CVD Equipment Corporation Receives First Production System Order for Nanomaterials Used in Electric Vehicle Energy Storage
CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems, announced today that it has received a production system order from a major, US-based, electric vehicle battery material manufacturer for approximately $1.7M. The system is planned to ship to the customer in the first quarter of 2022.
Significant growth in electric vehicles sales is projected in the years to come. With next-generation, lithium ion battery material development moving from research and development to production, we believe CVD is focused to benefit from the increased demand of carbon nanotubes (CNTs), carbon nanofibers (CNFs), silicon nanowires (Si-NWs) and other nanotechnology materials. These materials enable increased energy density and charge speed as well as decrease the cost per kWh. Chemical vapor deposition is a key manufacturing process to make these new battery materials. CVD Equipment has an extensive history of over 20 years designing and manufacturing CVD tools to advance the state of the art in nanotechnology materials.
“CVD is pleased to receive this order contract. It is affirmation of the strategic direction of the company to produce equipment for materials in high growth nanotechnology material markets. We look forward to growing our market presence in these Green Technology emerging markets,” said Emmanuel Lakios, President and CEO of CVD Equipment Corporation.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials, metal surface treatments, and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements,” as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the COVID-19 pandemic, the success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements. Past performance in not a guaranty of future results.
Thomas McNeill, EVP & CFO
Phone: (631) 981-7081
Fax: (631) 981-7095