VIGO Photonics S A : concluded a letter of intent with PCO S.A.

VIGO Photonics concluded a letter of intent with PCO S.A. regarding the implementation of infrared matrices for mass production and use in the Polish army

• The letter of intent with PCO is another confirmation of the growing demand of the military industry for modern technological solutions
• The effect of the cooperation is to be the implementation of Polish matrix detectors developed by VIGO into production and their introduction to trading/sale, including distribution by PCO
• Thanks to the cooperation, VIGO and PCO will be able to effectively implement Polish semiconductor solutions for military infrared technology devices

VIGO Photonics S.A. (WSE: VGO), a global manufacturer of the most advanced mid-infrared photonic detectors and detection modules and semiconductor materials, signed on September 7 this year during the International Defense Industry Exhibition in Kielce, a letter of intent from PCO S.A. regarding cooperation aimed at developing innovative solutions tailored to the needs of the modern battlefield, in particular infrared matrices based on T2SL (Type II Superlattice) supernet technology.

PCO is a leading manufacturer of high-class optoelectronic equipment, developing competences in the field of new defense technologies, producing, among others: thermal imaging cameras for military applications.

Thanks to cooperation, VIGO and PCO will be able to effectively implement Polish semiconductor solutions for military infrared technology devices. New generation products will provide new capabilities in a wide spectral range to Polish and allied armed forces in the area of ​​imaging and sensors. The cooperation between VIGO and PCO will cover the following areas: securing the supply chain, solutions for detecting threats on the battlefield, and preparing and implementing the technological strategy of both entities. The result of the cooperation is to implement Polish matrices developed by VIGO into production and introduce them to the market, including distribution by PCO. Implementation or production based on jointly developed technologies may only be undertaken by one of the parties or by another entity jointly determined by the parties.

Today's agreement is for PCO S.A. an important step. As an experienced company, we hope that thanks to this agreement, in the future, together with VIGO, we will undertake joint activities within the scope of our competences and potential, aimed at establishing and developing cooperation in the development and implementation of the production and marketing of cooled IR matrices, which PCO S.A. will use it in its own products and will be their distributor. We hope that the solutions developed will meet the expectations of the Polish army. And the products created thanks to this cooperation will be even more innovative than before - emphasizes Witold Słowik, President of the Management Board of PCO S.A.

We are very pleased with the joint venture with PCO in the preparation and implementation of infrared array technology in the Polish army. Thanks to the cooperation of VIGO Photonics and PCO S.A. Poland will join the elite group of countries with their own semiconductor technologies that can be used in the most modern optoelectronic devices on the modern battlefield. This will strengthen Poland's security and reduce the risk of interrupting the supply chains of critical components, which until now the Polish arms industry had to import from abroad. At the same time, our cooperation will allow for a technological leap and the introduction of the latest technological solutions, including the so-called T2SL supernets, which enable achieving better parameters than previously used products. Recently, we have obtained positive results from tests of array detector demonstrators. This is particularly important to us, because within two years we plan to launch serial production of this type of detectors, which will be used in the military industry, primarily in military vehicles equipped with thermal imaging cameras. Ultimately, we would like to become the main supplier of matrix detectors for the Polish military industry, as well as expand cooperation in VIGO's core business - detectors and detection modules - says Adam Piotrowski, President of the Management Board of VIGO Photonics S.A.

One of the elements of VIGO's strategy is the development of infrared detector array technology, which is used primarily in the military. Infrared detector arrays containing hundreds of thousands or millions of active pixels are used in thermal imaging cameras for military and space applications. The matrices, in addition to the active semiconductor structure detecting infrared radiation, also contain a complex cooling system based on the so-called Stirling refrigerators, as well as silicon reading systems. The production of these matrices also requires special technologies for encapsulating the entire system. VIGO matrices will be based on the latest technological solutions, including the so-called T2SL (Type II Superlattice) superlattices, which offer better quality and repeatability of the product, and also enable the detector to operate at higher temperatures.

For several quarters, we have been reporting clearly growing revenues from our military segment. In the first half of 2023, the total revenues of this segment amounted to over PLN 6 million (including PLN 3 million in Poland). This is the result of the geopolitical situation and significantly increasing spending on security and defense in the USA and Europe, including Poland. We expect that these expenses, and therefore our sales in this segment, will continue to increase. A few days ago, we signed a multi-year contract for the supply of detectors for PGZ, and now we have signed a letter of intent with PCO regarding the arrays - this is tangible confirmation of very good prospects for our military segment - adds Adam Piotrowski.

VIGO Photonics is participating on September 5-8 this year. at the 31st International Defense Industry Exhibition in Kielce (www.targikielce.pl/mspo), during which it presents products intended for use in security and defense applications. On September 6 this year There was a lecture on the applications of VIGO Photonics products in the security and defense sector, during the accompanying event "EPIC Technology Meeting on Photonics in Defense".

On August 29 this year VIGO announced that it had signed a contract with an entity from the PGZ Group for the supply of detectors with a total value of PLN 15.8 million (as at the date of signing the contract) by the end of 2035. VIGO detectors for the PGZ Group are one of the most important components of the explosion suppression and fire extinguishing system developed by Polish entities in tanks, combat vehicles and other vehicles for both military and civilian purposes.

Contact for the media and individual investors:

Piotr Piotrowski, cc group

[e-mail],, [phone]

Contact for institutional investors:

Malgorzata Mlynarska, cc group

[e-mail], [phone]