Silex spends in formative year developing new materials

Materials technology company Silex Systems recorded a $5.3 million loss in the first half of the year as it continued development of two major new technologies.

The company recorded revenues of $262,573 but is in a strong financial position, with total assets of $32.9 million including 22.4 million in term deposits.

During the half the Sydney company progressed commercialisation of its SILEX Laser Enrichment Technology for uranium enrichment which was developed at Lucas Heights in Sydney.

The company and Canadian group Cameco took control of GLE which is commercialising the Silex technology from GE-Hitatchi Nuclear Energy.

Silex emerged with 51 per cent of the business and Cameco increased its holding to 49 per cent.

Also during the half Silex launched a high-purity Zero-Spin Silicon product for the fabrication of next generation processor chips which will power silicon-based quantum computers.

Silex will supply the material to Sydney company Silicon Quantum Computing which will pay $300,000 a year as an offset against future purchases of ZS-Si.

In January Silicon Quantum Computing paid $900,000 for 2.3 million Silex shares bringing the total value of the transaction to $1.8 million.

And in February the two companies and the University of NSW were awarded $3 million in the Cooperative Research Centres Project grants to support the ZS-Si project.

Silex will contribute $4 million to the project.

Picture: Silex Systems

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