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– Increased Conductus wire critical current performance by 1.5X and magnetic performance by 2X –
– Recognized $1.2 million project revenue through May 2018 of the three-year $4.5 million total budget –
AUSTIN, Texas, July 31, 2018 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (STI) (Nasdaq:SCON) met with the US Department of Energy (DOE) on July 17th to review progress on the current next generation electric machines (NGEMs) project.
In conjunction with its partners TECO Westinghouse Motor Company (TECO), Massachusetts Institute of Technology (M.I.T), and the University of North Texas (UNT), STI has successfully achieved key first-year project milestones.
For its work on the project June 1, 2017, through May 31, 2018, STI recorded $1.2 million in government contract revenues, including approximately $580,000 in the first two months of the second quarter of 2018.
Jeff Quiram, STI’s president and CEO, stated, “Together with our NGEM project partners, TECO, M.I.T, and UNT, we have achieved the key milestones for the first year of our NGEM project. We look forward to reporting on these results and our continued progress as we shift our focus to year two objectives. We would also like to thank our commercial partners for their assistance as we implement the performance enhancements that align with our larger commercial Conductus wire product development efforts. We have started to produce our enhanced Conductus wire optimized for high field low temperature applications and remain on track to begin shipments of Conductus wire in the third quarter of 2018 to multiple commercial customers for evaluation purposes.”
DOE NGEM Project
STI is the prime recipient of a $4.5 million, three-year project award that commenced in June 2017 under the DOE’s broad goal of advancing American manufacturing competitiveness by improving industrial motor efficiency to significantly reduce energy usage and the cost of operation. The NGEM DOE project is divided into three annual segments:
STI is the project leader for this program and brings together industry leaders to support the DOE project goals. Each of the participants bring a key attribute required for the project.
About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc. is a global leader in superconducting innovation. Its Conductus® superconducting wire platform offers high performance, cost-effective and scalable superconducting wire. With 100 times the current carrying capacity of conventional copper and aluminum, superconducting wire offers zero resistance with extreme high current density. This provides a significant benefit for electric power transmission and also enables much smaller or more powerful magnets for motors, generators, energy storage and medical equipment. Since 1987, STI has led innovation in HTS materials, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than 20 years STI utilized its unique HTS manufacturing process for solutions to maximize capacity utilization and coverage for Tier 1 telecommunications operators. Headquartered in Austin, TX, Superconductor Technologies Inc.'s common stock is listed on the NASDAQ Capital Market under the ticker symbol “SCON.” For more information about STI, please visit http://www.suptech.com.
Statements in this press release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors, which could cause actual results to differ materially from the forward-looking statements. These factors and uncertainties include, but are not limited to: our limited cash and a history of losses; our need to materially grow our revenues from commercial operations and/or to raise additional capital (which financing may not be available on acceptable terms or at all) in the very near future, before cash reserves are depleted, to implement our current business plan and maintain our viability; the performance and use of our equipment to produce wire in accordance with our timetable; overcoming technical challenges in attaining milestones to develop and manufacture commercial lengths of our HTS wire; the possibility of delays in customer evaluation and acceptance of our HTS wire; the limited number of potential customers and customer pressures on the selling prices of our products; the limited number of suppliers for some of our components and our HTS wire; there being no significant backlog from quarter to quarter; our market being characterized by rapidly advancing technology; the impact of competitive products, technologies and pricing; manufacturing capacity constraints and difficulties; the impact of any financing activity on the level of our stock price; the dilutive impact of any issuances of securities to raise capital; the steps required to maintain the listing of our common stock with a U.S. national securities exchange and the impact on the liquidity and trading price of our common stock if we fail to maintain such listing; the cost and uncertainty from compliance with environmental regulations; and local, regional, and national and international economic conditions and events and the impact they may have on us and our customers.
Forward-looking statements can be affected by many other factors, including, those described in the "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of STI's Annual Report on Form 10-K for the year ended December 31, 2017 and in STI's other public filings. These documents are available online at STI's website, www.suptech.com, or through the SEC's website, www.sec.gov. Forward-looking statements are based on information presently available to senior management, and STI has not assumed any duty to update any forward-looking statements.
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