CPS Technologies Corporation Announces Phase II Award from the Department of Energy
NORTON, Mass., Sept. 17, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”) today announced that it has been awarded its second Phase II SBIR contract this year. This award, from the U.S. Department of Energy, will provide funding of $1.1 million over 24 months for CPS to continue its development effort for “Modular Radiation Shielding for Transportation and Use of Microreactors.” The Company’s Phase II effort will again be led by materials scientist Matthew Karnick, who served as the principal investigator during the successful Phase I project.
“For the second time since June, we have received a Phase II SBIR award. This is great recognition for our team, as it acknowledges our ability to develop and deliver novel yet practical solutions in response to well-defined requirements. We are committed to addressing critical customer needs – in this case, lightweight shielding for nuclear radiation,” said Brian Mackey, President & CEO of CPS. “This project will enable us to expand our product portfolio and pursue a broader range of commercial opportunities. In addition, these awards are based on manufacturing technologies already in use at CPS, which we are leveraging to pursue customer applications in new markets. We are very excited about this award and what it means for the future of CPS.”
During Phase I, CPS successfully developed and tested lightweight, modular radiation shielding which can block both gamma and neutron radiation. Phase II will continue this work for two years, with a focus on further optimizing the materials developed in Phase I and scaling manufacturing processes for commercialization. For the Phase II effort, NETCO, a division of Curtiss-Wright Nuclear, will serve as a subcontractor to CPS. Curtiss-Wright has significant experience with radiation shielding, and their scope of work will include planning and executing radiation testing.
CPS filed a provisional patent application in July 2024 which captures the novel designs developed by the Company during Phase I. Commercial opportunities are being explored, with applications that satisfy both mobile and stationary requirements. Along with the Phase II SBIR contract received from the US Navy in June, the Company’s SBIR funding in recent years now exceeds $3 million.
About CPS
CPS is a technology and manufacturing leader in producing high-performance materials solutions for its customers. The company’s products and intellectual property address critical needs in a variety of applications, including electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, Navy ships, the smart electric grid, 5G infrastructure and others. CPS hermetic packages can be found in many Aerospace and Satellite applications. CPS’ armor products provide exceptional ballistic protection and environmental durability at very light weight. CPS is committed to innovation and to supporting our customers in building solutions for the transition to clean energy.
Safe Harbor
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2024 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward-looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
CPS Technologies Corporation
111 South Worcester Street
Norton, MA 02766
www.cpstechnologysolutions.com
Investor Relations:
Chris Witty
646-438-9385
cwitty@darrowir.com
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