Shares of blue laser technology solutions provider Nuburu (NYSE:BURU) are up in triple digits today after the company was selected for a position on the multiple award indefinite delivery indefinite quantity contract by the U.S. Department of Defense (DoD).
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The contract is for supporting the fabrication and delivery of prototypes as well as equipment for solid-state high-energy laser weapons. Nuburu already has expertise in laser diode, fiber optic, and optical subsystem production.
Further, the company is one of seven selected entities and will be eligible for participation in the contract which has a maximum ceiling of $75 million. Work for the contract is anticipated to be completed by March 2028.
Despite today’s price gains, BURU shares are still down nearly 34% so far in 2023.
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