Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Technology company, Patriot One (TSXV:PAT), has been awarded a contract to supply threat detection software for the Canadian Royal Navy
  • The contract is valued at C$780,000
  • Innovation Solutions Canada, a government initiative, helped organise the arrangement.
  • Patriot One designs and deploys threat-detection software which can detect concealed weapons and potential attackers.
  • Patriot One Technologies (PAT) is up 7.46 per cent, with shares currently trading for C$1.44

Patriot One Technologies (PAT) has been awarded a contract with the Canadian Royal Navy valued at C$780,000.

Innovation Solutions Canada organised the arrangement between Patriot one and The Canadian Department for National Defence.

Patriot One will provide PATSCAN Multi-Sensor Covert Threat Detection Platform to the Navy. The platform is an AI-based system which takes radar, video, magnetic and chemical samples from the environment to detect concealed weapons or threats in a given environment. 

The company hopes that these “softer” less direct forms of concealed-threat detection will replace the more traditional security checks, such as walk-through metal detectors, and physical pat downs, which are currently used to keep facilities safe. 

The Canadian Royal Navy is looking to roll out this system in its ports around the world to guard against terrorist attacks or active-shooter scenarios. 

Innovation Solutions Canada, formerly known as the Build In Canada Innovation Program, source contracts for government initiatives as well as funding Canadian based R&D programs. 

Patriot One Technologies (PAT) is up 7.46 per cent, with shares currently trading for C$1.44 

More From The Market Herald

" Record revenue for California Nanotechnologies (TSXV:CNO) fiscal 2022

California Nanotechnologies (CNO) announced record revenues of US$1,081,500 for the year ending February 28, 2022, a 39 per cent increase from last year.
Electrovaya - Elmira Memarzadeh, Director of Engineering Programs.

" Electrovaya (TSX:EFL) granted U.S. patent for lithium-ion electrode

Electrovaya (EFL) has received a U.S. patent for a unique battery electrode microstructure.
NEO Battery Materials - CEO, Spencer Huh (left) and A&P CEO, Hak Soo Jeon.

" NEO Battery Materials (TSXV:NBM) announces $3M investment from Automobile & PCB

NEO Battery Materials (NBM) has secured a C$3M investment from Automobile & PCB (A&P).