NV5 to Acquire Optimal Energy, Expanding Energy Efficiency Consulting Capabilities
NV5 Global, Inc. (Nasdaq: NVEE) announced the expected acquisition of Optimal Energy, Inc., an energy efficiency consultancy, prior to December 31. The deal, which will involve cash and stock, is set to enhance NV5's earnings immediately. Optimal's expertise serves government bodies and utilities across nearly 40 states and seven Canadian provinces. This acquisition marks NV5's fourth in the energy sector, aiming to boost its competitive edge and service capabilities in the growing energy efficiency market.
- Acquisition of Optimal Energy is expected to be immediately accretive to NV5's earnings.
- Enhances NV5's service offerings in energy efficiency, targeting government and utility clients.
- Optimal Energy has a strong presence, with operations in nearly 40 U.S. states and Canada.
- None.
HOLLYWOOD, Fla., Dec. 30, 2021 (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 is expected to acquire Optimal Energy, Inc. (Optimal) with a close date before December 31st. Optimal is an energy efficiency firm providing a full range of consulting services to government agencies, utilities, regulatory bodies, and state energy advisory councils. Optimal specializes in advising state energy efficiency advisory councils on program planning, cost-benefit analysis, and strategic guidance. The Company also assists utilities with integrating statewide and local energy efficiency mandates into their business models. The acquisition will be made with a combination of cash and stock and will be immediately accretive to NV5’s earnings.
“NV5’s energy efficiency and clean energy business has driven strong organic growth, and Optimal is the fourth acquisition we have made in the sector,” said Dickerson Wright, PE, Chairman and CEO of NV5. “As energy efficiency continues to grow in importance in the government and utility markets, Optimal provides us with another specialized, high barrier to entry capability to differentiate NV5 and deliver value to our clients.”
With offices in Vermont and Rhode Island, Optimal has worked in nearly 40 U.S. states and seven Canadian provinces. Optimal was founded in 1996 and is a consultant for nine of the top ten states with utility and public purpose efficiency programs.
“NV5’s energy efficiency services for our federal government and private sector clients have grown rapidly in recent years, and we are excited to add these capabilities for state governments and utility clients,” said Ben Heraud, COO of Energy Efficiency and Decarbonization at NV5.
“We are really excited about joining NV5 and expanding the scope and scale of technical resources available to our clients, and we look forward to the integration of our capabilities with the existing energy efficiency group within NV5,” said Eric Belliveau, Partner at Optimal Energy.
About Optimal Energy
Optimal Energy, Inc. is an energy consultancy focused on energy‐efficiency, demand management, and renewable energy as integrated resources for utilities, state agencies, and other energy efficiency program administrators. Optimal specializes in assessing, developing, planning, startup, and management support for energy‐efficiency programs. Founded in 1996, Optimal’s clientele includes utilities, consumer and environmental advocates, government and regulatory agencies, and energy service providers.
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 focuses on multiple verticals: 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
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