QPC Lasers Wins $1M in Contracts, Completes $7.4M Financing
QPC Lasers Inc. of Sylmar, Calif., announced yesterday it has received two contracts totaling $1 million from the US Navy to deliver high-energy laser engine prototypes for naval aviation directed-energy weapons applications. The prototypes are being developed for potential deployment onto naval aviation platforms and use QPC’s proprietary semiconductor laser technologies, which are designed to be 10 times smaller, lighter and less expensive than conventional lasers. The concurrent nine-month contracts build upon the company’s previous high-brightness, chip-based laser development for the Navy, as well as for DARPA, the US Army, the Missile Defense Agency and the Israeli Ministry of Defense. QPC also announced it has completed a $7.4 million private financing through the sale of convertible debentures and warrants to a mix of institutional and accredited investors. The company said it will use the funds for expanded marketing, operations and general corporate purposes.