CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition and thermal process equipment, announced today that they received a second production system order from U.S. based, electric vehicle battery material technology provider, OneD Battery Sciences, for a PowderCoat1104TM system and components for approximately $1.8 million in May 2023.
The system is planned to ship to the customer in Europe during the second half of 2023. The system will be used to fuse high-performance silicon nanowires into particles of EV-grade graphite powders for use in the battery anode to enable longer range, faster charging, more affordable electric vehicles (EVs). Currently, most electric vehicles are either too expensive for the broad mass of customers or their range is too prohibitive. The reasons for this are the limited energy density and the high cost of batteries. OneD’s SINANODE platform aims to remove these hurdles and eliminates the inherent challenges of silicon stability and expansion by unleashing silicon’s full potential. Enabling direct accessibility to lithium ions, these silicon nanowires remain pliant when charged, allowing these materials to deliver a fourfold increase in charging speed while simultaneously decreasing the cost per kWh. OneD’s SINANODE platform helps reduce the cost of e-car batteries.
Vincent Pluvinage, CEO of OneD, noted, “More than a decade ago, our CTO Yimin Zhu invented a manufacturing process that is technically and economically ultra-efficient at reducing costs and at scaling-up fast. The ordering of a second CVD (chemical vapor deposition) machine from a proven established supplier proves that OneD can quickly respond to market demand in any region to deploy safe and cost-effective manufacturing solutions.”
CVD Equipment Corporation, along with our partner OneD Battery Sciences, is committed to driving innovation to improve battery performance. CVD continues to be a key manufacturing process used to make next generation battery materials. Leveraging its extensive 40+ years of CVD experience, CVD Equipment Corporation designs and manufactures CVD and CVI (chemical vapor infiltration) systems to advance the state of the art in nanotechnology materials.
“Significant growth in EV sales is projected over the next decade. We are dedicated to help our customers scale up production and accelerate adoption to meet current and future market demand by providing best-in-class turnkey equipment solutions enabling cost-effective manufacturing of EV battery electrode materials. We are very pleased to continue the strong customer supplier relationship with OneD Battery Sciences. This order expands our installed base into Europe of our production systems for lithium-ion battery nanomaterials.” said Emmanuel Lakios, President and CEO of CVD Equipment Corporation.
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, thermal processing, physical vapor transport, gas and chemical delivery control systems, and other equipment and process solutions used to develop and manufacture materials and coatings for industrial applications and research. Our products are used in production environments as well as research and development centers, both academic and corporate. Major target markets include high power electronics (silicon carbide), EV battery materials / energy storage (carbon nanotubes, graphene and silicon nanowires) and aerospace & defense (ceramic matrix composites). Through its application laboratory, the Company allows customers the option to bring their process tools to our laboratory and to work collaboratively with our scientists and engineers to optimize process performance.
About OneD Battery Sciences
OneD Battery Sciences is the creator of SINANODE, the breakthrough technology that successfully adds more energy-dense silicon into the anodes of EV batteries. The company operates a SINANODE pilot production program to support the development of advanced electrochemical cells and the production scale-up of its industrial partners. In 2013, OneD Battery Sciences acquired Nanosys' nanowire technologies (SINANODE) and its Palo Alto R&D activities. Today, the Palo Alto-based company has over 240 granted patents and applications in large-scale anode production and innovative EV battery designs. https://onedsinanode.com/
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements, competition in our existing and potential future product lines of business, including our PVT150 system; our ability to obtain financing on acceptable terms if and when needed; uncertainty as to our ability to develop new products for the high power electronics market; uncertainty as to our future profitability; uncertainty as to any future expansion of the Company; uncertainty as to our ability to adequately obtain raw materials and components from foreign markets in light of geopolitical developments; and other risks and uncertainties that are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and the Company’s other filings with the Securities and Exchange Commission. For forward-looking statements in this release, the Company claims the protection of the safe harbor of the Private Securities Litigation Reform Act of 1995. The Company assumes no obligations to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Past performance is not a guarantee of future results.
For further information about this topic please contact:
Richard Catalano, Vice President & CFO
Phone: (631) 981-7081