NV5 Awarded $8 Million Contract Expansion by Southwest Utility

Rhea-AI Summary

NV5 Global, Inc. (Nasdaq: NVEE) announced on August 9, 2022, a contract worth approximately $8 million over three years with a major Southwest utility. This agreement marks an expansion of NV5's existing relationship with the utility, where it will provide engineering design for electrical substations, overhead power lines, and underground distribution assets. The contract also includes testing, commissioning, and consulting services for various developments. The company aims to leverage the growing investment in electrical infrastructure due to increasing demand and an aging grid.

Positive

• Secured a contract worth approximately $8 million over three years.
• Expands NV5's relationship with a major utility provider.
• Provides diverse services including engineering design, testing, and consulting.
• Positioned to benefit from rising investment in electrical infrastructure.

Negative

• None.

HOLLYWOOD, Fla., Aug. 09, 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 a contract for approximately $8 million over three years to support electrical transmission and distribution for a prominent Southwest utility.

The agreement expands NV5’s relationship with the utility service provider to include engineering design of electrical substations, overhead power lines, and underground transmission and distribution assets. NV5 will also deliver testing and commissioning services of existing assets as well as consulting and design services for new commercial, industrial, and residential developments.

“The nation’s aging electrical grid and demand for safe and reliable electrical service are expected to drive expanding investment in electrical transmission and distribution infrastructure for the foreseeable future,” said Dickerson Wright, PE, Chairman and CEO of NV5. “As the leader in tech-enabled, high-value utility services, NV5 continues to expand its list of blue-chip utility clients and expand our relationships with valued client partners in the electrical utility sector.”

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 is the recent contract awarded to NV5 Global, Inc. for?

NV5 Global, Inc. has been awarded a contract for approximately $8 million over three years to support electrical transmission and distribution for a prominent Southwest utility.

How will the contract impact NV5's business?

The contract will expand NV5's relationship with the utility and include engineering design, testing, commissioning services, and consulting for various developments.

What does NV5 Global, Inc. focus on?

NV5 focuses on technology, conformity assessment, and consulting solutions for utility, infrastructure, and building assets and systems.

What are NV5 Global's projections regarding electrical infrastructure investment?

NV5 expects that the demand for safe and reliable electrical service will drive expanding investment in electrical transmission and distribution infrastructure.