DroneShield lands $5m contract with Australian Defence Force
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The news: Defence tech company DroneShield has been awarded a $5 million contract by the federal government to supply handheld counter-drone equipment to the Australian Defence Force (ADF).
The numbers: DroneShield was awarded $5 million from a combined $16.9 million worth of contracts announced by Minister for Defence Industry Pat Conroy today. The contracts span 11 vendors, including five Australian companies.
DroneShield shares were last down 2.2% to $3.50, having surged more than 350% since the turn of the year.
The context: Under the terms of the contract, DroneShield will provide portable drone detection and defeat systems designed to support ADF personnel in identifying and mitigating unmanned aerial threats. The procurement forms part of the ADF's broader "Project LAND156" to accelerate the acquisition of counter-drone capabilities.
What they said: "We welcome the opportunity to support the Australian Defence Force through Project LAND156," said DroneShield's chief executive Oleg Vornik.
"This contract reflects the growing operational need for portable counter-drone capabilities and DroneShield's continued role in delivering solutions aligned with Defence requirements."
The source: ASX
