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LightPath Technologies Announces Successful Transition of Key Customer from Germanium to BlackDiamond(TM) Glass Optics
ORLANDO, FL / ACCESSWIRE / July 23, 2024 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / July 23, 2024 / LightPath Technologies, Inc. (NASDAQ:LPTH) (\"LightPath,\" the \"Company,\" or \"we\"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared technologies, today announced that a current key defense customer using Germanium lenses has successfully completed the qualification and evaluation of new optics made from LightPath's proprietary Black DiamondTM (\"BD\") chalcogenide-based glass.The shift to BlackDiamond™ glass comes in response to recent export restrictions on Germanium imposed by China, which supplies a significant portion of the world's Germanium. LightPath developed BlackDiamond™ glass as a viable alternative to Germanium, offering comparable performance for thermal imaging applications and has many superior characteristics, including containing no rare earths, is lighter and has a wider thermal operating range. since January 2023 wholesale price of Germanium has increased 60% due to known supply constraints, and represents a market worth hundreds of millions annually.After extensive testing and qualification, the customer has approved a new optics design utilizing 100% BlackDiamond™ material, replacing a previous design made of 100% Germanium. LightPath is now working with the customer to build a timetable to transition production over to BlackDiamond™, with an order expected once the customer completes current demand using its inventory of Germanium. This is a critical customer for Germanium optics in the US and represents a significant part of LightPath's Germanium optics revenue.\"This approval and planned customer transition to BlackDiamond™ from Germanium is a significant validation of our development focus on chalcogenide materials,\" said Sam Rubin, President and Chief Executive Officer of LightPath. \"BlackDiamond™ sets a new standard for next generation MWIR and LWIR optical components and assemblies that need to meet environmental and durability requirements. This transition also marks a crucial step in securing a sustainable and robust supply chain for our industrial, civil and defense industry customers with optics made from materials produced in the United States. We believe this successful qualification signifies a promising future for the widespread adoption of BlackDiamond glass in the thermal imaging industry....