Acorn Energy, Inc. (NASDAQ: ACFN), announced today that its DSIT Solutions Ltd. subsidiary has completed a design review, which is the first milestone of a contract received in late 2013 to supply and support an advanced underwater acoustic monitoring system. The total value of the contract is in excess of $14 million of which $11.2 million is a fixed amount with the balance being contingent on the customer's requirements.
Dan Ben-Dov, DSIT's Vice President for Sales and Marketing commented, "This order further strengthens DSIT's leading position in the area of underwater acoustic based security and defense systems. We highly respect the customer's professional screening process and are proud that it found our advanced underwater monitoring system to be the most cost-effective solution in the market."
Benny Sela, CEO of DSIT, remarked, "We are thankful for this vote of confidence in our technology and capabilities. As the contract signed calls for the supply, support and long-term maintenance of the system, we expect to have a long, productive relationship with the customer and will give this project the utmost attention and priority."
Source: Acorn Energy, Inc.
Date: Jun 2, 2014