Additive manufacturing (AM) supplier for high value metal parts, VELO3D Inc., and JAWS Spitfire Acquisition Corporation (JAWS Spitfire) , a special purpose acquisition company, has announced they have entered into a definitive business combination agreement. The transaction is anticipated to strengthen VELO3D’s position as a trusted partner for companies seeking novel manufacturing solutions for complex design challenges. Upon completion of the transaction, which is expected to occur in the second half of 2021, the combined company will operate as VELO3D, and will be listed on the New York Stock Exchange under the new ticker symbol ‘VLD.’
VELO3D is a leader in the evolution from the analog supply chain to digital manufacturing. The Company’s proprietary full-stack 3D metal printing solution enables the production of mission-critical components for space rockets, jet engines, fuel delivery systems and energy production with better performance, at faster speed and lower cost than traditional methods. With VELO3D’s technology, the Company’s customers are able to create complex metal designs previously considered impossible due to the constraints of legacy AM technology.
Since launching commercially in the fourth quarter of 2018, the Company has serviced innovative customers including SpaceX, Honeywell, Boom Supersonic, Chromalloy and Lam Research.
VELO3D’s disruptive technologies, unmatched patent portfolio and deep customer relationships are driving adoption of additive manufacturing in a market that is set to expand to $35 billion in 2030. VELO3D’s experienced management team, including founder and CEO Benny Buller and CFO Bill McCombe, will continue to lead the Company through its next phase of growth.
“VELO3D partners with the world’s most innovative companies leading the future of space travel, transportation and energy,” said Mr. Buller. “I am proud that such visionary partners continue to trust VELO3D to build products through methods that were previously impossible. With JAWS Spitfire’s long-term partnership, we expect to extend the reach of VELO3D’s technology and bring its solutions to even more customers globally. As we scale our business and advance our growth strategy, we expect to expand the high value metal additive manufacturing market and strengthen our competitive position.”
“Benny and the VELO3D team have placed technical innovation at the core of their business model, and we are excited to partner as they bring their technology to a broader set of similarly innovative customers across the world,” said Barry Sternlicht, Co-Founder and Chairman of JAWS Spitfire. “Since commercialization, VELO3D has attracted an impressive customer base, showcasing the seamless, cost-competitive production of previously unattainable designs. VELO3D is well-positioned for robust growth in an established and expanding market.”
VELO3D’s financial model is asset light, backed by significant technology investments and positioned to rapidly scale to meet customer demand. The Company’s growth strategy is to focus on the specific products that only it can produce within the $100+ billion total addressable market for high value metal parts. The additional capital provided from this transaction will allow VELO3D to make substantial investments in engineering, product development, sales, marketing and customer support.
VELO3D is ready to deploy its new laser printing technology solution, Sapphire XC, which is expected to ship in the fourth quarter of 2021. Sapphire XC is designed as a scale-up of VELO3D’s Sapphire solution, and will support the production of parts that are up to five times higher volume and up to three times lower cost than existing Sapphire technology.
The transaction values the combined company at an enterprise value of approximately $1.6 billion.
For more information: www.velo3d.com