Espey Mfg. & Electronics Corp. has been awarded $7.4 million in military defense funding that will help cover factory investments necessary for the Saratoga Springs manufacturer to conduct testing for the U.S. Navy. The contract, which is equivalent to one-quarter of the company's annual sales, was announced by Espey on Feb. 9. The 95-year-old defense contractor and manufacturer of rugged power conversion equipment employed approximately 150 at its Saratoga Springs plant as of mid-2022.