Business
CPS Technologies Announces MMAP Award
NORTON, Mass., March 04, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”) today announced it has received an award
About this update from Cps Technologies Corp.
[{"type":"text","content":"NORTON, Mass., March 04, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”) today announced it has received an award from the Massachusetts Manufacturing Accelerate Program (“MMAP”) in response to a proposal submitted by the Company in the fourth quarter of 2023. The award, valued at $200,000, will support the purchase of a 5-axis CNC machine and expand the Company’s manufacturing capabilities to better serve its clients. This new capability will build on the Company’s core competencies while enabling CPS to fulfill a new generation of customer requirements and capture additional business. The addition of a 5-axis CNC machine will also allow the Company to complete more work in the Commonwealth of Massachusetts and, more specifically, in-house. With this increased manufacturing capacity, CPS expects to grow its workforce to keep up with demand and train existing and new machinists and technicians to operate and maintain the 5-axis CNC. CEO & President Brian Mackey said of the award, “The Company has a long history here in Massachusetts, and we are committed to remaining a key contributor to our local manufacturing economy. We are proud to receive this award from MMAP and look forward to passing on the benefits that a 5-axis CNC provides through expanded offerings to our customers.” About CPSCPS is a technology and manufacturing leader in producing high-performance energy management components that facilitate the electrification of the economy. Our products and intellectual property include critical pieces of the technology puzzle for electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, 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 HarborStatements made in this document that are not historical facts or which apply prospectively, including those relating to 2023 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 “w...