NV5 Awarded $4.6 Million Geospatial Vegetation and Asset Management Contract Extension
HOLLYWOOD, Fla., June 11, 2020 – NV5 Global, Inc. (the “Company” or “NV5”) (Nasdaq: NVEE), a provider of professional and technical engineering, geospatial, and consulting solutions, announced today that Quantum Spatial, Inc. (“Quantum Spatial”), an NV5 company, was awarded a $4.6 million contract extension by one of North America’s largest power utilities to support its data-driven vegetation management program. Lidar surveys have already begun under the contract to identify the location and health of trees that could potentially strike high-voltage lines. Analysis of the lidar surveys and hyperspectral imagery will help to guide long-term vegetation and asset management work planning, including to mitigate fire risks and utility service interruptions.
“NV5’s geospatial and utility services businesses continue to drive growth through the support of fire mitigation and reliability initiatives for utilities across the country,” said Dickerson Wright, PE, Chairman and CEO of NV5. “We have seen an increase in the demand for our specialized geospatial data analytics, utility engineering design, and power compliance services, and we are proud to support our clients as they improve safety and service delivery for their customers.”
“Advancements in geospatial survey technology and analytics enable us to accurately and efficiently assess risks to high-voltage transmission systems, helping our clients to deliver reliable service and meet North American Electric Reliability Corporation (NERC) requirements,” said Eric Merten, Vice President and General Manager at Quantum Spatial.