Norwegian company Norsk Titanium, supplier of additive manufactured titanium components for the aerospace industry, closed a $ 25 million funding round led by investment bank Piper Jaffray.
Norsk will use the funding to expand their aerospace production part qualification programs and their customer base, as well as to finance an expansion into the U.S. and additions to its leadership team.
The company uses their proprietary Direct Metal Deposition (DMD) and Rapid Plasma Deposition (RPD) technologies to manufacture aerospace-grade titanium parts. Norsk has also recently launched a Joint Technology and Industrial Cooperation program with lightweight metal company Alcoa.
John Andersen, Jr., Chairman of the Board of Directors of Norsk Titanium stated: “We are delighted to announce the successful close of this round of funding. The Board of Norsk Titanium believes our current industrial-scale expansion strategy in the U.S. will create significant shareholder value and service the needs of our American aerospace and defense customers.”
The $25 million funding round follows the inclusion in the 2016 New York State budget of $125 million to support the development of Norsk Titanium’s Plattsburgh, New York factory, which is part of Norsk’s proposed $1 billion, 10-year project in the state.
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