Energy Focus Inc. (NASDAQ: EFOI), a leading provider of energy-efficient lighting solutions, has seen a significant surge in its stock price in after-hours trading on Friday. According to the latest data, the company’s stock has advanced by 7.00% to reach a new level of $0.6418. This positive development in the stock’s performance can be attributed to the company’s recent announcement of its expansion plans, which include the launch of a new product.
EFOI has expanded which products?
In a recent announcement, Energy Focus (EFOI) announced plans to expand its LED power supply product lines to include products utilizing Gallium Nitride (GaN) technology. As part of the strategic partnership between Energy Focus and Sander Electronics, this product offering builds on Sander Electronics’ previously announced strategic investment.
In order to explore potential opportunities in the fields of energy conservation, energy storage, photovoltaics, and energy management systems, the two parties plan to cooperate and develop technical solutions to expand their production and sales of components and end products related to energy, such as GaN power supplies.
Combined with Sander’s LED display component expertise and EFOI’s LED lighting experience, EFOI’s initial GaN power supply products will leverage its LED lighting experience, manufacturing, and sales capabilities. It is expected that these GaN power supplies will be more compact in size, more efficient, and produce less heat in operation than silicon-based power supplies. The reason behind this is that gallium nitride components provide better performance and enable high frequency switching, which further reduces peripheral component size and increases power density.
Energy Focus plans to offer three models in its GaN Power Supply Series, each with an output voltage option of 12V or 24V and a power range of 50W to 250W. The peak efficiency of those will be greater than 93% when operated at 230 VAC and 200 Hz switching frequency.
The EFOI will expand into more markets:
It is expected that EFOI will commercially launch these products during the first half of 2023. As part of its evaluation of additional market opportunities, Energy Focus (EFOI) believes these products could meet additional electronic applications beyond LED lighting and signage. The company anticipates that these markets will be targeted by the end of 2023.