LightPath Technologies to Launch New Optical Gas Imaging Camera for Oil & Gas Applications at CH4 Connections Conference

Rhea-AI Summary

LightPath Technologies (NASDAQ: LPTH) announced the launch of a new Optical Gas Imaging (OGI) camera platform for detecting fugitive gas emissions in oil and gas applications at the CH4 Connections Conference on October 15-16, 2024, in Fort Collins, Colorado. The camera uses non-germanium lens technology to offer a more cost-effective and sensitive solution compared to current technologies.

OGI cameras detect infrared energy absorbed or emitted by gases, visualizing emissions invisible to the naked eye. The technology is important for leak detection, regulatory compliance, and safety inspections in industries like oil and gas, chemical manufacturing, and power generation. The gas sensor market totaled $2.5 billion in 2023, with potential for growth as regulations tighten globally.

LightPath's CEO, Sam Rubin, highlighted the camera's ability to meet critical needs as EPA and EU regulations require OGI use in monitoring and reducing fugitive emissions. The company's solution aims to address industry pain points by offering a cost-effective, highly sensitive camera that doesn't require proprietary software.

Positive

• Launch of new Optical Gas Imaging (OGI) camera platform for oil & gas applications
• Improved technology offering cost-effective and higher sensitivity solution
• Addresses growing market need due to stricter EPA and EU regulations
• Potential for market growth as gas sensor market totaled $2.5 billion in 2023

Negative

• None.

Insights

Tech Expert

LightPath Technologies' launch of a new Optical Gas Imaging (OGI) camera is a significant development in the oil and gas industry. The camera's non-germanium lens design offers improved sensitivity and cost-effectiveness compared to existing solutions. This addresses key industry pain points:

• Higher sensitivity for detecting smaller leaks
• Lower cost enabling wider deployment
• Non-proprietary software for easier integration

With stricter EPA and EU regulations on methane emissions, there's growing demand for effective monitoring solutions. The $2.5 billion gas sensor market in 2023 suggests substantial growth potential as regulations expand globally. LightPath's timing aligns well with industry needs and regulatory trends, potentially positioning them for increased market share in the OGI segment.

Environmental Analyst

The introduction of LightPath's new OGI camera is a positive development for environmental monitoring and compliance. Key benefits include:

• Enhanced ability to detect invisible gases like methane and VOCs
• Improved leak detection and repair capabilities
• Support for regulatory compliance in oil, gas and chemical industries

With increasing focus on reducing greenhouse gas emissions, particularly methane, this technology could play a important role in mitigating environmental impact. The camera's higher sensitivity could lead to earlier detection of leaks, potentially preventing significant emissions. However, the effectiveness will depend on widespread adoption and proper implementation by industry players. Overall, this innovation aligns with global efforts to combat climate change and improve industrial safety practices.

Leading Methane Emissions Conference Taking Place October 15-16, 2024, in Fort Collins, Colorado

ORLANDO, Fla., Oct. 15, 2024 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced the launch of a new Optical Gas Imaging ("OGI") camera platform to detect fugitive gas emissions for oil and gas applications at the CH4 Connections Conference taking place October 15-16, 2024, in Fort Collins, Colorado.

In conjunction with the Company's exhibition at the event, LightPath will introduce the new OGI Camera, a specialized technology utilizing infrared (IR) cameras to detect and visualize emissions such as methane in industrial settings. OGI cameras are capable of visualizing gases that are invisible to the naked eye by detecting the infrared energy absorbed or emitted by the gases. LightPath's purpose-built OGI camera leverages a non-germanium lens to improve upon current technologies by offering a cost-effective, higher sensitivity and ultimately more effective solution.

OGI is particularly useful for detecting methane, volatile organic compounds, hydrocarbons, and other industrial gases that can be harmful to the environment or human health. It is widely used for leak detection and repair programs, regulatory compliance, and safety inspections in industries such as oil and gas, chemical manufacturing, and power generation.

The 11th annual CH4 Connections conference brings together prospective customers, thought leaders, researchers, industry experts, regulators, policymakers, and environmental advocates to address current research on methane emissions, technologies to detect and mitigate emissions, policy and regulatory frameworks, and business implications and opportunities. Straits Research found the gas sensor market totaled $2.5 billion in 2023, with significant further upside as additional regions outside the United States and European Union begin to implement stricter regulations.

"OGI has become an essential tool in industries where managing gas emissions is critical for both regulatory and operational reasons, and to that end, we are excited to introduce our newest camera variant to attendees at the CH4 conference," said Sam Rubin, President and Chief Executive Officer of LightPath. "The camera will help meet a critical need as the EPA and EU have recently established regulations for the use of OGI, particularly in industries such as oil and gas, to help monitor and reduce fugitive emissions of harmful gases such as methane, volatile organic compounds, and other air pollutants. Several states, such as California, Colorado, and Pennsylvania, have their own regulations that either align with or exceed EPA standards for OGI use.

"Our OGI purpose-built camera with a non-germanium lens improves on current emission detection technology, as the industry's legacy solutions are either too costly for wide deployment, or less sensitive and only able to detect larger leaks. We address both of these pain points with a cost effective, incredibly sensitive camera that doesn't require use of a proprietary software – allowing prospective customers to satisfy regulations with a practical solution that can monitor for years on end," concluded Rubin.

LightPath will exhibit at booth #48L from October 15-16, 2024. Company staff will be available for meetings to discuss the newest OGI camera variant.

About CH4 Connections Conference

GTI Energy and Colorado State University Energy are hosting the 11th annual CH4 Connections conference. For 11 years, the conference has promoted the open exchange of ideas from leading thought leaders, researchers, industry experts, regulators, policymakers, and environmental advocates. Speakers will address current research on methane emissions, technologies to detect and mitigate emissions, policy and regulatory frameworks, and business implications and opportunities.

National focus has escalated around characterizing and managing methane emissions. Better measurement of methane emissions is an essential first step but CH4 Connections will highlight the importance of measurement data being understandable and usable by the operators that are going to have to mitigate those emissions. The conference will focus on how to effectively decarbonize our energy systems and the role of methane emission mitigation in these efforts. For more information visit the conference website.

About LightPath Technologies

LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading provider of next-generation optics and imaging systems for both defense and commercial applications. As a vertically integrated solutions provider with in-house engineering design support, LightPath's family of custom solutions range from proprietary BlackDiamond™ chalcogenide-based glass materials – sold under exclusive license from the U.S. Naval Research Laboratory – to complete infrared optical systems and thermal imaging assemblies. The Company's primary manufacturing footprint is located in Orlando, Florida with additional facilities in Texas, Latvia and China. To learn more, please visit www.lightpath.com.

Forward-Looking Statements

This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the impact of varying demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; actions governments, businesses, and individuals take in response to the pandemic, including restrictions on onsite commercial interactions; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/Israel war; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on 10-Q. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

 

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SOURCE LightPath Technologies

FAQ

What new product is LightPath Technologies (LPTH) launching at the CH4 Connections Conference?

LightPath Technologies is launching a new Optical Gas Imaging (OGI) camera platform for detecting fugitive gas emissions in oil and gas applications at the CH4 Connections Conference on October 15-16, 2024.

How does LightPath's new OGI camera differ from existing technologies?

LightPath's OGI camera uses non-germanium lens technology to offer a more cost-effective and highly sensitive solution compared to current technologies. It doesn't require proprietary software, making it a practical solution for long-term monitoring.

What is the market size for gas sensors according to the LPTH press release?

According to Straits Research, as mentioned in the press release, the gas sensor market totaled $2.5 billion in 2023, with potential for further growth as additional regions implement stricter regulations.

Where and when will LightPath Technologies (LPTH) exhibit its new OGI camera?

LightPath Technologies will exhibit its new OGI camera at booth #48L during the CH4 Connections Conference taking place on October 15-16, 2024, in Fort Collins, Colorado.