Granite Wins $31M Early Works Package for California Energy Storage Project
GVA sits 30% above its 52-week low of $97.26 on light trading volume (0.3× avg).
Summary
Granite Construction has been awarded a $31 million early works grading package by Hydrostor for the Willow Rock Energy Storage Center in Kern County, California. The project is a 500 MW advanced compressed air energy storage facility in the Mojave Desert, capable of powering more than 400,000 homes for eight hours. Granite's scope includes site infrastructure, a nine-acre pad, road improvements, and stormwater basins. Work began in July 2026 and is expected to conclude in March 2027. The award will be included in Granite's 3Q 2026 CAP and adds to its growing backlog of energy-related infrastructure projects, following recent contracts with PG&E and the Utah DOT. The company's Q2 revenue rose 29% year-over-year, and this new award supports its raised full-year guidance.
At the time of this announcement, GVA was trading at $126.19 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $5.5B. The 52-week trading range was $97.26 to $162.08. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.