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Advanced Braking Technology (ASX:ABV) wins $240K defence contract
  • Advanced Braking Technology (ABV) has won a defence global competitiveness grant of $240,000 from the Centre for Defence Industry Capability
  • The company will use the money to strengthen its in-house manufacturing capabilities and to make defence vehicle parts
  • The grant money will be given in two parts and the entire amount will be received by no later than September 2021
  • On market close, ABV is up 5.88 per cent and is trading at 3.6 cents per share

Advanced Braking Technology (ABV) has won a defence global competitiveness grant to the value of $240,000.

The award came from the Centre for Defence Industry Capability (CDIC).

ABV is the pre-eminent supplier of fail-safe breaks for commercial vehicles in Australia.

The grant will provide funding for the manufacturing of defence vehicle components for use within ABV's designed braking mechanisms.

Additionally, the funds will be used to purchase machinery to allow ABV to manufacture specific components that form part of the braking mechanism.

"The award of this grant by the CDIC builds on the work already undertaken by ABV within the defence industry and will allow ABT to strengthen our in-house
manufacturing capability," CEO John Annand.

The grant money will be given over two financial years with $96,000 to be provided within the 2021 financial year. The remaining funds will be given to ABV in the 2022 financial year.

All funds will be received by September 2021.

"This investment in manufacturing capability supports the company’s strategy of positioning itself for the future and strengthens the foundations to drive scale, revenue diversification and innovation," he added.

On market close, ABV is up 5.88 per cent and is trading at 3.6 cents per share.


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