Hyper Tech Research, Inc has been selected for $5 million in funding from the State of Ohio Third Frontier Research
Columbus, Ohio, July 2, 2009– Hyper Tech Research, Inc. (Hyper Tech) has been selected for $5 million in funding from the State of Ohio Third Frontier Research & Commercialization Program. The industrial cost share for this project is over $5 million bringing total for the entire project to over $10 million. This grant builds on Hyper Tech’s platform technology of high-field and high-temperature superconductor wire technology.
Hyper Tech will utilize magnesium diboride (MgB2) superconducting wire to enable MRI producers to demonstrate next-generation full-body MRI systems, which will operate at higher temperatures and will not require the use of liquid helium bath cooling. Hyper Tech’s key collaborators on the project are, The Ohio State University- Wright Center of Innovation in Biomedical Imaging, The Ohio State University-Laboratory for Applied Superconductivity & Magnetism and the major MRI producers.
“We are very excited about receiving this grant. With the support of our collaborators, it will enable us to perform the R&D necessary to dramatically decrease the price and increase the performance of our existing commercial MgB2 superconducting wire.” Michael Tomsic, President of Hyper Tech stated.
The MgB2 superconductor has considerable market pull from the major MRI system producers, who are working closely with Hyper Tech. The world is faced with a severe shortage of helium in the coming years. The price of helium increased dramatically during the last three years, and the price of MRI systems that use it are expected to increase as well if no alternative is offered. Currently, all commercial superconducting MRI systems require liquid helium bath cooling. MgB2 superconductors can operate at higher temperatures than required for niobium titanium superconductors currently in use in MRIs and can do so without liquid helium.
Michael Tomsic further stated “We are under great pressure from the MRI community and our customers to continue to improve the performance of our wires for the helium-free conduction cooled magnets.” He went on to say, “The MRI community is extremely concerned about the continual rise in the price and imminent shortage of liquid helium in the next few years. Our commercial MgB2 wire enables liquid helium free conduction cooled magnets, which solves this serious issue for the MRI industry.”
Hyper Tech is the sole producer of MgB2 superconductor wire in the U.S and should remain the leader because of its patented manufacturing technology.
Michael Tomsic, President
Hyper Tech Research, Inc
614-481-8050, extension 105
Lawrence Walley, Director of Investor Relations
Hyper Tech Research, Inc
614-481-8050, extension 110