Nanotech Co. Reaches 'Major Milestone' With Global Manufacturer
Source: Streetwise Reports
July 24, 2023 (Investorideas.com Newswire) Meta Materials Inc. is collaborating with a global Japanese manufacturer on its NANOWEB technology that promises to clear up the window of your microwave oven.
Nanotechnology company Meta Materials Inc. (MMAT:NASDAQ; MMAX:CSE; MMAT:FSE) is collaborating with a global manufacturer in Japan to develop customer applications and volume agreements for its NANOWEB® metal mesh technology.
More details about the strategic collaboration with the Japanese company, "recognized for its manufacturing expertise and automotive quality," are expected to be revealed this fall, META said.
"This is a major milestone in our work to commercially deploy NANOWEB®, and we're proud to qualify as a global contract mass manufacturer of choice," META President and Chief Executive Officer George Palikaras said. "We have been working closely since February of 2023 with the manufacturer, and we are extremely pleased with the results of our quality tests."
NANOWEB® is a transparent conductive film made of invisible metal mesh that can be fabricated onto any glass or plastic surface.
One of its most visible applications so far has been to create clear microwave windows so you can better judge when your leftovers are ready. It is also used to de-ice auto sensors and manufacture antennas and electrochromic lenses for augmented reality and 5G reflector films.
Earlier this month, META announced that its other main focuses for the year would be its KolourOptik® authentication technology, battery materials, and the introduction of a multiple gigapixel wide-area motion imagery system.
"We expect the next decade should feature a major shift toward the electrification of the world — increasing the need for safer high-density batteries," Alliance Global Partners analyst Jake Sekelsky wrote in a July 7 research note. "We believe the availability and sustainability of raw battery materials is becoming a large concern for both battery and automaker OEMs. We expect this shift to create an opportunity for MMAT."
Sekelsky said the company's NCORE™ copper current collectors have the potential to reduce copper requirements significantly compared to other products.
"We reiterate our belief that a copper supply deficit is looming and expect OEMs to begin to explore alternative battery material technologies, such as NCORE™, in an effort to reduce reliance on raw materials that may experience price pressure due to supply constraints," wrote Sekelsky, who rated the stock a Buy with a US$1.20 per share target price.
The Catalyst: Clearing Things Up in Your Microwave
A demonstration microwave with a clear NANOWEB® window stole the show in January at this year's Consumer Electronics Show in Las Vegas.
META was named a CES 2023 Innovation Awards honoree for the technology going into the show and drew big crowds on the conference floor.
On Day two of the show, META was the most talked about brand at CES, according to social media trend tracker BuzzRadar.
More than 30 million microwave ovens are sold annually throughout the world, according to the Microwave Technologies Association.
"All microwave ovens produce radiation, which is why windows within their doors have significant shielding," wrote ROTH Capital Partners analyst Gerry Sweeney in a research note. "But this also obscures visibility into the oven. MMAT EMI shielding uses nanostructures to divert radiation waves back into the oven, allowing for a clear window. Furthermore, initial testing indicates lower amounts of radiation escape."
Potential to Disrupt Markets
A master service agreement has existed between META and the Japanese company since February, the company said. More details were expected to be announced later in the fall.
But the company said that to date, the agreement had facilitated the scaling, mass production, and testing of NANOWEB® designs in samples up to 600 millimeters wide.
Developed first in the 1960s, design and manufacturing capabilities caught up to metamaterials in the 2000s.
META is using them to develop nanotechnology products like self-deicing and defogging enclosures for automotive advanced driver assistance systems (ADAS), see-through antennas, augmented reality glasses that look like regular glasses, and special eyewear that protects pilots' eyes from laser strikes.
The company is applying its futuristic technology to the communications, health and wellness, aerospace, automotive, and clean energy sectors. [OWNERSHIP_CHART-10218]
"We believe META is well-positioned to secure partnerships with major companies over the next year," Sekelsky wrote. "We believe Meta's solutions have the potential to disrupt various end markets."
Ownership and Share Structure
About 15% of META is held by management and insiders, according to Yahoo Finance. Among them is President and Chief Executive Officer George Palikaras, who owns 8.3% or 29.9 million shares, Reuters reported.
Yahoo said about 11% of the company is held by institutions. Some of the top holders are State Street Global Advisors (US), with 4% or 14.49 million shares, and Nova Scotia Innovation Corp., with 3.45% or 12.5 million shares, according to Reuters.
The rest, 74%, is retail.
The company has a market cap of $100.4 million, with 467.21million shares outstanding and 343.87 million free-floating. It trades in a 52-week range of US$2.34 and US$0.173.
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/