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XTEK has international commercial order for XTclave™ Plates upsized

The order is for use by the Finnish Defence Forces and follows an extensive validation and testing process for qualification purposes by the Finnish Army

XTEK Ltd - Xtek receives first international commercial order for XTclave™ Plates
XTEK expects to soon begin exporting ballistic products to the US

XTEK Ltd (ASX:XTE) has had the international commercial order for its lightweight XTclave™ manufactured ballistic plates doubled and is now worth approximately A$2 million.

The initial order from CPE Production Oy was placed in early May and this has now been upsized.

This order is for use by the Finnish Defence Forces and follows an extensive validation and testing process for qualification purposes by the Finnish Army, which resulted in the initial order.

External validation

The increased order demonstrates external validation and illustrates the strong demand for XTEK’s novel technology.

XTEK managing director Philippe Odouard said: “XTEK’s international strategy underpins strong growth expectations, with international markets representing a significant commercial opportunity.

“This increased order illustrates XTEK’s increasing demand from international customers.”

Shares higher

Shares are almost 4% higher at 67 cents and have risen from 39.5 cents at close on March 23.

The company is well-placed to receive further orders through discussions with other potential customers and strategic parties.

US exports in near-term

Further, XTEK expects to soon begin exporting ballistic products to the US.

Odouard added: “XTEK is in a strong position to execute on its strategy and achieve further international orders, with discussions with other potential customers and strategic parties ongoing.

“We also plan to leverage our established US network and commence exporting XTclave™ manufactured products to the US in the near-term.”

XTEK is well-placed to service the growing demand for new generation armour and helmets from domestic and international customers with its new XTclave™ manufacturing centre in Adelaide, providing a commercial-scale manufacturing capability using its advanced composite technology.

Quick facts: XTEK Ltd

Price: 0.86 AUD

ASX:XTE
Market: ASX
Market Cap: $45.72 m
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XTEK Ltd secures significant first international commercial order for its...

  XTEK Ltd's (ASX:XTE) Philippe Odouard tells Proactive's Andrew Scott winning their first international commercial order for its lightweight XTclave™ manufactured ballistic plates is a key milestone for the firm. The order from CPE Production Oy for use by the Finnish Defence Forces...

on 7/5/20

2 min read