The stock price of Montrose Environmental Group, Inc. (NYSE: MEG) experienced a significant increase on Tuesday following a significant multi-million dollar contract award. Investors responded favorably to the encouraging outcome, as MEG shares climbed 14.52% on the US stock charts to end the trading activity at $26.89.
Montrose To Work Together with the United States Army
Montrose (MEG) has been selected by the U.S. Army Corps of Engineers (USACE) to enhance environmental quality in the South Atlantic Division’s Mobile District. The awarded contract, valued at $249 million over five years, will focus on providing comprehensive solutions and remedial plans that prioritize compliance with pollution prevention measures, management of per-and polyfluoroalkyl substances (PFAS), and air and water quality regulations.
MEG Resolving Environmental Issues
This agreement demonstrates Montrose’s dedication to working together with the US government to address difficult environmental issues. The company’s integrated services, which combine environmental consulting, analytical services, engineering, and advanced technologies, enable effective management of pressing issues such as PFAS contamination.
As highlighted in the Environmental Business Journal’s 2024 EBJ Remediation Markets Survey, the Department of Defense (DOD) presents significant growth opportunities within the $15.5 billion annual U.S. remediation services market, driven by bipartisan support for infrastructure projects and substantial funding from the Bipartisan Infrastructure Law.
Community Engagement and Revitalization Efforts
In addition to its work with the DOD, Montrose has actively engaged with Alaska Native Corporations (ANCs) in efforts to revitalize contaminated brownfield sites. The Alaska Native Claims Settlement Act (ANCSA) of 1971 facilitated the transfer of vast tracts of land to various regions and ANCs, some of which have been adversely affected by historical activities such as fuel storage and natural resource extraction.
Montrose (MEG) has partnered with these corporations to navigate the grant application process, securing approximately $8 million in EPA Brownfield and Contaminated ANCSA Land Grants for assessment and cleanup initiatives throughout 2023 and 2024.
