The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • 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.

ABV by the numbers
More From The Market Online
FBR

FBR and Liebherr elevate construction tech with Hadrian X Robots in Miami, US

Robotic technology company, FBR (ASX:FBR) has announced an agreement with Liebherr USA Co. entailing Liebherr's facilities…

Boral tells shareholders to ignore Seven’s takeover offer, for now

Excitement around one of the larger early-year deals on the ASX will have to wait as…

Brambles’ strong 1H FY24 result proof of a recovering global supply chain

Logistics giant Brambles (ASX:BXB) – an A$21 billion logistics company that is well known for being…

LaserBond secures 40pc stake in Gateway Group

LaserBond (ASX:LBL) has signed an agreement to acquire a 40 per cent equity stake in Gateway…