NV5 Awarded $4 Million New Zealand 3D Coastal Geospatial Mapping Contract; Accelerates International Expansion of Geospatial Services
Rhea-AI Summary
NV5 has secured a significant $4 million contract from Toitū Te Whenua Land Information New Zealand (LINZ) to provide geospatial hydrographic data for approximately 20% of New Zealand's coastline. The project, representing NV5's largest international geospatial contract to date, involves creating detailed 3D maps of 4,780 square kilometers of coast and sea floor using specialized topobathymetric lidar and 4-band imagery.
The 3D Coastal Mapping program aims to assess coastal impacts from sea-level rise and natural hazards. This project mirrors NV5's recurring geospatial analyses for U.S. Federal and state governments, focusing on coastal resilience and infrastructure impacts. The company's international geospatial growth initiative has already expanded to Europe, Asia, Latin America, the Caribbean, and Asia Pacific regions, leveraging their proprietary algorithms and analytical capabilities through their U.S. and India-based operations.
Positive
- Secured new $4 million contract for New Zealand coastal mapping
- Contract covers significant scope of 4,780 square kilometers
- Demonstrates successful international market expansion
- Leverages existing expertise and proprietary technology
- Shows potential for similar contracts in other regions
Negative
- None.
News Market Reaction
On the day this news was published, NVEE gained 0.26%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
HOLLYWOOD, Fla., Jan. 24, 2025 (GLOBE NEWSWIRE) -- NV5, a provider of technology, certification, and consulting solutions, announced today that it has been awarded a
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 NV5
NV5 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 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
Source: NV5 Global, Inc.
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