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190.00 -5.00 (-2.56%)

Bid:

185.00

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Spread: 10.00 (5.405%)

Market Cap: £107.79m

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Solid State notes Custom Power contracts with US defence sector

Mon, 07th Oct 2024 12:36

(Alliance News) - Solid State PLC on Monday noted contract wins by its Custom Power LLC USA brand to the combined value of USD5.1 million.

The Worcestershire-based electrics supplier acquired Custom Power in August 2022.

Solid State said that Custom Power has been awarded two contracts for battery packs to be used in the US defence sector. Both contracts are with leading defence prime contractors, whom Solid State didn't name, and will utilise the battery packs in harsh environments related to maritime and aerial technologies.

The battery packs are due to be delivered in early 2025 and the contracts are expected to conclude within the calender year, but hold the potential for multi-year framework agreements.

Custom Power Managing Director Matthew Richards 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."

Shares in Solid State were up 2.0% at 255.00 pence each in London on Monday afternoon.

By Emily Parsons, Alliance News reporter

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