UPDATE — Infrastructure and Energy Alternatives, Inc. Secures $47 Million Construction Project With the Utah Department of Transportation
INDIANAPOLIS, March 03, 2020 (GLOBE NEWSWIRE) — Infrastructure and Energy Alternatives, Inc. (NASDAQ: IEA) (“IEA” or the “Company”), a leading infrastructure construction company with specialized energy and heavy civil expertise, today announced a $47 million construction award from the Utah Department of Transportation (DOT). The contract was secured by American Civil Constructors (ACC), a subsidiary of IEA that provides heavy- and light-civil infrastructure services for government and commercial clients across the country.
This heavy civil contract consists of constructing roughly nine miles of new road along State Routes 7 and 9 to create a bypass around the town of St. George, Utah. ACC will self-perform the entirety of the project, including 1.6 million cubic yards of earthwork, construction of four new bridges, along with gutters, curbs and sidewalks, installation of two large drainage boxes, signage and over 15,000 lineal feet of pipe and the placement of seeding, erosion control and related electrical items. Work on the project began this past February and is expected to be completed in July 2021.Over the past few years, young professionals and families have been migrating into St. George County, Utah where a diversified economy driven by transportation, warehousing, tourism and university jobs is quickly attracting new residents to the region. As a result, over the past five years, St. George’s workforce has grown by over 25 percent.St. George is now the third-fastest growing city in the country according to the U.S. Census Bureau. In response to this large growth in population, the Utah DOT has found it essential to add roadways to reduce traffic in the area along with the surrounding counties of Washington and Iron.“ACC has constructed some of the nation’s most ambitious street, highway and bridge projects, and the construction of new road in St. George County is no exception,” said JP Roehm, IEA’s Chief Executive Officer. “We are very honored that IEA has been chosen as the contractor on this prestigious Utah DOT project, and we look forward to working with the state government to bring much-needed traffic congestion relief to one of the fastest growing cities in the U.S.”About IEAInfrastructure and Energy Alternatives, Inc. (IEA) is a leading infrastructure construction company with specialized energy and heavy civil expertise. Headquartered in Indianapolis, Indiana, with operations throughout the country. IEA’s service offering spans the entire construction process. The Company offers a full spectrum of delivery models including full engineering, procurement, and construction, turnkey, design-build, balance of plant, and subcontracting services. IEA is one of three Tier 1 wind energy contractors in the United States and has completed more than 200 wind and solar projects across North America. In the heavy civil space, IEA offers a number of specialty services including environmental remediation, industrial maintenance, specialty transportation infrastructure and other site development for public and private projects. For more information, please visit IEA’s website at www.iea.net or follow IEA on Facebook, LinkedIn and Twitter for the latest company news and events.Forward Looking StatementsThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as “anticipate,” “expect,” “could,” “may,” “intend,” “plan” and “believe,” among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic and other information, and are subject to a number of risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. A variety of factors, many of which are beyond our control, could cause actual future results or events to differ materially from those projected in the forward-looking statements in this release. For a full description of the risks and uncertainties which could cause actual results to differ from our forward-looking statements, please refer to IEA’s periodic filings with the Securities & Exchange Commission including those described as “Risk Factors” in IEA’s annual report on Form 10-K filed on March 14, 2019, and quarterly reports on Form 10-Q filed during 2019. IEA does not undertake any obligation to update forward-looking statements whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.Contact: