New Line of High ASP Mantis Cameras to Provide an Important Tool for Greenhouse Gas Emissions Minimization in Power Plants
ORLANDO, FL / ACCESSWIRE / September 12, 2024 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared technologies, today announced the global launch of a new version of the Mantis™ camera, specifically designed for monitoring high-temperature processes inside boilers and furnaces in power plants, and first commercial order for furnace inspection at a customer in southeastern US. The Mantis Camera technology platform reflects LightPath's transformation from being a component-level manufacturing company to a product solutions company leveraging the transformational capabilities of its optical technologies.
Environmental regulations in the US and Europe are dramatically increasing in scope and complexity, requiring increasingly precise solutions for compliance and monitoring of the roughly 60% of generated power that comes from fossil fuels. LightPath's Mantis Cameras provide a solution that can be tailored to monitor processes and allow precise environmental compliance controls. The new Mantis Camera provides more accurate and reliable monitoring of extreme-temperature processes across a much larger range of temperatures than current technology in Utility & Recovery Boilers, Furnaces, and Kilns, enhancing process safety and efficiency for customers. LightPath's new camera system allows advanced monitoring and optimization of burn processes, providing operators with an online tool for optimization of process effectiveness and impact on CO2 reduction mandates.
"With our continued focus on LightPath 3.0 products, this new Mantis camera was designed, tested, qualified, and now in production with the first units sold," said Sam Rubin, President and CEO of LightPath. "With a price tag of $30,000 per unit, the new product's selling price represents the highest level of average selling price that LightPath has achieved to date for a single product, and in and by itself is a great indicator of the value our new strategy is creating for our customers. We are well positioned to enter the regulatory monitoring space utilizing furnace monitoring cameras across many industries, including pulp manufacturing, power plants, steel mills and glass production.
"We are ramping up our global sales efforts in this expanding market, highlighting the G7 decision to further restrict emissions from 90% of fossil fuel electric generation facilities by 2035 and the need for additional accurate and reliable monitoring in these extreme-temperature environments. As sales ramp with our innovative Mantis camera, which enables new applications and capabilities for our customers, we expect it to help drive higher revenue and gross margins in the coming months," concluded Rubin.
Mantis is just one of a series of new vision technologies in the growing Lightpath vision system portfolio. Lightpath also recently introduced AI-ready Infrared cameras, which allow end users to easily understand and act upon data from its camera systems. "We recognize that the cameras' real value is providing actionable data. By moving AI processing to the point of data collection, Lightpath is creating a family of smart cameras that can immediately address or flag activities outside the boundaries of normal operation."
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ:LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries. LightPath designs and manufactures proprietary optical and infrared components including molded glass aspheric lenses and assemblies, custom molded glass freeform lenses, infrared lenses and thermal imaging assemblies, fused fiber collimators, and proprietary Black Diamond™ ("BD") chalcogenide-based glass lenses. LightPath also offers custom optical assemblies, including full engineering design support. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in Dallas Texas, Latvia and China.
LightPath's wholly-owned subsidiary, Visimid Technologies, was acquired in July 2023, and specializes in the design and development of customized infrared cameras, for the industrial and defense industries. Such customized cameras are often sold together with customized optical assemblies from LightPath.
LightPath's wholly-owned subsidiary, ISP Optics Corporation, manufactures a full range of infrared products from high-performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses.
For more information on LightPath and its businesses, please visit www.lightpath.com.
Forward-Looking Statements
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the impact of varying demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; actions governments, businesses, and individuals take in response to the pandemic, including restrictions on onsite commercial interactions; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/Israel war; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on 10-Q. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
CONTACT:
Brian M. Prenoveau, CFA
MZ Group - MZ North America
LPTH@mzgroup.us
+561 489 5315
SOURCE: LightPath Technologies, Inc.
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