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40,287.53
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2,402.80
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40,287.53
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BluGlass (ASX: $BLG) acquires GaNWorks foundry

BluGlass acquisition of GaNWorks Foundry


BluGlass Limited (ASX: $BLG) has finalized the acquisition of GaNWorks Foundry, Inc., a contract manufacturer, for US$800,000. This strategic move completes the vertical integration of its Silicon Valley fab and is expected to significantly enhance its commercial operations, development timelines, and production capability.

Executive Commentary on Acquisition


BluGlass' CEO Jim Haden expressed, 'Bringing GaNWorks in-house is another incredibly rare opportunity. Our acquisition of GaNWorks represents exceptional shareholder value, providing us with the necessary equipment, along with invaluable process, knowledge transfer and hands-on expertise. The acquisition represents the final step in our plan to in-source wafer processing, and further accelerates our long-term growth plans within the fast-growing GaN market, forecast to reach US$2.5 billion by 2025.'

Summary of BluGlass Acquisition


BluGlass Limited (ASX: $BLG) has successfully acquired GaNWorks Foundry, Inc. for US$800,000, completing the vertical integration of its Silicon Valley fab. This acquisition is expected to streamline manufacturing supply chain processes, reduce operational complexity, and increase production capacity. The in-sourcing of critical manufacturing steps is projected to deliver annualized savings of over US$400K and accelerate the company's growth strategy within the rapidly expanding GaN market. The move aligns with BluGlass' vision of becoming the industry's easiest-to-use laser light, offering product development and manufacturing flexibility.

Sourcehttps://announcements.asx.com.au/asxpdf/20231207/pdf/05y9xlv2s21h0h.pdf

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