FTSE 100 today: closes higher as UK inflation surprises; GBP lower, Ithaca report
Investing.com -- CPS Technologies (NASDAQ:CPSH) stock gained 2.4% after the company announced it has been awarded its fourth Small Business Innovation Research (SBIR) contract of the year from the U.S. Navy, along with receiving its first purchase order for its AlMax™ materials.
The Phase I SBIR contract, valued at $140,000 for six months with an optional six-month extension worth an additional $100,000, focuses on reducing the weight of the Amphibious Combat Vehicle (ACV) used by the U.S. Marine Corps. CPS will apply its materials expertise to identify components that can be redesigned with lightweight alternatives to improve performance metrics including fuel efficiency and operational range.
"This award underscores our growing role in supporting the evolving needs of the Marine Corps and Navy," said Brian Mackey, President and CEO of CPS Technologies. "With the ACV family now fielded in multiple mission-ready variants, reducing weight without compromising protection or mobility is more critical than ever."
The project will be led by Matthew Karnick, a CPS Materials Scientist who has previously received two SBIR awards.
Simultaneously, the company announced receipt of its first purchase order for AlMax™ materials, a Fiber-Reinforced Aluminum composite for which CPS became the exclusive global licensee in 2024. While described as "modest in size," the order comes from a domestic manufacturer and represents the first commercial traction for the product, which offers aluminum density with superior wear resistance and high-temperature strength.
These developments mark significant progress in CPS Technologies’ materials science innovation efforts for both government and commercial applications.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.