LightPath Technologies Awarded Funding by European Space Agency to Advance Chalcogenide Optics for Usage in Space
- S&P 500, Nasdaq notch biggest weekly losses since March
- S&P 500 could end the year over 10% higher from here - Piper Sandler
- Citi says Meta shares to rally in near term on share gains, upcoming AI event
- Ads are coming to Amazon Prime Video next year; Stock pops
- 'Sell the last rate hike' strategy is in action, stocks could fall further - BofA's Hartnett
ORLANDO, FL / ACCESSWIRE / December 9, 2021 / LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared components and high-level assemblies, today announced that it has been awarded a grant by the European Space Agency (ESA) to further develop chalcogenide materials for use in space applications as an alternative to germanium crystals currently in use. Drawing from, extensive expertise in optical elements production from both materials (germanium and chalcogenide glasses), LightPath's subsidiary in Latvia, ISP Optics, will evaluate and compare properties of the chalcogenide glass coated with antireflective coating with the same type of parts manufactured from germanium to validate the usage in space industry applications.
The funding awarded to LightPath by ESA will be used to develop chalcogenide glass materials, such as its Black Diamond" ("BD6""), to replace germanium in space imaging and communication systems. Germanium oxide is a rare material, derived primarily from large deposits of fossil germanium in China and Russia. LightPath's BD6chalcogenide line of infrared lenses is an ideal alternative to products made from germanium. BD6 thermal imaging lenses and related assemblies are produced using the Black Diamond"chalcogenide-based glass compound developed internally by LightPath. Chalcogenide glass material is inherently optically athermal in addition to offering great transmission over a very wide range of temperature, making it ideal for diversified industrial uses.
The market for commercial satellite imaging is forecasted to grow at a CAGR of 10.8% and reach $7 Billion by 20301. LightPath is a global leader in infrared optics and has recently been positioning itself to serve the growing market of optics for space applications. This project follows recent announcements made by LightPath of obtaining the exclusive license for infrared materials developed by the U.S. Navy Research Labs, as well as its announcement of funding received from Space Florida for the co-development of a thermal camera for low earth orbiting applications, together with RP Optical Lab Ltd. of Israel.
"We are excited to be chosen as an exclusive partner by the European Space Agency to explore and further develop the next generation of infrared materials for use in space. This award is a vote of confidence in our decision to focus on infrared imaging, and on the investments made in recent years in our operation in Latvia," said LightPath Latvia's General Manager, Eriks Bedikis.
About the European Space Agency (ESA)
The European Space Agency (ESA) provides Europe's gateway to space. ESA is an intergovernmental organisation, created in 1975, with the mission to shape the development of Europe's space capability and ensure that investment in space delivers benefits to the citizens of Europe and the world. ESA has 22 Member States: Austria, Belgium, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland and the United Kingdom. Slovenia, Latvia and Lithuania are Associate Members.
ESA has established formal cooperation with six Member States of the EU. Canada takes part in some ESA programmes under a Cooperation Agreement. By coordinating the financial and intellectual resources of its members, ESA can undertake programmes and activities far beyond the scope of any single European country. It is working in particular with the EU on implementing the Galileo and Copernicus programmes as well as with Eumetsat for the development of meteorological missions.
Learn more about ESA at www.esa.int
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries. LightPath designs and manufactures proprietary optical and infrared components including molded glass aspheric lenses and assemblies, custom molded glass freeform lenses, infrared lenses and thermal imaging assemblies, fused fiber collimators, and proprietary Black DiamondTM ("BD6") chalcogenide-based glass lenses. LightPath also offers custom optical assemblies, including full engineering design support. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in Latvia and China.
LightPath's wholly-owned subsidiary, ISP Optics Corporation, manufactures a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses. ISP's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting and advanced coating technologies.
For more information on LightPath and its businesses, please visit www.lightpath.com.
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, and include, for example, statements related to the expected effects on the Company's business from the COVID-19 pandemic. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the duration and scope of the COVID-19 pandemic and impact on the demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; actions governments, businesses, and individuals take in response to the pandemic, including restrictions on onsite commercial interactions; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on 10-Q. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
Mark Palvino, VP of Global Sales
LightPath Technologies, Inc.
SOURCE: LightPath Technologies, Inc.
View source version on accesswire.com:
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Cardone Ventures, Co-Founded by Grant Cardone and Brandon Dawson, Announces the Launch of 10X Insurance
- Turbo Energy (TURB) Prices 1M ADS IPO at $5/sh
- Paving the Way for Expertise Access: Consulting Demand Explores the Multi-Dimensional Role of Specialized Consulting
Create E-mail Alert Related CategoriesAccesswire, Press Releases
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!