IPOS - Syntec Optics Pioneering Revolutionary Space Economy to List on Nasdaq via Merger with OmniLit (Nasdaq: OLIT) | Benzinga
ROCHESTER, NEW YORK, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Syntec Optics, a leading scientific and technical instruments and aerospace and defense optics provider that, over the past two decades, enabled many mission-critical applications, celebrated another milestone. It has pioneered the advanced manufacturing of scalable ultra-high precision optics for Low Earth Orbit (LEO) satellite systems.
Syntec Optics' LEO Satellite Optics are extremely precise as they move at approximately 27,600 kilometers per hour, about 550 kilometers above the Earth, catching and receiving a laser beam nearly the size of a baseball.
Syntec Optics produced its 1000th critical optics for LEO satellites in October 2023. Syntec Optics team utilized several advanced manufacturing techniques, leveraging decades of experience in advanced manufacturing of extremely high tolerance specialized components and sub-systems to rapidly deliver mission-critical optics.
The production team worked 24x7 to reduce development time to nearly nine months to meet blue chip customer requirements while deploying the diverse optical capabilities of Syntec Optics. Cross-functional skills, including ultra-precision metrology combined with various vertically integrated extremely high-precision proprietary techniques, made the breakthrough possible.
Low Earth Orbit satellites are playing a critical role in providing broadband internet. Precision optics-enabled laser technology, as compared to previous radar-signal technology, provides lower latency for potential applications in areas that can range from services for banking, internet access for remote areas to services to aircraft, ships, and military users.
Adam Jonas at Morgan Stanley has been quoted saying, "We believe the largest opportunity for low earth orbit satellites comes from providing Internet access to under and unserved parts of the world, but there also is going to be increased demand for bandwidth from autonomous cars, the internet of things, artificial intelligence, virtual reality, and video."
Morgan Stanley, in its July 24, 2020 report, Space: Investing in the Final Frontier, estimated that satellite broadband will represent 50% of the projected growth of the global space economy by 2040—and as much as 70% in the most bullish scenario.
Syntec Optics is well-positioned to provide ultra-precision optics to enable this expanding market for satellites. Satellites with Syntec's products are being used to replace older satellites and to add new ones as part of building the mega-constellation communication network.
Syntec Optics, currently well-established in defense, biomedical, and consumer end-markets, enters a new addressable market of space economy that is projected by Morgan Stanley to reach $1 trillion by 2040.
About Syntec Optics
Syntec Optics Inc., headquartered in Rochester, NY, is one of the largest custom optics and photonics manufacturers in the United States. Operating for over two decades, Syntec Optics runs a state-of-the-art manufacturing facility with extensive core capabilities of various optics manufacturing processes, both horizontally and vertically integrated to provide an advantage for systems integrators. Syntec Optics' mission is to provide a U.S.-based scalable platform of optics and photonics manufacturing that keeps American soldiers from harm's way, offers ...