NV5 Awarded $17 Million in New Jersey Utilities Contracts

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) has been awarded $17 million in contracts to support utility projects in New Jersey. The contracts include a two-year, $12 million deal with a gas utility for design, procurement, and construction inspection services, as well as a three-year, $5 million contract with the New Jersey Department of Transportation for utility technical support and management solutions. NV5 will provide engineering services for M&R station upgrades, gas transmission main replacements, and feasibility route studies, demonstrating the company's expertise in utility infrastructure development.

HOLLYWOOD, Fla., Nov. 20, 2023 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of technology, conformity assessment, and consulting solutions, announced today that it been awarded $17 million in contracts to support utility projects in New Jersey.

NV5 has been awarded a two-year, $12 million contract by a New Jersey gas utility to provide comprehensive design, procurement, and construction inspection services on various improvement projects. NV5 will deliver engineering services for a variety of critical areas, including metering and regulation (M&R) station upgrades, gas transmission main replacements involving trenchless technologies, gas facility structural support solutions, and feasibility route studies.

NV5 has also secured a three-year, $5 million contract to provide utility technical support and utility management solutions for the New Jersey Department of Transportation (NJDOT). Under this contract, NV5 will offer project constructability reviews relating to utilities, the review of utility conflicts and relocation plans, the provision of mitigation and avoidance strategies, and the preparation of utility and railroad procedural manuals.

“NV5’s expertise in utility infrastructure development continues to be in high demand as investments in essential infrastructure drive improvements to the nation’s electric and gas grid,” said Dickerson Wright, PE, Chairman and CEO of NV5. “We are dedicated to contributing to the ongoing development of safe and reliable utility services, and these projects are expected to contribute to the increased organic growth of NV5.”

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 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 contracts has NV5 Global, Inc. been awarded in New Jersey?

NV5 Global, Inc. has been awarded a two-year, $12 million contract with a New Jersey gas utility and a three-year, $5 million contract with the New Jersey Department of Transportation.

What services will NV5 provide under the contracts in New Jersey?

NV5 will provide comprehensive design, procurement, and construction inspection services for gas utility projects, as well as utility technical support and management solutions for the New Jersey Department of Transportation.

What areas of utility infrastructure development will NV5 focus on in New Jersey?

NV5 will focus on M&R station upgrades, gas transmission main replacements, and feasibility route studies in New Jersey.

Who is the Chairman and CEO of NV5?

Dickerson Wright, PE, is the Chairman and CEO of NV5.

What is NV5's outlook on the projects in New Jersey?

NV5 expects the projects to contribute to the increased organic growth of the company.