OTAQ PLC - Lancaster-based producer of marine technology for offshore oil and gas industries - Wins new and exclusive multi-year contract to supply Minnowtech with its sonar technology. Minnowtech provides technology for managing shrimp farming around the world and has developed a proprietary shrimp biomass product which uses OTAQ's sonar. Signing of the new contract begins with an initial order for over USD200,000 of sonars with an expectation of further orders from 2022. Separately, OTAQ notes continued progress on a number of other projects including developing live plankton analysis system in partnership with Blue Lion Labs and railway trials using OTAQ's tracking technology. Also notes first stage application for a "significant EU development grant", with the second stage application expected in 2022.
OTAQ Chief Executive Phil Newby comments: "We are delighted to see the continued progress at Minnowtech. It is well placed for growth and we look forward to working with its team in successfully launching their biomass solution which utilises our sonar technology."
Current stock price: 24.00 pence
Year-to-date change: down 13%
By Will Paige; willpaige@alliancenews.com
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