MIAMI, June 7, 2013 (GLOBE NEWSWIRE) -- Abakan Inc. (OTCQB:ABKI) ("Abakan"), an emerging leader in the advanced coatings and metal formulations markets, today announced that its subsidiary Powdermet has secured several significant partnerships with corporate, government and military agencies to advance commercialization of its EnCompTM Energetic nanocomposites and MComPTM Microcomposite materials for use in high-density energy storage and energy-efficient mechanical bearing markets.
These partnerships including the U.S. Army, the U.S. Department of Energy and the U.S. Navy further validate the potential impact of these advanced materials. The disruptive material science platforms developed by Powdermet and its partners have applications in industries such as Energy, Defense, and Transportation among others.
"Powdermet has been at the forefront of technical innovation for the past decade, and our expertise in nanotechnology and advanced materials development has attracted top-tier partners," said Robert Miller, CEO of Abakan Inc. "The company is now focused on commercializing several of its technology platforms following our successful research and development which have shown very impressive results for these platforms. We expect to serve multi-billion dollar markets across a variety of industries."
Powdermet's EnCompTM Energetic nanocomposite materials improve both the energy density and the power density of batteries. Powdermet has partnered with the U.S. Army to develop applications requiring instant-on storage of a large amount of electrical energy at high voltages for long periods of time without significant current leakage. Powdermet has utilized its nanoparticle synthesis and controlled dispersion processing capabilities to demonstrate melt-processable nanoparticle-filled engineered composite film dielectrics showing 20 to 30 J/cc of energy density, highlighting the opportunity for the technology to vastly improve energy storage technologies for the transportation and renewable energy sectors.
In addition to these initial defense applications, nanodielectric materials for smart grid applications are expected to represent a $500 million market by 2017 according to NanoMarkets. The nanodielectric materials are expected to have several other applications, replacing and enhancing batteries in the electric vehicle, consumer electronics and other industries, cumulating to a more than $1 billion market for nanodielectrics in the next five to seven years.
Additionally, Powdermet's long-term collaboration with Michigan State University also received investment from the Department of Energy to further develop critical nanocomposite separators needed for ultra-high power density multivalent batteries based on ionic liquids. Multivalent batteries enable an order of magnitude increase in the power density of batteries, enabling the handling of high power loads in smaller, lighter, lower cost devices. This technology complements Powdermet's ongoing efforts to develop encapsulated nanocomposite anode and cathode materials addressing needs within the $100 billion global advanced battery manufacturing value chain.
Finally, Powdermet's MComPTM Microcomposite cermet (ceramic-metal) materials provide the friction and wear performance equivalent to advanced, diamond-like carbon coatings, but with the toughness, strength and formability of metals. Powdermet has partnered with the U.S. Navy to provide a solution to contamination issues in spherical plain airframe bearings using advanced coatings that have already been commercialized through Abakan subsidiary MesoCoat. These nanocomposite cermet materials have applications across the transportation, energy, military, construction and other sectors for reducing friction and extending the life of, or eliminating the need for lubricants, in highly stressed systems.
About Abakan Inc.
Abakan develops, manufactures, and markets advanced nanocomposite materials, innovative fabricated metal products and highly engineered metal composites for applications in the oil and gas, petrochemical, mining, aerospace and defense, energy, infrastructure and processing industries. Abakan's technology portfolio currently includes high-speed, large-area metal cladding technology; long-life nanocomposite anti-corrosion and-wear coating materials; and high-strength, lightweight metal composites. Abakan's products have demonstrated longer life, higher productivity and extremely high strength-to-weight ratios compared to competing technologies. The Abakan group of companies has been honored by The Wall Street Journal for being the #1 Manufacturing Innovation across the globe, by Forbes as the #1 Most Promising Material Science Company in the United States and has received numerous other trade, industry and technology awards including five R&D 100 Awards and a Technology Innovation Award from the National Institute of Standards and Technology. Over $50 million has been invested in product development and testing by federal agencies, national labs and our companies in order to deliver products that offer improved performance over the current state of art. Abakan has successfully introduced its metal coatings for metal asset protection and life-extension in the oil and gas and mining industries, and is currently focusing on the scale-up and commercialization of its highly disruptive metal cladding products for the oil and gas, oil sands, mining and chemical industries. Abakan currently operates from multiple locations in United States and Canada, and intends to expand global operations in South America, Canada, the Middle East, and the Asia-Pacific.
A number of statements contained in this press release are forward-looking statements. These forward looking statements involve a number of risks and uncertainties including technological obsolescence, market acceptance of future products, competitive market conditions, and the sufficiency of capital resources. The actual results Abakan may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Abakan encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-K and Form 10-Q. Abakan's public filings may be viewed at www.sec.gov.
CONTACT: Abakan Inc. Robert Miller, Chief Executive Officer Phone: +1-786-206-5368 Email: email@example.com www.abakaninc.com Investor Relations Mike Bowdoin RedChip Companies for Abakan Inc. 407-644-4256 ext. 110 firstname.lastname@example.org Media Inquiries Tomi Maxted Antenna Group for Abakan Inc. (201) 465-8024 email@example.com