|Trondheim, Norway – December 23, 2020 – As December is closing and the holiday season is close, CrayoNano would like to thank all our strategic customers, shareholders and partners for the trust and support of the company.
December 2020 operational highlights include:
Securing our IP
CrayoNano has its origins in the NTNU (University of Science and Technology) organization. The company still has excellent cooperation with both the environments in NTNU and the TTO (The Technology Transfer Office). In order to prepare for the full commercialization of the UVC LED products it is crucial for the company to fully control the patent portfolio. As per the agreement with the TTO of 18th December 2020 the company now owns the rights to all of its IP. We view this as an important milestone in the product portfolio development.
EU Horizon2020 confirmation of the CrayoNano technology
After a thorough review of the technology CrayoNano was chosen among 4,200 companies to receive the European Union EIC Accelerator´s grant of 2.4 million EUR. This represents an important confirmation of the company´s technology and forms a strong basis and reassurance of the current product development. Through the grant CrayoNano now has access to the EIC Accelerator network of investors, corporates and likeminded entrepreneurs that gives the company an important additional platform for the commercialization and the benchmarking of the UVC LED technology.
Strengthening the partner network
The semiconductor industry in general relies on a large number of supply-chain partners to develop products. During the past few months CrayoNano has entered into multiple development contracts with select European supply-chain partners. These partners are important for the company´s product development and will form the basis for product reliability testing, packaging and chip processing.
Planned product launch
Travel restrictions caused by the second wave of the spread of covid-19 virus in parts of the world have temporarily halted distribution of spare-parts for laboratory equipment and impose challenges on uptime in the supply-chain. CrayoNano has worked extensively to mitigate these risks for our internal laboratories and is happy to report that no employees or contractors have been infected by the covid-19 virus and that the labs are in full operation. CrayoNano has throughout Q4/20 learned that our visibility into uptime in our supply-chain is limited and we see a continued risk into 2021.
As part of the downtime in the R&D supply-chain, CrayoNano has experienced significant reduction of availability and access to equipment and resources. The company has therefore not taped-out the product demonstrator of our UVC LED chip to strategic customers in December 2020 as previously planned. Despite the challenges that the pandemic is causing, the company is focusing on enabling the supply-chain and re-confirms the plan of product release for the second half of 2021. This is as communicated to the market earlier this year.
CrayoNano expects the availability and implementation of the covid-19 vaccine programs globally to take effect early 2021 and impact positively CrayoNano’s supply-chain shorter-term issues.
A USD 2.5 billion market
Public awareness of disinfection caused by the highly infectious covid-19 pandemic and continuously increasing risks with population density drive the need for new cost-efficient disinfection solutions as an enabler for a healthier and safer society.
Independent analysts categorize the UVC LED market in hypergrowth, growing to an expected USD 2.5 billion market in 2025. Despite the shorter-term impact caused by covid-19, the total available market is growing faster than previously experienced and this represents a massive opportunity for the company.
CEO Jo Uthus of CrayoNano