MONTRÉAL, Feb. 20, 2019 /CNW Telbec/ - 5N Plus Inc. (TSX: VNP) ("5N Plus" or the "Company"), a leading global producer of engineered materials and specialty chemicals, today confirmed that its U.S. based subsidiary, 5N Plus Semiconductors, has been awarded a multi-year program to supply opto-electronic semiconductor substrates to Albuquerque, New Mexico based SolAero Technologies. The substrates are intended for use in satellite solar arrays for a number of applications, including powering a constellation of several hundred low-orbit broadband satellites being manufactured by Airbus OneWeb Satellites. This network of satellites will provide global, persistent, low latency internet access that promises to bridge the digital divide.
Fiber-quality broadband connectivity from low-orbit satellites is an emerging market enabled by numerous rapid technological advances in satellite manufacturing. Not only does this offer the possibility to reach an estimated 3.5 billion people underserved by today's telecommunication networks, it provides a new dimension of flexibility and freedom for mobile connectivity, internet of things and M2M (Machine-to-Machine) applications.
In space, opto-electronic semiconductor substrates, serve as an enabling component of specially-designed solar panels that efficiently transform sunlight into energy. 5N Plus Semiconductors is a leading manufacturer of these substrates and its portfolio of III-V engineered substrates are used to enable sensing applications in space.
Production of the satellite constellation will begin in 2019, with the balance of the program to be delivered by 2021. Considering the requirement to periodically replace satellites on orbit and additional constellation programs being in various stages of planning, demand from this segment of the space market is expected to grow in the coming years.
In recent years, 5N Plus has expanded its portfolio of specialty semiconductors to include wafer level products utilizing the III-V and II-VI families of materials. These materials address several growth markets, including medical imaging, sensing, security, surveillance and renewable energy in both space and terrestrial applications. Last year, the Company announced that it would double the capacity of its semiconductor plant in Montreal, Canada to keep pace with growing market demands.
Arjang Roshan, President and Chief Executive Officer of 5N Plus Inc., commented "We are elated to be a part of this pioneering approach and are excited about the prospect of the new markets it will enable. The close partnership between 5N Plus and SolAero Technologies has been an essential element in transforming an ambitious plan into reality."
Brad Clevenger, Chairman and Chief Executive Officer of SolAero Technologies Corporation, added "We're grateful to have 5N Plus on board as a partner in this ambitious undertaking. OneWeb is leading the way in a transformation of the satellite telecommunications industry and relying on strong partnerships throughout the value chain to make this program successful. "
About 5N Plus Inc.
5N Plus is a leading global producer of engineered materials and specialty chemicals with integrated recycling and refining assets to manage the sustainability of its business model. The Company is headquartered in Montreal, Québec, Canada and operates R&D, manufacturing and commercial centers in several locations in Europe, the Americas and Asia. 5N Plus deploys a range of proprietary and proven technologies to produce products which are used as enabling precursors by its customers in a number of advanced electronics, opto-electronics, pharmaceutical, health, renewable energy and industrial applications. Many of the materials produced by 5N Plus are critical for the functionality and performance of the products and systems produced by its customers, many of whom are leaders within their industry.
Forward-Looking Statements and Disclaimer
This press release may contain forward-looking information within the meaning of applicable securities laws. All information and statements other than statements of historical facts contained in this press release are forward-looking information. Such statements and information may be identified by words such as "about", "approximately", "may", "believes", "expects", "will", "intends", "should", "plans", "predicts", "potential", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof or other comparable terminology. Forward-looking statements are based on the best estimates available to 5N Plus at this time and involve known and unknown risks, uncertainties and other factors that may cause 5N Plus' actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. A description of the risks affecting 5N Plus' business and activities appears under the heading "Risk and Uncertainties" of 5N Plus' 2017 MD&A dated February 20, 2018 and note 12 of the unaudited condensed interim consolidated financial statements for the three and nine-month periods ended September 30, 2018 and 2017 available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that 5N Plus will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N Plus. The forward-looking information contained in this press release is made as of the date hereof and 5N Plus undertakes no obligation to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward-looking statements.
SOURCE 5N Plus Inc.
For further information: Jean Mayer, Vice President, Legal Affairs also in charge of investor relations, 5N Plus Inc., (514) 856-0644 x6178, [email protected]