StockMarketWire.com - Radiation detection technology Kromek said Monday it had been awarded two new contracts worth a minimum of $2.6m from the US government to develop radiation detection solutions for the purposes of national defence and security.

The two contracts -- from US Department of Homeland Security and Defense Threat Reduction Agency -- are expected to be delivered over the next three years, with a potential two-year extension to $3.3m. The contracts are expected to generate revenue in the current financial year.

Under the contract from the US Department of Homeland Security, Kromek would develop CZT detector modules for commercial off-the-shelf detectors for advanced X-ray systems for passenger baggage screening.

The contract is worth $1.5m over two years.

The contract from Defense Threat Reduction Agency requires Kromek to develop the 'next generation' of handheld nuclear radiation detectors, which would bring further technology enhancements into Kromek's product portfolio.

The contract is for $1.05m over a period of three years with a potential $0.7 million extension for a further two years.




At 9:00am: [LON:KMK] Kromek Group PLC share price was +1.35p at 29.25p



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