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(Sharecast News) - Value-added components supplier Solid State has been awarded "two significant contracts" with a combined value of $5.1m from two leading defence prime contractors for battery packs to be used in the US defence sector.
Solid State said on Monday that both contract awards, won by its Custom Power unit following "lengthy and rigorous" design phases, will utilise the battery packs in "harsh environment applications" in maritime and aerial technologies.
The AIM-listed group added that deliveries will commence in "early 2025" and were expected to conclude within the calendar year. It also said both programmes had the potential for multi-year framework agreements.
Matthew Richards, managing director of Solid State's Custom Power subsidiary, said: "Whilst diverse in operating environments, these two contracts respectively required solutions that optimised size, weight and power for operation in harsh environments, which are key strengths for Custom Power.
"We are delighted that in both instances, existing customers, who are leaders in their respective markets, selected our Fountain Valley California facility as their business partner for such prestigious programmes that have the potential to run for several years."
As of 1050 BST, Solid State shares had rallied 6.0% to 265.0p.
Reporting by Iain Gilbert at Sharecast.com
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