Luna Innovations Receives Large Purchase Order for Tunable Lasers from Industry-Leading Robotics Company
Phoenix laser order further underscores Luna’s fiber optic-based expertise
(ROANOKE, VA, April 30, 2019) – Luna Innovations Incorporated (NASDAQ: LUNA), a global leader in advanced fiber optic-based technology, today announced that it will supply an industry-leading robotics company with a significant number of its Phoenix tunable lasers. The order, valued at more than $6 million, will be delivered over four years, with deliveries beginning this summer.
Luna’s Phoenix tunable laser was designed with systems integration in mind and is well-suited to a wide range of fiber optic sensing instrumentations. The Phoenix is a miniaturized, tunable external cavity laser offering high performance in a compact footprint, which provides improved scalability, ruggedness and speed compared to similar lasers on the market. These features are ideal for robotics applications because they enable the maximum precision and repeatability needed to measure and control very fine movement.
Laser-based fiber optic sensing systems are now widely deployed across many industries due to the benefits of optical fiber over traditional techniques in terms of precision and scalability. Advanced robotics increasingly relies on optical-based measurement systems as a core component. The Phoenix laser delivers the high performance needed to maintain maximum precision and reliability and is ideal for these applications.
“Luna’s collaboration with an industry-leading robotics company demonstrates how far our optical sensing technology has advanced,” said Scott Graeff, President and CEO of Luna Innovations. “The technology has matured to the point where it is being used in precise applications – requiring the ultimate in performance, reliability and quality. From a commercialization standpoint, an order of this magnitude, combined with our existing platform, will allow us to achieve greater economies of scale on our existing and future products.”
Luna Innovations, Incorporated (www.lunainc.com) is a leader in optical technology, providing unique capabilities in high-performance, fiber optic-based, test products for the telecommunications industry and distributed fiber optic-based sensing for the aerospace and automotive industries. Luna is organized into two business segments, which work closely together to turn ideas into products: a Technology Development segment and a Products and Licensing segment. Luna’s business model is designed to accelerate the process of bringing new and innovative technologies to market.
The statements in this release that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include Luna’s expectations regarding the suitabilities, performance and capabilities of certain products, technological advancement and the ability to achieve economies of scale. Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of Luna may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, technological and manufacturing challenges and other risks and uncertainties set forth in Luna’s periodic reports and other filings with the Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov and on Luna’s website at www.lunainc.com. The statements made in this release are based on information available to Luna as of the date of this release and Luna undertakes no obligation to update any of the forward-looking statements after the date of this release.