Benzinga | Jan 25, 2022 03:23PM EST

Midwest Utility Picks NV5 For $8M Geospatial Vegetation Management Contracts

* NV5 Global Inc (NASDAQ:NVEE) has received contracts exceeding $8 million from a Midwest electric utility to acquire lidar data and provide remote sensing analytics to mitigate the risk of vegetation-related outages.

* NV5's lidar and remote sensing analytics solutions identify and map the locations and severity of encroaching vegetation, allowing the utility to optimize its vegetation management plans.

* NV5's data and analytics will be used to define the utility's 2022 and 2023 forestry management requirements.

* Price Action: NVEE shares traded lower by 3.66% at $104.37 on the last check Tuesday.