Arotech Corporation (Nasdaq GM: ARTX) today announced that its Power Systems Division has recently received $8.5 million in a new order for rechargeable batteries from the Israel Ministry of Defense (IMOD). The IMOD also has an option to order an additional $8.5 million of rechargeable batteries on the same terms.
The order for 70,000 rechargeable batteries to operate radios and other systems will be manufactured by an Arotech subsidiary located in the town of Sderot in southern Israel . Delivery is not expected to begin until the fourth quarter of 2016.
"We are proud that the Israel Defense Forces, famous for their cutting-edge technology, have once again chosen to rely on Arotech-produced hardware," commented Arotech's President and Chief Executive Officer, Steven Esses . "This was an extremely competitive tender, and I am proud of our team, which won this tender against the substantial competition of five well-regarded companies, four Israeli and one American."
" Israel's Ministry of Defense is proud of the fact that more and more of the advanced technology used by the IDF is produced by factories in the periphery of Israel ," said Eliezer "Iko" Hasson, Senior Director for C4I Procurement at the IMOD Directorate of Procurement and Production. "The purchase of batteries and charging systems tailored to the modern battlefield will bring a quantum leap in the command and control capabilities of the IDF's combat units. This acquisition is in addition to orders of tens of thousands of batteries recently produced by Epsilor's operating facility in Dimona," concluded Hasson.
Source: Arotech Corporation
Date: Feb 22, 2016