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Business & Economy

Sedgefield’s Kromek secures nuclear contract worth at least $960,000

A County Durham technology firm has secured a nuclear sector contract worth at least $960,000 (£690,000).

Kromek is supplying its pioneering detection technology to an Asian-based customer.

Bosses at the company, based on Sedgefield’s NETPark, say the deal will see Kromek customise its cadmium zinc telluride (CZT) detector platform for integration into a new radiation detection product.

According to the terms of its deal, Kromek will receive $260,000 (£187,000) to tailor its technology, with a subsequent three-year supply arrangement worth a minimum of $700,000 (£504,000).

Dr Arnab Basu [pictured], chief executive at the Durham University spin-out, said: “We are delighted to have been designed into another product in the nuclear detection market.

“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.

“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.

“We look forward to developing this customised solution and expanding our relationship with this product manufacturer.”

The contract announcement comes just days after Kromek revealed it had raised £3 million through a share open offer to fund its ongoing market expansion plans, and secured two orders – worth a combined $750,000 (£540,000) – to supply medical imaging and nuclear security clients.