Sedgefield-based Kromek announces multiple deals worth almost $1m

The radiation detection technology firm has secured contracts with new and existing clients, in the medical, nuclear and security markets.

Arnab Basu, chief executive of Kromek
Arnab Basu, chief executive of Kromek

Radiation detection specialists Kromek have signed deals worth almost $1m with new and existing customers.

The Sedgefield-based detection technology firm, which focuses on the medical, security and nuclear markets, updated shareholders with news that it has signed multiple new contracts, worth a total of $982,000 (£625,000) with both existing and new clients across its key target segments.

In the nuclear detection and security markets, Kromek has secured two new customers, with orders worth a combined $452,000 (£287,000), from two global manufacturers based in the US.

Kromek will provide the clients with a portfolio of patented nuclear detectors to enhance their radiation detection capabilities for security applications.

The two new contracts will be delivered within the next 18 months, with the majority of the orders expected to be completed and delivered in the current financial year.

Within the medical market, Kromek has secured two new contracts, totalling $530,000 (£337,000), from existing customers.

The first contract is a repeat order for the supply of its Cadmium Zinc Telluride (CZT) detectors to a long standing customer in the Single Photon Emission Computed Tomography (SPECT) market.

The second order is for the delivery of Kromek’s ASIC – application-specific integrated circuit – based on unique intellectual property, to a global player in the medical imaging market.

The company expects to deliver both contracts over the next 24 months.

Arnab Basu, chief executive officer of Kromek, said: “We are delighted to secure four new contracts and to add two leading OEMs original equipment manufacturers) in the nuclear detection field as new customers.

“The agreements are a clear indication of Kromek’s continued progress across its key target segments.

“The deals further diversify our customer base, strengthen existing relationships and demonstrate confidence in our patented CZT-based technology and products, which continue to gain traction worldwide.”

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