Corning and View Announce Strategic Collaboration to Advance Dynamic Glass Technology
CORNING, N.Y., June 18, 2013 – Corning Incorporated (NYSE: GLW) and View Inc., today announced a strategic development agreement to leverage their combined capabilities to advance View’s market-leading dynamic glass. Corning is leading a financial investment in View as part of a Series E round of funding to support the development of dynamic glass technologies for exterior architectural applications. Dr. Jeffrey W. Evenson, Corning’s senior vice president and operations chief of staff, will serve on View’s board of directors.
Representing a major innovation in architectural windows, View Dynamic Glass intelligently regulates the amount of heat and glare that enters a building. Dynamic glass automatically transitions between clear and variable tint in response to environmental conditions and user preferences. Occupants benefit from uninterrupted views, abundant natural light, and greatly improved thermal comfort, while building architects enjoy expanded design freedom. In a typical commercial installation, annual HVAC and lighting energy consumption is reduced by 20 percent while HVAC peak load is reduced by 25 percent.
“We’re excited to collaborate with View,” said Martin J. Curran, executive vice president and innovation officer for Corning Incorporated. “While dynamic glass has been in development for decades, we believe View’s unique approach will finally bring this technology into the mainstream. We believe the precise surface attainable through our fusion glass process, combined with View’s leading expertise in dynamic glass technology will help us develop an innovative glass that can make dynamic windows a bigger part of exterior architectural applications. Additionally, our investment in View enables us to help further commercialize an innovative technology shown in our 'A Day Made of Glass' video series.”
Since the first large-scale commercialization of dynamic glass in 2012, View has been shipping dynamic glass from its manufacturing operations in Olive Branch, Miss., at a rapidly accelerating pace. This new infusion of funding and collaboration with Corning will help the company further scale its operations to meet accelerating demand, as well as continue to develop and advance dynamic glass technology.
“We’re thrilled and honored to be collaborating with Corning, a world leader in glass for high-technology and high-value added applications. Corning’s global presence, operating expertise, and technology resources will help us tremendously in advancing our offerings,” said Dr. Rao Mulpuri, CEO of View. “This relationship is significant not only because of the investment Corning is making in the success of View and dynamic glass, but also because of the benefits of shared brain trust and the potential to significantly advance the capabilities of both companies.”
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995), which are based on current expectations and assumptions about Corning’s financial results and business operations, that involve substantial risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include: the effect of global political, economic and business conditions; conditions in the financial and credit markets; currency fluctuations; tax rates; product demand and industry capacity; competition; reliance on a concentrated customer base; manufacturing efficiencies; cost reductions; availability of critical components and materials; new product commercialization; pricing fluctuations and changes in the mix of sales between premium and non-premium products; new plant start-up or restructuring costs; possible disruption in commercial activities due to terrorist activity, armed conflict, political or financial instability, natural disasters, adverse weather conditions, or major health concerns; adequacy of insurance; equity company activities; acquisition and divestiture activities; the level of excess or obsolete inventory; the rate of technology change; the ability to enforce patents; product and components performance issues; retention of key personnel; stock price fluctuations; and adverse litigation or regulatory developments. These and other risk factors are detailed in Corning’s filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the day that they are made, and Corning undertakes no obligation to update them in light of new information or future events.
View Inc. is the pioneer in large-scale architectural dynamic glass. The company designs, manufactures, and sells a new generation of architectural dynamic glass that intelligently adjusts in response to external conditions and user preferences, enabling unparalleled control over the amount of light and heat that enters a building. View Dynamic Glass provides continuously unobstructed views without heat or glare, creating a new level of occupant comfort and natural light while dramatically reducing building energy consumption. It also provides unprecedented architectural design freedom, eliminating blinds and shading structures and enabling building designs with larger glass areas. View is headquartered in Milpitas, Calif., with state-of-the-art high-volume manufacturing facilities in Olive Branch, Miss. For more information please visit viewglass.com.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on more than 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy, and metrology.
Media Relations Contact - Corning:
Pamela W. Porter
Media Relations Contact - View:
Investor Relations Contact - Corning:
Ann H. S. Nicholson
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