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Essentium to Go Public via SPAC, Announces Metal 3D Printing Development https://ift.tt/3obrfKj Essentium is the latest firm in the 3D printing industry to announce a merger with a special purpose acquisition company (SPAC) to achieve a public listing. The Austin-based startup has entered into a definitive business combination agreement with Atlantic Coastal Acquisition Corporation (NASDAQ: ACAH), with the deal expected to be completed toward the end of Q1 2022. Once the two merge, the resulting entity will still be called Essentium and will trade on the Nasdaq under the ticker symbol “ADTV”.
Essentium was founded in 2013, beginning with a focus on materials and improving z-axis adhesion in material extrusion technology. To overcome Z-axis weakness, Essentium’s FlashFuse process relies on electromagnetic elements to Joule heat the interfaces between layers, activating nanoparticles within the polymer filament and joining the layers together with a strong bond. Wishing to get onto the market sooner than was possible with this technique, the company released its high-temperature, high-speed extrusion (HSE) machines, the HSE 180 HT and HSE 280i HT, making it a fully-fledged machine manufacturer, in addition to providing software, services, and materials. Its HSE systems are described by Essentium as being five to 15 times faster than other extrusion machines, with real-time data capture. With the purchase of Collider, it has brought in-house a unique digital light processing (DLP) method for the production of injection molding-style parts, as well. This is the just the beginning of the firm’s materials and process capabilities. In the news of its merger with Atlantic Coastal, Essentium noted that it is creating a “suite of metal-additive systems designed to offer unique metallurgies and advanced microstructures for applications with demanding structural integrity.” The firm suggests that this will allow it to gradually tackle a total address market of $318 billion.
It would be difficult to believe that Essentium could achieve such a market, if it weren’t the faith that important actors have placed in the firm. It previously received a $22 million investment from BASF, the world’s largest chemical company, and Materialise, the leading additive manufacturing (AM) service bureau and software provider. It has also worked closely with the U.S. Department of Defense, Lockheed Martin and Ford. It also has over 150 patents across polymer and metal 3D printers, processes and materials. The complete details of the transaction can be found here. For our purposes, it’s worth quoting the information provided in Essenitum’s press release, which includes the fact that BASF is participating in the SPAC process:
Upon merging, Essentium will maintain its current management and a Board of Directors that includes Burt Jordan, President of Atlantic Coastal Acquisition Corp. and a former executive at Ford. Slides discussing the proposed merger are available here. Printing via 3DPrint.com | The Voice of 3D Printing / Additive Manufacturing https://3dprint.com December 1, 2021 at 10:15AM
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