Pure-play ‘additive manufacturing 2.0’ company goes public
The company says it is now the only publicly traded pure-play Additive Manufacturing (AM) 2.0 company, offering the fastest metal 3D printing technology in the market, up to 100 times the speed of legacy technologies.
“Today is an exciting moment and major milestone for our company and for the additive manufacturing (AM) industry at large,” said Ric Fulop, Co-founder and Chief Executive Officer of Desktop Metal. “With a broad portfolio of solutions offering revolutionary ease-of-use and productivity for the AM industry, Desktop Metal is uniquely positioned to disrupt how parts are made across a wide range of industries.”
The transaction was unanimously approved by the board of directors of Trine and was also approved at a special meeting of Trine’s stockholders on December 8, 2020. As a result of this transaction, Desktop Metal has received approximately $580 million of gross proceeds from Trine’s trust account and concurrent equity private placements.
“The capital raised through our transition to a publicly traded company,” says Fulop, “will accelerate our global go-to-market efforts, enhance our relentless efforts in R&D, and allow us to capitalize on the tremendous growth opportunities we see over the next decade as we integrate industry-leading technology and intellectual property with strong secular growth trends around AM. We are excited to bring Desktop Metal to the public markets as the only pure play Additive Manufacturing 2.0 (AM 2.0) company and offer everyone the opportunity to invest in a company aiming to transform the manufacturing industry.”
Founded in 2015, the company offers a diverse suite of AM solutions and has distribution in more than 60 countries and adoption from leading companies spanning a broad array of industries, including automotive, consumer products, industrial automation, medical devices, aerospace, and defense. The company’s product portfolio is led by its flagship Production System P-50, which is scheduled to begin volume commercial shipments in the second half of 2021. The P-50 is designed to achieve print speeds up to 100 times those of legacy technologies, delivering thousands of parts per day at costs competitive with conventional manufacturing.
The recently revealed Production System P-1 leverages the same patent-pending Single Pass Jetting technology as the P-50 and begins initial shipments to customers in Q4 2020. The company’s AM 2.0 portfolio also includes Shop System, a mid-volume, flexible manufacturing solution designed for machine shops, which began volume manufacturing and global shipments in Q4 2020; Studio System, an office-friendly metal 3D printing system for low-volume production, which has been shipping in volume globally since 2018; and Fiber, a continuous fiber composite printer, scheduled to begin volume commercial shipments in Q4 2020.
The AM industry is reported to have grown at a 20% annual compound rate between 2006 and 2016 before accelerating to 25% compound annual growth over the last three years – a rate that is expected to continue over the next decade as the market grows from $12 billion in 2019 to an estimated $146 billion in 2030, says the company.
“We believe the AM industry is at a major inflection point and that Desktop Metal is at the forefront of this transformation,” says Fulop. “This market inflection is being driven by the emergence of AM 2.0 – a wave of next-generation AM technologies that unlocks throughput, repeatability, and competitive part costs with a focus on making AM an easy to use, economic solution for mass production. These solutions feature key innovations across printers, materials, and software to pull AM into direct competition with conventional processes used to manufacture $12 trillion in goods annually.”
Leo Hindery, Jr., Desktop Metal board member and Chairman and CEO of Trine Acquisition Corp. adds, “Desktop Metal is poised to revolutionize the manufacturing industry by applying transformative AM 2.0 technologies to the products and industries that will drive the economy in the 21st century. The company has a distinct first-mover advantage over competitors and the injection of capital from this transaction, a large portion of which will be dedicated to continuous product innovation, will protect and extend this first-mover advantage.”
Related articles:
Additive manufacturing ‘2.0’ company Desktop Metal to go public
Market for additive printing, explained in detail
Additive manufacturing learns about superalloys
3D printing of metals: New alloy enables printing of safe steel products
Additive manufacturing alliance aims to advance testing methods
If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :
