Sterling Awarded Landmark Site Development Project for the Hyundai Engineering America New EV Battery Facility in Georgia

Rhea-AI Summary

Sterling Infrastructure, Inc. (NASDAQ: STRL) announced that its subsidiary, Plateau, secured a major site development project covering over 600 acres for Hyundai Engineering America in Georgia, linked to the state's booming electric vehicle (EV) sector. This project is part of the largest economic development initiatives in Georgia’s history. CEO Joe Cutillo emphasized the company’s capability to handle demanding projects, positioning Sterling to benefit from the growing EV and chip manufacturing markets along the East Coast. The company operates in various sectors, focusing on sustainability and responsible infrastructure development.

Positive

• Awarded a significant project of over 600 acres by Hyundai Engineering America, indicating strong demand in the EV ecosystem.
• Enhances Sterling's reputation and track record in large-scale site development, positioning for future opportunities.

Negative

• None.

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Sterling Infrastructure, Inc. (NasdaqGS: STRL) ("Sterling") today announced that its subsidiary, Plateau of its E-Infrastructure Solutions segment, was awarded one of its largest site development projects, encompassing over 600 acres, by Hyundai Engineering America, Inc.

The state of Georgia continues to see significant investments in the growing electric vehicle (EV) ecosystem. The new EV battery manufacturing plant in Bartow County is one of the largest economic development projects in the state's history. Plateau was selected due to a combination of its experience, exemplary track record, and unparalleled capabilities on large-scale, schedule-intensive site development projects.

CEO Remarks
"We are excited to be a significant part of developing the critical infrastructure associated with the rapidly growing EV market. The size and scope of this project, along with the Rivian Plant we announced last year, are further examples of the capabilities we have and the trust that is put upon us to tackle the most demanding jobs," stated Joe Cutillo, Sterling's CEO. "These capabilities position us nicely to capitalize on the rapidly growing development of EV and chip manufacturing up and down the East Coast over the next several years."

About Sterling
Sterling operates through a variety of subsidiaries within three segments specializing in E-Infrastructure, Transportation and Building Solutions in the United States, primarily across the Southern, Northeastern, Mid-Atlantic and the Rocky Mountain States, 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."

Important Information for Investors and Stockholders
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that are considered forward-looking statements within the meaning of the federal securities laws. 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/20230223005950/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 new project did Sterling Infrastructure secure?

Sterling Infrastructure's subsidiary, Plateau, was awarded a major site development project of over 600 acres by Hyundai Engineering America in Georgia.

How does the new project relate to the electric vehicle market?

The project is connected to the significant investments in Georgia's electric vehicle ecosystem, including a new EV battery manufacturing plant.

What is the significance of this project for Sterling Infrastructure?

This project represents one of the largest economic developments in Georgia's history, showcasing Sterling's capabilities in the rapidly growing EV market.

Who commented on the new project at Sterling Infrastructure?

CEO Joe Cutillo commented on the significance of the project and Sterling's ability to handle demanding infrastructure jobs.

What is Sterling's focus in its business operations?

Sterling focuses on E-Infrastructure, Transportation, and Building Solutions, emphasizing sustainability and responsible development.