NV5 Awarded $5 Million in Substation Design Contracts by Northeast Utilities
NV5 Global (Nasdaq: NVEE) has secured $5 million in substation design contracts from Northeast utilities to enhance electrical grid reliability in New York and New Jersey. The projects will focus on expanding existing substation capacity and connecting to underground electrical distribution.
The contract awards represent continued growth in NV5's relationship with Northeast electric utilities and support double-digit organic growth in the Northeast utility sector. Following the design phase, NV5 anticipates opportunities for additional service cross-selling. The company has expanded its utility design capacity along the East Coast, offering services including planning, engineering design, surveying, geospatial, and owner representation.
NV5 Global (Nasdaq: NVEE) ha ottenuto 5 milioni di dollari in contratti per la progettazione di sottostazioni da parte delle utility del Nord-Est, al fine di migliorare l'affidabilità della rete elettrica a New York e nel New Jersey. I progetti si concentreranno sull'espansione della capacità delle sottostazioni esistenti e sul collegamento alla distribuzione elettrica sotterranea.
Agli aggiudicazioni dei contratti rappresentano una crescita continua nel rapporto di NV5 con le utility elettriche del Nord-Est e supportano una crescita organica a due cifre nel settore delle utility della regione. Dopo la fase di progettazione, NV5 anticipa opportunità per ulteriori vendite incrociate di servizi. L'azienda ha ampliato la propria capacità di progettazione per le utility lungo la costa orientale, offrendo servizi che includono pianificazione, progettazione ingegneristica, rilievo, geospaziale e rappresentanza del proprietario.
NV5 Global (Nasdaq: NVEE) ha conseguido 5 millones de dólares en contratos de diseño de subestaciones de las empresas de servicios del noreste para mejorar la fiabilidad de la red eléctrica en Nueva York y Nueva Jersey. Los proyectos se centrarán en expandir la capacidad de las subestaciones existentes y conectar a la distribución eléctrica subterránea.
Los contratos otorgados representan un crecimiento continuo en la relación de NV5 con las empresas eléctricas del noreste y respaldan un crecimiento orgánico de dos dígitos en el sector de servicios públicos del noreste. Tras la fase de diseño, NV5 anticipa oportunidades para la venta cruzada de servicios adicionales. La empresa ha ampliado su capacidad de diseño de servicios públicos a lo largo de la Costa Este, ofreciendo servicios que incluyen planificación, diseño de ingeniería, topografía, geoespacial y representación del propietario.
NV5 Global (나스닥: NVEE)가 뉴욕과 뉴저지에서 전력망 신뢰성을 향상시키기 위해 북동부 유틸리티로부터 500만 달러의 변전소 설계 계약을 확보했습니다. 이 프로젝트는 기존 변전소 용량을 확장하고 지하 전력 분배와 연결하는 데 중점을 둘 예정입니다.
계약 수주는 NV5의 북동부 전기 유틸리티와의 관계의 지속적인 성장을 나타내며, 북동부 유틸리티 부문에서 두 자릿수 유기 성장에 기여하고 있습니다. 설계 단계가 끝난 후 NV5는 추가 서비스의 교차 판매 기회를 예상하고 있습니다. 이 회사는 동부 해안 전반에 걸쳐 유틸리티 설계 능력을 확장했으며, 계획, 공학 설계, 측량, 지리정보 및 소유자 대표 등의 서비스를 제공합니다.
NV5 Global (Nasdaq: NVEE) a obtenu 5 millions de dollars en contrats de conception de sous-stations auprès des entreprises de services publics du Nord-Est pour améliorer la fiabilité du réseau électrique à New York et dans le New Jersey. Les projets seront axés sur l'expansion de la capacité des sous-stations existantes et la connexion à la distribution électrique souterraine.
Les attributions de contrats représentent une croissance continue de la relation de NV5 avec les entreprises électriques du Nord-Est et soutiennent une croissance organique à deux chiffres dans le secteur des services publics du Nord-Est. Après la phase de conception, NV5 anticipe des opportunités de vente croisée de services supplémentaires. L'entreprise a étendu sa capacité de conception pour les services publics le long de la Côte Est, offrant des services comprenant la planification, la conception technique, l'arpentage, la géospatiale et la représentation des propriétaires.
NV5 Global (Nasdaq: NVEE) hat 5 Millionen Dollar in Verträgen zur Planung von Umspannwerken von Unternehmen im Nordosten gesichert, um die Verlässlichkeit des Stromnetzes in New York und New Jersey zu erhöhen. Die Projekte konzentrieren sich darauf, die bestehende Kapazität von Umspannwerken zu erweitern und mit der unterirdischen Elektrizitätsverteilung zu verbinden.
Die Vertragsvergaben stellen ein fortgesetztes Wachstum in der Beziehung von NV5 zu den nordöstlichen Elektrizitätsunternehmen dar und unterstützen ein organisches Wachstum im zweistelligen Bereich im nordöstlichen Versorgungssektor. Nach der Planungsphase erwartet NV5 Möglichkeiten für zusätzlichen Cross-Selling von Dienstleistungen. Das Unternehmen hat seine Planungskapazitäten für Versorgungsunternehmen an der Ostküste ausgeweitet und bietet Dienstleistungen an, die Planung, Ingenieurdesign, Vermessung, Geodaten und Eigentümervertretung umfassen.
- Secured new contracts worth $5 million in the Northeast utility sector
- Potential for additional revenue through cross-selling opportunities after design phase
- Experiencing double-digit organic growth in Northeast utility sector
- Strategic expansion of utility design capacity along East Coast
- None.
Insights
The
The U.S. utility infrastructure market is undergoing a substantial transformation, driven by three key factors: aging infrastructure replacement needs (estimated at
The contract's strategic value lies in its potential for expansion through cross-selling opportunities. NV5's comprehensive service portfolio - including surveying, geospatial services and owner representation - typically results in
The focus on substation infrastructure is particularly noteworthy as these facilities serve as critical nodes in the power distribution network. With utilities facing pressure to enhance grid reliability and accommodate growing energy demands, substation modernization projects are receiving priority funding. This creates a robust pipeline of similar opportunities for NV5, especially in densely populated regions requiring infrastructure upgrades.
The contract win also demonstrates NV5's competitive advantages in the utility sector:
- Established relationships with Northeast utilities
- Technical expertise across multiple infrastructure disciplines
- Track record in complex urban infrastructure projects
- Capability to provide end-to-end solutions
While the immediate revenue impact is modest, this contract reinforces NV5's position in a sector with substantial long-term growth potential, particularly as utilities accelerate their infrastructure modernization efforts to meet evolving energy demands and regulatory requirements.
HOLLYWOOD, Fla., Feb. 06, 2025 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), NV5, a provider of technology, certification, and consulting solutions, announced today that it has been awarded
NV5’s engineers will design substation infrastructure to expand the capacity of existing substations and connect to underground electrical distribution. Following the design phase of the project, NV5 will be well positioned to enhance the contract with cross-selling of additional services. Utilities throughout the U.S. are investing in substation and other electrical distribution infrastructure improvements to accommodate additional energy demands related to electrification initiatives and population growth.
"NV5 has expanded its utility design capacity along the East Coast to provide a wide array of technical solutions including planning, engineering design, surveying, geospatial, and owner representation,” said Ben Heraud, CEO of NV5. “These awards underscore NV5’s reputation as a leader in utility infrastructure engineering and consulting solutions to meet the nation’s growing demand for safe and reliable energy."
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 support, conformity assessment, buildings & technology, environmental services, 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.
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