OpSens Solutions Receives Funding Support to Jointly Develop an Optical-Based
Fuel Monitoring System for Aerospace Applications, Including Civil Aircrafts
Quebec City, Quebec, June 16, 2021 – OpSens Inc. (“OpSens” or the “Company”) (TSX:OPS) (OTCQX:OPSSF) today announced that OpSens Solutions Inc. (“OpSens Solutions”), its wholly-owned subsidiary, is receiving advisory services and up to $500,000 in funding support from the National Research Council of Canada Industrial Research Assistance Program (“NRC IRAP”) to support a collaborative research and development project through the international EUREKA Network. The project will jointly develop an optical-based fuel monitoring systems (“OFMS”) for aerospace applications including civil aircraft with Temai Ingenieros S.L. (“Temai”), the consortium partner of this EUREKA international project. Temai is also receiving public funding for this project from the Spanish Innovation Agency, the Centre for the Development of Industrial Technology (“CDTI”).
The OFMS project consortium, supported by a major aircraft manufacturer, aims to develop an optical fuel monitoring system for aerospace applications based on OpSens Solutions’ patented fiber optic technology. This innovative OFMS is intended for use in commercial aircraft, among others, and is designed to be safer, lighter, and to reduce contaminant emissions. Being easier to install and maintain, the OFMS system will offer a lower cost of ownership than the capacitive sensing technology currently used in modern aircraft. The system will also be compatible with the next generation of sustainable aviation fuels (biofuels) intended to replace traditional jet fuel aviation in a near future.
“Thanks to the outstanding performance of our recently developed and patented fiber-optic differential pressure sensor, the most precise of its kind on the market, we have been able to show very promising benefits of our fiber optic sensing technology for the aerospace industry. We would like to thank EUREKA for their support of this project and NRC IRAP for their technical and business advice in planning for this project, as well as the financial support,” said Gaétan Duplain, President of OpSens Solutions.
“We are delighted with the initial results obtained during the ground testing phase carried out with OpSens Solutions’ products and we foresee a bright future for this type of technology in the aeronautics industry. We would also like to thank EUREKA and CDTI for their financial support of this project,” said Luis Bussion, Managing Director of Temai.
About OpSens Inc. (OpSens.com)
OpSens focuses mainly on coronary artery disease in interventional cardiology. OpSens offers an advanced optical-based pressure guidewire that aims at improving the clinical outcome of patients with coronary artery disease. Its flagship product, the OptoWire, is a second-generation fiber optic pressure guidewire designed to provide the lowest drift in the industry and excellent lesion access. The OptoWire has been used in the diagnosis and treatment of over 100,000 patients in more than 30 countries. It is approved for sale in the United States, European Union, Japan, and Canada.
OpSens, through its subsidiary OpSens Solutions (OpSens-solutions.com), is also involved in industrial activities in developing, manufacturing, and installing innovative fibre optic sensing solutions for critical applications such as those found in the nuclear, aeronautic, and aerospace industries.
About Temai Ingenieos S.L. (temai-ingenieros.com)
Temai is an aero company dedicated to design, development, qualification and manufacturing of aero electronics and electromechanical equipment in the areas of aeronautics and other high value industrial sectors. The company is particularly focused on design, certification, and manufacturing of equipment with complex electronics, highly reliable software under the most stringent airborne standards.
About EUREKA (eurekanetwork.org)
EUREKA is the world’s biggest public network for international cooperation in R&D and innovation, present in over 45 countries, and supporting market-oriented R&D and innovation projects in all technology sectors.
About CDTI (cdti.es)
The Centre for the Development of Industrial Technology (CDTI) is a public business entity, answering to the Spanish Ministry of Science and Innovation, which fosters the technological development and innovation of Spanish companies.
Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance, and achievements of OpSens to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.
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For further information, please contact:
Louis Laflamme, CPA, CA, Chief Executive Officer, 418.781.0333
Robin Villeneuve, CPA, CA Chief Financial Officer, 418.781.0333