U.S. Department of Defense Names NUBURU (NYSE American: BURU) As One of Seven Companies to Develop High Energy Laser Weapon Systems

NUBURU, Inc. (NYSE American: BURU) is focused on the development and manufacture of industrial blue light lasers, which combine fundamental physics with a high-brightness and high-powered laser to produce quicker and higher quality welds. Shares of the laser technology company are skyrocketing 74% through early trading on Wednesday, April 5, 2023. Over the past three months, NUBURU has seen average daily volume of 102,960 shares. However, volume of 15.06 million shares or dollar volume of around $77.56 million, has already exchanged hands through early trading.

Shares of NUBURU are surging after the company announced that the U.S. Department of Defense has selected the company as one of seven companies on a multiple award Indefinite Delivery/Indefinite Quality (IDIQ) contract to develop high energy laser (HEL) weapon systems. The contract will initially focus on building and developing prototypes for potential HEL systems. Other notable companies selected in the IDIQ contract include divisions of Rolls-Royce, General Atomics, Dynetics, Lockheed Martin (NYSE: LMT), nLIGHT and more.

Furthermore, the IDIQ contract has a maximum ceiling of $75 million, which NUBURU will have an opportunity to secure a portion of. However, it is not immediately clear the specific amount NUBURU could earn from the contract, which will be determined at the delivery order level. The selected companies have until March 2028 to complete their HEL prototypes and equipment.

“NUBURU has the ability to manufacture laser diode, fiber optic and optical subsystems in the U.S. making us well positioned to support the DOD with its needs regarding this critical next-generation national security issue,” said Dr. Mark Zediker, CEO and Co-Founder of NUBURU. “We are proud to use our automated manufacturing capabilities and a workforce entirely based in the U.S. to provide high-power laser subsystems for our customers.”

Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/

The post U.S. Department of Defense Names NUBURU (NYSE American: BURU) As One of Seven Companies to Develop High Energy Laser Weapon Systems appeared first on Spotlight Growth.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.