LSP Technologies, Inc. is pleased to announce that we have entered into a Memorandum of Understanding (MOU) with Guangdong University of Technology (GDUT) and Dr. Yongkang Zhang. The MOU is the foundation and roadmap that defines how LSPT, GDUT, and Dr. Zhang will work toward the formation of a joint venture in China for production laser peening. This new company, LSPT-China, will provide commercial laser peening services to our Asian customers.
In addition to the eventual formation of a joint venture company, the parties will:
- Establish a research facility at GDUT in 2016 to conduct research and generate material data that will expand the basic understanding of how laser peening can be applied to commercial applications for potential production customers,
- Share technical resources to build a strong partnership for the joint venture, and
- Install a NEW Procudo® 200 Laser Peening Facility within LSPT-China in 2018 to support production applications within the Asian market.
Our growing collaboration with Dr. Zhang and GDUT represents a very exciting opportunity for LSPT. We are looking forward to seeing our partnership with Dr. Zhang and GDUT grow into a very big part of our business by 2020 as we expand our operations into China.
The Memorandum of Understanding is bringing new light and a positive direction for LSPT in the future. LSPT is on schedule to deliver to GDUT a Procudo® 200 Laser Peening System this year as well as a Peening Cell. What a great partnership that has evolved!