Solid State PLC Secures $5.1 Million US Contracts for Defense Battery Packs

October 07, 2024 09:46 PM AEDT | By Team Kalkine Media

Solid State PLC Secures $5.1 Million US Contracts for Defense Battery Packs — Image source: Shutterstock

Key Defense Contracts for Harsh Environment Technologies

The contracts awarded to Custom Power USA will see the company deliver specialized battery packs for defense applications in both maritime and aerial sectors. These technologies require solutions optimized for size, weight, and power, ensuring reliability in challenging and extreme environments. The battery packs are expected to be delivered starting in early 2025, with all deliveries slated for completion by the end of the year. Solid State has also noted the potential for these contracts to evolve into multi-year agreements, providing further opportunities for sustained business growth in the defense market.

Strengthening Client Relationships and Industry Presence

Custom Power USA, based in Fountain Valley, California, has been selected as the business partner for these prestigious programs by existing customers who are recognized leaders in their respective fields. Matthew Richards, managing director of Custom Power, expressed his enthusiasm, highlighting the company’s success in meeting the demands of size, weight, and power optimization for operations in demanding conditions. The new contracts demonstrate Solid State's ability to maintain and expand its relationships with key defense clients, positioning the company for further long-term collaborations.

Strong Performance and Positive Market Response

Solid State’s announcement has led to a positive response from the market, with shares rising by 5.6% to 264p, giving the AIM-listed company a valuation of approximately £148 million. Investors are anticipating further updates from the company, with a trading report for the half-year ended 30 September scheduled for release in November. The company’s strong positioning in the defense market, combined with the potential for multi-year agreements, suggests continued growth and profitability ahead.

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