Globe Newswire 16-Jan-2020 8:00 AM
HOLLYWOOD, Fla., Jan. 16, 2020 (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 has been awarded a contract for the engineering design of underground power lines in California. The project is part of an effort to mitigate fire risks and reduce the need to interrupt electrical service during windy conditions, which is a common safety measure in fire-prone areas.
The multi-phase program will place hundreds of miles of underground power lines, providing reliable electrical service to thousands of customers. This initial project has already begun and is expected to be completed in 2021. The entire project is a multi-year, multi-phase program, and NV5 expects to generate approximately $20 million over the duration of the program.
"We are proud of the support that NV5 is providing to improve the safety and reliability of electrical service for our clients and their customers," said Dickerson Wright, PE, Chairman and CEO of NV5. "We launched the NV5 ENERGY 2021 initiative a year ago, and we continue to be ahead of schedule in pursuit of the goal to expand our energy service offerings and double NV5's energy revenues by the end of 2021."
"Utilities continue to expand their investment in safety and reliability, particularly in the field of fire mitigation," said Douglas Taft, Senior Vice President, Director of Power Delivery at NV5. "We are pleased to be a provider of choice for these important power delivery projects."
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, and delivers geospatial services through its subsidiary Quantum Spatial, Inc., the largest full-service geospatial solutions provider in North America. 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.
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.
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