Meta Materials and PPG announce plans to develop electrochromic applications for ophthalmic optics in the extended reality market
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HALIFAX, N.S. / ACCESSWIRE / May 31, 2022 / Meta Materials Inc. (“META®”) (NASDAQ: MMAT)(FSE: MMAT), a developer of high performance functional materials and nanocomposites, and PPG (NYSE: PPG) (together with META, the “Companies”), a global manufacturer of specialty paints, coatings and materials, today announced a Memorandum of Understanding (“MOU”) to develop new ophthalmic smart devices primarily for extended reality (XR) applications. The collaboration focuses on developing the dynamic dimming functionality of META’s NANOWEB® transparent conductive film combined with META’s PPG electrochromic gels and ARfusion platform.
“PPG has a proven track record of pioneering solutions for the ophthalmic industry and the prescription eyewear public for over 50 years,” said George Palikaras, CEO of META. “PPG is a trusted supplier, and we are excited to expand our collaboration by adding PPG’s high-performance chemicals that perfectly complement our unique ARfusion platform and deliver dynamic optics to our growing list of customers.”
PPG and META believe that the XR market, which is an umbrella term that covers Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR) applications, can become more viable through a high index more easily hardened, multifunctional and lightweight smart lenses. Utilizing META’s proprietary ARfusion technology with ultraviolet (UV) light for curing, the collaboration aims to optimize PPG’s electrochromic gel in combination with PPG’s UV-curable optical monomers to deliver enhanced dynamic dimming functionality for XR eyewear . These materials are being combined for the first time and should lead to more cost-effective and sustainable manufacturing, benefiting all points in the supply chain, from manufacturer to consumer.
“A major challenge for XR eyewear developers is overcoming high-brightness ambient lighting, such as outdoors on a sunny day,” said Jonathan Waldern, CTO of META. “Increasing display power in these settings dramatically decreases battery life. Dynamic dimming should provide a more readable display with more efficient power consumption.”
META’s ARfusion” technology combines UV precision cast lens manufacturing tools with functional materials to provide XR wearable device developers with a single platform to seamlessly integrate smart technologies into thin, lightweight lenses.
“META has the capabilities and resources to lead the development and integration of highly functional materials into smart prescription lenses,” said Ray Hudack, PPG’s senior marketing manager, Optical Materials and Coatings. “PPG has extensive experience and intellectual property related to the development, formulation and application of electrochromic formulations. Together, we aim to develop new ways to advance next-generation ophthalmic optics with new functionality. Through this initiative, we see an opportunity to provide a superior solution for developers of AR/XR smart glasses and other applications.”
The companies will jointly participate in customer demonstrations at AWE USA, June 1-3 at the Santa Clara Convention Center in California (booth 219).
PPG: WE PROTECT AND BEAUTIFY THE WORLD”
At PPG (NYSE: PPG), we work every day to develop and deliver the specialty paints, coatings and materials our customers have trusted for nearly 140 years. Through our dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. Headquartered in Pittsburgh, we operate and innovate in more than 75 countries and had net sales of $16.8 billion in 2021. We serve customers in the construction, consumer products, markets industrial and transportation and secondary markets. To learn more, visit www.ppg.com.
About Meta Materials Inc.
META® delivers previously unattainable performance, in a range of applications, by inventing, designing, developing and manufacturing durable and highly functional materials. Our extensive technology platform enables leading global brands to deliver breakthrough products to their customers in consumer electronics, 5G communications, health and wellness, aerospace, automotive and clean energy. Our nano-optical technology provides anti-counterfeiting security features for government documents and currencies and authentication for brands. Our achievements have been widely recognized, including being named Lux Research Innovator of the Year in 2021. To learn more, visit www.metamaterial.com.
This press release contains forward-looking information or statements within the meaning of Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, relating to the Companies, which may include, but are not limited to, statements regarding business strategies, product development, expansion plans and activities operations of each company. Often, but not always, forward-looking information can be identified by the use of words such as “pursuing”, “potential”, “predicted”, “projects”, “research”, “plans”, “expects”. , “intends”, “plans”, “believes” or variations (including negative variations) of these words and phrases, or statements that certain actions, events or results “might”, “could”, “should”, “would” or “will” be taken, occur or be carried out. These statements are based on each company’s management’s current expectations and outlook of future events and are based on assumptions and subject to risks and uncertainties. Although the management of each company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances described in this release may not occur and may differ materially due to known and unknown risk factors and uncertainties affecting the companies, the capabilities of each company’s facilities and their expansion, plans for research and development of each company, the market potential of each company’s products, the market position of each company, the scalability of each company’s production capacity, the ability to engage new customers, the lead times of material selection programs, the ability to reduce production costs, improve metamaterial manufacturing capabilities and expand market reach into new applications and industries, the ability to accelerate commercialization plans, the possibility of new customer contracts, the continued engagement of each company’s employees, the technology industry, the activities market strategies and operations, and the ability of each company’s management to manage and operate its business. More details about these and other risks are discussed in META’s and PPG’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the sections titled ” Risk Factors” in the annual reports of META and PPG. Reports on Form 10-K for the fiscal year ended December 31, 2021 and subsequent quarterly reports on Form 10-Q, which are available on the SEC’s website at www.sec.gov. Although the Companies have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause the actions, events or results differ from those anticipated, estimated or expected. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Companies undertake no obligation to publicly update or revise any forward-looking statement, whether whether as a result of new information, future events, or otherwise, except to the extent required by law.
We protect and beautify the world is a brand and the P.P.G. logo is a registered trademark of PPG Industries Ohio, Inc.
ARfusion, NANOWEB and META are registered trademarks of Meta Materials.
Vice President, Corporate Development and Communications
Meta Materials Inc.
Senior Communications Associate
Senior Vice President
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THE SOURCE: Meta Materials Inc.
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