ICF Selected to Support DOE Grid Infrastructure Updates

Rhea-AI Summary

ICF (NASDAQ:ICFI), a global consulting and technology services provider, has been awarded a new subcontract by Allegheny Science & Technology (AST) to support the U.S. Department of Energy's Grid Deployment Office (GDO). This subcontract, awarded in Q3 2024, spans over five years, including various option periods. ICF will provide operational and technical services to implement programs accelerating the development of efficient and equitable electric infrastructure under the Infrastructure Investment and Jobs Act (IIJA) and Inflation Reduction Act. The project will include transmission planning, engineering, community engagement, advanced analytics, and environmental analyses. ICF has already supported GDO initiatives with $5 billion allocated for grid expansion and resilience. With over 50 years in the energy sector, ICF collaborates with top utilities, federal agencies, and NGOs to advance clean energy transitions.

Positive

• ICF awarded a multi-year subcontract by AST to support DOE's Grid Deployment Office.
• Subcontract spans over five years, including multiple option periods.
• ICF to provide comprehensive energy advisory and implementation services.
• Project supports key elements of the IIJA and Inflation Reduction Act.
• ICF's involvement in GDO initiatives with $5 billion allocated for grid expansion.

Negative

• None.

Company Will Help Improve Grid Reliability Across the U.S.

RESTON, Va., Nov. 12, 2024 /PRNewswire/ -- ICF (NASDAQ:ICFI), a global consulting and technology services provider, was awarded a new subcontract by Allegheny Science & Technology (AST), a leading woman-owned technology and energy solutions firm, to provide energy advisory and implementation services to the U.S. Department of Energy's Grid Deployment Office (GDO).

The subcontract, which was awarded in the third quarter of 2024 and supports a blanket purchase agreement awarded to AST, has a term of over five years, including a 10-month base, four one-year option periods and one six-month option period.

With AST, ICF will provide operational and technical services to GDO to support the implementation of mission-critical programs that will accelerate the development of efficient, equitable electric infrastructure programs across the nation. These programs support key elements of the Infrastructure Investment and Jobs Act (IIJA), Inflation Reduction Act and other legislation designed to strengthen the nation's infrastructure and advance the transition to clean energy.

"America is in the midst of a historic transition toward cleaner and safer energy sources, and we are thrilled to work with AST in support of DOE in catalyzing the development of new and upgraded electric infrastructure across the country," said Anne Choate, executive vice president for energy, environment and infrastructure. "Together, we will accelerate the delivery of modernized solutions that will lower energy costs and improve grid reliability and resilience."

Through the project, ICF will deliver a full suite of integrated energy capabilities, including transmission planning, engineering, community and stakeholder engagement, advanced analytics, environmental analyses, program evaluation and more.

Over the past two years, ICF has provided market, analytic and engineering support to GDO's implementation of the Transmission Facilitation Program and Grid Resilience Formula Grant Program. These initiatives, established by IIJA, allocate $5 billion in grants, loans and other financial mechanisms to expand and reinforce the transmission grid to support the transition to clean energy.

With over 50 years in the energy industry, ICF's energy experts' partner with the nation's top utilities and developers, along with nearly every U.S. federal agency, state energy offices and energy non-governmental organizations, providing end-to-end offerings across the energy value chain—from strategy to resource planning and analysis to valuation and implementation. These experts work hand-in-hand with the company's technologists, data analysts and more to help clients advance the nation's transition to clean energy. Read more about ICF's energy solutions.

AST is a premier provider of energy and technology solutions dedicated to leveraging an extensive background and capabilities in emerging energy and information technologies, business transformation and enterprise IT services. Since their founding in 2009, AST has demonstrated success across energy, national security, business and information technology and environmental management markets. For more about AST, visit alleghenyst.com.

About ICF
ICF is a global consulting and technology services company with approximately 9,000 employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and various risks and uncertainties related to health epidemics, pandemics, and similar outbreaks. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577

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SOURCE ICF

FAQ

What is the new subcontract awarded to ICF about?

ICF has been awarded a subcontract by Allegheny Science & Technology to provide energy advisory and implementation services to the U.S. Department of Energy's Grid Deployment Office.

What is the duration of the subcontract awarded to ICF?

The subcontract spans over five years, including a 10-month base period, four one-year option periods, and one six-month option period.

What programs will ICF support under the new subcontract?

ICF will support programs under the Infrastructure Investment and Jobs Act and Inflation Reduction Act, focusing on efficient and equitable electric infrastructure development.

What services will ICF provide under the subcontract?

ICF will provide transmission planning, engineering, community engagement, advanced analytics, environmental analyses, and program evaluation services.

What past initiatives has ICF supported for the DOE's Grid Deployment Office?

ICF has supported the Transmission Facilitation Program and Grid Resilience Formula Grant Program, with $5 billion allocated for grid expansion and resilience.