NV5 Awarded $26 Million to Support Utility Grid Efficiency and Reliability Through Tech-Enabled Geospatial Services
17 Octubre 2024 - 7:00AM
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 NV5NV5 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 StatementsThis
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 ContactNV5
Global, Inc. Jack CochranVice President, Marketing & Investor
RelationsTel: +1-954-637-8048Email: ir@nv5.com
Source: NV5 Global, Inc.
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