3 June 2014
Acorn Energy, Inc. (NASDAQ: ACFN) said that its DSIT Solutions Ltd. subsidiary has completed a design review, which is the first milestone of a contract received in late 2013 to supply and support an advanced underwater acoustic monitoring system.
The total value of the contract is in excess of USD14m of which USD11.2m is a fixed amount with the balance being contingent on the customer´s requirements.
DSIT develops and produces sonar applications for the defense, HLS, energy and commercial markets. For more information visit www.dsit.co.il.
Acorn Energy is a holding company whose four portfolio companies help their customers achieve greater productivity, reliability, security, and efficiency. GridSense provides monitoring for all critical points along the electricity delivery system. OmniMetrix remotely monitors emergency back-up power generation systems to increase their reliability. US Seismic Systems supplies fibre optic sensing solutions to increase oil/gas production and lower costs. DSIT provides security solutions from underwater threats to naval and marine based energy assets. For more information visit: http://www.acornenergy.com.