Kromek Group PLC (LON:KMK) has been awarded a contract worth a minimum of US$960,000 by a customer that wants to use Kromek’s radiation technology.
The group said around US$150,000 of the contract revenue will be realised in the current financial year.
Kromek will receive US$260,000 to customise its cadmium zinc telluride (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. Kromek will then supply the customised platform under a three-year contract, which is worth a minimum of US$700,000.
“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,” said Arnab Basu, the chief executive of Kromek.
“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,” he added.