Tetra Tech Awarded an Additional $42 Million from USAID to Strengthen Energy Security

Rhea-AI Summary

Tetra Tech, Inc. (NASDAQ: TTEK) has received a $42 million ceiling increase to its existing $17 million contract with the U.S. Agency for International Development (USAID) to boost energy security in the Republic of Moldova. This contract, awarded initially in March 2022, aims to integrate Moldova’s power grid with Europe’s, promoting cleaner energy solutions and enhancing investment in renewable resources. Tetra Tech will also assist in developing the country's first National Energy and Climate Plan, targeting energy security and efficiency improvements.

Positive

• Awarded additional $42 million contract by USAID, increasing total contract value to $59 million.
• Focus on integrating Moldova's energy grid with European systems, fostering regional electricity market.
• Assistance in developing National Energy and Climate Plan to boost renewable energy production.

Negative

• None.

PASADENA, Calif.--(BUSINESS WIRE)-- Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, announced today that the U.S. Agency for International Development (USAID) has awarded the Company a $42 million ceiling increase to its single-award, four-year contract to strengthen energy security in the Republic of Moldova. The increase is an addition to the Company’s initial $17 million contract awarded in March 2022.

Through the USAID Moldova Energy Security Activity, Tetra Tech’s energy experts will help integrate Moldova’s power grid and electricity market with the European system to catalyze a regional electricity market. Our experts will help Moldova reach its energy security goals through supporting competitive procurement of cleaner energy and promoting energy security.

Tetra Tech will assist in developing Moldova’s first integrated National Energy and Climate Plan and Low Emission Development Strategy to accelerate domestic renewable energy production and enhance climate change resilience. Tetra Tech also will work with utility companies and policymakers to attract investment in domestic power generation and incentivize energy efficiency.

"Tetra Tech has supported USAID and local government partners to strengthen energy security in Europe and Eurasia for decades," said Dan Batrack, Tetra Tech Chairman and CEO. “We look forward to using our Leading with Science^® approach to advance a secure, sustainable energy sector that helps Moldovans power their lives more efficiently and affordably.”

About Tetra Tech

Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 27,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science^® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn, Twitter, and Facebook.

Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230125005872/en/

Jim Wu, Investor Relations

Charlie MacPherson, Media & Public Relations

(626) 470-2844

Source: Tetra Tech, Inc.

FAQ

What is the new contract value for Tetra Tech with USAID?

The new contract value is $59 million after a $42 million increase.

When was the original contract awarded to Tetra Tech for Moldova?

The original contract was awarded in March 2022.

What is the purpose of Tetra Tech's contract with USAID in Moldova?

The contract aims to strengthen energy security and integrate Moldova's energy grid with Europe.

How will Tetra Tech assist Moldova in renewable energy?

Tetra Tech will help develop a National Energy and Climate Plan to enhance renewable energy production.

What is Tetra Tech's stock symbol?

Tetra Tech's stock symbol is TTEK.