Sterling Awarded a $45 Million Site Development Contract for Rivian’s New EV Facility in Georgia

Rhea-AI Summary

Sterling Infrastructure, Inc. (NASDAQ: STRL) announces its subsidiary, Plateau Excavation, has secured a $45 million project for site development linked to the Rivian Electric Vehicle plant in Georgia. This project, covering 500 acres and scheduled from September 2022 to July 2023, marks the largest industrial investment in Georgia's history. CEO Joe Cutillo emphasizes the project’s significance in fostering economic growth and job creation, aligning with Sterling's commitment to onshoring and sustainable development.

Positive

• Awarded a $45 million project for the Rivian EV plant.
• Project covers 500 acres, indicating significant scale.
• Largest industrial investment in Georgia’s history.
• Aligns with company's commitment to economic growth and sustainability.

Negative

• None.

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Sterling Infrastructure, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced that its subsidiary, Plateau Excavation of its E-Infrastructure Solutions segment, has been awarded a $45 million design-bid-build project by The Joint Development Authority (JDA) of Jasper, Morgan, Newton and Walton Counties in Georgia. The first two phases of site development, which include 500 acres, are located in the East Atlanta Megasite for the Rivian Electric Vehicle (EV) plant.

The Rivian EV Plant is another major project for Georgia, as the JDA has been instrumental in creating an atmosphere that fosters top-level developments in the area. Previous projects include Takeda (f.k.a. Baxter Pharmaceuticals) and two Meta Data Centers, for which, Plateau has performed the sitework.

This significant project expands Rivian’s EV manufacturing operations and the state of Georgia’s commitment to creating and sustaining a diversified economy. The project is scheduled to run from September 2022 through July 2023.

CEO Remarks
“Our unique capabilities to execute large-scale site development projects now enable us to capitalize on the emerging EV manufacturing, onshoring, and industrial opportunities. We are honored to be awarded this noteworthy project that is the single largest industrial investment in Georgia’s history. Being part of a project that improves the economy, creates good-paying long-term jobs, and improves the environment fits perfectly within the Sterling Way,” stated Joe Cutillo, Sterling’s CEO.

About Sterling
Sterling operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States (the “U.S.”), primarily across the Southern, Northeastern, Mid-Atlantic and the Rocky Mountain States, California and Hawaii, as well as other areas with strategic construction opportunities. E-Infrastructure Solutions projects develop advanced, large-scale site development systems and services for data centers, e-commerce distribution centers, warehousing, transportation, energy and more. Transportation Solutions includes infrastructure and rehabilitation projects for highways, roads, bridges, airports, ports, light rail, water, wastewater and storm drainage systems. Building Solutions projects include residential and commercial concrete foundations for single-family and multi-family homes, parking structures, elevated slabs and other concrete work. From strategy to operations, we are committed to sustainability by operating responsibly to safeguard and improve society’s quality of life. Caring for our people and our communities, our customers and our investors – that is The Sterling Way.

Joe Cutillo, CEO, “We build and service the infrastructure that enables our economy to run,
our people to move and our country to grow.”

Forward-Looking Statements
This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. The forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220921005908/en/

Company Contact:

Sterling Infrastructure, Inc.

Ron Ballschmiede, Chief Financial Officer (281) 214-0777

Investor Relations Contact:

The Equity Group Inc. Jeremy Hellman, CFA (212) 836-9626

Source: Sterling Infrastructure, Inc.

FAQ

What is the value of the project awarded to Sterling Infrastructure's subsidiary?

The project awarded to Plateau Excavation is valued at $45 million.

How long is the Rivian EV plant development project scheduled to run?

The project is scheduled from September 2022 through July 2023.

What is the significance of the project awarded to Sterling's subsidiary?

It is the largest industrial investment in Georgia's history.

What area does the project cover?

The project covers 500 acres in the East Atlanta Megasite.

Who is the CEO of Sterling Infrastructure?

Joe Cutillo is the CEO of Sterling Infrastructure.