Tetra Tech Wins $72.5 Million Contract to Mobilize Financing for Climate-Resilient Water and Sanitation Services

Rhea-AI Summary

Tetra Tech, Inc. (NASDAQ: TTEK) has secured a five-year, $72.5 million contract from the U.S. Agency for International Development (USAID) aimed at enhancing access to climate-resilient water and sanitation services. The initiative will mobilize financing through collaboration with government bodies, financial institutions, and local stakeholders. Tetra Tech's expertise in water resources is expected to bolster service providers' climate resilience and business models, leveraging 40 years of experience in international development.

Positive

• Awarded a $72.5 million contract from USAID to enhance water and sanitation services.
• Collaboration with multiple stakeholders to mobilize financing for climate-resilient services.
• Utilizes 40 years of experience in supporting water access initiatives.

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 $72.5 million, single-award, five-year contract to increase access to financing for climate-resilient water and sanitation services.

Globally, hundreds of millions of people lack access to basic drinking water, and more than a billion people lack access to basic sanitation services. Through the USAID Water, Sanitation, and Hygiene Finance 2 (WASH-FIN 2) activity, Tetra Tech will work with government and financial institutions, development partners, service providers, and local stakeholders to mobilize the financing required to expand WASH services. Tetra Tech water resources and infrastructure experts will support water service providers to improve climate resilience and strengthen their business models through data-driven decision-making.

“Tetra Tech has more than 40 years of experience supporting USAID to expand access to water and sanitation in developing countries,” said Dan Batrack, Tetra Tech Chairman and CEO. “We look forward to using our Leading with Science^® approach to increase financing for climate-resilient WASH services worldwide.”

About Tetra Tech

Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 21,000 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/20221128005800/en/

Jim Wu, Investor Relations

Charlie MacPherson, Media & Public Relations

(626) 470-2844

Source: Tetra Tech, Inc.

FAQ

What is the value of Tetra Tech's new contract with USAID?

Tetra Tech has been awarded a $72.5 million contract by USAID.

How long is Tetra Tech's contract with USAID?

The contract with USAID is for five years.

What services will Tetra Tech provide under the USAID contract?

Tetra Tech will enhance access to climate-resilient water and sanitation services.

What is the stock symbol for Tetra Tech?

Tetra Tech is listed on NASDAQ under the stock symbol TTEK.