$19M Equity Investment to push Evolve’s STEP additive manufacturing technology forward
A few weeks after the first commercialization of its additive manufacturing system, Evolve Additive Solutions secures $19M to develop the commercialization of the latter.
The LEGO Brand Group, Stanley Black and Decker Investments and a third undisclosed investor ensured the investment in the company.
STEP, designed for automated manufacturing and factory-floor integration, allows users to utilize production-grade thermoplastics for volume manufacturing applications across multiple industries, including Consumer, Automotive, Industrial and Medical.
“LEGO Brand Group has invested in Evolve because it is an attractive investment opportunity, which can benefit the LEGO brand. The LEGO Group has been using Additive Manufacturing technology for more than 20 years. Today, the company mainly employs the technology to create prototypes in the development of new products and we believe that the technology will become an even more important supplement to the current Injection Moulding capabilities in the future. With Evolve Additive Solutions we have found a very competent partner within this area,” said Per Hjuler, LEGO Brand Group business development.
“We are excited about the potential impact that Evolves unique Additive Manufacturing technology could have on the production of high-quality medium volume plastic components for a number of our product categories,” said Tim Hatch Chief Technology Officer for Stanley Engineered Fasteners.
Of course, Stratasys appears as a minority shareholder in its company and BNP Paribas acted as exclusive financial adviser to Evolve.
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