US Power Contracts totaling $5.1m

Solid State PLC

07 October 2024

 

Reach - Non-Regulatory Announcement

7 October 2024

Solid State plc

("Solid State", the "Group" or the "Company")

Power Contracts to US Defence Sector totaling $5.1m

& Notice of Trading Update

Solid State plc (AIM: SOLI), the specialist value-added component supplier and design-in manufacturer of computing, power, and communications products, announces that Custom Power USA has been awarded two significant contracts with a combined value of $5.1m (£3.8m) from two leading defence prime contractors for battery packs to be used in the US defence sector.  

Both contract awards, made following lengthy and rigorous design phases, will utilise the battery packs in harsh environment applications in maritime and aerial technologies.  Deliveries will commence in early 2025 and are expected to conclude within the calendar year. Both programmes have the potential for multi-year framework agreements. 

Commenting on the contracts, Matthew Richards, Managing Director of Custom Power, said: "Whilst diverse in operating environments, these two contracts respectively required solutions that optimised size, weight and power for operation in harsh environments, which are key strengths for Custom Power. 

"We are delighted that in both instances, existing customers, who are leaders in their respective markets, selected our Fountain Valley California facility as their business partner for such prestigious programmes that have the potential to run for several years."

Notice of Trading Update

Solid State expects to announce a trading update for the six months to 30 September 2024 in November.

For further information please contact:

Solid State plc Gary Marsh - Chief Executive Peter James - Group Finance Director	Via Walbrook
Cavendish Capital Markets Limited (Nominated Adviser & Broker) Adrian Hadden / Callum Davidson (Corporate Finance) Jasper Berry / Tim Redfern (Sales / ECM)	020 7220 0500
Walbrook PR (Financial PR)                Tom Cooper / Nick Rome / Joe Walker	020 7933 8780 0797 122 1972 [e-mail]

Analyst Research Reports: For further analyst information and research see the Solid State plc website: https://solidstateplc.com/research/

Notes to Editors:

Solid State plc (AIM: SOLI) is a leading value-added electronics group supplying industrial and defence markets with durable components, assemblies and manufactured systems for use in critical applications, with a particular emphasis on harsh operational environments. Solid State's products are found around the world, from the ocean floor and into space, ensuring the smooth operation of systems that augment our everyday lives.

The Company has a core focus on industrial and ruggedised computing, battery power solutions, antennas, secure radio systems, imaging technologies, and electronic components & displays.

Operating through two divisions (Systems and Components) the Group thrives on complex engineering challenges, often requiring design-in support and component sourcing. Serving a wide range of industries, with a particular focus on defence, energy production, aerospace, environmental, oceanographic, industrial, robotics, medical, life sciences, and transportation, the Solid State trading brands have become synonymous with quality and reliability. The Group operates under the brands of Steatite, Solsta, Custom Power, Pacer, Active Silicon, Gateway and Durakool.

Solid State plc is headquartered in Redditch, UK, and employs over 400 people around the world. The business has seven production facilities in the UK and two in the USA. In total, including all office locations, the Group operates from 15 national and international sites.

Solid State was established in 1971 and admitted to AIM in June 1996.  The Group has grown organically and by acquisition - having made four acquisitions in the last four years.  

Take a look at the videos below for more insight into the Solid State Group.

Introduction to Solid State - https://youtu.be/1M_Q_B1mYic

Why invest in Solid State? - https://youtu.be/ShmTz6005ws

 

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