EMCORE Awarded Long-Term Production Contract for Custom MEMS Gyroscopes for Advanced Wellbore Survey Equipment
May 04 2022 - 4:05PM
EMCORE Corporation (Nasdaq: EMKR), a leading provider of advanced
mixed-signal products that serve the aerospace & defense,
communications, and sensing markets, announced today that it has
been awarded a long-term production contract valued at
approximately $21 million over 10 years for custom MEMS gyroscopes
designed for advanced, precision wellbore survey equipment used in
the exploration and recovery of natural resources, including oil,
gas, and water.
EMCORE has completed the development phase of this
custom-designed MEMS-based gyroscope and is currently in full
production. The gyroscope for this application is designed to
ensure industry-leading noise performance over the challenging
environments experienced in downhole drilling. This capability is
being provided exclusively for this key customer who deploys
sensors on the most advanced, precision wellbore survey equipment
available.
“This is an important contract award for our Navigation &
Inertial Sensing business, and we are extremely pleased to be
selected by this valued customer to supply custom gyroscopes for
their system,” said Jeff Rittichier, President and CEO of EMCORE.
”It demonstrates the versatility of our MEMS inertial sensing
technology to support advanced commercial and industrial
applications,” added Mr. Rittichier.
For further information on EMCORE’s complete line of navigation
and inertial sensing products, call +1 866-234-4976; e-mail
navigation-sales@emcore.com; or visit us on the web:
www.emcore.com/nav.
About EMCORE EMCORE Corporation is a leading
provider of advanced mixed-signal products that serve the aerospace
& defense, communications, and sensing markets. Our
best-in-class components and systems support a broad array of
applications including navigation and inertial sensing, defense
optoelectronics, broadband communications, optical sensing, and
specialty chips for telecom and data center. We leverage
industry-leading Quartz MEMS, Lithium Niobate, and Indium Phosphide
chip-level technology to deliver state-of-the-art component and
system-level products across our end-market applications. EMCORE
has vertically-integrated manufacturing capability at its wafer
fabrication facility in Alhambra, CA, and Quartz MEMS manufacturing
facility in Concord, CA. Our manufacturing facilities maintain ISO
9001 quality management certification, and we are AS9100 aerospace
quality certified at our facility in Concord. For further
information about EMCORE, please visit http://www.emcore.com.
Forward-looking statements:The information
provided herein may include forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended. Such
statements include statements regarding EMCORE's plans, strategies,
business prospects, growth opportunities, changes, and trends in
our business and expansion into new markets. These forward-looking
statements are based on management's current expectations,
estimates, forecasts, and projections about EMCORE and are subject
to risks and uncertainties that could cause actual results and
events to differ materially from those stated in the
forward-looking statements, including without limitation, the
following: (a) uncertainties regarding the effects of the COVID-19
pandemic and the impact of measures intended to reduce its spread
on our business and operations, which is evolving and beyond our
control; (b) the rapidly evolving markets for EMCORE's products and
uncertainty regarding the development of these markets; (c) the
failure of products: (i) to perform as expected without material
defects, (ii) to be manufactured at acceptable volumes, yields, and
cost, (iii) to be qualified and accepted by our customers, and (iv)
to successfully compete with products offered by our competitors;
(d) uncertainties concerning the availability and cost of commodity
materials and specialized product components that we do not make
internally; (e) actions by competitors; and (f) other risks and
uncertainties discussed under Item 1A - Risk Factors in our Annual
Report on Form 10-K for the fiscal year ended September 30, 2021,
as updated by our subsequent periodic reports. Forward-looking
statements contained in this press release are made only as of the
date hereof, and EMCORE undertakes no obligation to update or
revise the forward-looking statements, whether as a result of new
information, future events or otherwise.
Contact:EMCORE
CorporationDavid WojciechowskiVice President of Sales,
Marketing and Business Development(626)
293-3715davewojo@emcore.com
InvestorTom MinichielloChief Financial
Officer(626) 293-3400investor@emcore.com
MediaJoel CounterDirector, Corporate &
Marketing Communications(626) 999-7017media@emcore.com
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