NV5 Awarded $10 Million in North Carolina Department of Transportation Infrastructure Contracts

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) has secured $10 million in contracts from the North Carolina Department of Transportation (NCDOT) to advance key infrastructure projects across the state. The contracts include:

1. A five-year, $4 million contract for the NCDOT Rail Division's Raleigh to Richmond (R2R) Roadway Design project, partially funded by a Federal Railroad Administration grant.

2. A two-year, $4 million contract with the NCDOT Western Region for transportation infrastructure development and project plan reviews.

3. A two-year, $2 million contract to support the NCDOT Comprehensive Environmental Analysis Unit.

These contracts reflect NV5's 25-year relationship with NCDOT and the success of their DOT Growth Initiative launched in 2023.

Positive

• Secured $10 million in new contracts with NCDOT
• Expanded long-standing 25-year relationship with NCDOT
• Diversified project portfolio across rail, road, and environmental sectors
• Contracts span multiple years, providing stable revenue streams

Negative

• None.

HOLLYWOOD, Fla., July 24, 2024 (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 awarded $10 million in contracts by the North Carolina Department of Transportation (NCDOT) to advance key infrastructure projects throughout the state.

“NV5’s DOT Growth Initiative was launched in 2023 to ensure that our most highly qualified engineers and technical professionals are in direct communication with our clients to provide unmatched technical expertise,” said Dickerson Wright, PE, Executive Chairman of NV5. “NV5 has supported NCDOT for over 25 years, and the continued expansion of our relationship with NCDOT is a direct result of our commitment to delivering high-quality solutions to support North Carolina’s transportation infrastructure.”

NV5 was awarded a five-year, $4 million contract for the NCDOT Rail Division’s Raleigh to Richmond (R2R) Roadway Design project. NV5 will deliver roadway and drainage design, utility coordination, and cost estimating services. This contract is partially funded by the Federal Railroad Administration (FRA) Consolidated Rail Infrastructure and Safety Improvements (CRISI) grant awarded to NCDOT in 2022.

The NCDOT Western Region selected NV5 for a two-year, $4 million contract to support transportation infrastructure development, project plan reviews, and technical report creation. NV5 will also serve as a general engineering consultant, reviewing engineering designs to aid in infrastructure project delivery.

NV5 was also awarded a two-year, $2 million contract to support the NCDOT Comprehensive Environmental Analysis Unit (EAU). This project includes statewide natural environment studies, historic architectural and landscape analyses, public involvement and community studies, and archaeological investigations.

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 NV5's new contracts with NCDOT?

NV5 (NVEE) has been awarded $10 million in contracts by the North Carolina Department of Transportation (NCDOT) for various infrastructure projects.

What is the duration and value of NV5's contract for the Raleigh to Richmond Roadway Design project?

NV5 (NVEE) was awarded a five-year, $4 million contract for the NCDOT Rail Division's Raleigh to Richmond (R2R) Roadway Design project.

How long has NV5 been supporting NCDOT?

NV5 (NVEE) has been supporting the North Carolina Department of Transportation (NCDOT) for over 25 years.

What services will NV5 provide for the NCDOT Western Region contract?

For the NCDOT Western Region contract, NV5 (NVEE) will support transportation infrastructure development, project plan reviews, and serve as a general engineering consultant reviewing engineering designs.