The Energy Department has awarded Veeco (NASDAQ: VECO) $4 million in R&D funds to lower the manufacturing costs and improve the brightness and efficiency of LEDs through novel materials, substrates, and deposition technologies. Veeco is developing high-efficiency solid state lighting projects.
The Energy Department will give to close $15 million in R&D funds to eight such LED projects, Energy Secretary Steven Chu announced last week. This is DOE’s seventh round of R&D financing for solid-state lighting core technology and second for manufacturing processes. It granted Veeco funds in the first manufacturing round in 2010.
“Long Islanders face some of the highest energy costs in the country and every bit of savings makes a difference, ” U.S. Congressman Steve Israel (D-NY.) said. “Right here on Long Island we have clean technology companies like Veeco leading the way to manufacture lighting that can be ten times more efficient than conventional lighting and can last up to 25 times as long. This is exactly what we need to reduce our energy bills and strengthen Long Island’s manufacturing base. I commend Veeco for their innovative work on LEDs that earned them a $4 million Department of Energy grant.”