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Luna Innovations Awarded $4 Million in Air Force Nanotechnology Contracts.

ROANOKE, Va. -- Luna Innovations Incorporated (NASDAQ: LUNA) has been awarded $4.0 million in U.S. Air Force contracts for continued research and development of nanotechnology-enabled products, including a $2.3 million subcontract from General Dynamics Information Technology, Inc. (GDIT), formerly Anteon Corporation, and a $1.7 million contract from the U.S. Air Force Office of Scientific Research (AFOSR). The GDIT contract builds upon $3.3 million of nanotechnology research funding previously provided to Luna Innovations by GDIT. Both contracts, previously announced during the Company's third quarter 2006 earnings call on November 6, 2006, will be performed over the next several years.

Brian Holloway, Director of the nanoWorks Group within Luna's Technology Development Division commented, "We believe that nanomaterials are some of the most promising and exciting technologies in development today. This is a tremendous opportunity to apply the research and development of new technologies to solve real-world problems. In addition, these contracts represent a significant step forward in our growth strategy to expand our portfolio of non Small Business Innovative Research contracts."

Under the GDIT subcontract, Luna Innovations will support GDIT's goal of improving the manufacturing capability and capacity necessary to provide nanomaterials in sufficient quantity, and at a sufficiently low cost, to be feasible for use in real-world systems. A pilot plant, expected to be completed during this program, is intended to enable accelerated application of advanced nanostructured material systems.

Under the AFOSR contract, Luna Innovations will work through the Nanophotonic Component Program (NCP) to support Department of Defense needs regarding future air combat systems and ground support optoelectronics. The objective of the NCP is to use nanotechnology to develop new components such as next-generation solar cells and lighter-weight electromagnetic interference (EMI) resistant composites.

One of Luna's primary areas of focus is research and development of products enhanced by nanomaterials. In 2004, Luna opened a state-of-the-art 24,000 square foot manufacturing, research and development facility in Danville, Virginia, to produce, modify, characterize and purify nanomaterials for applications such as magnetic resonance imaging (MRI) contrast agents, electromagnetic interference coatings and next-generation solar cells.

About Luna Innovations Incorporated:

Luna Innovations researches, develops and commercializes innovative technologies in molecular technology and sensing solutions. Luna accelerates the process of bringing new and innovative products to market by focusing on technologies that can fulfill identified market needs and then takes these technologies from the applied research stage through commercialization. Since its inception, Luna Innovations has successfully developed products for the energy, telecommunications, life sciences and defense industries. Headquartered in Roanoke, Virginia, the company has research, development and manufacturing facilities in Blacksburg, Charlottesville, Hampton, and Danville, Virginia and a sales office in McLean, Virginia. Additional information can be found at www.lunainnovations.com.

FORWARD LOOKING STATEMENTS

This press release includes information that constitutes "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including but not limited to the following statements: Luna will support GDIT's goal of improving the manufacturing capability and capacity necessary to provide nanomaterials in sufficient quantity, and at a sufficiently low cost, to be feasible for use in real-world systems; a pilot plant expected to be completed in the GDIT program will enable accelerated application of advanced nanostructured material systems; and Luna will support Department of Defense needs regarding future air combat systems and ground support optoelectronics. Statements that describe the Company's business strategy, goals, objectives, prospects, opportunities, plans or intentions are also forward-looking statements. Actual events or results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including risks and uncertainties, many of which are beyond the Company's control. Factors that may affect the future results of Luna Innovations are set forth in its Registration Statement on Form S-1, its quarterly reports on Form 10-Q and other filings with the Securities and Exchange Commission ("SEC"), which are available at the SEC's website at http://www.sec.gov, and at Luna Innovations' website at http://www.lunainnovations.com. The statements made in this press release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements herein after the date of this press release.
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Date:Jan 22, 2007
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