Sterling Bags $45M Site Development Contract For Rivian's Georgia EV Facility

Sterling Infrastructure Inc STRL said its subsidiary, Plateau Excavation of its E-Infrastructure Solutions segment, has been awarded a $45 million design-bid-build project.
The project was awarded by The Joint Development Authority (JDA) of Jasper, Morgan, Newton and Walton Counties in Georgia.
The project is expected to expand Rivian Automotive Inc's RIVN EV manufacturing operations.
The first two phases of site development, which include 500 acres, are located in the East Atlanta Megasite for the Rivian Electric Vehicle (EV) plant.
The project is scheduled to run from September 2022 through July 2023.
"Our unique capabilities to execute large-scale site development projects now enable us to capitalize on the emerging EV manufacturing, onshoring, and industrial opportunities," said Sterling's CEO Joe Cutillo.
Price Action: STRL shares closed lower by 0.59% at $23.70 on Wednesday.