eMagin Corporation announced it has been awarded $5.5 million under the Industrial Base Analysis and Sustainment (IBAS) Program for Organic Light Emitting Diode (OLED) Supply Chain Assurance.
These funds are for the procurement and installation of capital equipment in eMagin’s NY-based manufacturing facility, which we believe will enhance our manufacturing capabilities.
This IBAS award will be managed under the Cornerstone Other Transaction Authority (Cornerstone OTA) and fully funds Phase I of a three-phase agreement.
The IBAS Cornerstone OTA was created to focus on strengthening the U.S. Manufacturing and Defense Industrial Base. eMagin’s OLED microdisplays are used, or designed in, many current and future defense Programs of Record including a broad range of PEO Soldier programs, F-35 HMDS, and other aviation helmet programs.
The capital funding provided during Phase I will be used to procure key equipment and tooling, which the Company believes will improve all aspects of eMagin’s OLED microdisplay production, including increased throughput and capacity.
The IBAS agreement indicates additional awards through Phases II and III. Provided that funding becomes available, these later phases would enable eMagin to procure and install equipment designed to increase the production capability of products based on eMagin’s advanced dPdTM technology.
“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," eMagin CEO Andrew Sculley said. "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.”