Desktop Metal, Inc., a provider of mass production and turn-key additive manufacturing (AM) solutions, has announced that it will become a publicly listed company in order to accelerate its growth trajectory within the rapidly growing AM market and capitalize on the strong secular tailwinds supporting the reshoring of manufacturing and supply chain flexibility.
The company has signed a definitive business combination agreement with Trine Acquisition Corp., a special purpose acquisition company led by Leo Hindery, Jr., and HPS Investment Partners, a global credit investment firm with over $60 billion in assets under management.
"The AM industry grew 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 surges from $12 billion in 2019 to an estimated $146 billion in 2030," said a spokesperson. "This market inflection is being driven by a shift in applications from design prototyping and tooling to mass production of end-use parts, enabled by the emergence of what Desktop Metal refers to as `Additive Manufacturing 2.0,' a wave of next-generation AM technologies that unlock throughput, repeatability and competitive part costs. These solutions feature key innovations across printers, materials and software and pull AM into direct competition with conventional processes used to manufacture $12 trillion in goods annually."
"Desktop Metal's cash on hand after giving effect to the transaction will enable the company to capitalize on its position at the forefront of Additive Manufacturing 2.0 by accelerating the company's rapid growth and product development efforts," continued the spokesperson. "The company will also use the proceeds to support constructive consolidation in the AM industry."
Desktop Metal has distribution in more than 60 countries around the world and broad adoption from companies spanning an array of industries, including automotive, consumer products, industrial automation, medical devices and aerospace & defense.
Desktop Metal's product portfolio includes the Studio System, an office-friendly metal 3D printing system for low volume production, as well as the new Shop System for mid-volume manufacturing and its continuous fiber composite printer, Fiber, both of which are expected to ship in the fourth quarter of 2020. "The company's Production System, which has begun shipping to early customers and is expected to ship in volume in the second half of 2021, is designed to be the fastest way to 3D print metal parts at-scale, achieving print speeds up to 100x faster than legacy technologies and delivering thousands of parts per day at costs competitive with traditional manufacturing," said the spokesperson.
For more information contact:
Desktop Metal
63 Third Avenue
Burlington, MA 01803
978-224-1244
www.desktopmetal.com
Trine Acquisition Corp
www.trineacquisitioncorp.com