NV5 Awarded $46 Million in Contracts by Western Utilities to Support Fire Mitigation and Grid Hardening Efforts

Rhea-AI Summary

NV5 has secured $46 million in contracts to support electrical grid hardening and fire mitigation efforts in the Western United States. The company will provide engineering design, surveying, construction quality assurance, and downed pole monitoring services. The contracts include $38 million for strategic undergrounding of electrical transmission and distribution power lines, and $8 million for grid hardening projects. These initiatives aim to mitigate wildfire risks, reduce accidents, and enhance electrical service reliability.

Positive

• Secured significant new contracts worth $46 million
• Demonstrates successful cross-selling across service verticals
• Expanding presence in critical infrastructure modernization projects
• Strategic positioning in growing utility infrastructure market

Negative

• None.

HOLLYWOOD, Fla., Nov. 12, 2024 (GLOBE NEWSWIRE) -- NV5, a provider of technology, certification, and consulting solutions, announced today that it has been awarded $46 million in recent contracts to support electrical grid hardening and fire mitigation efforts in the Western United States. Under the scope of these awards, NV5 will provide engineering design, traditional and geospatial surveying, construction quality assurance, and downed pole monitoring (DPM) services.

NV5 was awarded $38 million for engineering design, surveying, quality assurance, and permitting assistance for the strategic undergrounding of electrical transmission and distribution power lines. These strategic undergrounding projects mitigate the risk of wildfires, reduce potential accidents and injuries, and improve the reliability of electrical service delivery. NV5 was also awarded $8 million in grid hardening projects including downed pole monitoring, permitting assistance, surveying, and substation improvements.

“Electrification initiatives and expansion of energy-intensive infrastructure such as data centers continue to drive increased demand for electricity and fuel investments by utilities to improve the reliability and efficiency of the nation’s aging electrical grid,” said Alex Hockman, PE, CEO of Infrastructure at NV5. "These awards further exemplify NV5’s cross-selling advantage through our service verticals of infrastructure design, construction quality assurance, and traditional and geospatial surveying. We are pleased to assist our utility clients in the modernization of the nation’s electrical infrastructure."

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of technology, certification, 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 & 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 is the total value of new contracts awarded to NV5 (NVEE) in November 2024?

NV5 was awarded contracts totaling $46 million, comprising $38 million for undergrounding projects and $8 million for grid hardening initiatives.

What services will NV5 (NVEE) provide under the new Western utilities contracts?

NV5 will provide engineering design, traditional and geospatial surveying, construction quality assurance, downed pole monitoring services, and permitting assistance.

What is the purpose of NV5's (NVEE) strategic undergrounding projects?

The strategic undergrounding projects aim to mitigate wildfire risks, reduce potential accidents and injuries, and improve electrical service delivery reliability.

How much of the contract value is allocated to grid hardening projects for NV5 (NVEE)?

$8 million of the total contract value is allocated to grid hardening projects, including downed pole monitoring, permitting assistance, surveying, and substation improvements.