tech

January 29, 2026

Russia and China control a key metal for military use. This company is helping the U.S. find a solution

LightPath Technologies, a Florida-based optics and photonics provider, won a buy rating as Canaccord Genuity began research coverage Thursday.

Russia and China control a key metal for military use. This company is helping the U.S. find a solution

TL;DR

  • LightPath Technologies is creating an alternative to germanium, a key rare earth mineral used in military imaging and fiber optics.
  • China dominates the global market for germanium, producing 67% of the world's supply.
  • China and Russia together account for 90% of the world's germanium and gallium.
  • Chinese export controls have led to significant drops in U.S. germanium imports.
  • LightPath's "BlackDiamond" glass is a germanium-free alternative that is less dense, lighter, and cheaper to produce.
  • The company is marketing germanium-free infrared cameras and offering conversions for existing cameras.
  • LightPath is also involved in the drone supply chain, having received investments from drone manufacturers.
  • Canaccord Genuity initiated research coverage with a buy rating and a $15 price target, citing potential for robust growth.

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