Laser technology developer Applied Energetics Inc. said Wednesday it received an additional $1.8 million in funding for a contract with the U.S. Army to develop laser guided energy technology.

The award has a ceiling value of $13.4 million over a period of three years. The additional funding brings the total contract value to $4.9 million, the company said.

Applied Energetics said it expects to receive funding for the project incrementally.

The company developed the laser guided energy technology in 2002. It involves using a laser to guide a high-voltage electric charge against a target.

The project was commissioned by the Army's Research, Development and Engineering Command.

Read more at Canadian Business Online.