8th Apr 2024 15:22
(Correcting the share price)
(Alliance News) - NARF Industries PLC has secured a USD500,000 contract with the US Department of Energy's Office of Cybersecurity Energy Security & Emergency Response, to bolster the nation's "critical infrastructure".
Shares in the cybersecurity company fell 2.0% to 1.25 pence each in London on Monday afternoon.
London-based NARF will join a team working on a three-year project called DISCOVER, which stands for Digital Twin Security & Code Verification. The cybersecurity project is focused on the power grid, utilities, pipelines and renewable energy sources.
Led by New York University's Tandon School of Engineering, the team also includes electric and gas utility Con Edison Inc, the University of Illinois and Pennsylvania State University.
"NARF's integral role in the project is to define a market transition path for DISCOVER to make the technology available to a broad set of utilities and asset owners with a wide variety of constraints and use cases," NARF explained.
Chief Executive Officer Steve Bassi added: "While NARF will receive circa 10% of the three-year USD4.8 million grant, our biggest win is being chosen to be part of such an illustrious team.
"These exciting initiatives aimed at mitigating risks and enhancing the resilience of critical energy infrastructure will employ cutting-edge methodologies designed by world leaders to assess software and firmware updates prior to their integration into real-world devices within power systems."
By Emily Parsons, Alliance News reporter
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