Under the terms of the agreement, Mitsubishi will distribute select StockerYale SOF products into the Japanese market. The SOF, for use across a wide spectrum of applications including telecommunications, sensors, and laser delivery systems, will be marketed under the Mitsubishi brand name. In addition, StockerYale will also develop specific SOF products for Mitsubishi for eventual distribution in Japan.
Concurrently, StockerYale will distribute select Mitsubishi SOF under the StockerYale brand name into U.S. markets.
"We are extremely pleased to be partnering with one of Japan's largest industry leaders," said Paul Jortberg, senior vice president for StockerYale's Optical Components Group. "Following months of fiber qualifications and dialogue, we are pleased to have Mitsubishi Cable Industries market and distribute StockerYale specialty optical fiber into the Japanese market, as well as being selected to develop custom specialty optical fiber for their operations.
"We are equally excited to be adding Mitsubishi specialty optical fiber to StockerYale's current portfolio of fiber products," Jortberg added. "This strategy benefits both companies as it will allow Mitsubishi and StockerYale to immediately expand their SOF product offerings while gaining a foothold in new markets."
StockerYale has already received orders for select SOFs from Mitsubishi Cable Industries.
Mr. Tohru Sagawa, managing director for Mitsubishi Cable Industries said, "In choosing StockerYale as a strategic partner, we took into account their rapid and responsive prototyping abilities, cost-effectiveness, and high-quality specialty optical fiber. In addition, StockerYale has made significant inroads into the various U.S. SOF markets and channels, which will assist in the further penetration and success of Mitsubishi's SOF products in North America. We look forward to a long and mutually beneficial business relationship."