Australian metal AM company Titomic has signed a AUD $25.5 million (approx. $16.76M) equipment sales agreement with Composite Technology, a global defense supplier. Through the contract, Titomic will deliver two metal additive manufacturing systems to the company—specifically, two of its Titomic Kinetic Fusion (TKF) machines.
The major deal, which generates several million dollars for the Australian 3D printing company, is also the largest defense deal in Australia for metal AM to date. Titomic says the contract positions it as a key supplier of industrial metal AM systems for the defence market and in other high-value industries.
“I’m exceptionally excited to announce the first major revenue deal with Composite Technology, less than two years after commissioning our TKF Melbourne Bureau; a major achievement,” said Jeff Lang, Managing Director of Titomic. “This year, 2020, will be a major year for Titomic’s commercial development, with a focus on sales revenue and to continue along our strategic trajectory to become a major player in global metal manufacturing.”
Composite Technology’s purchase of two TFK systems was preceded by a two-year research and prototyping phase in cooperation with Titomic to evaluate its technology’s quality and production capabilities. In addition to the contract signed with the defense supplier, Titomic says the conclusion of this R&D phase has resulted in a certification for its TKF technology that will “open up further large revenue opportunities with strong industry partnerships in high-margin industries.”
“Composite Technology is pleased to partner with Titomic to introduce Titomic Kinetic Fusion systems into its current manufacturing process,” said the Director of Composite Technology. “This partnership will enable more effective, efficient and sustainable manufacturing solutions and will increase capacity in the area of defence related product and component development that will provide significant revenue opportunities for both parties.”
Titomic’s patented TKF process is somewhat unique within the AM industry. The process builds or repairs parts by accelerating metal powders to supersonic speeds, As the particles collide, a solid-state metallurgical bond is formed, which enables metal components to be built without any melting process. Compared to traditional subtractive manufacturing processes, Titomic’s technology is considered more ecological in that it reduces material waste by up to 90% and can reduce green-house missions by 60%.
TKF can also achieve an impressive build rate of 75 kg of metal per hour, making it suitable for industrial applications and serial-production. Titomic emphasizes that its process is also capable of forming a wide range of materials, including dissimilar metals and exotic metals like titanium.
In addition to signing a AUD $25.5 million contract with Composite Technology, Titomic has also announced the completion of a capital raise today. The company has secured an investment of AUD $19 million from existing and strategic partners, with up to an additional AUD $1 million through a share purchase plan for existing holders. This injection of funding will reportedly allow Titomic to expand its operations and pursue new opportunities in the defense and aerospace industries.