Espey Mfg. & Electronics Corp. announces funding award for capital improvements

SARATOGA SPRINGS, N.Y., March 27, 2025 (GLOBE NEWSWIRE) -- Espey Mfg. & Electronics Corp. (NYSE American: ESP) announces funding award for capital improvements.

Espey has been awarded $3.4 million in funding for capital equipment and facility upgrades to enhance domestic industrial capabilities. The funding is part of the U.S. Navy's initiative to strengthen and sustain the domestic U.S. Surface Combatant Industrial Base. The investment will enable Espey to expand its ability to design, manufacture, test, and deliver electrical power products.

This funding is in addition to the $7.4 million received in February 2023 for construction of a new manufacturing facility and enhancements to facility power infrastructure. These investments demonstrate the U.S. Government's ongoing commitment to bolstering critical domestic manufacturing capability. The work will take place at Espey's facility in Saratoga Springs, NY, with project completion expected in 2026.

Espey's primary business is the development, design, and production of specialized military and industrial power supplies, power systems and transformers. The Company can be found on the internet at www.espey.com.

For further information, contact Ms. Kaitlyn O'Neil at invest@espey.com.

This press release may contain certain statements that are "forward-looking statements" and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company's current expectations or beliefs concerning future events. The matters covered by these statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made.

(END) Dow Jones Newswires

March 27, 2025 10:16 ET (14:16 GMT)