EAGLE ELECTRONICS ANNOUNCES FORMATION OF STATE-OF-THE-ART ELECTRONICS MANUFACTURING FACILITY, $14MM OF FUNDING, AND CUSTOMER COMMITMENTS

SOLON, Ohio, Dec. 3, 2024 /PRNewswire/ -- Eagle Electronics, a new leader in high-tech electronics and cellular module production, is proud to announce it has raised $14mm, led by the O.H.I.O. Fund with participation from Asymmetric Capital Partners, to establish cutting-edge manufacturing technology and operations in Solon, Ohio, in partnership with CO-AX Technology. This strategic initiative marks a significant milestone in the company's commitment to onshoring the advanced high-tech supply chain to the United States.

"This is a major moment for Eagle and our vision of onshoring and securing America's critical technologies," said TJ Dembinski, Co-Founder & CEO of Eagle Electronics. "Our goal is to set a new standard for electronics manufacturing in the U.S., combining the most advanced automated manufacturing and testing technology with rigorous hardware and software cyber-security testing throughout the supply chain. This offering will allow Eagle to onshore critical knowledge and essential technologies, all while continuing to cement the United States' leadership in the chip industry."

Eagle Electronics' new facility aims to be the most advanced electronics manufacturing plant in the United States, leveraging cutting-edge surface-mount technology manufacturing equipment. The Solon, Ohio manufacturing operation is also expected to create numerous jobs in Ohio, further establishing the state as a key player in the U.S. semiconductor industry. Ohio's Lieutenant Governor, Jon Husted, added, "Eagle is further proof that Ohio is becoming one of the world's leading semiconductor manufacturing hubs. With the addition of Eagle, we're bringing more jobs in this sector to Northeast Ohio, reinforcing our commitment to the 'Made in Ohio' strategy."

Eagle is already seeing demand for American-made cellular modules and has signed up several customers. Boston-based Cherish has contracted with Eagle to advance its goal of sourcing components for its health and safety monitoring products manufactured in the communities where its customers live. Sumit Nagpal, Cherish's Founder & CEO, said, "Our customers trust us to invite our products into their homes to monitor the health and safety of loved ones. Our work with Eagle helps deepen this trust with, in this case, cellular modules manufactured in the U.S.A. This is good for us, our customers, and the communities we serve."

"Our partnership with Cherish Health demonstrates the market's confidence in our ability to deliver high-quality, state-of-the-art cellular modules," added Mark Kvamme, Eagle's Co-Founder & Chairman. "We look forward to expanding our customer base as we ramp production and continue to innovate in the cellular module and electronics manufacturing spaces."

To achieve this goal, Eagle's first onshoring partner is Quectel, a global IoT solutions provider. Norbert Muhrer, Quectel's President and CSO, commented on the Eagle relationship, "Some customers need access to cellular modules that are made in the United States. We are excited to partner with Eagle Electronics to be able to offer customers the option to procure U.S.-made and cyber-secure modules and we're thrilled to be part of bringing production jobs back to the U.S."

Eagle is also partnering with Finite State, a leader in software supply chain security, to produce, compile, and audit all firmware for Eagle devices domestically. Former Head of the CIA Directorate of Science & Technology and Eagle Board Member, Dawn Meyerriecks, says of this arrangement, "Eagle's domestic production, coupled with the company's partnership with Finite State, will go a long way in assuaging security concerns that are inherent with any connected technology. We believe our approach will be the most secure offering in the market."

About Eagle Electronics
Eagle Electronics is an electronics manufacturing company dedicated to onshoring the manufacturing of critical technologies in the United States. By focusing on state-of-the-art manufacturing and strategic partnerships, Eagle Electronics is committed to building a geopolitically resilient and secure technology supply chain.

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SOURCE Eagle Electronics