Business
California Nanotechnologies Announces SPS Equipment Purchase to Further Enhance Capabilities at New Facility
Cal Nano secures larger, cutting-edge SPS equipment with a $300,000 down payment Opens up new cu...
About this update from California Nanotechnologies Corp.
[{"type":"text","content":"California Nanotechnologies Announces SPS Equipment Purchase to Further Enhance Capabilities at New FacilityCal Nano secures larger, cutting-edge SPS equipment with a $300,000 down paymentOpens up new customer opportunities with ability to process larger part sizes and higher volumesFollows recent key developments and investments to enhance manufacturing capabilitiesLos Angeles, California--(Newsfile Corp. - March 5, 2024) - California Nanotechnologies Corp. (TSXV: CNO) (OTC Pink: CANOF) (\"Cal Nano\" or the \"Company\") is pleased to announce a US$300,000 down payment for a cutting-edge MSP-5 Spark Plasma Sintering (SPS) machine by Germany-based Dr. Fritsch. Cal Nano will be the first organization in North America to receive this model and once operational, it is expected to be the largest SPS machine commercially available for production and R&D manufacturing services on the continent. This purchase solidifies Cal Nano's SPS leadership, enabling larger part sizes and expanding processing capacity for new customer opportunities.\"We are ecstatic to announce this down payment as we build on a thesis developed over five years ago that SPS would become a more prevalent technology,\" stated CEO Eric Eyerman. \"This machine is expected to open new customer applications in key growth areas, such as aerospace, cleantech, renewable energy, and industrials. These opportunities were previously beyond our reach due to the part size and throughput limitations of our current machines. Overall, Cal Nano has assembled a unique offering of advanced materials manufacturing capabilities that can scale with customers from R&D projects to commercial production.\"The new SPS equipment, which is expected to be delivered in late calendar year 2024, will exert a maximum force of 500 tons and run on an electric current of 85,000 amps. This is around five times the power of Cal Nano's current largest SPS machine in terms of force and approximately nine times in terms of electric current.Although the full funding structure is yet to be formalized, Cal Nano expects to potentially finance the purchase using a blend of current cash reserves, operational cash flows, vendor financing, and support from customers.In the last twelve months, Cal Nano has undertaken various initiatives to strengthen its manufacturing capabilities and capacity, such as:July...