AUSTIN, Texas, July 20, 2015 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (STI) (Nasdaq:SCON), a world leader in the development and production of high temperature superconducting (HTS) materials and associated technologies, achieved positive results with multiple superconducting fault current limiter (SFCL) customers following the Conductus® wire evaluation and testing completed in June and July 2015. The SFCL results demonstrated dramatic improvement compared to tests completed earlier. In addition, STI successfully completed qualification testing with the Robinson Research Institute at Victoria University of Wellington. Conductus wire is now approved for use in making Roebel cable, a winding cable, which is used in high-field magnets, transformers, utility-scale generators and large motors.
"As we rapidly approach final qualification, our customers are quickly providing detailed guidance that we believe will result in Conductus wire soon attaining all of the performance parameters required for SFCLs," stated Jeff Quiram, STI's president and chief executive officer. "We believe our SFCL customers have transitioned from a specification driven pass or fail testing methodology to a much more collaborative effort that involves business items such as forecasts, delivery lead times and price. Conductus wire is very close to passing all tests, and we are encouraged by our customers' confidence that our wire will be qualified in the next few months. In parallel, we have initiated business discussions to ensure product availability matches demand.
"In conjunction with our partner, the Robinson Research Institute, we are engaged with multiple end use customers that plan to deploy Roebel cable in superconducting devices. With the successful qualification of Conductus for use in Robinson's Roebel cable, we believe we are well positioned to continue to aggressively pursue numerous opportunities in Asia."
Test Description
SFCL customers require Conductus wire to pass extensive engineering models and electrical testing that simulate characteristics of the wire performance in the SFCL device. The electrical tests replicate the thermal cycling of the superconducting wire in high-current operation. The latest results show that Conductus wire has made significant performance improvements in this area. Customers verified STI's 550 Amp current handling performance and recognized that the mechanical properties of Conductus provide unsurpassed robustness. The goal of SFCL manufacturers is to standardize on high performance wire that will ensure they have the best in class product to protect the grid in a majority of existing substations.
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.
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: our limited cash and a history of losses; our need to materially grow our revenues from commercial operations and/or to raise additional capital (which financing may not be available on acceptable terms or at all) in the very near future, before cash reserves are depleted (which reserves are expected to be sufficient into the fourth quarter of 2015), to implement our current business plan and maintain our viability; and the performance and use of our equipment to produce wire in accordance with our timetable; overcoming technical challenges in attaining milestones to develop and manufacture commercial lengths of our HTS wire; the possibility of delays in customer evaluation and acceptance of our HTS wire; 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; the impact of competitive 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 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.
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, 2014 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.
Investor Relations Contact
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