StockNews.AI
NVEE
StockNews.AI
207 days

NV5 Awarded $4 Million New Zealand 3D Coastal Geospatial Mapping Contract; Accelerates International Expansion of Geospatial Services

1. NV5 awarded a $4M contract for geospatial data services in New Zealand. 2. This contract enhances NV5’s international geospatial growth initiative. 3. The project will utilize advanced lidar for detailed 3D coastal mapping. 4. Insights from this project aim to assess sea-level rise impacts. 5. NV5 is expanding its geospatial services globally, including in Asia and Europe.

Mass Contract
+0.26%Current Return
VS
-0.29%S&P 500
$18.9401/24 08:16 AM EDTEvent Start
$18.9901/27 08:34 AM EDTLatest Updated
6m saved
Insight
Article

FAQ

Why Bullish?

The substantial contract signifies strong demand for NV5's services, potentially increasing investor confidence.

How important is it?

The article highlights a significant contract, indicating growth potential and alignment with NV5’s strategy.

Why Long Term?

This initiative supports NV5's ongoing international growth strategy, likely enhancing future profitability.

Related Companies

LINZNVEE
January 24, 2025 08:00 ET  | Source: NV5 Global, Inc. HOLLYWOOD, Fla., Jan. 24, 2025 (GLOBE NEWSWIRE) -- NV5, a provider of technology, certification, and consulting solutions, announced today that it has been awarded a $4 million contract to provide geospatial hydrographic data for approximately 20% of New Zealand’s coastline by Toitū Te Whenua Land Information New Zealand (LINZ), the public service department of New Zealand specializing in geographic information. This is the largest contract awarded for NV5’s international geospatial growth initiative and demonstrates the acceleration of NV5’s expansion into global markets for geospatial data analytics. NV5 will utilize specialized topobathymetric lidar and 4-band imagery to support the creation of detailed 3D maps of 4,780 square kilometers of the coast and adjacent sea floor. The 3D Coastal Mapping program aims to improve baseline data to better understand impact on coastal areas due to sea-level rise and natural hazards, such as tsunami and earthquakes. The project scope is similar to recurring geospatial analyses that NV5 provides for the United States Federal Government and state governments to assess coastal resilience, infrastructure impacts, and modifications to nautical mapping resulting from sea level rise and weather events. “As the leader in geospatial data analytics, NV5’s proprietary algorithms, analytical capabilities, and intellectual property are in high demand domestically and internationally. Our international geospatial growth initiative is driving international expansion through replication of analyses that we have provided domestically for many years. This initiative has already assisted clients in Europe, Asia, Latin America, the Caribbean, and Asia Pacific, and we continue to accelerate our organic growth in international geospatial services,” said Ben Heraud, CEO of NV5. “NV5’s investments in geospatial data sharing, mining, and processing allows us to serve clients anywhere in the world, providing access to our industry-leading geospatial data engineers and data scientists throughout the U.S. and India,” said Kurt Allen, PLS, President of NV5 Geospatial. “International clients have welcomed the opportunity to work with our geospatial professionals and technologies, and we look forward to continuing our international geospatial expansion into new geographies.” 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, conformity assessment, buildings & technology, environmental services, 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.

Related News