NV5 Selected by Midwest Utility for $8 Million Geospatial Vegetation Management Contracts

Rhea-AI Summary

NV5 Global, Inc. (NASDAQ: NVEE) has been awarded contracts exceeding $8 million by a Midwest electric utility to acquire lidar data and provide remote sensing analytics. This initiative aims to mitigate vegetation-related outages across the utility’s distribution system. NV5's technology will help identify and map encroaching vegetation, informing the utility's 2022 and 2023 forestry management plans. Chairman and CEO Dickerson Wright emphasized the importance of geospatial data analytics in ensuring service reliability and safety for utility operations.

Positive

• Awarded contracts exceeding $8 million to enhance utility services.
• Utilization of advanced lidar data and remote sensing analytics to optimize vegetation management.
• Supports reliable electricity delivery by mitigating risks associated with vegetation.

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• None.

HOLLYWOOD, Fla., Jan. 25, 2022 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of compliance, technology, engineering, and environmental consulting solutions, announced today that it has been awarded contracts exceeding $8 million by a Midwest electric utility to acquire lidar data and provide remote sensing analytics across the utility’s entire distribution system to mitigate risk of vegetation-related outages.

NV5’s lidar and remote sensing analytics solutions identify and map the locations and severity of encroaching vegetation, allowing the utility to optimize its vegetation management plans. NV5’s data and analytics will be used to define the utility’s 2022 and 2023 forestry management requirements.

“Trees and storms are the leading cause of electrical service interruption, and the use of geospatial data analytics in identifying risks that vegetation poses to utility safety and service reliability is essential,” said Dickerson Wright, PE, Chairman and CEO of NV5. “NV5’s advanced geospatial solutions help utilities identify vegetation encroachment, forecast operational costs, and mitigate service interruptions while continuing to contribute to safe and reliable electricity delivery for our client’s customers.”

About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of compliance, technology, engineering, and environmental consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company’s services include multiple verticals such as testing, inspection & consulting, infrastructure, utility services, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. 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 LinkedIn, Twitter, Facebook, and Instagram.

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 

FAQ

What contracts did NVEE secure recently?

NVEE secured contracts exceeding $8 million for lidar data acquisition and remote sensing analytics.

How will NVEE's lidar solutions impact the utility industry?

NVEE's lidar solutions will help utilities identify vegetation risks, optimizing their management plans.

What is the focus of the contracts awarded to NVEE?

The focus is to mitigate the risk of vegetation-related outages in the utility's distribution system.

What technology does NVEE employ for vegetation management?

NVEE employs lidar data and remote sensing analytics to map and manage vegetation encroachment.

When will the utility implement NVEE's services?

The services provided by NVEE will inform the utility's forestry management for 2022 and 2023.