Kromek awarded $1.8m funding from DTRA

RNS Number : 0837C

Kromek Group PLC

27 September 2018

 

27 September 2018 

Kromek Group plc

("Kromek" or the "Company")

Kromek awarded $1.8m funding from US Defense Threat Reduction Agency  

Funding to develop next-generation radiation detection device to meet future military challenges

Kromek (AIM: KMK), a radiation detection technology company focusing on the medical, security and nuclear markets, is pleased to announce that it has been awarded a contract by the US Defense Threat Reduction Agency ("DTRA"), an agency of the US Department of Defense, under a previously announced agreement, to develop a next-generation Radionuclide Identification Device to meet future military operational challenges. The funding, which totals $1.8 million, will be delivered over the two-year project period. 

Under the terms of the contract, Kromek will enhance its D3S platform to develop a next-generation, ruggedised small form factor for use in the military field. By using advanced detector materials, the device will generate higher resolution detection and superior localisation and identification of radioactive material for use by the US military in combat environments.

Dr Arnab Basu, CEO of Kromek, commented: "We are seeing considerable traction for our D3S radiation detectors as they continue to prove their efficacy in the security markets globally. This project with the DTRA highlights the versatility of our technology platform as we develop a ruggedised device capable of identifying radioactive threats in a military environment. Our long-term relationship with multiple agencies of the US Department of Defense is the result of a shared commitment to develop next-generation technology and we look forward to continuing this work with the DTRA." 

For further information, please contact:

Kromek Group plc
Arnab Basu, CEO Derek Bulmer, CFO	[phone]
Cenkos Securities plc (Nominated Adviser and Joint Broker)
Max Hartley (NOMAD) Julian Morse (Sales)	[phone]
Cantor Fitzgerald Europe (Joint Broker)
Philip Davies Will Goode	[phone]
Luther Pendragon Ltd (PR)
Harry Chathli Claire Norbury Alexis Gore	[phone]

About Kromek Group plc

Kromek Group plc is a UK 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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