Parsons Corporation secured a $20 million contract to enhance energy resilience at the LTC Hernan G. Pesquera Army Reserve Center.
Quiver AI Summary
Parsons Corporation has been awarded a $20 million contract by the United States Army Corps of Engineers to enhance energy resilience and sustainability at the LTC Hernan G. Pesquera Army Reserve Center in Puerto Rico. This project, which has a performance period of 610 days, involves the installation of a microgrid system that includes security measures, generators, photovoltaic cells, and a Battery Energy Storage System. Jon Moretta, President of Engineered Systems at Parsons, emphasized the importance of energy in critical infrastructure protection and the company's role in advancing power stability for the Army Reserve. This contract expands Parsons’ involvement in Puerto Rico’s infrastructure projects, following their recent inclusion in a contract for power system stabilization in the region.
Potential Positives
- Parsons Corporation was awarded a significant $20 million contract by the U.S. Army Corps of Engineers to enhance energy resilience and sustainability at the LTC Hernan G. Pesquera Army Reserve Center in Puerto Rico.
- The contract signifies new work for Parsons, expanding its portfolio and reinforcing its role in supporting critical infrastructure projects.
- This project aligns with Parsons’ expertise in energy solutions and infrastructure protection, enhancing the company's position in the competitive government contracting market.
- The award also builds on Parsons' ongoing work in Puerto Rico, including a recent $5 billion contract to stabilize the island’s power grid, showcasing the company's long-term commitment to the region's recovery and infrastructure development.
Potential Negatives
- The press release highlights the company's dependence on government contracts, which are subject to budgetary approval processes and changes in governmental priorities, indicating potential vulnerabilities in its revenue streams.
- The mention of numerous factors that could materially affect future performance suggests a high level of uncertainty regarding the company's operational stability and financial outlook.
- The disclaimer regarding forward-looking statements, listing multiple risks including possible reputational damage and inability to maintain necessary security clearances, may raise concerns among investors about future prospects.
FAQ
What is the Parsons Corporation LTC Hernan G. Pesquera contract about?
The contract involves enhancing energy resilience and sustainability for the Army Reserve Center in Puerto Rico with a $20 million investment.
How long will the Parsons microgrid project take?
The project has a performance period of 610 days to complete the microgrid enhancements.
What technologies will be installed in the Army Reserve Center?
Technologies include generators, photovoltaic cells, security measures, a Battery Energy Storage System, and microgrid controllers.
Why is energy resilience important for the Army Reserve Center?
Energy resilience is vital for critical infrastructure protection, ensuring reliable energy supply and operational sustainability during emergencies.
How is Parsons contributing to Puerto Rico's infrastructure recovery?
Parsons supports Puerto Rico with contracts like the Power System Stabilization Project aimed at enhancing the island's power grid stability.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
CHANTILLY, Va., Dec. 18, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was awarded the LTC Hernan G. Pesquera Army Reserve Center Microgrid contract by the United States Army Corps of Engineers (USACE) Louisville District. The $20 million contract, including base plus options, to enhance energy resilience and sustainability for the Pesquera Army Reserve Center in Puerto Rico consists of a 610-day period of performance and is new work for the company.
Under this contract, Parsons will deliver critical infrastructure protection capabilities designed to enhance energy reliability, resilience, and sustainability for the Army Reserve Center in Juana Diaz, Puerto Rico, including installing security measures, generators, photovoltaic cells, a Battery Energy Storage System, microgrid controllers, and all necessary cabling to ensure a robust and efficient microgrid system.
“Energy is a vital component of critical infrastructure protection, and Parsons’ leading energy solutions combined with our other technology offerings enable us to deliver end-to-end capabilities to secure facilities and bases,” said Jon Moretta, President, Engineered Systems for Parsons. “By leveraging our comprehensive solutions and experience delivering large-scale energy projects, we’re proud to advance the power stability and energy efficiency goals of the Army Reserve in Puerto Rico and the Army’s broader energy objectives.”
This award grows Parsons’ work supporting Puerto Rico’s infrastructure. In November 2023, the company announced its inclusion on a multiple award indefinite-delivery, indefinite-quantity task order contract for the Puerto Rico Power System Stabilization Project. The $5 billion ceiling value contract by the USACE Savannah District is to provide temporary power generation for the stabilization of Puerto Rico’s power grid, supporting the government’s request for assistance and aiding residents of the island as they recover from natural disasters.
To learn more about Parsons’ leading energy solutions, visit
Parsons.com/energy
.
About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure. Please visit
parsons.com
and follow us on
LinkedIn
and
Facebook
to learn how we're making an impact.
Forward-Looking Statements:
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obt
ain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.
Media Contact:
Jonathan Larry
+1 706.832.7330
jonathan.larry@parsons.com
Investor Relations Contact:
Dave Spille
+1 703.775.6191
Dave.Spille@parsons.us
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