Midwest Utility Selects NV5 for $39 Million Contract to Upgrade LNG Infrastructure

HOLLYWOOD, Fla., Jan. 17, 2022 (GLOBE NEWSWIRE) -- 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 a $39 million contract to upgrade the liquefaction facilities at a major Midwest utility’s liquefied natural gas (LNG) facility. NV5 will provide engineering, procurement, construction management, and commissioning services for the replacement of the facility’s aging liquefier. The upgrade includes a new pretreatment system, liquefier, electrical gear, refrigerant storage, and control system. The new liquefaction system will improve reliability, provide the ability to control ethane concentrations in the LNG, and deliver additional operational flexibility. The project is already underway and is expected to be completed in spring 2024.

“We are pleased to have been selected for this project which will assist our utility client in delivering safe and reliable gas service to its customers,” said Dickerson Wright, PE, Chairman and CEO of NV5. “The reliability of liquefaction facilities is essential due to regulatory requirements and customer demands, and utility investments in upgrades to aging LNG equipment continue to be a driver of our LNG business.”

“Modernization of aging LNG equipment improves service reliability and reduces ongoing maintenance costs, and we are proud to contribute to the safe and dependable delivery of natural gas service,” said Peter Dirksen, PE, President of NV5 LNG Services.

About NV5
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 focuses on multiple verticals: 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.

Forward-Looking Statements
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.

Investor Relations Contact

NV5 Global, Inc.
Jack Cochran
Vice President, Marketing & Investor Relations
Tel: +1-954-637-8048
Email: ir@nv5.com