REG - Kromek Group PLC - Kromek granted £1.3m under Horizon Europe scheme

KromekAnnouncement

05/02/2024 07:00

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RNS Number : 0030C  Kromek Group PLC  05 February 2024

5 February 2024

 

Kromek Group plc

("Kromek" or the "Group")

 

Kromek granted £1.3m under Horizon Europe guarantee scheme

New joint project to develop AI-powered radiation sensor

 

Kromek Group plc (AIM: KMK), a leading developer of radiation and
bio-detection technology solutions for the advanced imaging and CBRN detection
segments, announces that it has been awarded a grant of £1.3m under the UK
Research and Innovation ("UKRI") Horizon Europe guarantee scheme to
participate in the Intelligent Radiation Sensor Readout System ("i-RASE")
project to develop a new class of radiation sensor powered by artificial
intelligence ("AI").

 

The i-RASE project, to be led by DTU Space, is a collaboration between
industrial and academic partners in Denmark, Germany, Norway and Italy to
design, build and test a new class of radiation sensor based on cadmium zinc
telluride ("CZT") and other advanced technologies. The aim is to develop a
radiation detector that leverages the latest developments in AI to facilitate
the retrieval of comprehensive information on incident radiation to improve
measurement accuracy and speed, while increasing energy efficiency. This
offers transformational potential for various radiation applications, such as
medical imaging, industrial inspection, scientific space instrumentation and
environmental monitoring. The project will start on 1 March 2024 and will run
for a period of 48 months.

 

i-RASE is part of the European Union's Horizon Europe programme, with which
the UK is associated, and is designed to facilitate collaboration and
strengthen the impact of research and innovation in developing, supporting and
implementing EU policies while tackling global challenges. Kromek is receiving
£1.3m from UKRI, on behalf of the UK government's Department for Science,
Innovation & Technology, to participate in the project.

 

Arnab Basu, CEO of Kromek, said: "With the increasing prevalence of AI,
Kromek has for several years been exploring the application of machine
learning across its technologies, and has generated some significant IP in
this area. This collaboration brings an opportunity to enhance our expertise
by working with field-leading partners throughout Europe, and ultimately lead
to improved capabilities of our products across our market segments."

 

 

 For further information, please contact:

  

Kromek Group plc
 Arnab Basu, CEO                                                        +44 (0)1740 626 060

 Paul Farquhar, CFO

 Cavendish Capital Markets Limited (Nominated Adviser and Broker)        
 Geoff Nash/Giles Balleny/Seamus Fricker - Corporate Finance            +44 (0)20 7220 0500

 Tim Redfern - ECM

 Michael Johnson/Tamar Cranford-Smith - Sales

 Gracechurch Group (Financial PR)
 Harry Chathli/Claire Norbury/Henry Gamble                              +44 (0)20 4582 3500

 

Kromek Group plc

 

Kromek Group plc is a leading developer of radiation detection and
bio-detection technology solutions for the advanced imaging and CBRN detection
segments. Headquartered in County Durham, UK, Kromek has manufacturing
operations in the UK and US, delivering on the vision of enhancing the quality
of life through innovative detection technology solutions.

 

The advanced imaging segment comprises the medical (including CT and SPECT),
security and industrial markets. Kromek provides its OEM customers with
detector components, based on its core cadmium zinc telluride (CZT) platform,
to enable better detection of diseases such as cancer and Alzheimer's,
contamination in industrial manufacture and explosives in aviation
settings.

 

In CBRN detection, the Group provides nuclear radiation detection solutions to
the global homeland defence and security market. Kromek's compact, handheld,
high-performance radiation detectors, based on advanced scintillation and
solid-state readout technology, are primarily used to protect critical
infrastructure, events, personnel and urban environments from the threat of
'dirty bombs'.

 

The Group is also developing bio-security solutions in the CBRN detection
segment. These consist of fully automated and autonomous systems to detect a
wide range of airborne pathogens.

 

Kromek is listed on AIM, a market of the London Stock Exchange, under the
trading symbol 'KMK'.

 

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