STI’s Conductus Wire Meets Performance Milestone for High Field Magnet Application
January 11 2016 - 06:30AM
Superconductor Technologies Inc. (STI) (Nasdaq:SCON), a world
leader in the development and production of high temperature
superconducting (HTS) materials and associated technologies,
reported its Conductus® wire achieved a significant milestone for
use in High Field Magnet applications. The company also provided an
update on qualification tests of Conductus wire completed in
December.
High Field Magnet Milestone In December, the
Paul Shaffer Institute (PSI) validated Conductus wire met the
critical current (Ic) objective of 500 Amps on a four millimeter
width operating in a high magnetic field of 12 Tesla (T) in a low
temperature at 4.2 Kelvin (K). This represents a 34% performance
improvement over previously tested Conductus wire. The wire tested
at PSI was manufactured on the full production machine utilizing
STI’s standard process. The in-field performance of Conductus
wire’s rare earth-barium-copper oxide (ReBCO) superconducting
compound far exceeds commercially available low temperature
superconducting material, such as niobium-titanium (NbTi), thereby
enabling companies and institutes like PSI to design and develop
new innovative products.
“PSI’s test results are an important validation of our wire and
we are honored to be working with the most advanced applied
researchers in the world at PSI,” stated Jeff Quiram, STI’s
president and chief executive officer.
Key Customer Update“STI remains focused on our
key customers as we work to successfully complete all acceptance
testing and certification. In mid-December, we received feedback
and detailed analysis from five customers on the most recent
testing of Conductus wire. After synthesizing the test data, we
designed and implemented an upgrade to our manufacturing production
machine over the holiday break. We plan to ship additional wire
against existing purchase orders to finalize qualifications with
key customers in the coming weeks,” Quiram concluded.
In the fourth quarter of 2015, STI shipped wire to seven
customers for superconducting fault current limiter (SFCL), high
performance magnets and NMR/MRI applications. The shipments
included two new customers for power and magnet applications.
About PSI PSI works with
global companies, government and academia and is the largest
research center for natural and engineering sciences within
Switzerland. For more background on PSI, visit www.psi.ch.
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.
Safe Harbor
Statement 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 (which
reserves are expected to be sufficient into the fourth quarter
2016, 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; 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, 2014 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.
Investor Relations Contact
Cathy Mattison or Kirsten Chapman
LHA
+1-415-433-3777
invest@suptech.com
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