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- 15 October 2021 19:32
Titomic (ASX:TTT) raises $9m to accelerate commercialisation activities
Titomic Limited (ASX: TTT) a leader in large industrial-scale metal additive manufacturing, using its patented cold spray additive manufacturing (CSAM) technology, has secured firm commitments from new and existing sophisticated and institutional investors to raise $9 million via a strongly supported oversubscribed share placement, (Placement) at $0.26 per Share. The Company will also offer a share purchase plan (SPP) under which shareholders may apply for up to $30,000 in ordinary fully paid shares (Shares) from eligible shareholders at the same price as the Placement. Together, the Placement and the SPP is intended to raise up to approximately $11 million.
Proceeds of the Placement and SPP will enable Titomic to accelerate the commercialisation of the Company through investment in joint venture operations, establishing offshore sales and operational facilities, and to fund working capital.
Chairman, Andreas Schwer, said, “We are very encouraged by the strong level of support shown by both new and existing investors for the Offer. It validates the strategic reset of Titomic as we focus on the commercialisation of the market leading Titomic Kinetic Fusion (TKF) technology through seamlessly integrating custom CSAM systems into partner supply chains, and preparing to scale globally with JV partners in aerospace and defence, with shared risk and rewards.
“The need for Titomic’s technology is growing as the manufacturing industry undergoes major structural shifts with companies reducing product development timelines and re-examining production methods. 3D printing is likely to either completely replace traditional specialised component manufacturing or become an additional production technology for aerospace and defence components needed in faster design and production schedules and with faster manufacturing and replacement times. Titomic is ideally placed to meet that need.”
Titomic’s patented CSAM technology co-developed with CSIRO produces some of the 3D printing industry’s largest, heaviest additively manufactured metal-based components, which are ideal for use in defence and aerospace. This solves common size and manufacturing-speed limitations in the 3D printing industry by using a compressed gas stream to supersonically deposit metal particles under high pressure onto a scaffold to create metal coatings for larger metal-based components. It is capable of production that is two to five-times faster than major powder-baked fusion competitors.
It is more cost-effective than any other titanium additive manufacturing as the TKF process can use cheaper grade Titanium powders of dissimilar particle sizes and irregular shapes, whereas other 3D printing processes require highly refined powders with uniform size distribution which can be prohibitively expensive.
The company is focusing on applications such aerospace and defence tooling where it has strong cost and performance advantage. In aerospace possible JV partners and customers produce panels for rockets and commercial aircraft; frames; tooling for jigs and fixtures; landing gear; turbine blade; and gearboxes. Whereas in defence common components include barrels; armoured structures; turbine blade, panels and doors; ballistic protection; and ammunition casing.