significant contract win7 Feb 2023 14:06
February 2023
DeepVerge PLC
("DeepVerge" or "the Company" or "the Group")
Significant contract win and Board change
DeepVerge (AIM: DVRG), the environmental and life science group of companies that develops and applies AI and IoT technology to analytical instruments for the analysis and identification of bacteria, virus and toxins, announces a significant contract win, change to the board and to the role undertaken by an existing director.
Significant contract win
Glanaco, a subsidiary of DeepVerge acquired in March 2022, has secured a €10m (circa £9.3m) order from an existing customer in Central Asia for the design, assembly and supply of multi-function mobile equipment for use by municipalities for applications including cleaning, decontaminating, de-icing, and salting streets and public areas, with relevant data generated by the bespoke software designed by the Company's subsidiary Rinocloud.
The order comprises a design licensed to the customer, the initial c£3.2m revenues for which were included in the £17.2m (unaudited) total for 2022 announced on 9 January 2023, and production of 100 units which are contracted to be delivered in 2023, starting in March 2023, with revenues of c£6.1m. The order for 100 units will be managed by Glanaco's plant in Cork, Ireland where all assembly and testing will be undertaken.