NV5 Awarded $13 Million in Geospatial Contracts to Support California Wildfire Mitigation

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) has secured two significant contracts totaling $13 million from the University of California (UCSD) and the U.S. Geological Survey (USGS) for wildfire studies and mitigation in California. UCSD awarded a $6 million contract for topographic lidar and multi-spectral imagery covering over 13,000 square miles, while USGS awarded a $7 million contract for acquiring topographic lidar data over 16,851 square miles. These projects aim to enhance wildfire management efforts, underscoring NV5's leadership in geospatial services.

Positive

• Awarded contracts totaling $13 million from UCSD and USGS.
• UCSD contract supports wildfire mitigation, enhancing NV5's reputation.
• USGS contract aids in providing critical topographic data for wildfire studies.

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• None.

HOLLYWOOD, Fla., Aug. 11, 2022 (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 two contracts by the University of California (UCSD) and the U.S. Geological Survey (USGS) totaling $13 million to support wildfire studies and mitigation efforts in California.

“The frequency and severity of wildfires in the West continues to grow, and NV5 is the industry leader in geospatial and engineering services to support wildfire mitigation efforts for utilities, government entities, and wildfire response programs,” said Dickerson Wright, PE, Chairman and CEO of NV5. “NV5’s geospatial topographical analysis, vegetation management, power line undergrounding design, and fire hardening design services provide invaluable tools in our clients’ efforts to reduce the number of wildfires and minimize their impacts.”

UCSD selected NV5 for a $6 million contract to acquire topographic lidar and multi-spectral imagery covering 13,269 square miles of the North Sierra Mountain Range. This is the first of a three-phase program envisioned by UCSD in support of its ALERTWildfire Program providing geospatial data that will be used to address significant fire threats throughout the state of California.

USGS awarded NV5 a two-year, $7 million contract to acquire and process 16,851 square miles of topographic lidar data in California’s South Sierra Mountain Range in support of the USGS 3D Elevation Program (3DEP). This multi-agency funding partnership includes UCSD, the United States Forest Service (USFS), the National Resources and Conservation Service (NRCS), and the California Natural Resources Agency (CNRA). Geospatial data from the program will support a variety of applications with a primary focus on providing highly accurate topographic data critical to wildfire studies.

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, testing, inspection & consulting, 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 are the contracts awarded to NVEE for?

NVEE was awarded contracts for wildfire studies and mitigation efforts.

What is the total value of the contracts NVEE received?

The total value of the contracts is $13 million.

Who awarded the contracts to NV5 Global?

Contracts were awarded by the University of California (UCSD) and the U.S. Geological Survey (USGS).

What services will NVEE provide under the contracts?

NVEE will provide geospatial analysis, topographic lidar data, and multi-spectral imagery.

How will the contracts impact NVEE's business?

These contracts enhance NVEE's reputation and position in the geospatial services market.