal Authority and a major data center operator. The Hong Kong Urban Renewal Authority awarded NV5 a three-year, $2 million contract for inspection and engineering services to upgrade 700 elevators in Kowloon to meet safety regulations. Additionally, NV5 received a $1 million contract for mechanical and electrical design services for a 20-megawatt hyperscale data center, expected to complete in 2022. These contracts highlight NV5's growth in the international market.

Positive

• Awarded $3 million in contracts, enhancing revenue.
• Two contracts include a $2 million deal to upgrade 700 elevators, ensuring regulatory compliance.
• Demonstrates strong international business growth in Asia.

Negative

• None.

HOLLYWOOD, Fla., Nov. 01, 2021 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of compliance, technology, engineering, and environmental consulting solutions, announced today that the Hong Kong Urban Renewal Authority and a large data center operator awarded NV5 two contracts totaling $3 million to support the modernization of mechanical building systems and the development of a hyperscale data center in Hong Kong.

Hong Kong’s Urban Renewal Authority selected NV5 for a three-year, $2 million contract to provide inspections and administration engineering services to upgrade approximately 700 elevators in the Kowloon Region. The upgrade will bring the elevators into compliance with safety provisions and current regulations established by the Hong Kong government. NV5 was also awarded a $1 million contract by a major data center operator to provide mechanical and electrical design services and commissioning services for a 20-megawatt hyperscale data center. The project is expected to be completed in 2022.

“We are pleased with the continued organic growth of our international business in Asia and the Middle East,” said Dickerson Wright, PE, Chairman and CEO of NV5. “NV5’s strategy to offer complete building systems services including mechanical, electrical, plumbing, and fire protection design as well as reoccurring commissioning and energy efficiency services provides a competitive advantage for our international and domestic facilities businesses.”

“These wins are a testament to NV5’s reputation for buildings systems services in Hong Kong, and we are well-positioned to capitalize on a strong pipeline of opportunities throughout our international markets,” said Keith Cheong, International Executive Director at NV5.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of compliance, technology, engineering, and environmental consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company focuses on multiple verticals: testing, inspection & consulting, infrastructure, utility services, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. NV5 operates out of more than 100 offices nationwide and abroad.   For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on LinkedIn, Twitter, Facebook, and Instagram.

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 Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com 

FAQ

What contracts did NV5 Global receive on November 1, 2021?

On November 1, 2021, NV5 Global received two contracts totaling $3 million from the Hong Kong Urban Renewal Authority and a data center operator.

What is the purpose of NV5's contracts in Hong Kong?

The contracts aim to modernize mechanical building systems, including upgrading elevators and designing a hyperscale data center.

How much is the contract awarded by the Hong Kong Urban Renewal Authority?

The contract awarded by the Hong Kong Urban Renewal Authority is worth $2 million.

What type of services will NV5 provide for the data center project?

NV5 will provide mechanical and electrical design services and commissioning services for a 20-megawatt hyperscale data center.

When is the completion date for the data center project?

The data center project is expected to be completed in 2022.