Business
LightPath Technologies Wins $2.8 million Order for BD6 Thermal Imaging Assemblies from Major Defense Contractor
ORLANDO, FL / ACCESSWIRE / February 14, 2020 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading vertically
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / February 14, 2020 / LightPath Technologies, Inc. (NASDAQ:LPTH) (\"LightPath,\" the \"Company,\" or \"we\"), a leading vertically integrated global manufacturer, distributor and integrator of proprietary optical and infrared components and high-level assemblies, today announced it has been awarded a $2.8 million contract for 20,000 BD6 thermal imaging assembly units from a major defense contractor specializing in electro-optic and navigation systems. The contract will be fulfilled ratably over the next 24 months and will be completely manufactured in the Company's recently expanded facilities in Orlando, Florida.Jim Gaynor, LightPath's CEO, said, \"I am delighted to announce that LightPath has been able to win this long-term supply agreement for the purchase of these thermal imaging lens assemblies and demonstrate the success of our strategy to differentiate through our technology to increase our defense business. The contract reflects the rapidly growing market acceptance of LightPath's BD6 as the infrared optical material of choice for defense applications as well as for high-volume commercial customers.\"LightPath's thermal imaging assembly will be utilized on the E-COTI (Enhanced Clip On Thermal Imager) that is primarily being used in a USMC program awarded to ELBIT (Formerly L3 Harris) for a minimum of 14,000 Squad Binocular Night Vision Goggles. The magnitude of this program offers the opportunity for additional assembly quantities to be required as the military has a need for up to 37,500 Night Vision units with expected delivery requirements to ramp to 400-500 per month. The E-COTI is also used in other programs that have quantities in the thousands which may further increase the total expected lifetime volume requirements.LightPath's BD6 chalcogenide technology replaces an existing germanium product with a thermal imaging lens assembly comprised of two molded BD6 lenses. Glass manufacture and all molding, coating, and assembly will be done in LightPath's facility in Orlando, Florida. Mr. Gaynor added, \"Recent investments in BD6 glass fabrication, molding processes, and a state-of-the-art optical coating facility as well as in optical assembly capabilities demonstrates LightPath's ability to bring tremendous value to our customers and deliver quality products in a timely fashion. We believe the...