Frequency Electronics Announces Contract Award For ~$25M

Author: Benzinga Newsdesk | November 14, 2023 05:55pm

Frequency Electronics, Inc. ("FEI" or the "Company") (NASDAQ-FEIM) announces a contract award of approximately $25m to deliver precision frequency-generation systems for a next generation national security satellite program. Under this contract, FEI will develop, manufacture, test and deliver a state-of-the-art frequency generation system to the prime contractor for integration into satellites. The hardware will provide the primary frequency reference for the spacecraft and enhance its mission effectiveness. As an important aspect of this program, FEI is targeted to deliver all the contracted hardware within a period of less than 24 months. This is part of an on-going effort to demonstrate the ability to deliver space hardware faster, in support of the US government goal of achieving a more resilient space presence. This high-performance, space qualified system is an evolution of FEI's technology which has been proven on numerous US government and commercial satellite programs over the last 62 years.

 

Tom McClelland, FEI CEO, commented, "We are very excited and well prepared to get started on this important space program, and are committed to delivering hardware that meets or exceeds requirements, on or ahead of schedule. We believe this significant award is a good example of the type of next-generation systems we have been working on, and is illustrative of why we are so optimistic about our future growth trajectory."

Posted In: FEIM