Luna Innovations Awarded $4 Million in Air Force Nanotechnology Contracts
Monday January 22, 8:30 am ET
ROANOKE, Va.--(BUSINESS WIRE)--Luna Innovations Incorporated (NASDAQ: LUNA - News) has been awarded $4.0 million in U.S. Air Force contracts for continued research and development of nanotechnology-enabled products, including a $2.3 million subcontract from General Dynamics Information Technology, Inc. (GDIT), formerly Anteon Corporation, and a $1.7 million contract from the U.S. Air Force Office of Scientific Research (AFOSR). The GDIT contract builds upon $3.3 million of nanotechnology research funding previously provided to Luna Innovations by GDIT. Both contracts, previously announced during the Company's third quarter 2006 earnings call on November 6, 2006, will be performed over the next several years.
Brian Holloway, Director of the nanoWorks Group within Luna's Technology Development Division commented, "We believe that nanomaterials are some of the most promising and exciting technologies in development today. This is a tremendous opportunity to apply the research and development of new technologies to solve real-world problems. In addition, these contracts represent a significant step forward in our growth strategy to expand our portfolio of non Small Business Innovative Research contracts."
Under the GDIT subcontract, Luna Innovations will support GDIT's goal of improving the manufacturing capability and capacity necessary to provide nanomaterials in sufficient quantity, and at a sufficiently low cost, to be feasible for use in real-world systems. A pilot plant, expected to be completed during this program, is intended to enable accelerated application of advanced nanostructured material systems.
Under the AFOSR contract, Luna Innovations will work through the Nanophotonic Component Program (NCP) to support Department of Defense needs regarding future air combat systems and ground support optoelectronics. The objective of the NCP is to use nanotechnology to develop new components such as next-generation solar cells and lighter-weight electromagnetic interference (EMI) resistant composites.
One of Luna's primary areas of focus is research and development of products enhanced by nanomaterials. In 2004, Luna opened a state-of-the-art 24,000 square foot manufacturing, research and development facility in Danville, Virginia, to produce, modify, characterize and purify nanomaterials for applications such as magnetic resonance imaging (MRI) contrast agents, electromagnetic interference coatings and next-generation solar cells.
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