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
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CONTACT:
Brian M. Prenoveau, CFA
MZ Group - MZ North America
[email protected]
+561 489 5315
SOURCE: LightPath Technologies, Inc.