Combines superconducting strengths: STI's wire performance and Robinson's innovative devices
Expands STI's customer reach to Asian markets through Robinson and its partners
AUSTIN, Texas, Sept. 17, 2014 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (Nasdaq:SCON) ("STI"), a world leader in the development and production of high temperature superconducting (HTS) materials and associated technologies, entered a strategic agreement to jointly engage end customers and partners in the building of superconductor products utilizing STI's high performance Conductus® superconducting wire and The Robinson Research Institute's superconducting device technology. The Robinson Research Institute, based at Victoria University of Wellington in New Zealand, has unique capabilities in the production of HTS Roebel cable used in superconducting machines and magnets, and in the development of HTS MRI and HTS transformers.
"The Robinson Research Institute has been a valuable STI ally as we prepare for the commercial launch of Conductus wire," said Jeff Quiram, STI's president and chief executive officer. "Robinson's performance characterization expertise and applications knowledge are truly impressive. As STI moves to full production, we are implementing a comprehensive plan to supply Conductus wire and support global leaders in the commercialization of superconducting devices. Robinson is an expert in the development of innovative superconducting products. Jointly we have already identified multiple projects including applications such as rotating machines, transformers, scientific magnets and MRI systems. Additionally, Robinson and its partners have a strong focus on Asia and we believe our agreement will help STI to expand our reach into that fast-growing market."
Working alongside many industry leaders, the Robinson Research Institute and its partners have built superconducting devices for the energy industry, recently completing a transformer for use in the electrical grid. In the healthcare market, Robinson has focused on applications of MRI systems where HTS wire gives a competitive advantage.
Dr. Bob Buckley, the Robinson Research Institute's Managing Director stated: "We believe that Conductus wire's high uniformity and exceptional low temperature current capacity could pave the way for new products that require best in class wire performance, including Roebel cable applications. The market is continuing to expand with heavy emphasis on high-field magnetics in smaller packages for products such as MRI and NMR devices."
Roebel cables
Creating Roebel cables from Rare Earth, Barium, Copper Oxide (ReBCO) coated conductors creates a high capacity winding cable while managing AC losses in the cable. When combining these improvements with the coated conductors' already high current density, ReBCO Roebel cables become an attractive alternative for high field magnet applications, such as accelerator magnets as well as a strong candidate for use in AC power industry applications.
About Robinson Institute
The Robinson Research Institute of Victoria University of Wellington is a leader in developing applications of high temperature superconductivity. Our programs build on two decades of development of HTS technology in New Zealand. The institute was formed in January 2014; the foundation staff were formerly part of the New Zealand government research company, Industrial Research Ltd.
About Superconductor Technologies Inc. (STI)
Superconductor Technologies Inc., headquartered in Austin, TX, has been a world leader in HTS materials since 1987, developing more than 100 patents as well as proprietary trade secrets and manufacturing expertise. For more than a decade, STI has been providing innovative interference elimination and network enhancement solutions to the commercial wireless industry. The company is currently leveraging its key enabling technologies, including RF filtering, HTS materials and cryogenics to develop energy efficient, cost-effective and high performance second generation (2G) HTS wire for existing and emerging power applications, to develop applications for advanced RF wireless solutions and innovative adaptive filtering, and for government R&D. 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.
Safe Harbor Statement
Statements in this press release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors, which could cause actual results to differ materially from the forward-looking statements. These factors and uncertainties include, but are not limited to: the ability of our suppliers, who we do not control, to produce and deliver equipment on a timely basis; our ability to incorporate and fully assemble new equipment effectively and on time into our production processes; our ability to calibrate and use new equipment to produce wire in accordance with our timetable; our limited cash and a history of losses; the limited number of potential customers; the limited number of suppliers for some of our components and our HTS wire; there being no significant backlog from quarter to quarter; our market being characterized by rapidly advancing technology; overcoming technical challenges in attaining milestones to develop and manufacture commercial lengths of our HTS wire; customer acceptance of our HTS wire; fluctuations in product demand from quarter to quarter; the impact of competitive filter products, technologies and pricing; manufacturing capacity constraints and difficulties; our ability to raise sufficient capital to fund our operations (whether through registered direct offerings or otherwise), and the impact on our strategic wire initiative of any inability to raise such funds; the impact of any such financing activity on the level of our stock price, which may decline in connection with the sales under registered direct offerings or otherwise; the dilutive impact of any issuances of securities to raise capital; and local, regional, and national and international economic conditions and events and the impact they may have on us and our customers, such as the current worldwide recession.
Forward-looking statements can be affected by many other factors, including, those described in the "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of STI's Annual Report on Form 10-K for the year ended December 31, 2013 and in STI's other public filings. These documents are available online at STI's website, www.suptech.com, or through the SEC's website, www.sec.gov. Forward-looking statements are based on information presently available to senior management, and STI has not assumed any duty to update any forward-looking statements.
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