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17 Apr

2015

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Industrials

Durham-based Kromek awarded $2m DARPA contract extension amidst recent growth

Posted by on 17 Apr 2015

Durham-based Kromek, a radiation detection technology company focusing on the medical, security and nuclear markets, has been awarded $2m contract extension with the Defense Advanced Research Projects Agency (DARPA), an agency of the U.S. Department of Defense, for the volume supply of radiation network detectors.

After recently releasing its interim results, Kromek now expects to report full year revenues for the twelve months ending 30 April 2015 of £8.1m. This represents year-on-year growth of 38% and growth from the first half to the second half of 53%.

The company reportedly achieved its growth primarily through expansion in the number and scope of customer-funded development projects as well as direct sales of both end-user and component-level products for OEMs.

As announced in February 2015, the company won contracts across all three of its target segments and in multiple geographies. Kromek’s investment in additional sales and marketing resources is resulting in increased interest in its products and technology from a greater number of companies and organisations.

The programme with DARPA, which commenced in August 2014, is to develop an advanced personal detection system for gamma and neutron radiation that can be combined with other such systems to form large networks that can provide information on radiation signatures over an extended area. To date, Kromek has been awarded $4.35m in contracted revenues under the SIGMA programme with DARPA.

During the initial stages of SIGMA, Kromek developed a new product, the D3S, to meet the performance requirements of both gamma and neutron detection in a small form factor with excellent battery life.

This latest contract modification is for the production of 1,000 D3S detectors at a price of $1,000 per device. The funds under this contract modification will also be utilised to continue to develop more advanced detector solutions with additional capabilities in the coming months.  

Arnab Basu, CEO of Kromek, said: "Under the SIGMA programme, Kromek has developed a revolutionary new product, the D3S, which goes well beyond the state-of-the-art for performance.  We are delighted to receive another extension of the current contract from DARPA, which reflects the excellent progress the Kromek team has made.

“That we were selected by an agency of the U.S. government provides validation of our technological strength and capabilities, and demonstrates our leading position in the global markets. We look forward to achieving further milestones in this project and, ultimately, enabling safer environments for all."

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