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LONDON - RC Fornax plc (AIM:RCFX) has secured a contract with a UK public sector space client following a competitive tender process, according to a press release statement issued Tuesday.
The initial contract is valued at approximately £370,000 and will run for six months. RC Fornax will serve as the lead contractor and integrator, heading a consortium of four specialist SMEs and academic partners from the UK and Europe.
Under the terms of the agreement, RC Fornax will retain full ownership of all intellectual property developed during the project. The contract was awarded through a framework structure that allows for potential follow-on phases and expanded scope.
"This marks RC Fornax’s first major success with a public sector tender and represents an important milestone in our development," said Paul Reeves, Chief Executive Officer of RC Fornax, in the announcement.
The UK-based consultancy specializes in delivering engineering solutions to the defense sector. This new contract extends its reach into the space sector, potentially opening additional revenue streams through the billions of pounds awarded annually through public sector procurement frameworks.
RC Fornax noted that the framework structure provides opportunities for recurring revenue, while ownership of the intellectual property creates potential for future commercialization or licensing beyond the initial engagement.
The company trades on the AIM market of the London Stock Exchange under the ticker RCFX.
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