NV5 Awarded $26 Million to Support Utility Grid Efficiency and Reliability Through Tech-Enabled Geospatial Services
HOLLYWOOD, Fla., Oct. 17, 2024 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the "Company" or "NV5") (NASDAQ:NVEE), a provider of technology, certification, and consulting solutions, announced today that it has been awarded $26 million in geospatial contracts by leading electric and gas utilities to support utility infrastructure improvements, asset management, and vegetation management. The projects are expected to be fulfilled within the next 12 months and encompass approximately 80,000 miles of energy distribution. NV5 will utilize its latest artificial intelligence (AI) data solutions and proprietary geospatial data collection platforms to deliver project data to support the growing demand for energy across the United States.
"NV5 continues to lead the geospatial industry in the use of AI-enabled data analytics and proprietary data collection platforms, such as NV5's Comprehensive Low-Altitude Sensor Solution (CLASS)," said Dan Levine, President, Geospatial at NV5. "Our machine learning solutions and leading-edge sensor technologies deliver revolutionary geospatial insights to support utility grid efficiency and reliability while strengthening NV5's leadership position in the geospatial segment."
A grid-dependent public utility serving the Eastern United States selected NV5 to deliver geospatial lidar and imagery collection and analytics for 60,000 miles of electrical distribution assets. NV5 will perform advanced AI-based image recognition to generate an accurate inventory of the utility's assets and support operational efficiency.
NV5 was also awarded contracts in California to provide geospatial data collection and analytics for 16,000 miles of electric and gas infrastructure and assets utilizing NV5's proprietary CLASS sensor platform. These projects will support engineering efforts to harden the electrical grid and mitigate risks of fire and asset damage from trees encroaching on utility easements.
A Texas utility selected NV5 to provide geospatial data analytics to monitor the condition of 3,500 miles of electrical transmission and distribution assets that may impact the safety and reliability of electrical utility service.
About NV5
NV5 Global, Inc. (NASDAQ:NVEE) is a provider of technology, certification, and consulting solutions for public and private sector clients supporting utility, infrastructure, and building assets and systems. The Company primarily focuses on six business verticals: Utility services, infrastructure engineering, testing, inspection & consulting, buildings & technology, environmental health sciences, and geospatial services. NV5 operates out of more than 100 offices nationwide and abroad. 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: [email protected]
Source: NV5 Global, Inc.
