Supply Agreement between Velocity Composites and A European Engine Manufacturer

June 25 2018

Velocity Composites plc has been notified of an award to supply its composite material kits to a new customer based in continental Europe. The customer is a Tier 1 manufacturer of component parts for the Leading Edge Aviation Propulsion ("LEAP") engines used on the latest generation of single aisle aircraft including the Airbus A320 NEO and Boeing 737 Max platforms.

Following receipt of this award, manufacturing will now commence, with the finalization of the Long Term Agreement between the parties, to be concluded shortly, which will run through to December 2020. It is envisaged that work on LEAP engines under this agreement could contribute up to $6 million to Velocity’s revenues over this period.

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