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VIGO Photonics will provide an entity from the PGZ group with detectors…

VIGO Photonics will provide an entity from the PGZ group with detectors used in automatic fire detection and extinguishing systems in armored vehicles – contract for PLN 15.8 million

 

  • The contract worth PLN 15.8 million will be implemented until December 31, 2035 and includes an indexation clause
  • The contract is a confirmation of the trend of increasing orders in the military segment related to increasing expenditures on the country’s defense

 

VIGO Photonics S.A. (WSE: VGO), a global manufacturer of the most advanced photonic detectors and mid-infrared detection modules as well as semiconductor materials, has concluded an agreement with an entity from the Polska Grupa Zbrojeniowa S.A. group. annex to the agreement of October 16, 2017.

 

The subject of the Agreement is the delivery by VIGO of detectors in quantities specified each time by the customer who declared the purchase of a volume of detectors worth PLN 15.8 million in total (as at the date of signing the agreement).

The agreement was concluded for a definite period until December 31, 2035. Starting from 2025, the price for detectors will automatically be increased by indexing it by the average annual inflation rate published by the Central Statistical Office for the period of the calendar year preceding the year in which the price change takes place.

VIGO detectors delivered to the PGZ Group are one of the most important components of the explosion suppression and fire extinguishing system developed by Polish entities in tanks, combat vehicles and other vehicles for both military and civilian purposes.

For several quarters, we have been signaling clearly growing revenues from our military segment. In the first half of 2023, the segment’s revenues totaled over PLN 6 million (including PLN 3 million in Poland). This is the result of the geopolitical situation and significantly increasing spending on security and defense in the US and Europe, including Poland. We expect that these expenses, and thus our sales in this segment, will continue to increase, and the contract for detectors for the PGZ Group is a good omen for the nearest sales prospects of the segment – says Adam Piotrowski, President of the Management Board of VIGO Photonics.

 

We also have high hopes on the Polish market for the development of matrix detector technology in military applications. Recently, we have obtained positive test results of demonstrators of these products. This is particularly important to us, because VIGO plans to launch serial production of this type of matrices within two years, which will be used in the military industry, primarily in military vehicles equipped with thermal imaging cameras. We are deeply convinced that our infrared matrices will find recognition in the Polish army and that we will soon move to the implementation stage of this project – adds Adam Piotrowski.

 

On September 5-8 VIGO Photonics will participate in the 31st International Defense Industry Exhibition in Kielce (www.targikielce.pl/mspo), during which the company will present products intended for use in security and defense applications. On September 6, a lecture on the applications of VIGO Photonics products in the security and defense sector is planned, during the accompanying event “EPIC Technology Meeting on Photonics in Defense”.

 

Contact for the media and individual investors:

Piotr Piotrowski, cc group

piotr.piotrowski@ccgroup.pl, +48 697 613 010

 

Contact for institutional investors:

Malgorzata Mlynarska, cc group

malgorzata.mlynarska@ccgroup.pl, +48 697 613 709