Partnership to Advance Carbon Fiber Research
for Use in Major Industries
via NEWMEDIAWIRE -- Attis Industries Inc. (NASDAQ: ATIS)
(the "Company" or "Attis"), a diversified innovation and technology
holding company, today announced a partnership with Iowa State
University for a funded research program to develop carbon
fibers for use in a wide variety of applications derived entirely
or predominately from lignin produced at Attis’ planned
biorefineries.
Carbon fibers produced from Attis’ unique,
melt-flowable lignin—a carbon-rich biomass component—would offer
substantial cost and environmental benefits to industries that find
current petroleum-based fibers cost prohibitive. The Department of
Energy and its National Laboratories have placed a high priority on
the development of a bio-based precursor for carbon fiber while
simultaneously cutting its final cost, so that it may be a viable
material in the mass automotive market to improve fuel efficiency,
safety and energy independence.
Attis believes its lignin is the best available
option to meet these goals and the expertise at Iowa State
University can help bring it to commercialization. “Iowa State
University has invested a tremendous amount of time in researching
bio-based solutions for carbon fiber
applications,” stated Dr. Xianglan Bai,
Assistant Professor of Mechanical Engineering at Iowa State
University. “Attis’ lignin is unique and shows great promise in
delivering the low-cost, high-performance solution the carbon fiber
industry has been demanding.”
Carbon fibers are used in multiple industries
including aerospace, wind energy, and automotive primarily due to
the materials’ unique combination of high performance and low
weight. In 2017, global carbon fiber usage was estimated at 84,200
tons; however, the market universally agrees that the cost of
carbon fiber is the major factor prohibiting wider adoption.
Currently, polyacrylonitrile (PAN) is the most common precursor
used in the manufacturing of carbon fiber and is responsible for an
estimated 50% of the total finished cost of the product. Due to the
high cost of PAN (roughly $3-5/kg), current commodity applications
like automotive are forced to incur costs of more than $10/kg for
carbon fiber material, all but limiting its use to high-end luxury
vehicles.
“We are very excited about partnering with Dr. Bai
along with the team of globally-recognized Iowa State University
researchers to develop viable carbon fiber,” stated Jeff
Cosman, Chief Executive Officer of Attis Industries. “Carbon
fiber is a product where Attis lignin brings value in performance,
cost-savings, and an improved sustainable footprint for
manufacturers and consumers.”
Attis believes the unique, melt-flowable lignin
manufactured through its proprietary biomass process technology can
substantially reduce the base precursor cost in producing carbon
fiber while meeting the performance characteristics required for
automotive applications. Attis estimates that each of its
biorefineries could produce enough high-purity lignin to produce
about 10,000 tons of carbon fiber and can do so at a fraction of
the cost of PAN precursor. The United States has enough non-food
biomass to sustainably supply over 7,000 Attis biorefineries and
the number will grow as biomass farming practices evolve.
“Attis is confident that it’s on the right path to
accelerate impactful advancements in growing the economy while
dramatically enhancing the overall sustainability
landscape,” added Cosman. “It’s not just about carbon
fiber, it’s about using renewable resources in a responsible and
efficient way to create sustainable jobs, materials and fuels.”
Attis identified Iowa State University as an ideal
candidate to partner with for carbon fiber research and development
due to their broad background in bio-based material evaluation for
carbon fiber production. The partnership will involve a significant
amount of laboratory and pilot testing of Attis’ lignin by Iowa
State University to maximize the amount of lignin in a finished
carbon fiber formulation while meeting the industry standard for
carbon fiber in automotive applications.
Iowa State has evaluated a number of major
biorefinery processes for their resultant lignin species, and the
ability to introduce these products into the manufacturing of
bio-based carbon fiber. Based on preliminary laboratory tests
conducted by Iowa State, Attis’s unique, melt-flowable lignin has
emerged as an outstanding candidate to meet the rigorous
performance characteristics required for carbon fiber applications.
With minimal modification to processing, Iowa State has found Attis
lignin-based carbon fiber to have high thermal stability,
high-carbon content and low-impurities, making it competitive with
bio-based standards. Through further development work with the
esteemed University, Attis hopes to roll out its lignin-based
carbon fiber portfolio in step with the commissioning of its first
few commercial biorefineries.
About Attis Industries Inc.
Attis Industries Inc. (NASDAQ: ATIS) is a holding
company focused on developing and building businesses that play
important roles in the new economy, which include renewable fuels,
bio-based plastics, healthcare and communications infrastructure.
We strive to encourage our employees to be entrepreneurs focused on
innovation and technology. We will remain dynamic, persistent and
motivated to our mission of winning. The growth of our company will
rely on our integrity and our vision for the future. Attis
Industries will continue to fulfill essential needs in healthcare,
energy independence and digital communications. Today, each of
these sectors provide high growth opportunities that collectively
account for more than a third of America’s GDP. For more
information, visit: www.attisind.com.
Forward-Looking Statements
Any statements contained in this press release
that do not describe historical facts may constitute
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. You can identify
forward-looking statements by words such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“should,” “would” or similar words. You should consider these
statements carefully because they discuss our plans, targets,
strategies, prospects and expectations concerning our business,
operating results, financial condition and other similar matters.
These statements are subject to certain risks, uncertainties, and
assumptions, including, but not limited to, risks and uncertainties
relating to the Company's ability to develop, market and sell
products based on its technology; the expected benefits and
efficacy of the Company's products and technology; the availability
of substantial additional funding for the Company to continue its
operations and to conduct research and development, clinical
studies and future product commercialization; and, the Company's
business, research, product development, regulatory approval,
marketing and distribution plans and strategies; the ability of the
Company to continue to meet the listing requirements of NASDAQ; the
ability of the Company to execute on a business plan that permits
the technologies and innovations businesses to provide sufficient
growth, revenue, liquidity and cash flows for sustaining the
Company’s go-forward business, and the risks identified and
discussed under the caption “Risk Factors” in the Attis Annual
Report on Form 10-K for the fiscal year ended December 31, 2017,
filed with the Securities and Exchange Commission (the “SEC”) on
April 16, 2018 and the other documents Attis files with the SEC
from time to time. There will be events in the future, however,
that Attis is not able to predict accurately or control. Attis’s
actual results may differ materially from the expectations that
Attis describes in its forward-looking statements. Factors or
events that could cause Attis’s actual results to materially differ
may emerge from time to time, and it is not possible for Attis to
accurately predict all of them. Any forward-looking statement made
by Attis in this press release speaks only as of the date on which
Attis makes it. Attis undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Contact:
Stephen Hart
Hayden IR
(917) 658-7878
hart@haydenir.com
Kevin M. McGrath
TraDigital IR
212 389 9782 x104
kevin@traditigalir.com
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