OpSens Gets C$500K to Make Optical Fuel System; Stock up 8%

Shares of OpSens Inc (OPS), a manufacturer of fiber optic sensors offering solutions for interventional cardiology, gained almost 8% on Wednesday.

OpSens announced that its wholly-owned subsidiary, OpSens Solutions, will benefit from advisory services and receive up to C$500,000 in financial aid from the National Research Council of Canada Industrial Research Assistance Program to support a collaborative research and development project through the international EUREKA network.

The project consortium will develop an optical fuel monitoring system (OFMS) for aerospace applications, including civil aircraft, based on OpSens Solutions’ patented fiber optic technology.

Intended for commercial aircraft, this innovative OFMS system is designed to be lighter, safer, and reduce contaminant emissions.

OpSens Solutions President Gaétan Duplain said, “Thanks to the outstanding performance of our recently developed and patented fiber-optic differential pressure sensor, the most precise of its kind on the market, we have been able to show very promising benefits of our fiber optic sensing technology for the aerospace industry. We would like to thank EUREKA for their support of this project and NRC IRAP for their technical and business advice in planning for this project, as well as the financial support.” (See OpSens Inc stock chart on TipRanks)

Two months ago, RBC Capital analyst Douglas Miehm maintained a Buy rating on OPS while raising its price target to C$3.50 (from C$2.25). This implies 55.6% upside potential.

Miehm is the only analyst to have offered a stock rating for OPS in the past three months. Shares have risen by more than 212% over the past year.

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