Reach - Non-Regulatory
Announcement
7 October 2024
Solid State
plc
("Solid
State", the "Group" or the "Company")
Power Contracts to US Defence
Sector totaling $5.1m
& Notice of Trading
Update
Solid State plc (AIM: SOLI), the
specialist value-added component supplier and design-in
manufacturer of computing, power, and communications products,
announces that Custom Power USA has been awarded two significant
contracts with a combined value of $5.1m (£3.8m) from two leading
defence prime contractors for battery packs to be used in the US
defence sector.
Both contract awards, made following
lengthy and rigorous design phases, will utilise the battery packs
in harsh environment applications in maritime and aerial
technologies. Deliveries will commence in early 2025 and are
expected to conclude within the calendar year. Both programmes have
the potential for multi-year framework agreements.
Commenting on the contracts, Matthew Richards, Managing
Director of Custom Power, 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."
Notice of Trading Update
Solid State expects to announce a
trading update for the six months to 30 September 2024 in
November.
For
further information please contact:
|
Solid State plc
Gary Marsh - Chief
Executive
Peter James - Group Finance
Director
|
Via Walbrook
|
|
Cavendish Capital Markets Limited
(Nominated Adviser &
Broker)
Adrian Hadden / Callum Davidson
(Corporate Finance)
Jasper Berry / Tim Redfern (Sales /
ECM)
|
020 7220 0500
|
|
Walbrook PR (Financial
PR)
Tom Cooper / Nick Rome / Joe
Walker
|
020 7933 8780
0797 122 1972
solidstate@walbrookpr.com
|
Analyst Research Reports:
For further analyst information and research see
the Solid State plc website:
https://solidstateplc.com/research/
Notes to Editors:
Solid State plc (AIM: SOLI) is a
leading value-added electronics group supplying industrial and
defence markets with durable components, assemblies and
manufactured systems for use in critical applications, with a
particular emphasis on harsh operational environments. Solid
State's products are found around the world, from the ocean floor
and into space, ensuring the smooth operation of systems that
augment our everyday lives.
The Company has a core focus on
industrial and ruggedised computing, battery power solutions,
antennas, secure radio systems, imaging technologies, and
electronic components & displays.
Operating through two divisions
(Systems and Components) the Group thrives on complex engineering
challenges, often requiring design-in support and component
sourcing. Serving a wide range of industries, with a particular
focus on defence, energy production, aerospace, environmental,
oceanographic, industrial, robotics, medical, life sciences, and
transportation, the Solid State trading brands have become
synonymous with quality and reliability. The Group operates under
the brands of Steatite, Solsta, Custom Power, Pacer, Active
Silicon, Gateway and Durakool.
Solid State plc is headquartered in
Redditch, UK, and employs over 400 people around the world. The
business has seven production facilities in the UK and two in the
USA. In total, including all office locations, the Group operates
from 15 national and international sites.
Solid State was established in 1971
and admitted to AIM in June 1996. The Group has grown
organically and by acquisition - having made four acquisitions in
the last four years.
Take a look at the videos below for
more insight into the Solid State Group.
Introduction to Solid State -
https://youtu.be/1M_Q_B1mYic
Why invest in Solid State? -
https://youtu.be/ShmTz6005ws
