Titomic Limited (ASX:TTT) will list on the Australian Securities Exchange after raising $6.5 million via a fully underwritten Initial Public Offering.
An Australian additive manufacturing specialist, Titomic was established to deliver industrial scale products manufacturing using proprietary Kinetic Fusion process and enable companies to leverage advanced materials.
Titomic Chairman Philip Vafiadis said the company is building one of the largest metal additive manufacturing machines in the world at its manufacturing facility in Melbourne. “At 40.5 cubic metres build area, Titomic will house one of the world’s largest metal additive manufacturing machines in the world, with a commercial production speeds of up to 45 kg per hour,” Mr Vafiadis said.
Titomic worked with CSIRO to develop a technology that applies cold-gas dynamic spraying of titanium or titanium alloy particles onto a scaffold to produce a load-bearing structure. The company has exclusive rights to commercialise the proprietary and patented process.
The technology is being marketed by Titomic as part of its Titomic Kinetic Fusion process that sprays Titanium metal powder at supersonic speeds, 1.5 to 3 times the speed of sound, causing the particles to impact and bond with the scaffold material.
This unique process mitigates oxidisation issues and size limitations associated with laser additive manufacturing processes. In addition to the exclusive rights to commercialise a patented process of producing a load-bearing structure, Mr Vafiadis said Titomic has advantages over traditional forms of manufacturing (not only 3d printing) for large parts made of titanium and titanium alloys. Titomic has validated these claims with extensive research on a titanium bicycle frame as an example of the technology’s capabilities.
“The Titomic process is fast - for example, a single Titomic production cell has capacity to manufacture two bicycle frames per hour at a much lower cost and approximately four times faster than a highly-qualified human titanium welder and finisher,” he said “Our technology holds outstanding potential for commercialisation across various applications and we thank our new and existing shareholders for their support as we aim to bring the technology to a wider market.”
Head of CSIRO’s High Performance Metal Industries Research Program, Dr Leon Prentice, said he was pleased to see the licensee proceed to market. “We look forward to a continued relationship with Titomic and working with other industry partners to help them transition to advanced manufacturing,” he said.”
The funds from IPO will enable Titomic to complete commissioning of the Melbourne facility, co-develop parts production with clients and and build sales capacity of Titomic systems.
Melbourne-based PAC Partners is lead manager and underwriter to the IPO. As part of the IPO, Titomic welcomes several key investors to the register including Alium Capital Management.