HOLLYWOOD, Fla.- NV5 Global, Inc. (the Company or NV5) (Nasdaq: NVEE), a provider of compliance, technology, engineering, and environmental consulting solutions, announced today that it has been awarded contracts exceeding $8 million by a Midwest electric utility to acquire lidar data and provide remote sensing analytics across the utility's entire distribution system to mitigate risk of vegetation-related outages.
NV5's lidar and remote sensing analytics solutions identify and map the locations and severity of encroaching vegetation, allowing the utility to optimize its vegetation management plans. NV5's data and analytics will be used to define the utility's 2022 and 2023 forestry management requirements.
Trees and storms are the leading cause of electrical service interruption, and the use of geospatial data analytics in identifying risks that vegetation poses to utility safety and service reliability is essential, said Dickerson Wright, PE, Chairman and CEO of NV5. NV5's advanced geospatial solutions help utilities identify vegetation encroachment, forecast operational costs, and mitigate service interruptions while continuing to contribute to safe and reliable electricity delivery for our client's customers.
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of compliance, technology, engineering, and environmental consulting solutions for public and private sector clients supporting sustainable infrastructure, utility, and building assets and systems. The Company's services include multiple verticals such as testing, inspection & consulting, infrastructure, utility services, buildings & program management, environmental health sciences, and geospatial technology services to deliver innovative, sustainable solutions to complex issues and improve lives in our communities. 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 LinkedIn, Twitter, Facebook, and Instagram.
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.