Abakan Inc. (OTCQB:ABKI) (“Abakan”) and Mattson Technology, Inc. (NASDAQ:MTSN) today announced that Abakan’s subsidiary MesoCoat, Inc. has agreed to an Exclusive Supply Agreement with Mattson Technology that grants MesoCoat access to Mattson’s ultra-high-intensity Vortek® arc lamp system. MesoCoat will use the lamps, which generate an extremely high intensity of focused light, in the production of its high-performance nanocomposite cladding solutions for an estimated $3.8 billion1 worldwide metal cladding market.
“Mattson Technology produces one of the most powerful, high-quality arc lamps in the world. We will use these lamps to fuse our coating and cladding materials to steel pipe and other products, providing an incredibly strong and long-lasting product for industries that use steel in harsh environments,” said Abakan CEO Robert Miller. “Signing this agreement enables us to rapidly expand our business and bring our groundbreaking new technology to market in the shortest amount of time, with the lowest technical risk.”
The multi-year agreement contemplates that MesoCoat will annually purchase an escalating minimum number of Vortek arc lamps. The aggregate value of the purchases has the potential to exceed tens of millions of dollars over the term of the agreement, and includes a $2 million exclusivity fee. The agreement guarantees MesoCoat supply, support, and delivery schedules for the Vortek arc lamp.
“We are extremely pleased to be working with MesoCoat on this new, innovative coating solution, which represents a paradigm shift that brings high speed, performance and economy to such large critical markets,” said David Dutton, president and CEO of Mattson Technology. “Our Vortek arc lamp is one of the most powerful light sources in the world that has shown potential to enable greater efficiency in many emerging thermal process applications in the clean energy field. Our partnership with MesoCoat opens up a new opportunity in the energy market, which extends our business beyond our existing semiconductor equipment industry.”
The Mattson Technology Vortek arc lamp integrated with MesoCoat’s award-winning CermaClad™ process will allow continuous coating and cladding of layers of corrosion- and wear-resistant materials 20 to 30 centimeters (cm) wide, compared to widths of approximately 0.5 cm for lasers used in competing weld or laser cladding processes. This high-speed cladding process that is up to 100 times faster than current methods enables better metallurgical properties even at lower coating thicknesses. The speed of this technology ensures that the cladding process can now match the line speed of steel mills, dramatically reducing lead times by 75-80%2. MesoCoat estimates that this technology will enable the cladding market to double over the next three years to more than $7 billion.
About Abakan, Inc.:
Abakan, Inc. is a publicly traded company that invests in companies that have developed transformational technologies on the cusp of commercial applications. Miami based, Abakan is the largest shareholder in Powdermet and MesoCoat, each of which is an Ohio based nanotechnology material science company involved in technology development that has received numerous awards and grants. Powdermet is focused on metal formulations as well as advanced energy management solutions while MesoCoat is focused on the development of advanced coating solutions. Powdermet has won over 80 government-sponsored Phase 1, 2 and 3 grant programs since 1996 and MesoCoat is the recipient of three prestigious R&D 100 awards, a Technology Innovation Program Award (TIP) for 100 year life coatings by the National Institute of Standards and Technology (NIST), and the NorTech Innovation Award for high performance environmentally friendly coating materials.
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