CPS Technologies Corporation is engaged as a technology and manufacturing company, which produces high-performance energy management components. Shares of the tech manufacturer are rallying 68%, through early trading on Thursday, February 4, 2021. Over the past three months, CPS Technologies has seen average daily volume of 1.89 million shares. However, volume of 6.65 million shares or dollar volume of $192.12 million, has already exchanged hands through early trading on Thursday.
Shares of CPS Technologies are surging Thursday, after the company announced it has received a purchase order for HybridTech Armor panels for use on U.S. Navy CVN class ships. The advanced ballistic shield will help improve protection for crew-served weapons stations. The armor is set to be initially installed on a U.S. Navy aircraft carrier.
CPS Technologies Corporation Press Release:
NORTON, Mass., Feb. 02, 2021 (GLOBE NEWSWIRE) — CPS Technologies Corporation (NASDAQ: CPSH) today announced receipt of a purchase order for HybridTech Armor© Panels to be installed as the strike face of advanced ballistic shields to support U.S. Navy CVN class ships. The shields provide ballistic protection for crew-served weapons stations and the sailors manning them. The purchase order covers panels to equip all crew-served weapons stations on one aircraft carrier.
“CPS is very pleased to be making a significant contribution to the safety of our men and women in uniform. This purchase order is the culmination of many years of R&D, testing, prototyping and design to apply the beneficial properties of metal-matrix composites to armor at scale,” said Grant Bennett, CEO of CPS.
CPS HybridTech Armor Panels are part of an integrated armor system. CPS supplies the HybridTech Armor Panels to our partner, Kinetic Protection, located in Stillwater Minnesota, who assembles the complete armor system which is then installed on the aircraft carrier.
Erik Crawford, President of Kinetic Protection, said, “We are pleased to be working both with the U.S. Navy and CPS to bring this life-saving technology to sailors at sea. We have received a $28.7 million IDIQ contract from the Navy to address the aircraft carrier fleet, with an initial delivery order for the first aircraft carrier.”
CPS HybridTech Armor Panels, covered by multiple patents owned by CPS, provide the optimal combination of three key properties: ballistic protection, light weight, and, critically important in this application, environmental durability. The panels do not rust or degrade in salt spray or sunlight. They have passed rigorous military testing over several years – environmental, full-scale shock and vibration, and extensive ballistic defeat testing. The integrated armor system containing HybridTech Armor Panels is modular in nature allowing it to be easily configured to specific crew-served weapons stations on the aircraft carrier.
In 2008 the U.S Navy defined an “Urgent Requirement” for the development of an improved armor system for crew-served weapons stations to provide an increased level of warfighter protection, withstand the harsh sea environment with a longer life cycle, and provide a common solution across multiple ship classes with a variety of integration capabilities. The Navy subsequently quantified these requirements in a new military specification and defined a new ballistic defeat test methodology. The CPS HybridTech Armor Panels were developed in response to this need, and in collaboration with Kinetic Protection, a complete armor system has been developed which fully meets the new specification.
The need to protect sailors at crew-served weapons stations is not limited to aircraft carriers; the same need exists on many other types of ships in the U.S. Navy. Excluding submarines, the U.S. Navy currently has a fleet of over 400 ships.
CPS is a technology and manufacturing leader in producing high-performance energy management components that facilitate the electrification of the economy. Our products and intellectual property include critical pieces of the technology puzzle for electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, the smart electric grid, 5G infrastructure and others. CPS’ armor products provide exceptional ballistic protection and environmental durability at very light weight. CPS is committed to innovation and to supporting our customers in building solutions to this planet’s problems.
About Kinetic Protection
Kinetic Protection (KP) provides engineering, research and development and manufacturing services focused on anti-terror/force protection for the U.S. Department of Defense. Often solutions in this space are program and requirement specific. KP’s diverse team of former warfighters, material scientists, engineers and fabrication specialists – coupled with partnerships across the industrial base – are able to provide full lifecycle support to its customers across a range of platforms, and mission requirements.
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2021 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as “will,” “intends,” “believes,” “expects,” “plans,” “anticipates” and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company’s expectation. Additional information concerning risk factors is contained from time to time in the company’s SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.