May 26, 2016
Norwegian metal 3D printing pioneer Norsk Titanium AS today announced it has closed a $10 million growth debt facility with Harbert European Growth Capital Fund I (HEGCF) as part of the company’s current aerospace production financing round.
Norsk Titanium has become a leading provider of aerospace 3D printing technology, and has developed two proprietary processes in this rapidly growing field. Using its patented Direct Metal Deposition (DMD) and plasma arc Rapid Plasma Deposition (RPD) additive manufacturing technologies, Norsk can transform titanium wire into complex components at 50-70% less cost and with 75% reduced time to market than comparable technologies.
In tests on 1,300 3D printed aircraft samples, Norsk’s RPD 3D printed titanium parts were found to meet the most demanding aerospace requirements, and it has been approved to begin delivering critical end-use 3D printed parts to the world’s premier aerospace and defence companies in 2016.
The funds will be used to further strengthen Norsk Titanium’s leadership team and operations worldwide in support of aerospace qualification and production orders for precision structural components. The investment was led by Fahad Khan at HEGCF. Details of the investment were not released.
“Norsk Titanium is strategically expanding, and the addition of growth debt allows us to diversify our financing structure while pursuing a variety of complementary opportunities, both within the aerospace and defense sector and beyond,” said Bart van Aalst, Chief Financial Officer of Norsk Titanium.
“We chose to invest in Norsk Titanium because their Rapid Plasma Deposition™ 3D technology is heralded as one of the most disruptive processes in additive manufacturing, and their strong management team makes it a real game-changer in a sector so often bereft of true innovation,” said Johan Kampe, Senior Managing Director at Harbert Management Corporation. “The growth potential of this company is beyond any doubt, and we are very pleased to be part of its future and hope to bring our close relationships within the technology sector to the fore.”
Posted in 3D Printer Company
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