AUSTIN, Texas, Nov. 10, 2016 (GLOBE NEWSWIRE) -- Superconductor Technologies Inc. (STI) (Nasdaq:SCON) reported financial results for the quarter ended Oct.1, 2016. "In the third quarter, STI's HTS wire program focused on demonstrating our market leading critical current performance when using our strengthened wire template," stated Jeff Quiram, STI's president and chief executive officer. "We significantly improved our Conductus ® wire performance during the quarter, attaining approximately 80% of our goal while maintaining our target properties for mechanical strength. Once the full specification is achieved, we plan to ship wire promptly to key customers to complete existing qualification orders. "Increasing wire demand continues to foster industry and government support for HTS wire manufacturing. The US Department of Energy has announced it plans to grant funds later this year to accelerate the development of enabling technologies for next generation machines. An industry leading manufacturer of generators and motors and two renowned academic institutions have joined with STI in submitting a proposal to the DOE entitled 'Process Innovations for HTS Wire Manufacturing'. We continue to be approached by customers pursuing new market opportunities, many of which require a quantity of wire that exceeds our existing annual manufacturing capacity. This ongoing activity, along with new orders for qualification and demonstration projects, gives us confidence that the market opportunity continues to be attractive. "We are also encouraged by the interest shown in the Advanced Superconductor Manufacturing Institute (ASMI), where STI continues to play an active role. This industry-driven institute is focused on attaining the HTS wire manufacturing performance necessary to address the future requirements for device manufacturers. The goal of ASMI is to enable US industry to catapult ahead in the global marketplace. One key initiative is to achieve a 10-fold increase in HTS wire manufacturing throughput, overcoming the availability barrier that exists today. Recently, several Fortune 500 enterprises have joined these efforts, increasing involvement by recognized industry leaders."