HOLLYWOOD, Fla., July 30, 2019 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of professional and technical engineering and consulting solutions, announced today that it was awarded $20 million in recent contracts by California utilities to provide infrastructure design and engineering, land surveying and other engineering support services. The contracts build upon the strong growth NV5 has experienced in the energy sector and support its ENERGY 2021 initiative.
Approximately $8 million of these contracts support fire risk mitigation efforts through hardening service areas most prone to wildfires. Under these agreements, NV5 will provide engineering design, surveying, permitting support, geotechnical engineering and feasibility studies. NV5 will also provide $4 million in engineering and design services for the installation of vehicle charging stations throughout California. The expansion of charging station infrastructure is designed to help the State of California meet its goals of reduced greenhouse gas emissions and increased electric vehicle usage. Another $3 million of contract wins will support generator and substation rebuilding and expansion efforts through distribution design, engineering design and permitting assistance.
NV5 also secured a contract award of $5 million to provide a full range of land surveying services for a west coast utility through its WHPacific, Inc. (“WHPacific”) subsidiary, which was acquired by NV5 in July 2019.
“The ENERGY 2021 initiative has been a significant contributor to NV5’s growth, and our continued focus on the unique needs of the energy sector has made us a top 20 power delivery firm on Engineering News-Record’s Top Design Firms list,” said Dickerson Wright, PE, Chairman and CEO of NV5. “These recent contract awards demonstrate that our strategy of adding capabilities that deliver high value to our clients is providing positive returns for NV5.”
“Our clients are constantly improving infrastructure to provide safe, efficient and reliable energy to their customers,” said Doug Taft, Director of Power Delivery at NV5. “It is gratifying to work on projects that will have a significant impact on fire safety and greenhouse gas reduction.”
“The years spent building our technical expertise have furnished value to our clients and have provided opportunities for continued services,” said Mike Stys, Operations Manager of WHPacific. “The additional capabilities and access to new clients that we have gained by joining NV5 will create opportunities to pursue even larger and more complex projects.”
About NV5
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of professional and technical engineering and consulting solutions ranked #34 in the Engineering News-Record Top 500 Design Firms list. NV5 serves public and private sector clients in the infrastructure, energy, construction, real estate and environmental markets. NV5 primarily focuses on five business verticals: construction quality assurance, infrastructure engineering and support services, energy, program management and environmental solutions. The Company operates out of more than 100 locations worldwide. For additional information, please visit the Company’s website at www.NV5.com. Also visit the Company on Twitter, LinkedIn, Facebook and Vimeo.
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
Source: NV5 Global, Inc.
