Business
Kromek secures two contracts from US government
Kromek secures two contracts from US government.
About this update from Kromek Group Plc
[{"type":"text","content":"\n \nRNS Number : 4032V Kromek Group PLC 23 July 2018 \n\n23 July 2018 \n \nKromek Group plc\n(\"Kromek\" or the \"Company\")\n \nKromek secures two contracts worth up to $3.3 million from US government\nNew contracts to develop next generation radiation detection solutions for national defence and security\n \nKromek (AIM: KMK), a radiation detection technology company focusing on the medical, security and nuclear markets, is pleased to announce that it has been awarded two new contracts from the US Department of Homeland Security (\"DHS\") and the Defense Threat Reduction Agency (\"DTRA\"), an agency of the US Department of Defense, to develop next generation radiation detection solutions for the purposes of national defence and security. The two contracts are worth a minimum of $2.6 million to be delivered over the next three years, with a potential two-year extension to $3.3 million, with revenue generation commencing under both contracts in the current financial year. \n \nThe contract from the US Department of Homeland Security is to develop CZT detector modules for commercial off-the-shelf detectors for advanced X-ray systems for passenger baggage screening. Kromek's technology can enhance the detection of an extensive range of threat materials and significantly reduce false alarms in aviation security for baggage handling. The contract is worth $1.5 million over two years.\n \nThe contract from DTRA is for the development of the next generation of handheld nuclear radiation detectors, which will bring further technology enhancements into Kromek's product portfolio. Kromek has chosen to collaborate with three UK universities - University of Glasgow, University of Liverpool and University of Manchester - which were selected for their high level of relevant technological expertise. The contract is for $1.05 million over a period of three years with a potential $0.7 million extension for a further two years.\n \nDr Arnab Basu, CEO of Kromek, commented: \"These new contracts reflect our established relationship with the US government for developing next-generation radiation detection solutions for national defence and security. Through these agreements, we will expand the technological capabilities of our products and enhance our market-leading position while also gaining i...