Norsk Titanium AS, a global supplier of additive manufactured (AM) titanium components, has received US$25 million funding to expand its aerospace AM operations.
The funding includes US$10 million equity investment from Insight Equity Holdings LLC, a mid-market private equity firm, US$10 million growth debt facility from Harbert European Growth Capital Fund I (HEGCF) and US$5 million equity investment from a number of smaller investors.
‘We are very excited about our investment in Norsk Titanium,’ said Victor Vescovo, co-founder & managing partner of Insight Equity. ‘As industry veterans in metal additive manufacturing and high-precision machining through Precision Holdings, we see enormous potential for Norsk's Rapid Plasma Deposition technology not just in titanium and in aircraft parts, but throughout a broader spectrum of other materials and industries in the future.’
The $25 million funding round follows the inclusion in the 2016 New York State budget of US$125 million to support the development of Norsk Titanium’s Plattsburgh, New York factory, which is part of the company’s proposed US$1 billion, 10-year project in the state.
This story is reprinted from material from Norsk Titanium, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
