Applied Energetics, Inc., (AERG) announced it has been awarded increased funding for its existing contract from the U.S. Army's Research, Development and Engineering Command for the continued development and advancement of the company's Laser Guided Energy or LGE technology in the amount of $1.8 million.
Speaking about Laser Guided Energy, the company stated that it is a transformational weapon technology by which a controllable high voltage electric charge can be precisely guided by a laser through the atmosphere to induce a range of effects against a variety of targets.
The award is a cost plus fixed fee Ordnance Technology Initiative Agreement with a ceiling value of $13.4 million over a period of performance of three years. The additional funding brings the total contract value to $4.9 million, Applied Energetics added.
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