inTEST Corporation Induction Heating Technology by Ambrell® Selected for Environmentally Preferred Approach for Preheating Application

Rhea-AI Summary

inTEST Corporation has been awarded two orders worth over $3.0 million dollars to provide induction heating technology by Ambrell® for a welding preheating application. The utility/energy industry customer is replacing its natural gas preheating system with Ambrell’s electric induction heating systems to preheat metal in preparation for welding. Shipments are expected in the latter half of 2023.

Positive

• inTEST Corporation awarded two orders worth over $3.0 million dollars for induction heating technology by Ambrell®
• Ambrell's induction heating systems help reduce CO2 emissions and offer efficiency benefits
• Induction heating can help companies meet carbon neutrality goals

Negative

• None.

All electric induction heating solution helps address net zero emissions goals

MT. LAUREL, N.J.--(BUSINESS WIRE)-- inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process solutions for use in manufacturing and testing in key target markets, announced today that it was awarded two orders with a total value of over $3.0 million dollars to provide induction heating technology by Ambrell^® for a welding preheating application. The utility/energy industry customer is replacing its natural gas preheating system with Ambrell’s environmentally preferred electric induction heating systems to preheat metal in preparation for welding. The Ambrell solution will be used in multiple production lines in the customer’s operation with the potential for expansion into additional facilities. Shipments are expected in the latter half of 2023.

“This is the latest example of a customer recognizing the value of converting to induction heating. Our solution is replacing a traditional process that used natural gas as a heat source. For this application, Ambrell induction heating offers many efficiency benefits in addition to helping to reduce CO₂ emissions,” said Scott Nolen, President of inTEST’s Process Technologies division. “We continue to see robust demand for our induction heating solutions from customers seeking to reduce their CO₂ emissions by replacing heating processes that consume natural gas. While there is considerable focus on this objective within the energy segment, we believe all industries which use fossil fuels for any heating application should consider upgrading their processes to use induction heating to meet net zero emission goals.”

Ambrell induction heating can help companies meet carbon neutrality goals as induction heating systems are a Scope 1 zero-emission solution, efficiently using electricity as its energy source. Ambrell offers the content and tools to help companies discover and take advantage of the environmentally-friendly benefits of induction heating. Its enhanced Energy Savings Calculator enables companies to quantify the benefits of switching to induction heating based on their process both in terms of energy cost savings and CO₂ reduction. In addition, Ambrell provides complimentary feasibility testing in its applications laboratories to assist in the transition to induction heating. Ambrell will be displaying its induction heating solutions at the annual ASME Turbo Expo June 26 through June 30 in Boston, booth #616.

About inTEST Corporation

inTEST Corporation is a global supplier of innovative test and process solutions for use in manufacturing and testing in key target markets which include automotive/EV, defense/aerospace, industrial, life sciences, and security, as well as both the front-end and back-end of the semiconductor manufacturing industry. Backed by decades of engineering expertise and a culture of operational excellence, inTEST solves difficult thermal, mechanical, and electronic challenges for customers worldwide while generating strong cash flow and profits. inTEST’s strategy leverages these strengths to grow organically and with acquisitions through the addition of innovative technologies, deeper and broader geographic reach, and market expansion. For more information, visit www.intest.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements do not convey historical information but relate to predicted or potential future events and financial results, such as statements of the Company’s plans, strategies and intentions, or future performance or goals, that are based upon management's current expectations. These forward-looking statements can often be identified by the use of forward-looking terminology such as “could,” “will,” “potential,” “continue,” “believe,” “should,” “can,” or similar terminology. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, any mentioned in this press release as well as the Company’s ability to perform its obligations under the mentioned contracts, grow demand in the induction heating solutions offered by the Company and other risk factors set forth from time to time in the Company’s Securities and Exchange Commission filings, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement made by the Company in this press release is based only on information currently available to management and speaks to circumstances only as of the date on which it is made. The Company undertakes no obligation to update the information in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated or unanticipated events, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230626122124/en/

inTEST Corporation

Duncan Gilmour

Chief Financial Officer and Treasurer

Tel: (856) 505-8999

Marketing and Product Information:

Brett Daly

Ambrell Corporation

Global Marketing Manager

bdaly@ambrell.com

Tel: (585) 889-0286

1655 Lyell Avenue, Rochester, NY 14606

Investors:

Deborah K. Pawlowski

Kei Advisors LLC

dpawlowski@keiadvisors.com

Tel: (716) 843-3908

Source: inTEST Corporation

FAQ

What orders were awarded to inTEST Corporation?

inTEST Corporation was awarded two orders worth over $3.0 million dollars to provide induction heating technology by Ambrell® for a welding preheating application.

What industry is the customer in and what are they replacing?

The customer is in the utility/energy industry and they are replacing their natural gas preheating system with Ambrell's electric induction heating systems.

When are the shipments expected?

Shipments are expected in the latter half of 2023.

What are the benefits of induction heating?

Induction heating systems help reduce CO2 emissions and offer efficiency benefits.

How can induction heating help companies meet carbon neutrality goals?

Induction heating can help companies meet carbon neutrality goals by providing a Scope 1 zero-emission solution that efficiently uses electricity as its energy source.