Jun 30, 2016 | By Tess
Norsk Titanium AS, one of the world’s leaders in additively manufactured structural titanium parts for the aerospace industry has just announced that it has secured $25 million in funding in its last Q2 2016 funding round. The successful funding round was led by Minneapolis based investment bank Piper Jaffray, and the money will help to expand and further advance Norsk Titanium’s innovative technologies.
Founded in 2007, Norsk Titanium has dedicated itself to the production of titanium parts through additive manufacturing technologies. The company’s patented technologies, Direct Metal Deposition (DMD) and Rapid Plasma Deposition (RPD), have allowed Norsk Titanium to transform titanium wire into structurally complex and precise components at nearly 50-70% less cost and 75% less time than competing technologies.
According to a press release, the $25 million in recent funding came from Insight Equity Holdings LLC, a mid-market private equity firm which invested $10 million, Harbert European Capital Fund (HEGCF) which funded $10 million in growth debt facility, and from a number of smaller investors who invested a total of $5 million. As mentioned, the funding will go towards further expanding the Norwegian company’s technologies and services into the United States, and advancing its technologies.
“We are delighted to announce the successful close of this round of funding,” said John Anderson, Jr. Chairman of Norsk Titanium Board of Directors. “The board of Norsk Titanium believes our current industrial-scale expansion strategy in the U.S. will create significant shareholder value and service the needs of our American aerospace and defense customers.”
Included in Norsk Titanium’s expansion plans is the establishment of a 3D printing research plant in Plattsburgh, New York. This last project has also been allotted a hefty $125 million in funding from the 2016 New York State Budget, which will help to develop Norsk Titanium’s Plattsburgh facility for 3D printed aerospace parts. The research facility, which is part of Norsk’s $1 billion 10-year-plan for expanding its technologies and services into the state of New York, is expected to create about 520 jobs in the Plattsburgh area as well as an additional 383 positions elsewhere in the state.
For both Insight Equity and Harbert European Growth Capital Fund, Norsk Titanium’s Rapid Plasma Deposition technology was at the heart of their interest in the company. Victor Vescovo, Co-Founder & Managing Partner of Insight Equity, explains, “As industry veterans in metal additive manufacturing and high-precision machining through Precision Holdings, we see enormous potential for Norsk’s Rapid Plasma Deposition™ technology not just in titanium and in aircraft parts, but throughout a broader spectrum of other materials and industries in the future.”
Similarly, Johan Kampe, Senior Managing Director at Harbert European Growth Capital Fund, said that RPD was the reason for their significant investment in the company. He says, “Rapid Plasma Deposition 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.”
In addition to the news of their successful funding round, Norsk Titanium has also announced it will be participating in the Farnborough International Airshow in the UK, from July 11th to 15th. There, the company is expected to exhibit a full-scale mock-up of its patented MERKE IV™ Rapid Plasma Deposition printer, and will be promoting Plattsburgh’s upcoming aerospace production facilities to aerospace experts from around the world.
Posted in 3D Printer Company
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