NanoXplore has announced that it has been awarded three programs from two existing customers, one large commercial vehicle OEM and one industrial equipment manufacturer, to supply exterior parts of vehicles. These components are used in both internal combustion engines and electric vehicles.
Production for the first program will begin in 2024 while the start of production for the other two programs is planned for 2026. These programs generally last for a period of 10 years. The Corporation estimates that these programs will generate CAD$24 million (over USD$17,700,000) in annual sales at mature volumes along with a one-time tooling revenue of CAD$10 million (over USD$7,400,000). The Corporation has reportedly already secured the related manufacturing equipment to fulfill these orders and the expansion of the North Carolina facility is ongoing. These investments are part of NanoXplore’s 5-year strategic plan.