The company makes over 50 grades of industrial plastic composites and is developing a line of metal, said Teipel, who used to be an engineer at Caterpillar Inc.Įssentium executives have worked with SPACs before. “Supply chain architectures and factories are really looking for new solutions that would improve resilience, flexibility and decreased turnaround times,” Teipel said. The deal is expected to close at the end of the first quarter.Įssentium touts its ability to disrupt traditional manufacturing processes. Its technology can be used for repairing and replacing parts of older aircrafts, he said.
Air Force, Chief Executive Officer Blake Teipel said in an interview. and Lockheed Martin Corp., according to the statement.Įssentium is in the process of getting its materials approved to work with the U.S. Investors participating in the PIPE include German chemical maker BASF SE, one of Essentium’s backers, as well as Atalaya Capital Management.įounded in 2013 and based outside Austin, Texas, the 3D printing company serves customers including the U.S. The SPAC is raising more than $40 million in additional funding via a private investment in public equity, or PIPE, priced at $10 per share. all made their public market debuts by merging with special purpose acquisition companies in the past two years. It’s the latest 3D printing company to pursue a listing after Desktop Metal Inc., Shapeways Holdings Inc., Velo3D Inc. The transaction gives the combined company an enterprise value of $974 million, according to a statement, which confirmed an earlier Bloomberg News report. (Bloomberg) - Essentium Inc., a provider of industrial 3D printing solutions, has agreed to go public through a merger with blank-check firm Atlantic Coastal Acquisition Corp.
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