Sono-Tek Announces Sale of the 300th Ultrasonic Spray System for Fuel Cell and H2 Electrolyzer Coating Applications
MILTON, N.Y., Feb. 16, 2021 (GLOBE NEWSWIRE) -- via -- Sono-Tek Corporation (OTCQX: SOTK), the leading developer and manufacturer of ultrasonic coating systems, today announced the sale of its 300th ultrasonic coating system for manufacturing fuel cells and electrolyzers.
Notably, the 300th machine sale was a large platform electrolyzer coating system, directed at converting environmentally harmful CO2 emissions into a useable fuel source. The end product produced by Sono-Tek’s customers for this market can help reduce the global carbon footprint by implementing it onto large carbon emitting manufacturing processes, while creating a revenue stream from the fuel byproduct.
When Sono-Tek first started tracking this industry in 2008, the market was just emerging, and the Company quickly realized that the inherent benefits of its proprietary ultrasonic spray coatings provided significant advantages to fuel cell manufacturers in the development of Solid Oxide Fuel Cells (“SOFC”), Proton Exchange Membrane (“PEM”) fuel cells, and electrolyzers. Over the years, Sono-Tek’s sales to this market have steadily increased as demand from new and repeat customers increased as coating systems began to be developed for production scale manufacturing rather than primarily R&D, when the industry was first developing. This transition toward machines capable of higher throughput has driven average selling prices from less than $50,000 per unit to an average selling price of well over $150,000 per unit, and fully automated production lines can sell for over $400,000.
The Company further leveraged its growing knowledge and expertise with these coatings to enhance the capabilities of its spray equipment specifically for electrocatalyst spray applications and to expand Sono-Tek’s offerings to include what is now a full line of spray machines and configurations. Recent additions have been the ExactaCoat OP3 and VersiCoat conveyorized enclosure for continuous coating lines, with oversize options and expanded automation features. New features include Sono-Tek’s DuraFlow pump for high flow continuous applications, PEM inverters, and active flow rate monitoring that help support the growing requirements for production fuel cell applications.
New developments and advances to Sono-Tek’s systems are identified from customer relationships and requirements and developed in-house by the Company’s highly skilled team of five applications engineers and 15 product engineers.
Brian Booth, Electronics and Advanced Energy Division Director at Sono-Tek, noted, "The 300th sale milestone caps an exciting journey over the past 10+ years. During that time, we’ve witnessed the industry transform from mostly R&D systems to growing demand for the production of significantly more complex, high speed, customized solutions for both fuel cells and electrolyzers. Our technical team has excelled in satisfying customer challenges for scale up, creating a bright outlook for the future of Sono-Tek as one of the go-to suppliers in the industry."
Bennett Bruntil, Vice President of Sales and Marketing at Sono-Tek, added, “Sono-Tek’s sales and innovation to the fuel cell/electrocatalyst industry have remained robust despite the impact of the global pandemic on many industries. We are proud to be part of the path that is developing a growing hydrogen infrastructure where renewable energy from solar and wind can be converted into hydrogen fuel. Since our coating technology is used in both the supply and consumption of hydrogen, we believe that we are part of the solution and positioned to make a significant impact on a cleaner energy future.”
About Sono-Tek
Sono-Tek Corporation is the leading developer and manufacturer of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts and components for the microelectronics/electronics, alternative energy, medical and industrial markets, including specialized glass applications in construction and automotive.
The Company’s solutions are environmentally-friendly, efficient and highly reliable, and enable dramatic reductions in overspray, savings in raw material, water and energy usage and provide improved process repeatability, transfer efficiency, high uniformity and reduced emissions.
Sono-Tek’s growth strategy is focused on leveraging its innovative technologies, proprietary know-how, unique talent and experience, and global reach to further develop thin film coating technologies that enable better outcomes for its customers’ products and processes. For further information, visit -tek.com.
Safe Harbor Statement
This news release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, tax, competitive and technological developments affecting our operations or the demand for our products; the duration and scope of the COVID-19 pandemic; the extent and duration of the pandemic’s adverse effect on economic and social activity, consumer confidence, discretionary spending and preferences, labor and healthcare costs, and unemployment rates, any of which may reduce demand for some of our products and impair the ability of those with whom we do business to satisfy their obligations to us; our ability to sell and provide our services and products, including as a result of continued pandemic related travel restrictions, mandatory business closures, and stay-at home or similar orders; any temporary reduction in our workforce, closures of our offices and facilities and our ability to adequately staff and maintain our operations resulting from the pandemic; the ability of our customers and suppliers to continue their operations as result of the pandemic, which could result in terminations of contracts, losses of revenue; the recovery of the Electronics/ Microelectronics and Medical markets following COVID-19 related slowdowns; the forgiveness of our PPP loan; and further adverse effects to our supply chain; maintenance of increased order backlog, including effects of any COVID-19 related cancellations; the imposition of tariffs; timely development and market acceptance of new products and continued customer validation of our coating technologies; adequacy of financing; capacity additions, the ability to enforce patents; maintenance of operating leverage; maintenance of increased order backlog; consummation of order proposals; completion of large orders on schedule and on budget; continued growth of the market for electrolyzer coating applications; successful transition from primarily selling ultrasonic nozzles and components to a more complex business providing complete machine solutions and higher value subsystems; and realization of quarterly and annual revenues within the forecasted range. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-K and Form 10-Qs containing additional important information.
For more information, contact:
Sono-Tek Corp.
Bennett Bruntil
VP, Sales & Marketing
Ph: 845-795-2020 X 126
Investor Relations:
Stephanie Prince
PCG Advisory
Ph: (646) 863-6341
-tek.com
