Electrochem Acquisition
Completed the largest strategic acquisition to date of Electrochem Solutions, which adds vertical integration capability to the oil and gas business, offers expansion opportunities in emission-critical markets, and creates material cost synergies.
Government/Defense Sales Increase
Government/defense sales increased by 48.1%, indicating strong demand for US government defense products.
Material Cost Deflation Wins
Negotiated down pricing on key components such as lithium foil and electrolytes, and signed a long-term supply agreement with a major customer, enhancing supply chain efficiency.
Employee Retention Credit Approval
The IRS approved a $1.5 million employee retention credit, providing additional funds to reduce acquisition debt.
Product Development and Pipeline Growth
Significant progress in product development across various segments, including a new amplification product, enhancements in thionyl chloride products, and a thin cell for medical wearables with expected production orders by mid-year 2025.