NV5 Awarded $10 Million by U.S. Geological Survey for Geospatial Projects

Rhea-AI Summary

NV5 Global has secured $10 million in contracts from the U.S. Geological Survey (USGS) for various geospatial projects. The awards include:

• $3 million for mineral deposit analysis in Western Texas
• $6 million for lidar collection and processing in Alaska
• $1 million for integrating elevation data into the 3D Hydrography Program

These projects support initiatives such as the Earth Mapping Resources Initiative (EMRI), forest resource management, coastal erosion monitoring, and community resilience efforts. NV5's Executive Chairman, Dickerson Wright, highlighted the growing importance of geospatial data in resource management, infrastructure reliability, national security, and economic stability.

HOLLYWOOD, Fla., July 18, 2024 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, conformity assessment, and consulting solutions, announced today that it has been awarded $10 million by the U.S. Geological Survey (USGS) to provide geospatial services for improved resource management.

“The expanding role of geospatial data in water and natural resource management, utility infrastructure reliability, national security, and economic stability continues to drive growth in the demand for geospatial data management and analysis," said Dickerson Wright, PE, Executive Chairman of NV5. “As the leading geospatial data analytics provider, NV5 is pleased to support USGS initiatives that contribute to the responsible management and identification of critical natural resources across the nation.”

NV5 was awarded a $3 million contract by the USGS to analyze existing mineral deposits and identify new occurrences over 11,500 square miles in Western Texas. The project supports the USGS Earth Mapping Resources Initiative (EMRI) which seeks to locate critical mineral resources that are vital to national security and economic stability.

NV5 was also awarded a $6 million contract by the USGS for lidar collection and processing of over 8,500 square miles in Alaska that will help enhance forest resource management, monitor coastal erosion, support community resilience efforts, and safeguard infrastructure for local communities.

The USGS has also awarded NV5 a $1 million contract to integrate geospatial elevation data into the 3D Hydrography Program (3DHP) to enhance understanding of Alaska's bodies of water and facilitate informed resource management across the state.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, conformity assessment, and consulting solutions for public and private sector clients supporting utility, infrastructure, and building assets and systems. The Company primarily focuses on six business verticals: Utility services, infrastructure engineering, construction quality assurance, buildings & technology, environmental health sciences, and geospatial services. NV5 operates out of more than 100 offices nationwide and internationally. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook, and Vimeo.

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 total value of contracts awarded to NV5 by USGS in July 2024?

NV5 (NVEE) was awarded contracts totaling $10 million by the U.S. Geological Survey in July 2024 for various geospatial projects.

What specific geospatial projects did NV5 receive funding for from USGS?

NV5 received funding for three main projects: $3 million for mineral deposit analysis in Western Texas, $6 million for lidar collection and processing in Alaska, and $1 million for integrating elevation data into the 3D Hydrography Program.

How many square miles will NV5's mineral deposit analysis cover in Western Texas?

NV5's mineral deposit analysis project in Western Texas will cover 11,500 square miles.

What is the purpose of the USGS Earth Mapping Resources Initiative (EMRI) that NV5 is supporting?

The USGS Earth Mapping Resources Initiative (EMRI) aims to locate critical mineral resources that are vital to national security and economic stability.

How will NV5's lidar collection in Alaska benefit the region?

NV5's lidar collection in Alaska will help enhance forest resource management, monitor coastal erosion, support community resilience efforts, and safeguard infrastructure for local communities.