NV5 Awarded $7 Million LNG Loading System Contract by Southeast Utility

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) has secured a $7 million LNG loading system project from a major Southeast utility. This project involves engineering, procurement, and construction services to transfer liquefied natural gas (LNG) efficiently. Work is underway and expected to conclude by April 2022. CEO Dickerson Wright highlighted the project’s significance in modernizing energy infrastructure, contributing to improved reliability and safety in gas services. The project aligns with NV5's ENERGY 2021 initiative.

Positive

• Awarded a $7 million project for LNG loading system.
• Strengthens focus on utility services and energy infrastructure.
• Project expected to enhance reliability and safety in services.

Negative

• None.

HOLLYWOOD, Fla., May 10, 2021 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of compliance, technology, and engineering solutions, announced today that it has been awarded a $7 million liquefied natural gas (LNG) loading system project by a major Southeast utility. The new truck loading and unloading system will allow the utility to transfer LNG from the existing peak shaving facility to other LNG plants and directly to customers by tanker truck. In addition, the system will have the capability to unload LNG from tankers into the facility’s storage tank as a backup to the plant’s liquefaction equipment.

NV5 will provide engineering, procurement, and construction (EPC) services for the new truck loading system. Work has already begun on the project, which is expected to be completed in April 2022.

“Modernization of the nation’s electrical grid and gas distribution infrastructure continues to drive the growth of our utility services vertical and the demand for our specialized engineering and technical solutions,” said Dickerson Wright, PE, Chairman and CEO of NV5. “We are pleased to contribute to the reliability and safety of electric and natural gas services as we progress toward achievement of our ENERGY 2021 initiative.”

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a 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 engineering, utility services, buildings & program management, 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 value of the LNG loading system project awarded to NV5?

The project is valued at $7 million.

When is the LNG loading system project expected to be completed?

The project is expected to be completed by April 2022.

What services will NV5 provide for the LNG loading system project?

NV5 will provide engineering, procurement, and construction services.

What initiative is NV5's LNG project contributing to?

The project contributes to NV5's ENERGY 2021 initiative.

Which utility is NV5 collaborating with for the LNG project?

The project is with a major Southeast utility.