NV5 Awarded $23 Million LNG Utility Contract Supporting ENERGY 2021 Initiative
HOLLYWOOD, Fla., March 17, 2021 (GLOBE NEWSWIRE) -- NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), announced today that it has been awarded a $23 million liquefied natural gas (LNG) vaporization replacement project by a major Midwest utility. NV5 will provide engineering, procurement, and construction (EPC) services for the design and installation of modern vaporization equipment to increase the efficiency and capacity of the LNG facility.
The new vaporization equipment will increase the facility’s output capacity by approximately 150% to support increased natural gas demand during periods of peak usage. The project duration is approximately 20 months and is expected to be completed in November 2022.
“LNG facility modernization continues to be a driver of our Utility Services vertical and our ENERGY 2021 initiative, and we are pleased to deliver turnkey LNG solutions to help meet the growing energy demands of the population,” said Dickerson Wright, PE, Chairman and CEO of NV5.
“We are proud to provide specialized engineering design and technical services to support the upgrade and modernization of existing LNG facilities for our utility clients,” said Peter Dirksen, PE, President of NV5 LNG Services.
NV5 Global, Inc. (NASDAQ: NVEE) is a provider of compliance, technology, and engineering consulting solutions for public and private sector clients supporting infrastructure, utility, and building assets and systems. The Company primarily focuses on six business verticals: testing, inspection & consulting, infrastructure support services, utility services, buildings & program management, environmental health sciences, and geospatial technology 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.
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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