Global leader in superconducting innovation, Superconductor Technologies, Inc. (NASDAQ:SCON), announces it has received a $4.5 million program award provided by the U.S. Department of Energy.
AUSTIN, Texas, Nov. 29, 2016 (GLOBE NEWSWIRE) — Superconductor Technologies Inc. (STI) (SCON) has been selected as prime recipient of the $4.5 million program award provided by the U.S. Department of Energy’s (DOE) Office of Energy Efficiency and Renewable Energy (EERE), on behalf of the Advanced Manufacturing Office, for its Next Generation Electric Machines (NGEM) program. Collaborating with STI is TECO-Westinghouse Motor Company (TWMC), an industry leading manufacturer of electric generators and motors, and renowned academic institutions Massachusetts Institute of Technology (MIT) and University of North Texas (UNT). The combined team will focus on improving the manufacturing process of superconductive wires to improve performance and yield while reducing cost at high enough temperatures where nitrogen can be used as the cryogenic fluid.
“Advancing these enabling technologies has the potential to boost the competitiveness of American manufacturers and take the development of more efficient electric machines a giant step further,” said Mark Johnson, director of the EERE Advanced Manufacturing Office. “These technology R&D projects aim to significantly improve industrial motors for manufacturing, helping companies who use these motors in manufacturing save energy and money over the long run.”
“We believe that being selected first by our esteemed proposal partners and then winning the DOE award recognizes STI’s unique HTS manufacturing process and our ability to achieve high performance, cost efficiencies and commercial scale capacity,” stated STI’s president and chief executive officer Jeff Quiram. “In addition, the significant wire improvement goals for this program will address our customers’ desire for increased infield magnetic performance and high performance/low cost wire for many applications, such as motors, generators, magnets, power cables and MRI machines. STI expects to transition from R&D to full scale production of motor- and generator-optimized wire during the three-year project plan, which will enable our superconducting technology to be introduced into Next Generation Electrical Machines utilizing high performance/low cost HTS wire.”
TWMC’s president Pat Rogers stated, “TWMC recognized the immense value of superconductor technology for high-power electric machines early, and we are committed to their commercialization. We look forward to collaborating to develop the transformational technology needed to achieve commercial viability of high power superconducting next-generation electric machines.”
MIT’s Plasma Science and Fusion Center Assistant Director Joseph V. Minervini stated, “STI’s goal of high performance at low cost can be a game changer for a wide range of applications, not only at temperatures near liquid nitrogen, but also at lower temperatures.”
UNT’s Assistant Professor Materials and Science Engineering Dr. Marcus L. Young stated, “By bringing together university knowledge and capabilities from MIT and UNT with STI, a world class manufacturer of superconducting materials, and TWMC, the end user and device maker with over 100 years of experience in motor design and application, the full range of research and development to product manufacturing and wide scale commercialization of superconducting materials will be achieved.”
About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc. is a global leader in superconducting innovation. Its Conductus® superconducting wire platform offers high performance, cost-effective and scalable superconducting wire. With 100 times the current carrying capacity of conventional copper and aluminum, superconducting wire offers zero resistance with extreme high current density. This provides a significant benefit for electric power transmission and also enables much smaller or more powerful magnets for motors, generators, energy storage and medical equipment. Since 1987, STI has led innovation in HTS materials, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than 20 years STI utilized its unique HTS manufacturing process for solutions to maximize capacity utilization and coverage for Tier 1 telecommunications operators. Headquartered in Austin, TX, Superconductor Technologies Inc.’s common stock is listed on the NASDAQ Capital Market under the ticker symbol “SCON.” For more information about STI, please visit http://www.suptech.com.
Superconductor Technologies, Inc. (NASDAQ:SCON) shares have moved +49.00% on the news thus far today and have traded in the range of $2.81 – 3.78 during the current session. In order to take a look at where the stock might be headed longer term, investors often look to research firms that cover the stock. Sell-side research firms currently have a consensus one-year price target of $0.30 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. The sell-side analysts are projecting earnings per share of $0.00 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-3.83 per share according to First Call.
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In looking at where the stock is trading on a technical level, the stock is trading +54.52% away from its 50-day moving average of $1.93. Based on the most recent available data, the equity is -37.90% off of its 52-week high of $4.80 and +156.90% away from its 52-week low which is $1.16.
Today, the stock opened at $3.60 and the last bid at the time of writing stood at $2.98. During the session thus far, the equity dipped down to $2.81 and touched $3.78 as the high point. Superconductor Technologies, Inc. (NASDAQ:SCON) has a market cap of $9.66M and has seen an average daily volume of 582,416 over the past three months.
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