Kromek Group PLC Kromek awarded Nuclear Detection contract (5575R)
March 09 2021 - 1:00AM
UK Regulatory
TIDMKMK
RNS Number : 5575R
Kromek Group PLC
09 March 2021
9 March 2021
Kromek Group plc
("Kromek" or the "Group")
Kromek awarded Nuclear Detection contract worth a minimum of
$960,000
The Group's CZT technology to be incorporated into a new
radiation detection product available in Asia
Kromek (AIM: KMK), a worldwide supplier of detection technology
focusing on the medical, security screening and nuclear markets,
announces that it has been awarded a contract worth a minimum of
$960,000 in the Nuclear Detection segment, of which approximately
$150,000 will be realised in the current financial year.
The Group will receive $260,000 to customise its CZT detector
platform for integration into a new radiation detection product
that will be available in Asia. This development work will commence
immediately and be completed by the end of this calendar year. The
Group will then supply the customised platform under a three-year
contract, which is worth a minimum of $700,000.
Dr Arnab Basu, CEO of Kromek, said: "We are delighted to have
been designed into another product in the nuclear detection market.
By incorporating Kromek's CZT technology, our customers are able to
differentiate their radiation detection products by offering a
superior performance while maintaining a small footprint. We are
also pleased that this long-term contract will contribute to our
revenues for the current period as well as support our visibility
over the next three years. We look forward to developing this
customised solution and expanding our relationship with this
product manufacturer."
For further information, please contact:
Kromek Group plc
Arnab Basu, CEO
Paul Farquhar, CFO +44 (0)1740 626 060
Cenkos Securities plc (Nominated Adviser
and Broker)
Max Hartley/Camilla Hume (NOMAD)
Julian Morse (Sales) +44 (0)20 7397 8900
Luther Pendragon (PR)
Harry Chathli/Claire Norbury/Joe Quinlan +44 (0)20 7618 9100
About Kromek Group plc
Kromek Group plc is a technology group (global HQ in County
Durham) and a leading developer of high performance radiation
detection products based on cadmium zinc telluride ("CZT") and
other advanced technologies. Using its core technology platforms,
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.
The Group's business model provides a vertically integrated
technology offering to customers, from radiation detector materials
to finished products or detectors, including software, electronics
and application specific integrated circuits ("ASICs").
The Group has operations in the UK and US (California and
Pennsylvania), and is selling internationally through a combination
of distributors and direct OEM sales.
Currently, the Group has over one hundred full-time employees
across its global operations. Further information on Kromek Group
is available at www.kromek.com and
https://twitter.com/kromekgroup.
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