HOT StuffAll companies ↗

Physical deep technology

AirMembrane

AirMembrane is developing graphene pellicles for semiconductor lithography, targeting pilot production in 2027 and mass production in 2028. [4] company claim

CountryJapan

Disclosure

Your heat score

Not rated

Your personal rating, from 0 to 100.

Set your score

Saved only in this browser. Your rating is an opinion, separate from the evidence.

From materials to the buyer

Schematic supplier-to-production-to-seller-to-buyer chain for a prospective graphene pellicle.

Complete participants, relationships and sources

Material suppliers

analysis

Illustrative sources of foil, gases and transfer chemicals. [9]

No vendor names or purchasing agreements.

Kawata et al.: Fabrication of multi-layer graphene by repeated transfer

Published 2022-09-14; Accessed 2026-11-01

Open original source

Graphene production

analysis

Synthesis and transfer prepare the membrane. [9] [4]

Laboratory evidence and company roadmap; commercial yield unknown.

Kawata et al.: Fabrication of multi-layer graphene by repeated transfer

Published 2022-09-14; Accessed 2026-11-01

Open original source

AirMembrane: SPIE presentation and roadmap

Published 2026-09-11; Accessed 2026-11-01

Open original source

Assembly and qualification

analysis

Frames, mask handling and scanner testing connect a membrane to its use. [18] [10]

Generic dependency; not a completed company qualification.

Bekaert et al.: Carbon nanotube pellicles, DOI 10.1117/1.JMM.20.2.021005

Published 2021-05-27; Accessed 2026-11-01

Open original source

Seller or distributor

analysis

A supplier would deliver an accepted pellicle to the contracting buyer. [1] [12]

AirMembrane's sales channel and distributor are not established.

imec and Mitsui Chemicals: CNT pellicle partnership

Published 2023-12-14; Accessed 2026-11-01

Open original source

Mask or fab buyer

analysis

The purchased component protects a mask used in semiconductor lithography. [17]

No named AirMembrane customer.

Material

analysis

Material suppliers → Graphene production

Illustrative suppliers provide the foil, gases and chemicals used to synthesise and transfer graphene. [9]

What happens
Illustrative suppliers provide the foil, gases and chemicals used to synthesise and transfer graphene.
Why it matters
These inputs enable membrane preparation; their availability alone does not establish repeatable commercial manufacture.
What follows
The prepared film would enter assembly and testing; commercial supplier identities remain unknown.

Illustrative commercial category.

Kawata et al.: Fabrication of multi-layer graphene by repeated transfer

Published 2022-09-14; Accessed 2026-11-01

Open original source

Material and test data

analysis

Graphene production → Assembly and qualification

Production passes a prepared membrane and process evidence to assembly and qualification. [10] [18]

What happens
Production passes a prepared membrane and process evidence to assembly and qualification.
Why it matters
A usable pellicle must survive handling and work with its frame, mask and exposure system.
What follows
Qualification would assess suitability before a seller could offer an accepted product.

No assumed test pass.

Bekaert et al.: Carbon nanotube pellicles, DOI 10.1117/1.JMM.20.2.021005

Published 2021-05-27; Accessed 2026-11-01

Open original source

Qualified product

analysis

Assembly and qualification → Seller or distributor

An accepted membrane assembly could move from qualification into a commercial product offering. [12]

What happens
An accepted membrane assembly could move from qualification into a commercial product offering.
Why it matters
The seller needs evidence that the product meets its intended application requirements.
What follows
A supply agreement would still be needed; this industry pathway does not establish AirMembrane shipments.

Industry pathway, not AirMembrane shipments.

imec and Mitsui Chemicals: CNT pellicle partnership

Published 2023-12-14; Accessed 2026-11-01

Open original source

Product supply

analysis

Seller or distributor → Mask or fab buyer

A contracted seller would supply a pellicle to a mask-making or semiconductor fabrication customer. [17] [12]

What happens
A contracted seller would supply a pellicle to a mask-making or semiconductor fabrication customer.
Why it matters
The pellicle protects the mask from contamination while allowing the exposure light to pass.
What follows
The buyer would use the accepted component under agreed specifications; no named AirMembrane contract is established.

No price, volumes or named contract.

imec and Mitsui Chemicals: CNT pellicle partnership

Published 2023-12-14; Accessed 2026-11-01

Open original source

Payment

analysis

Mask or fab buyer → Seller or distributor

In this illustrative sale, the buyer pays the seller for the contracted pellicle. [12]

What happens
In this illustrative sale, the buyer pays the seller for the contracted pellicle.
Why it matters
This is the commercial return for product supply, separate from the physical delivery arrow.
What follows
Price, payment timing and order volumes would depend on a contract that has not been disclosed.

Commercial inference; payment terms unknown.

imec and Mitsui Chemicals: CNT pellicle partnership

Published 2023-12-14; Accessed 2026-11-01

Open original source

Scope. Schematic roles and dependencies, not confirmed AirMembrane contracts or a measured production schedule. Research inputs do not establish commercial sourcing; seller, distributor and buyer arrangements remain unknown.

Diagram

AirMembrane's graphene pellicle

AirMembrane proposes a graphene film held below a downward-facing photomask by a frame; EUV crosses the film before and after reflection while particles remain away from the circuit pattern.

Use Enlarge drawing for detail. The tour caption explains the selected elements.

AirMembrane's graphene pellicleProposed component, drawn from the company's explanatory illustration, not a delivered product. A supporting frame holds a thin graphene film below a reflective photomask whose pattern faces down. A particle adheres to the outside of the film, away from the pattern. Incoming EUV crosses the film upwards, reflects from the mask, and crosses the film downwards towards projection optics. Some light is absorbed on each pass. Dimensions and performance are not specified.AirMembrane's graphene pellicleProposed component. Layout follows company illustration.Reflective photomaskCircuit pattern faces downFrameGap keeps filmoff the patternGraphenefilmParticle heldon the filmIncoming EUVReflected EUVTo projection opticsLight crosses the film twice. Some is absorbed on each pass.Development programme, not qualified production hardware.2022 paper: layer transfer and material characterisation.Scanner qualification, dimensions and lifetime are not established.

Step 1 of 4: Keep particles away. Static diagram.

Guided reading, not physical motion.

Step timings allow time to read. They do not represent physical speed or duration.

  1. Keep particles away

    A frame holds the proposed graphene film below the photomask, away from its downward-facing circuit pattern. Particles adhering to the film stay away from that pattern.

  2. Light enters

    Incoming EUV travels upwards through the film to the reflective pattern face of the mask.

  3. Light returns

    Reflected EUV travels downwards through the same film towards projection optics. Some light is absorbed on both crossings.

  4. Separate research from qualification

    The current company illustration shows a passive graphene film held by a frame away from a downward-facing mask. Its synthesis and automated-transfer programme is distinct from the 2022 substrate-transfer study. The paper and patent do not establish scanner qualification.

A reflective photomask sits at the top with its pattern facing down. A frame holds a graphene film beneath it. A particle adheres to the underside of the film, away from the pattern. Incoming EUV crosses the film upwards to the mask; the reflected ray crosses it downwards towards projection optics. Captions distinguish the proposed component from qualified hardware and earlier materials research.

Sources. [17] [18] [9] [10] [4] [1]

Limitations.

  • Original schematic based on the current company illustration, not to scale or a delivered-product photograph. No transmission, layer count, thickness, dimensions, lifetime or production yield is specified. Frame attachment and optics are omitted. The 2021 imec/ASML paper supports the generic two-pass mechanism but studies CNT pellicles, not AirMembrane graphene. Its operating results are not transferred to this company. The company paper and patent do not establish scanner qualification.
Evidence
  • verified. A thin pellicle holds particles away from the mask surface. [17]
  • verified. EUV light crosses the pellicle before and after mask reflection; some light is absorbed on each pass. [18]
  • company claim. AirMembrane describes a multilayer graphene EUV pellicle programme using synthesis and automated transfer; pilot and mass-production dates remain targets. [4] [1]
  • verified. The 2022 company paper studies repeated graphene transfer and material characterisation, not EUV scanner qualification. [9]
  • analysis. The reviewed paper and patent do not establish qualified EUV scanner performance or production yield. [9] [10]
  • company claim. The current company illustration places a graphene pellicle below a downward-facing photomask, with a supporting frame separating them. [1]

Diagram elements

  • diagram-context: company claim. Title and description introduce an original schematic of the proposed component layout shown by the company. Illustration: EUV pellicle role and graphene properties, left panel; captured and viewed 1 November 2026. [1] Limitation. Company explanatory artwork, not a hardware photograph or engineering drawing. Spacing, ray angle and dimensions are illustrative.
  • pellicle-film: company claim. Thin dark band below the mask denotes the proposed graphene film held by the frame. Current explanatory illustration, left panel and adjoining graphene-material description. [1] Limitation. Film thickness and layer count are not encoded. Graphene performance remains a development claim.
  • trapped-particle: verified. Dark particle adheres to the outside underside of the film, separated from the mask pattern. Opening particle-capture explanation, retrieved line 107 [17] Limitation. No particle size, capture efficiency or guaranteed defect prevention is implied. Mapping scope: explanatory simplification.
  • reflective-mask: company claim. Grey slab and downward pattern marks locate the reflective photomask above the film; both rays meet its lower face. Current explanatory illustration, left panel: photomask at the top with pattern facing down. [1] Limitation. Marks indicate pattern location, not a specific circuit. Optical multilayer stack is omitted; thickness is exaggerated.
  • incident-light: verified. Upward ray and arrowhead show incoming EUV crossing the film towards the lower face of the mask. Section 2.2, p. 021005-3, first-pass description [18] Limitation. Line width and arrow size do not encode power, speed or transmission. Mapping scope: sourced general mechanism.
  • reflected-light: verified. Downward ray and arrowhead show reflected EUV crossing the film again towards projection optics. Section 2.2, p. 021005-3, second-pass description [18] Limitation. Optics are outside the drawing; the ray is not an optical design. Mapping scope: sourced general mechanism.
  • absorption-note: verified. Text prevents equal-width rays being read as lossless transmission. Section 2.2, pp. 021005-3 to 021005-4 [18] Limitation. No numerical attenuation is shown. Mapping scope: sourced general mechanism.
  • company-programme: company claim. Separate lower caption identifies the company's graphene programme; divider marks the attribution boundary. Second body paragraph, retrieved line 21 [4] Limitation. The generic film above is not a drawing of qualified company hardware.
  • paper-scope: verified. Caption confines the 2022 study to transfer and characterisation. p. 095110-2, transfer/annealing and Raman/XRD methods; pp. 095110-4 to 095110-5, Figs. 4-5 and conclusion [9] Limitation. Full HTML methods and figure captions read; actual figure-image inspection remains unavailable. No fabrication sequence or numerical result is depicted.
  • qualification-limit: analysis. Visible qualification caveat applies to both the paper and patent. Description, Figs. 7-14 and associated free-standing-film examples; retrieved lines 244-262 [10] Limitation. Absence of qualification evidence in these records is not proof of technical failure.
  • support-frame: company claim. Two side supports represent a section through the frame; labels explain the gap separating the film from the pattern. Current explanatory illustration, left panel: two supports separating mask and pellicle. [1] Limitation. Simplified section, not two isolated posts. Fasteners, adhesive, frame material and tolerances are not established.

Interactive 3D explainer

Protect the pattern. Let the light through.

A film catches contamination below a reflective mask. EUV crosses the film on the way in and again on the way out.

The static explanation below is available without 3D or JavaScript.

Evidence boundary. Explanatory model. Thickness, gap, atoms and particle enlarged; hardware dimensions undisclosed. Production qualification remains unknown.

Static explanation and all component roles
  1. Working assembly: a stationary explanatory view, not measured motion.
  2. See the optical path: a stationary explanatory view, not measured motion.
  3. Graphene detail: a stationary explanatory view, not measured motion.
  4. Separate the parts: a stationary explanatory view, not measured motion.
Reflective photomask
The pattern faces down. Incoming EUV reflects from this surface.

Purpose. Its pattern defines the exposure. Contamination here can repeat a defect.

Abstract pattern, not a circuit design. This mask is context hardware.

analysis | inspected 2026-11-01 | Source 1

Pellicle frame
An open perimeter supports the film below the mask.

Purpose. The gap keeps intercepted dirt away from the patterned surface.

Gap enlarged. Mounting details and dimensions are unknown.

analysis | inspected 2026-11-01 | Source 1

Graphene membrane
A continuous thin film intercepts particles while transmitting EUV.

Purpose. Protection must preserve enough exposure light on both crossings.

AirMembrane proposes multilayer graphene. Atomic inset is enlarged, not a visible mesh or a layer-count specification.

company claim | inspected 2026-11-01 | Source 1

Intercepted particle
The particle approaches from below and stops against the film.

Purpose. The film keeps contamination off the mask pattern.

One enlarged particle and its teaching trajectory imply no filtration efficiency.

analysis | inspected 2026-11-01 | Source 1

First crossing
Incoming EUV passes through the film and reaches the mask underside.

Purpose. The protective film must admit the exposure light.

Angles and pulse speed are illustrative, not scanner ray tracing.

analysis | inspected 2026-11-01 | Source 1

Second crossing
Reflected patterned light crosses the same film again.

Purpose. Transmission losses compound across two passes.

No AirMembrane transmission, exposure dose or throughput value is asserted.

analysis | inspected 2026-11-01 | Source 1

company claim; analysis geometry · AirMembrane source. Source inspection dates are listed for each component. Publication date is recorded in the dossier source list where established. Every shape is an explanatory simplification; the scene does not establish engineering performance.

Capital, customers and market direction

Money and market

Evidence checked to . Company finances and wider-market indicators are kept separate.

Announced financing

JPY 850m

The October package combines equity, bank lending and grant support. [F1]

The components and cash receipt are not separately established. It is not an equity-only round.

company claim

Capital milestone

2027 to 2028

The company plans pilot production in 2027 and a mass-production line in 2028. Metrology, yield and qualification determine whether investment converts into saleable films. [F1]

Dates are company targets. No plant budget or cost per accepted pellicle is disclosed.

analysis

Industry sales signal

EUR 11.662bn

ASML reported Q3 2026 net sales, against EUR 9.326bn in Q2. This is equipment-industry context. [F2]

Sequential group sales are not EUV pellicle demand, AirMembrane orders or its addressable market.

verified

Cash and runway

Not disclosed

Not established. Current cash, committed facilities, monthly cash burn and a funded milestone plan have not been obtained.

A financing announcement is not the cash balance. No runway estimate is shown.

analysis

What the market signal means

Equipment momentum, qualification risk

ASML's stronger quarter supports a favourable equipment-spending backdrop. AirMembrane still needs to qualify its own film, establish repeatable yield and win purchases before that backdrop becomes revenue. [F1] [F2]

No demand forecast or market-share assumption is inferred from ASML sales.

analysis

ASML group net sales

Reported sequential quarters, Q2 and Q3 2026.

EUR million. Bars start at zero.

Q2 20269,326
Q3 202611,662

Quarterly seasonality and product mix matter; these are not startup sales. [F2]

Source location: Summary table: Total net sales, Q2 2026 and Q3 2026. Reported values; no forecast or startup valuation.

Questions that change the financial case

  • What is the installed cash cost of the pilot line, including metrology and yield losses?
  • Which qualification milestones unlock customer purchase orders and grant payments?
  • What gross margin remains after failed films, frame handling and replacement obligations?
Financial overview sources and dates
  1. F1 AirMembrane financing and manufacturing roadmap

    Published 2026-10-30 · Accessed 2026-11-01

  2. F2 ASML Q3 2026 results

    Published 2026-10-14 · Accessed 2026-11-01

The development

On 30 October 2026, AirMembrane announced approximately JPY 850 million across equity, loans and grants. The component amounts and newly available cash were not disclosed. [1] [2] company claim

Claims and evidence

  • AirMembrane is developing graphene pellicles for semiconductor lithography, targeting pilot production in 2027 and mass production in 2028. [4]

    company claim

  • On 30 October 2026, AirMembrane announced approximately JPY 850 million across equity, loans and grants. The component amounts and newly available cash were not disclosed. [1] [2]

    company claim

  • METI identifies 株式会社エアメンブレン as Japanese corporation 9050001043142, established on 12 July 2017, with its registered office in Tsukuba. [8]

    verified

  • The company describes itself as unlisted. Its current ownership control has not been established. [2] [8]

    company claim

  • NEDO records a JPY 293 million grant decision for FY2025–2027. This is an award amount, not evidence of cash received. [5]

    verified

  • AirMembrane announced NEDO project selection on 5 November 2025. [6]

    verified

  • Global Brain's October release describes new GB9 and TAKANAWA fund investments and an SHGB follow-on. JR East's February release already includes AirMembrane among completed fund investments. [14] [11]

    verified

  • The October package may contain earlier financing. A dated transaction reconciliation is needed before calling it entirely new funding. [1] [6] [11] [14]

    analysis

  • The company's 2022 paper studies transferred graphene layers using Raman spectroscopy and X-ray diffraction. It does not demonstrate EUV scanner qualification. [9]

    verified

  • AirMembrane's published patent describes a free-standing film on a 50 mm square frame. This is applicant-reported laboratory evidence, not a qualified production pellicle. [10]

    company claim

  • NARO records a JPY 3,289,000 graphene transistor prototyping contract dated 13 February 2025. It is not a pellicle order or proof of payment. [15]

    verified

  • LINTEC reports CNT pellicle durability and manufacturing development; Canatu reports an additional FST reactor order. These are competing suppliers' records, not validation of AirMembrane. [7] [13]

    company claim

  • The useful test is whether production batches meet a customer's transmission, contamination and lifetime requirements at an acceptable delivered cost. [7] [12] [13]

    analysis

Assessment

TopicReading and evidence
Product and mechanismThe proposed multilayer membrane protects a lithography mask while transmitting EUV light. The patent provides a manufacturing route; performance in a customer's scanner remains unestablished. [5] [10]

analysis

Customers and buying processPotential buyers are mask and semiconductor manufacturing supply chains. Require a named evaluator, written acceptance criteria and the party that places orders. Investor participation is not customer qualification. [12] [14]

analysis

Commercial proofNARO provides an external procurement record for transistor prototyping. No pellicle customer order, repeat purchase or acceptance report was established in the reviewed records. [15] [4]

analysis

Pricing or economicsNot established. Obtain pellicle quotations, accepted-unit yield, manufacturing costs, replacement frequency and warranty terms.

unknown

Competitors and substitutesCNT approaches from LINTEC, imec/Mitsui Chemicals and Canatu/FST challenge any assumption of an empty market. Their reported progress does not establish identical test conditions or commercial fab adoption. [7] [12] [13]

analysis

DistributionThe investor promises help with business partnerships. No signed channel agreement or named route into customer procurement was established; require evaluation-to-order conversion evidence. [14]

analysis

Intellectual property or defensibilityThe patent is evidence of a disclosed process. Enforceability, assignment history, licences and freedom to operate remain unexamined. Defensibility must also survive a comparison of reproducible yield and qualification effort. [10]

analysis

Manufacturing or operational scalingThe September roadmap predates the financing headline. Pilot plans need lot-level yield, inspection throughput and lifetime results; laboratory films do not establish a production line. [4] [9] [10]

analysis

RegulationNot established. Obtain a product-specific export classification, facility permissions and materials safety documentation. No legal compliance conclusion is made.

unknown

Capital needsThe financing mix cannot establish runway. Reconcile the historical grant and investor records with cash receipts, restrictions, debt service and a costed qualification programme. [1] [5] [11] [14]

analysis

Key risksThe main risks are undetected defects, short usable life, difficult customer qualification and expenditure before orders. Unresolved financing chronology weakens the claimed event consequence. [7] [12] [11] [14]

analysis

Next falsifiable milestoneLook for a dated customer evaluation of multiple pilot lots against agreed specifications, coupled to a reconciled funding schedule. A failed lifetime or defect test would weaken the thesis even if synthesis accelerates. [4] [7] [10]

analysis

MarketThe reachable opportunity depends on qualified tools, replacement demand and obtainable supplier slots. No defensible bottom-up market size was established. [12] [13]

analysis

TeamMasataka Hasegawa is identified as representative director and co-authored the reviewed materials paper. That supports technical involvement, not demonstrated success ramping a pellicle factory. [8] [9]

analysis

Business modelThe company lists materials sales and technical consulting. Pellicle selling price, direct supply versus licensing terms and recurring revenue have not been established. [3]

analysis

Opinion

Worth following as a manufacturing execution case. The investment question is whether transferable graphene can become repeatable, customer-qualified pellicles before alternatives take the available supplier positions. Strengthen this view only with independent customer test results and a funded milestone budget. Reverse it if pilot lots repeatedly miss lifetime or contamination limits, or if the financing reconciliation leaves qualification unfunded.

Limits. Ownership control, financing chronology, cash availability and pellicle customer qualification remain unresolved. The event date identifies the company announcement, not a proven closing date. Sources may have changed since the announcement.

opinion

Commercial picture · 2026-11-01

Competition, costs and demand

Bounded public-source diligence on graphene EUV pellicles. Later context is dated; peer benchmarks are not company actuals.

The commercial case

Schematic development, qualification and purchasing dependencies.

Complete participants, relationships and sources

Development finance

analysis

Equity, loans and grant support fund the programme. [1] [5]

Mixed package, not unrestricted equity cash.

NEDO: AirMembrane award decision and project profile

Published 2026-04-21; Accessed 2026-11-01

Open original source

Build and qualify

analysis

Develop the process and demonstrate application performance. [4] [18]

Milestones are not booked revenue.

AirMembrane: SPIE presentation and roadmap

Published 2026-09-11; Accessed 2026-11-01

Open original source

Bekaert et al.: Carbon nanotube pellicles, DOI 10.1117/1.JMM.20.2.021005

Published 2021-05-27; Accessed 2026-11-01

Open original source

Customer acceptance

analysis

Potential buyers compare protection and exposure performance. [17] [18]

No company acceptance report.

Bekaert et al.: Carbon nanotube pellicles, DOI 10.1117/1.JMM.20.2.021005

Published 2021-05-27; Accessed 2026-11-01

Open original source

Commercial supply

analysis

Accepted product could support recurring replacement sales. [17] [1]

Replacement rate, contracts and margin unknown.

Funding

analysis

Development finance → Build and qualify

Reported financing supports AirMembrane's membrane development and qualification programme. [1]

What happens
Reported financing supports AirMembrane's membrane development and qualification programme.
Why it matters
Development funding would support the work needed before a customer can accept the product.
What follows
The programme must generate technical evidence; financing alone does not establish performance or revenue.

Disbursement timing not verified.

Evidence

analysis

Build and qualify → Customer acceptance

Development would provide qualification evidence for a potential customer to assess. [18] [12]

What happens
Development would provide qualification evidence for a potential customer to assess.
Why it matters
The customer needs to judge mask protection and exposure performance rather than rely on a membrane concept.
What follows
Acceptance could support a purchasing decision, but no automatic conversion from tests to orders is implied.

No automatic conversion to orders.

Bekaert et al.: Carbon nanotube pellicles, DOI 10.1117/1.JMM.20.2.021005

Published 2021-05-27; Accessed 2026-11-01

Open original source

imec and Mitsui Chemicals: CNT pellicle partnership

Published 2023-12-14; Accessed 2026-11-01

Open original source

Order

analysis

Customer acceptance → Commercial supply

An accepting customer could place an order for commercial pellicle supply. [12]

What happens
An accepting customer could place an order for commercial pellicle supply.
Why it matters
An order would turn technical interest into defined delivery obligations between buyer and seller.
What follows
Production and delivery would follow agreed terms; this is not evidence of an existing AirMembrane order.

Hypothetical company conversion.

imec and Mitsui Chemicals: CNT pellicle partnership

Published 2023-12-14; Accessed 2026-11-01

Open original source

Information

analysis

Commercial supply → Build and qualify

Use of a supplied pellicle could return performance observations to the development team. [18]

What happens
Use of a supplied pellicle could return performance observations to the development team.
Why it matters
Such information could reveal handling or exposure issues that laboratory qualification missed.
What follows
Developers could adjust the process or specification; this feedback loop remains an inference.

Diligence inference, no measured feedback loop.

Bekaert et al.: Carbon nanotube pellicles, DOI 10.1117/1.JMM.20.2.021005

Published 2021-05-27; Accessed 2026-11-01

Open original source

Scope. Schematic roles and dependencies, not confirmed AirMembrane contracts or a measured production schedule. Research inputs do not establish commercial sourcing; seller, distributor and buyer arrangements remain unknown.

Competitors and substitutes

Evidence, comparisons and open questions.

TopicEvidence and scope
LINTEC, Japan

LINTEC reports CNT pellicle coating work with AIST and a dual-density manufacturing approach. [7]

company claim

Company development statement; no head-to-head test against AirMembrane.

Mitsui Chemicals and imec

Their 2023 partnership targeted commercial CNT pellicles and scanner validation. [12]

company claim

Its 2025–2026 introduction window was a target, not evidence here of completed qualification.

Canatu and FST

Canatu sells CNT reactors and licences to pellicle producers. FST placed a further order in August 2026. [13]

company claim

Competing material route and business model; no AirMembrane relationship.

Established alternatives

Polysilicon pellicles and CNT membranes are relevant alternatives; graphene must win on qualified performance and delivered cost. [18]

analysis

The 2021 comparison does not rank today's commercial products.

Funding and capital

Evidence, comparisons and open questions.

TopicEvidence and scope
Announced package

AirMembrane announced approximately JPY 850 million from equity, bank lending and grant support on 30 October 2026. [1]

company claim

Not an equity-only round or proof that all announced funds are cash received.

Grant decision

NEDO records a JPY 293 million award decision for FY2025–2027. [5]

verified

Award decision, not disbursement. Do not add it to the mixed financing package.

Investor corroboration

Global Brain reports new investment through its ninth fund and Takanawa fund, and a follow-on through SHGB. [14]

company claim

Individual amounts, ownership and financing terms are not disclosed here.

Competitor financing

Not established. Comparable current financing totals for the pellicle programmes within LINTEC and Mitsui Chemicals were not identified; corporate funding is not a programme budget.

Not established

No numerical assumption or named relationship is substituted for missing evidence.

CAPEX, operating costs and benchmarks

Evidence, comparisons and open questions.

TopicEvidence and scope
Equipment order benchmark

Canatu classified FST's 2026 reactor order at more than EUR 5 million, including earlier long-lead items and excluding royalties and recurring elements. [13]

company claim

CNT reactor contract, not a graphene plant quotation; delivery expected in 2027. Capacity and total installed factory cost are not stated.

Peer capital expenditure

Canatu reported EUR 5.0 million capital expenditure in both 2024 and 2025, rounded to one decimal place. [16]

verified

2024 comparison is pro forma. Group scope spans several applications; it is not cost per pellicle or a full plant budget.

Peer R&D expense

Canatu reported R&D expense of EUR 4.3 million in 2024 and EUR 6.0 million in 2025. [16]

verified

Profit-and-loss expense, not total cash OPEX; 2024 is pro forma and both values cover the group.

Manufacturing cost questions

Graphene synthesis, repeated transfer, inspection, frame handling and failed-film yield belong in a cost model. [9] [10]

analysis

Research methods identify activities, not supplier quotations, production cycle times or unit costs.

AirMembrane economics

Not established. Company CAPEX, cash OPEX, capacity, selling price, gross margin and working-capital terms are unavailable in the reviewed sources. No numeric startup forecast is shown.

Not established

No numerical assumption or named relationship is substituted for missing evidence.

Supply chain

Evidence, comparisons and open questions.

TopicEvidence and scope
Research inputs

The 2022 study used copper foil, process gases, transfer polymer, etchant and solvents to prepare multilayer graphene. [9]

verified

Laboratory method, not the approved bill of materials for a future commercial pellicle.

Manufacturing path

AirMembrane describes synthesis and transfer technology with pilot production targeted for 2027 and mass production for 2028. [4]

company claim

Targets; yields, equipment vendors and factory capacity are not established.

Qualification interface

Pellicles must work with photomasks and scanner requirements. A materials demonstration alone does not establish that interface. [18] [10]

analysis

No AirMembrane scanner qualification or supply agreement is inferred.

Sales channel and sourcing

Not established. Named material suppliers, contract manufacturers, distributors and paying pellicle customers for AirMembrane were not established.

Not established

No numerical assumption or named relationship is substituted for missing evidence.

Industry drivers

Evidence, comparisons and open questions.

TopicEvidence and scope
Pattern protection

Keeping particles off the photomask supplies the basic reason to buy a pellicle. [17]

analysis

Protection must be demonstrated under the intended process conditions.

Light transmission

Two passages through the membrane make absorption relevant to exposure dose and throughput. [18]

verified

Generic mechanism; no CNT transmission or throughput result is assigned to graphene.

Equipment demand

ASML reported total net sales of EUR 28,262.9 million in 2024 and EUR 32,667.3 million in 2025. [19]

verified

US GAAP group revenue includes non-EUV products and service. It does not size the pellicle market.

Public support

NEDO's award supports development of multilayer graphene pellicles. [5]

verified

Policy support does not prove commercial uptake or realised energy savings.

Industry blockers

Evidence, comparisons and open questions.

TopicEvidence and scope
Performance trade-offs

Transmission, scatter, strength and survival in the scanner environment must be assessed together. [18] [7]

analysis

Different material routes require their own test results; no claimed universal winner.

Adoption delay precedent

Canatu attributed weaker 2025 revenue to slower customer approvals and delayed follow-on reactor orders. [16]

company claim

Peer experience, not a forecast of AirMembrane's timetable.

Scale-up boundary

The company roadmap still requires pilot and mass-production steps. [4]

analysis

Research success does not establish repeatable large-area yield.

Commercial hurdle

Not established. Independent customer acceptance criteria, warranty exposure, replacement frequency and validated cost savings for AirMembrane pellicles are not established.

Not established

No numerical assumption or named relationship is substituted for missing evidence.

Market and public appetite

Evidence, comparisons and open questions.

TopicEvidence and scope
Sector purchasing evidence

FST's additional CNT reactor order is concrete purchasing evidence for a competing pellicle-production route. [13]

analysis

A peer's equipment order is neither an AirMembrane order nor end-user pellicle demand.

Investor appetite

The October investor statement evidences willingness to finance AirMembrane's development. [14]

analysis

Financing and paid product orders measure different things.

Public appetite

Not established. No representative public survey specifically addressing graphene EUV pellicles was identified in this bounded search. Semiconductor demand is not a public-sentiment measure.

Not established

No numerical assumption or named relationship is substituted for missing evidence.

Market size

Not established. A bottom-up accessible pellicle market requires qualified scanner installations, replacement rates, attach rates and prices not established here.

Not established

No numerical assumption or named relationship is substituted for missing evidence.

Buyers, sellers and decision-makers

Evidence, comparisons and open questions.

TopicEvidence and scope
Potential buyers

Mask-service providers and semiconductor fabs are plausible purchasing interfaces for a qualified pellicle. [17] [12]

analysis

Illustrative roles only; actual contracting route and payer for AirMembrane are unknown.

Equipment gatekeeper

ASML is relevant to EUV scanner compatibility, not a confirmed AirMembrane customer or supplier. [17] [18]

analysis

No inferred commercial relationship or acquisition interest.

Seller role

AirMembrane's stated programme is to produce graphene pellicles. [1]

company claim

Future commercial supply is conditional on development; no distributor or booked sales claimed.

Purchase decision

A buyer would need evidence on defect protection, lifetime, throughput and integration before switching. [18] [7]

analysis

Diligence hypothesis, not an interview-derived buying process.

Public-company context · 2026-11-01

Listed companies around this market

Listed sector participants selected for EUV relevance. No confirmed AirMembrane buyer or supplier relationship. Official financials are separate from provider-hosted prices.

A listed company's share price reflects its whole business. It does not establish demand for this startup, a supplier relationship or a private valuation.

ASML Holding

Industry context · analysis

EUV lithography equipment supplier relevant to pellicle compatibility and industry spending. [20] [17] [18]

Not a confirmed AirMembrane customer or supplier. Group revenue includes DUV, metrology and services; it is not pellicle market size.

View ASML Holding on TradingView. External price data may be delayed or unavailable; filing evidence is shown below.

Total net sales

ASML consolidated group, US GAAP, annual total net sales. Units: EUR million.

Total net sales, EUR million. Exact values and citations follow in the table.32,667.3028,262.920242024-12-31: 28,262.9 EUR million32,667.320252025-12-31: 32,667.3 EUR million
PeriodReported valueFiling and evidence
2024-01-01 to 2024-12-3128,262.9 EUR million2026-02-25 · verified
Page 276, Consolidated statements of operations, Total net sales, 2024 and 2025 columns. [19]
2025-01-01 to 2025-12-3132,667.3 EUR million2026-02-25 · verified
Page 276, Consolidated statements of operations, Total net sales, 2024 and 2025 columns. [19]

EUR millions. Group-wide equipment and service sales.

R&D expense

ASML consolidated group, US GAAP, annual R&D cost magnitude. Units: EUR million.

R&D expense, EUR million. Exact values and citations follow in the table.4,698.804,303.720242024-12-31: 4,303.7 EUR million4,698.820252025-12-31: 4,698.8 EUR million
PeriodReported valueFiling and evidence
2024-01-01 to 2024-12-314,303.7 EUR million2026-02-25 · verified
Page 276, Consolidated statements of operations, Research and development costs, 2024 and 2025 columns. [19]
2025-01-01 to 2025-12-314,698.8 EUR million2026-02-25 · verified
Page 276, Consolidated statements of operations, Research and development costs, 2024 and 2025 columns. [19]

Costs shown as positive magnitudes; not cash OPEX or a pellicle budget.

Canatu

Competitor · analysis

CNT membrane and reactor technology is an alternative to AirMembrane's graphene route; Canatu supplies FST. [13] [22] [23]

No AirMembrane trading relationship. Nasdaq First North Growth Market Finland listing; provider identifies the instrument as OMXHEX:CANATU. Group includes other applications.

View Canatu on TradingView. External price data may be delayed or unavailable; filing evidence is shown below.

Revenue, 2024 pro forma

Canatu group annual key figures; 2024 pro forma comparative supplied by the issuer alongside 2025 actual. Units: EUR million.

Revenue, 2024 pro forma, EUR million. Exact values and citations follow in the table.2202220242024-12-31: 22 EUR million15.620252025-12-31: 15.6 EUR million
PeriodReported valueFiling and evidence
2024-01-01 to 2024-12-3122 EUR million2026-03-03 · verified
Key figures table, January–December 2024 and January–December 2025, Revenue. [16]
2025-01-01 to 2025-12-3115.6 EUR million2026-03-03 · verified
Key figures table, January–December 2024 and January–December 2025, Revenue. [16]

2024 is pro forma, not statutory reported revenue. Rounded EUR millions.

Capital expenditure, 2024 pro forma

Canatu group annual key figures; 2024 pro forma comparative supplied by the issuer alongside 2025 actual. Units: EUR million.

Capital expenditure, 2024 pro forma, EUR million. Exact values and citations follow in the table.50520242024-12-31: 5 EUR million520252025-12-31: 5 EUR million
PeriodReported valueFiling and evidence
2024-01-01 to 2024-12-315 EUR million2026-03-03 · verified
Key figures table, January–December columns, Capital expenditure. [16]
2025-01-01 to 2025-12-315 EUR million2026-03-03 · verified
Key figures table, January–December columns, Capital expenditure. [16]

Rounded EUR millions. Identical rounded amounts do not imply zero growth; excludes any inference about AirMembrane.

R&D expense, 2024 pro forma

Canatu group annual key figures; 2024 pro forma comparative supplied by the issuer alongside 2025 actual. Units: EUR million.

R&D expense, 2024 pro forma, EUR million. Exact values and citations follow in the table.604.320242024-12-31: 4.3 EUR million620252025-12-31: 6 EUR million
PeriodReported valueFiling and evidence
2024-01-01 to 2024-12-314.3 EUR million2026-03-03 · verified
Key figures table, January–December columns, Research and development costs expensed through profit or loss. [16]
2025-01-01 to 2025-12-316 EUR million2026-03-03 · verified
Key figures table, January–December columns, Research and development costs expensed through profit or loss. [16]

Not total OPEX or cash burn. Rounded EUR millions.

Competitive landscape · 2026-11-01

Who else solves this?

EUV mask protection: finished pellicles and the CNT membrane supply chain.

Comparison lens. AIRMembrane competes on membrane durability, transmission and qualification at the required scanner power. A material demonstration alone does not establish reliable finished-pellicle supply. Canatu and FST occupy linked supply-chain positions and must not be counted as two independent, qualified finished products. analysis

Direct competitor · Japan

LINTEC

Develops CNT EUV pellicles, including a reinforced peripheral region and protective coating.

Difference
A competing CNT approach; qualification at the same exposure conditions is the useful comparison with AIRMembrane.
Maturity
February 2026 update reports established dual-density manufacturing technology while an initial mass-production system remains an R&D objective.
Economics
Unit prices, throughput and replacement costs are not disclosed.
Funding / ownership
Corporate development programme; pellicle-specific investment and revenue are not disclosed here.

Manufacturing technology and conference results do not establish volume customer acceptance.

analysis

Sources and dates

LINTEC CNT pellicle development update (published 2026-02-17; accessed 2026-11-01)

Established supplier · Japan; research partnership with imec in Belgium

Mitsui Chemicals

Existing EUV pellicle supplier developing a CNT successor and production facilities.

Difference
Offers an incumbent procurement route plus next-generation development; distinguish its existing pellicles from the newer CNT product.
Maturity
The 2024 announcement describes CNT production facilities and an established conventional EUV production business.
Economics
Like-for-like pricing and qualified CNT production yield are not disclosed.
Funding / ownership
Mitsui Chemicals corporate programme; product-level funding is not stated.

Facility investment does not prove subsequent commercial CNT adoption.

analysis

Sources and dates

Mitsui Chemicals CNT pellicle facilities (published 2024-05-28; accessed 2026-11-01)

Alternative approach · Finland

Canatu

CNT membrane technology for EUV pellicles and an upstream manufacturing route.

Difference
Relevant as an enabling supplier or technology alternative; it is not equivalent to a separate, fully qualified finished-pellicle vendor.
Maturity
Markets CNT pellicle technology; performance figures are vendor claims.
Economics
Membrane cost, reactor economics and customer replacement cost are not disclosed on the product page.
Funding / ownership
Company programme; current capital structure and pellicle-specific funding were not established from this product source.

Do not double-count downstream implementations as independent market share or infer production qualification.

analysis

Sources and dates

Canatu EUV pellicle technology (published date not stated; accessed 2026-11-01)

Direct competitor · South Korea

FST

Pellicle supplier with an EUV product development programme.

Difference
Competes at the finished-pellicle level; the buyer must verify its membrane route and scanner qualification separately.
Maturity
The inspected product portfolio labels EUV pellicles as under development.
Economics
EUV contract prices, manufacturing yields and operating lifetime are not disclosed.
Funding / ownership
Corporate product programme; dedicated EUV funding is not disclosed on this page.

Existing non-EUV supply is not evidence that the EUV product is qualified. Its CNT supply-chain relationship should not be treated as an independent technology count.

analysis

Sources and dates

FST pellicle product portfolio (published date not stated; accessed 2026-11-01)

Coverage limits. Four relevant organisations, not four interchangeable qualified products. No matched scanner qualification, customer yield, replacement interval, selling price or market-share dataset was found in these sources.

Sources

  1. 1
    AirMembrane financing announcement

    company | Published 2026-10-30 | Accessed 2026-11-01

  2. 2
    AirMembrane release and unlisted profile

    company | Published 2026-10-30 | Accessed 2026-11-01

  3. 3
    AirMembrane company profile

    company | Published undated | Accessed 2026-11-01

  4. 4
    September production roadmap

    company | Published 2026-09-11 | Accessed 2026-11-01

  5. 5
    NEDO Japanese grant decision profile (updated 21 April 2026)

    funder | Published undated | Accessed 2026-11-01

  6. 6
    Earlier NEDO selection announcement

    company | Published 2025-11-05 | Accessed 2026-11-01

  7. 7
    LINTEC CNT pellicle durability and production development

    competitor | Published 2026-02-17 | Accessed 2026-11-01

  8. 8
    METI gBizINFO legal entity record

    registry | Published undated | Accessed 2026-11-01

  9. 9
  10. 10
    AirMembrane patent JP7804958B1, translated primary record

    patent | Published 2026-01-23 | Accessed 2026-11-01

  11. 11
    JR East February fund and portfolio announcement

    investor | Published 2026-02-26 | Accessed 2026-11-01

  12. 12
    imec and Mitsui Chemicals CNT partnership

    competitor_research_partner | Published 2023-12-14 | Accessed 2026-11-01

  13. 13
    Canatu further FST reactor order

    competitor | Published 2026-08-24 | Accessed 2026-11-01

  14. 14
    Global Brain October investment announcement

    investor | Published 2026-10-30 | Accessed 2026-11-01

  15. 15
    NARO February 2025 procurement disclosure

    customer_procurement | Published undated | Accessed 2026-11-01

  16. 16
    Canatu: financial statements bulletin 2025

    issuer_financial_report | Published 2026-03-03 | Accessed 2026-11-01

  17. 17
    ASML: the EUV pellicle

    equipment_manufacturer_explanation | Published 2022-09-14 | Accessed 2026-11-01

  18. 18
    Bekaert et al.: Carbon nanotube pellicles, DOI 10.1117/1.JMM.20.2.021005

    primary_research_paper | Published 2021-05-27 | Accessed 2026-11-01

  19. 19
    ASML annual report 2025, US GAAP

    issuer_annual_report | Published 2026-02-25 | Accessed 2026-11-01

  20. 20
    ASML: share information

    issuer_listing_information | Published undated | Accessed 2026-11-01

  21. 21
    ASML: annual reports and publication date

    issuer_report_index | Published undated | Accessed 2026-11-01

  22. 22
    Canatu: share information

    issuer_listing_information | Published undated | Accessed 2026-11-01

  23. 23
    TradingView: Canatu symbol identity

    chart_provider_symbol_identity | Published undated | Accessed 2026-11-01