- Semiconductor developer BluGlass (BLG) secures two additional orders for its commercial lasers
- The two purchase orders are for BLG’s single-mode and multi-mode violet 405-nanometre and blue 450-nanometre gallium nitride lasers in flexible form factors
- While the initial order volumes are small and financially not material, BluGlass says orders are expected to grow in volume and frequency once its lasers have been qualified within their applications
- Meanwhile, the company has received commitments to raise $10.2 million via a placement to institutional and sophisticated investors at 6 cents per share
- BluGlass shares are down 15.3 per cent, trading at 6.4 cents at 3:23 pm AEDT
Semiconductor developer BluGlass (BLG) has received two additional orders for its commercial lasers.
The company secured two purchase orders for both its single-mode and multi-mode violet 405-nanometre and blue 450-nanometre gallium nitride (GaN) lasers in flexible form factors.
BluGlass said the orders come from “established organisations” that developed advanced quantum, energy and industrial applications, including an international energy research institution.
The customers will use BluGlass’ lasers for testing and qualification within their own applications.
“We are quickly gaining traction with our first GaN laser products, with strong interest from customers across our product suite and target markets,” BluGlass CEO Jim Haden said.
“These orders validate our go-to-market approach and reinforce the urgent need for suppliers to address growing unmet needs in the industry.”
The initial order volumes are small and financially not material, but BluGlass said once its lasers had been qualified within the applications, the company expected order to grow in volume and frequency.
“Our lasers are being implemented by customers looking to develop and test innovative new products across next generation energy production, quantum, AI, and advanced manufacturing,” Jim Haden continued.
“Our flexibility is seeing customers wanting to work with us, and our first 450-nanometre order in custom form factors is testament to this.”
The company noted additional customer orders were also currently in progress.
Meanwhile, BluGlass has received commitments for $10.2 million via a placement to institutional and sophisticated investors at 6 cents per share.
The company plans to raise an additional $2.7 million through an entitlement offer to existing shareholders at the same price as the placement.
The funds raised will be used to scale product delivery and expand its laser offering to address new markets.
BluGlass shares were down 15.3 per cent and trading at 6.4 cents at 3:23 pm AEDT.