January 24, 2023:
Harvest Technology Group (ASX:HTG) (Company, Harvest, Group) is excited to announce that the initial deployment of its latest Nodestream™ Rugged (NSR) technology to a European Union Defence Force (Customer) has been highly successful. Following this initial deployment and motivated Customer feedback, HTG is in active discussions with the counterparty to ascertain next steps for an expanded rollout of the technology across the Customer’s asset base.
The deployment of Harvest’s technology into this sector reinforces the credibility of Nodestream™ technology to other potential customers who need reliable and ultra-secure communications with remote locations.
The supply of the technology for the trial was under Harvest’s standard terms for a 24-month licence commitment with a purchase order value of $60k USD. If secured, future orders have the potential to generate significant incremental revenue for HTG. While the dollar amount of expected new orders cannot be quantified at this time, the Company is currently mobilising personnel and resources to meet anticipated demand.
“The EMEA (Europe, Middle East and Africa) region is shaping up to be a very large market for Harvest this year, representing an emerging segment where we already have a small but growing customer base within the energy sector,” said Paul Guilfoyle, HTG CEO. “This deployment was a valuable opportunity to connect with key decision makers within this defence force and demonstrate the capability of our technology across different assets.”
The Company will continue to keep the market informed about any further updates relating to this Customer and in its upcoming quarterly report will advise on new business opportunities for this current quarter.
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