NV5 Awarded $100 Million Engineering and Design Contract by National Utility

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) has secured a three-year contract with a major national utility to deliver engineering and design services for power distribution and substation infrastructure. This project, part of the company's ENERGY 2021 initiative, is expected to generate over $100 million in revenue. NV5's comprehensive service offerings will support power grid modernization, enhancing reliability and safety. The contract reflects NV5's expertise and client trust, reinforcing its status in the utility sector.

Positive

• Secured a three-year contract with a national utility expected to generate over $100 million in revenue.
• Contract supports power grid modernization, enhancing reliability and safety.
• Part of ENERGY 2021 initiative aiming for $250 million in annual energy services revenue.

Negative

• None.

HOLLYWOOD, Fla., Jan. 25, 2021 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of compliance, technology, and engineering consulting solutions, announced today that it was awarded a contract by a major national utility to provide engineering and design services for power distribution, transmission, and substation infrastructure. Projects assigned under this agreement will support power grid modernization and improved reliability and safety. The three-year contract is expected to generate over $100 million in revenue for NV5.

“We are pleased to have been selected for this contract, which is part of our ENERGY 2021 initiative goal to deliver $250 million in annual energy services revenue by the end of 2021,” said Dickerson Wright, PE, Chairman and CEO of NV5. “Our ongoing investments in technical capabilities and resources to serve the utility industry have strengthened our position as a leader in the sector and have provided the scale to deliver projects of this magnitude.”

Services provided under this contract will include offerings from all six NV5 verticals, encompassing engineering, surveying and geospatial mapping, project management, construction administration, and testing and inspection services.  

“Our success in securing this contract is a testament to NV5’s comprehensive knowledge and experience in the provision of these services. It also underscores our client’s confidence in NV5 to support large-scale reliability improvements as they continue to provide progressive power delivery services to their customers,” said Doug Taft, Director of Power Delivery Services at NV5.

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a leading provider of compliance, technology, and engineering consulting solutions for public and private sector clients supporting infrastructure, utility, and building assets and systems. The Company primarily focuses on six business verticals: testing, inspection & consulting, infrastructure support services, utility services, buildings & program management, environmental health sciences, and geospatial technology services. 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 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

Source: NV5 Global, Inc.

FAQ

What contract did NV5 Global secure on January 25, 2021?

On January 25, 2021, NV5 Global announced a three-year contract with a major national utility for engineering and design services, expected to generate over $100 million in revenue.

How much revenue is NV5 Global expecting from the new contract?

NV5 Global expects to generate over $100 million in revenue from the new contract awarded for engineering services.

What is the focus of the services provided under NV5 Global's new contract?

The services under the new contract focus on power distribution, transmission, and substation infrastructure to support power grid modernization.

What is the significance of the ENERGY 2021 initiative for NV5 Global?

The ENERGY 2021 initiative aims to achieve $250 million in annual energy services revenue by the end of 2021, highlighting NV5's commitment to the utility sector.