Leading Northeast Utility Selects NV5 for $16 Million LNG Infrastructure Upgrade

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) has secured a $16 million contract for the upgrade of liquefaction infrastructure at a Northeast utility's LNG facility. This project includes engineering and procurement services aimed at enhancing the facility's ability to store liquefied natural gas for peak demand periods. Previously awarded engineering design services, this multi-phase project is set for completion in July 2022. The company highlights growing utility support as a key vertical, citing increasing demand for efficient power solutions.

Positive

• Secured a $16 million contract for LNG facility upgrade.
• Ongoing projects indicate solid demand for utility-specific engineering services.
• Anticipated project completion in July 2022 may enhance future revenue streams.

Negative

• None.

HOLLYWOOD, Fla., Aug. 03, 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 it has been selected for a $16 million contract to upgrade liquefaction infrastructure at a Northeast utility’s liquefied natural gas (LNG) facility. NV5 will provide engineering and procurement services for the upgraded facility. Liquefaction conversion provides utilities the ability to store large quantities of natural gas in a liquefied state. This liquefied natural gas can then be vaporized and used to supplement gas supplies during peak demand periods improving both the reliability and overall economics of the gas supply.

NV5 was previously awarded the engineering design and liquefaction procurement services for this multi-phase project, which is expected to be completed in July of 2022.

“Utility support continues to be one of NV5’s fastest growing verticals due to the increasing demand for reliable, safe, and efficient power and the specialized nature of utility engineering,” said Dickerson Wright, PE, Chairman and CEO of NV5. “Our utility-specific expertise and suite of technologies provides a unique value to our clients and a competitive advantage when pursuing the growing number of electric and gas infrastructure projects.”

“The demand for modernization and expansion of LNG facilities continues to be strong, and we are pleased to contribute to the safe and reliable delivery of energy to our clients’ customers,” said Peter Dirksen, PE, President of NV5 LNG Services.

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 is the significance of NV5's $16 million contract?

The $16 million contract allows NV5 to upgrade liquefaction infrastructure, enhancing LNG storage for utilities during peak demand.

When is the completion date for NV5's LNG facility project?

The LNG facility upgrade project is expected to be completed by July 2022.

What services will NV5 provide under the new contract?

NV5 will provide engineering and procurement services for the liquefaction infrastructure upgrade.

How does this contract impact NV5's business growth?

This contract reflects NV5's growing presence in the utility sector, potentially leading to increased revenue and market share.