inTEST Receives Nearly $2 million in Orders for Thermonics Chillers for Electric Vehicle Production
May 05 2023 - 7:00AM
Business Wire
inTEST Corporation (NYSE American: INTT), a global supplier of
innovative test and process technology solutions for use in
manufacturing and testing in key target markets which include
automotive/EV, defense/aerospace, industrial, life sciences,
security, and semiconductor (“semi”), today announced that it has
received from a major manufacturer of automobiles and electric
vehicles (“EV”), $2 million in orders to provide a range of
Thermonics Chillers with cooling capacities up to 14kw at -40
degrees Celsius. Units are scheduled to be delivered in the second
half of 2023.
Nick Grant, President and CEO of inTEST, commented, “This win is
a demonstration of the breadth of innovative test and process
technology solutions we are providing to the EV market and an
initial win for our Environmental Technologies Division in this
targeted space. With this win, we now can add chillers as
innovative solutions for the EV market, complementing our induction
heating and battery testing solutions. It also is a testament to
the effectiveness of our 5-Point Strategy for growth as we
implement proactive sales and marketing strategies to identify,
pursue and close on a broader array of opportunities in target
markets. We expect to leverage this win to uncover more
opportunities to expand our presence in this growth industry.”
inTEST’s Environmental Technologies Division will be supplying
its Thermonics Chillers for use during testing, development and
production of advanced, high-powered traction inverters which
manage the flow of energy from the battery pack to the motor.
Innovations in semiconductors and the application of silicon
carbide (SiC) enable the recent advances in newer traction
inverters. inTEST’s chillers are used to provide the required
cooling needed for both the development of inverter technologies as
well as providing test environments for production
applications.
About inTEST Corporation
inTEST Corporation is a global supplier of innovative test and
process technology solutions for use in manufacturing and testing
in key target markets including automotive, defense/aerospace,
industrial, life sciences, and security, as well as both the
front-end and back-end of the semiconductor manufacturing industry.
Backed by decades of engineering expertise and a culture of
operational excellence, inTEST solves difficult thermal,
mechanical, and electronic challenges for customers worldwide while
generating strong cash flow and profits. inTEST’s strategy
leverages these strengths to grow organically and with acquisitions
through the addition of innovative technologies, deeper and broader
geographic reach, and market expansion. For more information, visit
www.intest.com.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. These statements do not convey historical
information but relate to predicted or potential future events and
financial results, such as statements of the Company’s plans,
strategies and intentions, or our future performance or goals, that
are based upon management's current expectations. These
forward-looking statements can often be identified by the use of
forward-looking terminology such as “could,” “expects,” “may,”
“will,” “plan,” “potential,” “anticipates,” “targets,” or similar
terminology. These statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements.
Such risks and uncertainties include, but are not limited to,
any mentioned in this press release as well as the Company’s
ability to execute on its 5-Point Strategy, achieve high
single-digit growth in 2023, realize the potential benefits of
acquisitions and successfully integrate any acquired operations,
grow the Company’s presence in its key target and international
markets, manage supply chain challenges, convert backlog to sales
and to ship product in a timely manner; the success of the
Company’s strategy to diversify its markets; the impact of
inflation on the Company’s business and financial condition; ;
indications of a change in the market cycles in the semi market or
other markets served; changes in business conditions and general
economic conditions both domestically and globally including rising
interest rates and fluctuation in foreign currency exchange rates;
changes in the demand for semiconductors; access to capital and the
ability to borrow funds or raise capital to finance potential
acquisitions or for working capital; changes in the rates and
timing of capital expenditures by the Company’s customers; and
other risk factors set forth from time to time in the Company’s
Securities and Exchange Commission filings, including, but not
limited to, the Annual Report on Form 10-K for the year ended
December 31, 2022. Any forward-looking statement made by the
Company in this press release is based only on information
currently available to management and speaks to circumstances only
as of the date on which it is made. The Company undertakes no
obligation to update the information in this press release to
reflect events or circumstances after the date hereof or to reflect
the occurrence of anticipated or unanticipated events, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230505005062/en/
inTEST Corporation Duncan Gilmour Chief Financial Officer
and Treasurer Tel: (856) 505-8999
Investors: Deborah K. Pawlowski Kei Advisors LLC
dpawlowski@keiadvisors.com Tel: (716) 843-3908
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