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.”