Frequency Electronics Announces Contract Award For ~$9M To Deliver Advanced Atomic Clocks For A Satellite Navigation System For A New FEI, Non-US Government Customer

Author: Benzinga Newsdesk | November 27, 2023 05:08pm

Frequency Electronics, Inc. ("FEI" or the "Company") (NASDAQ-FEIM) announces that it has been awarded a multi-year contract of approximately $9M to deliver advanced atomic clocks for a satellite navigation system for a new FEI, non-US government, customer. Per this contract FEI will deliver atomic frequency standards for deployment on a demonstration satellite to confirm the effectiveness of the navigation system performance. This important award includes contract options with a potential production value of more than $70 million for additional clocks over the next 5 to 6 years. The award emphasizes FEI's position and strength in atomic standards technologies for both commercial and military satellite applications, and the company's ability to compete both domestically and internationally.

 

Tom McClelland, FEI CEO, commented, "We are excited about this opportunity to demonstrate our advanced atomic clocks in a space environment. This award underscores our strategic investment in cutting-edge atomic standards and proprietary in-house technologies for space applications."

Posted In: FEIM