Dynasil's RMD Subsidiary Awarded$3.45 Million in Technology Development Grants by U.S. Department of Energy
WATERTOWN, Mass.--(BUSINESS WIRE)-- Dynasil Corporation of America (NAS: DYSL) today announced that its contract research subsidiary, RMD Inc., has received grants totaling $3.45 million under the U.S. Department of Energy's Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs.
"RMD continues to be recognized as providing world class research in the areas of scintillation, sensing and nondestructive testing technologies," said Peter Sulick, Dynasil's Chairman of the Board, Interim Chief Executive Officer and President. "These awards underscore RMD's pivotal role in applying material science and non destructive technologies to new detection and analysis methods for the government's most critical security, industrial, energy and medical objectives."
Three Phase II Grants
SBIR/STTR Phase II DOE programs represent funding for the principal R&D effort, with awards up to $1 million over two years. RMD received three Phase II grants of $1 million each for the following:
Eddy Current Technology -Further development of the Company's magnetic solid-state sensor arrays for through-wall inspection of nuclear power plant components.
High-Resolution Scintillators - Continued engineering of high-resolution scintillators to enhance current state-of-the-art X-ray detection technology for applications such as synchrotron studies, homeland security as well as medical research for drug development.
High-Resolution Sensors -Development of the new scintillator materials for advanced analysis of electromagnetic radiation, which is used in areas such as scanning equipment at ports, airports and border crossings and medical imaging.
"From the development of imaging devices designed to 'see' through the walls of nuclear power plant components to neutron detectors that can recognize the chemical signature of a dirty bomb, the Phase II research projects we are embarking on through these SBIR/STTR Programs embody some of the world's most pressing security needs," said Kanai Shah, Ph.D. President of Dynasil's RMD subsidiary. "Dynasil is proud to partner with the Department of Energy on these initiatives."
Three Phase I Grants
In addition to the Phase II grants, RMD was awarded three Phase I grants of $150,000 each. SBIR/STTR Phase I DOE programs explore the feasibility of innovative concepts, with awards up to $150,000 over nine months.
"Each of these Phase I grants capitalizes on our technical and scientific expertise in the development of scintillation materials and solid state sensors for nuclear detection," Kanai Shah said. "Our work has significant application in the prevention of terrorist attacks and the non-proliferation of nuclear materials, as well as in commercial endeavors such as energy exploration, nuclear power plant safety, medical imaging, basic science studies and non-destructive testing."
Dynasil Corporation of America (NAS: DYSL) develops and manufactures detection and analysis technology, precision instruments and optical components for the homeland security, medical and industrial markets. Combining world-class technology with expertise in research and materials science, Dynasil is commercializing products including dual-mode radiation detection solutions for Homeland Security and commercial applications, probes for medical imaging and sensors for non-destructive testing. Dynasil has an impressive and growing portfolio of issued and pending U.S. patents. The Company is based in Watertown, Massachusetts, with additional operations in Mass., Minn., NY, NJ and the United Kingdom. More information about the Company is available at www.dynasil.com.
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements regarding future events and our future results are based on current expectations, estimates, forecasts, and projections and the beliefs and assumptions of our management. These forward-looking statements may be identified by the use of words such as "may," "could," "expect," "estimate," "anticipate," "continue" or similar terms, though not all forward-looking statements contain such words. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements due to a number of important factors. These factors that could cause actual results to differ from those anticipated or predicted include, without limitation, our ability to develop and commercialize our products, including our dual mode detectors and the development of new technologies including at Dynasil Biomedical, the size and growth of the potential markets for our products and our ability to serve those markets, the rate and degree of market acceptance of any of our products, general economic conditions, costs and availability of raw materials and management information systems, our ability to obtain and maintain intellectual property protection for our products, competition, the loss of key management personnel, litigation, the effect of governmental regulatory developments, the availability of financing sources, our ability to identify and execute on acquisition opportunities and integrate such acquisitions into our business, and seasonality, as well as the uncertainties set forth in the Company's Annual Report on Form 10-K and from time to time in the Company's other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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