St. George, Utah facility to produce materials for use in solar cells for defense and commercial satellites
MONTRÉAL, April 18, 2024 /CNW/ - 5N Plus Inc. (TSX: VNP) ("5N+" or the "Company"), a leading global producer of specialty semiconductors and performance materials, that it has been awarded US$14.4 million by the U.S. Department of Defense for the production of space-qualified materials for solar cells under its Defense Production Act Investment (DPAI) Program.
5N+ manufactures and customizes high-purity, dislocation-free, electrically-uniform and space-qualified germanium wafers, which are vital for solar cells powering commercial and national security satellites. Based on meeting certain conditions, over the next four years, this award will enable 5N+ to upgrade and increase its manufacturing capabilities at its St. George, Utah facility while supporting the U.S. Department of Defense's domestic sources of supply.
"This is a testament to the quality of our high-purity specialty semiconductors and our standing as a trusted supplier of critical materials for critical applications," said Gervais Jacques, President and CEO of 5N+. "Our enabling materials are frequently in orbit powering commercial and defense satellites, and we are proud to have been recognized once again as a key supplier to the U.S. Department of Defense."
About 5N+
5N+ is a leading global producer of specialty semiconductors and performance materials. The Company's ultra‐pure materials often form the core element of its customers' products. These customers rely on 5N+'s products to enable performance and sustainability in their own products. 5N+ deploys a range of proprietary and proven technologies to develop and manufacture its products. The Company's products enable various applications in several key industries, including renewable energy, security, space, pharmaceutical, medical imaging and industrial. Headquartered in Montréal, Quebec, 5N+ operates R&D, manufacturing and commercial centers in strategically located facilities around the world including Europe, North America and Asia.
Forward‐Looking Statements
Certain statements in this press release may be forward‐looking within the meaning of applicable securities laws. Such forward‐looking statements are based on a number of estimates and assumptions that the Company believes are reasonable when made, including that 5N+ will be able to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners, that 5N+ will continue to operate its business in the normal course, that 5N+ will be able to implement its growth strategy, that 5N+ will be able to successfully and timely complete the realization of its backlog, that 5N+ will not suffer any supply chain challenges or any material disruption in the supply of raw materials on competitive terms, that 5N+ will be able to generate new sales, produce, deliver, and sell its expected product volumes at the expected prices and control its costs, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict and may cause the Company's 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 the Company's business and activities appears under the heading "Risk and Uncertainties" of the Company's 2023 MD&A dated February 27, 2024, available on www.sedarplus.ca.
Forward‐looking statements can generally be identified by the use of terms such as "may", "should", "would", "believe", "expect", the negative of these terms, variations of them or any similar terms. No assurance can be given that any events anticipated by the forward‐looking statements in this press release will transpire or occur, or if any of them do so, what benefits that 5N+ will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N+. The forward‐looking statements contained in this press release is made as of the date hereof and the Company has 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.
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