Kromek Group PLC Kromek awarded further contract by DARPA (5022K)
April 17 2015 - 1:00AM
UK Regulatory
TIDMKMK
RNS Number : 5022K
Kromek Group PLC
17 April 2015
Approved for Public Release, Distribution Unlimited
17 April 2015
Kromek Group plc
("Kromek" or the "Company")
Kromek awarded further $2.02m contract by DARPA
First high volume production order from US defense agency for
networked radiation detectors as lower price point achieved through
technological advancement
Kromek, a radiation detection technology company focusing on the
medical, security and nuclear markets, is pleased to announce that
it has been awarded a modification to its existing contract with
the Defense Advanced Research Projects Agency (DARPA), an agency of
the U.S. Department of Defense, for the volume supply of radiation
network detectors. The contract modification, to be delivered over
a 16-month period, is worth up to an additional $2.02m in
aggregate.
The programme with DARPA, which commenced in August 2014, is to
develop an advanced personal detection system for gamma and neutron
radiation that can be combined with other such systems to form
large networks that can provide information on radiation signatures
over an extended area. To date, Kromek has been awarded $4.35m in
contracted revenues under the SIGMA programme with DARPA.
During the initial stages of SIGMA, Kromek developed a new
product, the D3S, to meet the performance requirements of both
gamma and neutron detection in a small form factor with excellent
battery life. This latest contract modification is for the
production of 1,000 D3S detectors at a price of $1,000 per device.
The funds under this contract modification will also be utilised to
continue to develop more advanced detector solutions with
additional capabilities in the coming months.
Kromek was able to achieve the $1,000 price point through
technological advancement and an innovative approach. The Company
will make this price and volume available to other organisations in
addition to DARPA, and is aggressively pursuing the ultimate price
target of the programme of $400 per detector at a quantity of
10,000.
Arnab Basu, CEO of Kromek, said: "Under the SIGMA programme,
Kromek has developed a revolutionary new product, the D3S, which
goes well beyond the state-of-the-art for performance. We are
delighted to receive another extension of the current contract from
DARPA, which reflects the excellent progress the Kromek team has
made. That we were selected by an agency of the U.S. government
provides validation of our technological strength and capabilities,
and demonstrates our leading position in the global markets. We
look forward to achieving further milestones in this project and,
ultimately, enabling safer environments for all."
Enquiries
Kromek Group plc
--------------------------------------- --------------
Arnab Basu, CEO
Derek Bulmer, CFO 01740 626 060
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Panmure Gordon (Nominated Adviser and
Broker)
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Freddy Crossley - Corporate Finance
Charles Leigh-Pemberton - Broking 0207 886 2500
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Luther Pendragon
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Harry Chathli, Claire Norbury, Alexis
Gore, Oli Hibberd 0207 618 9100
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About Kromek Group plc
Kromek Group plc is a UK technology company (global HQ in County
Durham) and a leading developer of high performance radiation
detection products based on cadmium zinc telluride ("CZT"). Using
its core CZT technology Kromek designs, develops and produces x-ray
and gamma ray imaging and radiation detection products for the
medical, security screening and nuclear markets.
The Group's products provide high resolution information on
material composition and structure and are used in multiple
applications, ranging from the identification of cancerous tissues
to hazardous materials, such as explosives, and the analysis of
radioactive materials.
Kromek uses multiple technologies in its manufacturing
processes, including the established methods of 'liquid phase'
detector production, and also 'vapour phase' production methods,
which allow the production of high quality, high performance
detectors on an industrial scale. Kromek has an intellectual
property portfolio of more than 250 pieces of IP.
The Group's business model provides a vertically integrated
technology offering to customers, from the growth of CZT crystals
to finished products or detectors, including software, electronics
and application specific integrated circuits ("ASICs").
The Board believes that the vertical integration offered by
Kromek, combined with the benefit of 25 years of research into CZT
production and the patents and trade secrets accumulated by the
Group, are unparalleled in the market place.
The Group has operations in the UK, Germany and US (California
and Pennsylvania), and is selling internationally through a
combination of distributors and direct OEM sales.
Currently, the Group has over a hundred full time employees
across its global operations.
This information is provided by RNS
The company news service from the London Stock Exchange
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