- Growing Demand for Proton-Exchange Membrane Fuel Cells Driving Growth of Market
MILTON, NY — — Sono-Tek Corporation (OTCQX: SOTK), the leading developer and manufacturer of ultrasonic coating systems, announced the launch of a new program for the development of Roll-to-Roll coating equipment for the manufacturing of high volume proton-exchange membrane (PEM) fuel cells.
Development will be accelerated by a partnership agreement with a company that has a proven track record for successfully implementing the highest level of PEM production with premier fuel cell companies. In addition, there are several milestones of achievement written into the partnership agreement which are expected to allow for significant product enhancements to be released to the Sono-Tek customer base during the development process. The program is expected to take approximately 2 years to complete.
Steve Harshbarger, President of Sono-Tek, commented, “We’re very excited to add this new program to our portfolio of growth initiatives. Sono-Tek has built up substantial cash reserves and this is one of several major business development programs going forward that will benefit from our strong financial position. The expert organization that we’ve partnered with has a proven track record for successfully implementing the highest level of PEM production with premier fuel cell companies. Working together, we believe that our combined expertise will accelerate Sono-Tek’s ability to provide equipment with increased throughput speeds, which is becoming the required standard as fuel cell technology becomes more fully integrated into the world.”
“Although this program is primarily focused for our PEM Fuel Cell customer base, we anticipate that its achievements will be transferable to our equipment for coating membranes in CO2 reduction and carbon capture applications. This is an area that has recently gained a great deal of attention and investment by government and private industry around the world to facilitate the reduction of the global carbon footprint,” concluded Mr. Harshbarger.
As previously disclosed, Sono-Tek is projecting record revenue in fiscal year 2022, ending February 28, 2022.