ProPhotonix wins five-year contract with Fortune 50 customer
ProPhotonix on Thursday signed a five-year supply agreement with an unnamed Fortune 50 conglomerate for custom LED illumination devices and maintenance products.
Whilst the agreement does not require that the customer make any purchases, the AIM-traded LED technology designer and manufacturer said it expected revenue could reach approximately $1.0m per annum.
The custom LED illumination devices will feature a design that incorporates multi-wavelength configurations and automated software to control spectral balance and the automated configuration of hardware deployment.
President and chief executive Tim Losik said: "The agreement is the culmination of nearly four years of work with our customer, ultimately delivering innovative solutions and capability that will provide them with a superior market solution.
"These solutions do more than just provide light - they communicate with the control features of the entire system through our custom software and design features."
ProPhotonix shares were up 20.57% at 2.11p at 1220 BST.