An investment has been agreed between Norsk Titanium AS and Silicon Valley-based Applied Ventures, LLC, the venture capital arm of Applied Materials.
Norsk Titanium Chairman of the Board John Andersen, Jr. commented: “Applied Ventures’ equity investment positions Norsk Titanium and our disruptive Rapid Plasma Deposition capability into the core of the Silicon Valley additive manufacturing revolution.”
“Applied’s extensive capabilities in materials engineering and process management complement our unique titanium capabilities as well as our global expansion into new metal alloys and markets to bring Norsk’s customers unprecedented levels of productivity” Andersen Jr. continued.
Warren M. Boley, Jr. Norsk Titanium President & Chief Executive Officer said: “We are pleased to add Applied Ventures to our growing list of industrial partners and shareholders that includes Alcoa, Insight Equity, Precision Holdings, Mecachrome and Bosch Rexroth.”
Boley, Jr. added: “We are positioned to make history as the first FAA-approved structural titanium additive manufactured parts to fly on a commercial airliner, and have strong views on further applications for our proprietary platform technology. It is great to have the support of an industry leader like Applied on this epic journey.”
In June 2016, Norsk Titanium announced the closing of a $25M funding round, and in July 2016 announced a $125M state investment to build the world’s first industrial scale metal additive manufacturing plant in Plattsburgh, New York. In the same month, at the 2016 Farnborough International Airshow, Norsk Titanium announced orders and strategic partnerships with Thales Alenia Space, Mecachrome and a leading airframe OEM.
Dr. Om Nalamasu, President of Applied Ventures and Chief Technology Officer of Applied Materials concluded: “Applied Ventures’ investment in Norsk Titanium reflects our charter to identify and accelerate innovation around the globe, with an eye for emerging technologies where our leadership in materials engineering enables new growth markets.”