EMagin (NYSEAMERICAN:EMAN) news for Friday concerning a massive award from the Department of Defense has EMAN stock flying higher.
According to an eMagin news release, the company has been awarded $5.5 million from the organization’s Industrial Base Analysis and Sustainment program. This will fund the company’s ability to purchase and install new manufacturing equipment, as well as fund its capabilities.
EMagin is a company that focuses on the development and manufacturing of Active Matrix OLED microdisplays. These are used in both military and commercial AR and VR devices. The funding allows it to further focus on the creation of these components.
Andrew Sculley, CEO of eMagin, said this about the news.
“We are very pleased to be recognized by the Department of Defense as the only domestic producer of OLED microdisplays designated as a cornerstone of the U.S. manufacturing base. We view this as a recognition of the value of our OLED microdisplays in defense programs and an endorsement in what we believe to be our superior OLED technology.”
It’s worth noting that this round of funding is only for the first phase of eMagin’s efforts. The company says that it currently has three phases planned in total. It also mentions that the current award indicates that additional funding could be available for the other phases as well.
EMAN stock was up 46.2% as of Friday afternoon and is up 66.7% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.
