SILEX Systems is restructuring its business, seeking to terminate its involvement in the electronics, semiconductor and solar industries.
Citing the continued expense related to the commercialisation of its ChronoLogic, Translucent and Solar Systems technologies, Silex says the restructure will aim to refocus its business to support only its uranium enrichment technology.
The Australian R&D company says it will cease operations at its ChronoLogic division, which had developed the world’s first high precision timing and control products for the electronic instrumentation markets based on the ultra-low-cost USB-inSync platform.
This cessation of operations is effective immediately, resulting in redundancies. A skeleton staff will be kept on board to explore licensing deals for the ChronoLogic division.
Translucent, which developed novel semiconductor materials based on the rare earth oxide family, and Solar Systems, a concentrating photovoltaic technology division, will be actively pitched for divestment.
Once the restructure is complete, Silex will focus on its laser-based uranium enrichment technology, which is in the midst of being commercialised, but which took a hit due to the backlash against nuclear technology in Japan after the 2011 tsunami.
According to Silex, the restructure will reduce its cash burn by 60 to 80 percent in the 2015 financial year compared to 2014.