Industrial Nanotech Inc. (OTCMKTS:INTK) All Set to Launch SteelTile for High Temperature Steel Mill Furnaces
Industrial Nanotech Inc. (OTCMKTS:INTK) announced on October 12, 2022, about launching SteelTile, which is a new extreme high-temperature thermal insulation product to be used on steel mill furnaces and other extreme high temperature, energy-intensive industrial equipment. As of now, US and International Patents are still pending.
Trading Data
On Wednesday, INTK stock ended flat at $0.0073 with 11.47 million shares, compared to volume of 8.01 million shares. The stock moved within a range of $0.0066 – 0.0079 after opening trade at $0.0073.
Industrial Nanotech, Inc. Announces SteelTile™ for High Temperature Steel Mill Furnaces
The company’s first specification, prepared for US Steel, has demonstrated annual energy savings amounting to $1,722,220.81 for just one of their large steel mill furnaces. SteelTile for a large furnace only cost $1,129,944.00! The payback period to recoup the initial investment is 7.87 months, while the customer saves $1,722,220.81 per every 12-month period after that.
The US steel manufacturing industry has been one of the top industries focused on minimizing the amount of energy used to manufacture their products. It has reduced the energy use per shipped ton of steel by more than 60% since the end of World War II. In Europe, the focus is more intense, due to the energy price/supply insecurity. UK steelmaker British Steel said that the exponentially increasing energy bills can’t be absorbed and are putting the UK steel industry at a considerable competitive disadvantage.
Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc., is certain that SteelTile will be extremely popular and boost revenue, while helping customers save money at the same time. It will also contribute to their mission of reducing global warming and increasing profitability for both the company and customers.
Key Quote
“We are very confident that this new product is going to be popular,” said Stuart Burchill, CEO/CTO of Industrial Nanotech, Inc., “and add substantially to our growing revenue stream, save our customers a significant amount of money, and continue to contribute to our mission of reducing global warming while simultaneously increasing the profitably of our company and our customers.”
Traders Corner
INTK stock is trading below the 50-Day and 200-Day Moving averages of $0.0083 and $0.0098 respectively. Moreover, the stock is trading below the 20-Day moving average of $0.0185.