Melbourne-based metal additive manufacturing company Titomic Limited (ASX: TTT) has secured an order for a tailor-made high pressure cold spray apparatus. This advanced system will be provided to the Integrated Manufacturing Technologies Research and Application Center at Sabanci University, located in Turkey.
The agreement for the sale of this system to Sabanci University has been facilitated by Seha Mühendislik Müşavirlik Ticaret ve Makina Sanayi A.Ş., who is acting as a representative on behalf of Titomic. The value of the transaction for this system amounts to $2.4 million, with the delivery, installation and payment anticipated to be completed by April 2024.
Managing Director of Titomic, Herbert Koeck, commented, “We are proud to supply Sabanci University with this technology. This union exemplifies the transformative potential of our Titomic Kinetic Fusion technology and its wide-ranging applications in various industries. We look forward to witnessing Sabanci University pushing the boundaries of manufacturing research and innovation.”
This move is part of Sabanci University’s commitment to industrial-scale research and development, focusing on advanced composite materials, additive manufacturing, and digital manufacturing technologies.
The system uses Titomic’s roboticised high-pressure Titomic Kinetic Fusion technology, also known as cold spray, to enable novel additive manufacturing, material science, and surface engineering capabilities. Sabanci University is an industrial-scale research and technology development centre specialising in multifunctional advanced composite materials and structures, additive, and digital manufacturing technologies.
Koeck added, “This sale further cements Titomic’s position as a pioneering force in the manufacturing and engineering domain. The successful sale of the custom System to Sabanci University emphasises Titomic’s commitment to advancing the field of metals manufacturing and strengthening our presence globally.”
In May 2023, the Company completed its restructure. The reorganisation has resulted in an optimal company size, enabling Titomic to efficiently meet immediate and near-term customer demands while prudently managing costs. This strategic move positions Titomic to seize upcoming opportunities and enhance overall performance.
In FY23, the Company’s customer receipts amounted to over $4 million, spending $4.5 million on product manufacturing. At the end of the June quarter, Titomic had $1.5 million in cash reserves, declining from $2.6 million in the March quarter. It also secured a non-underwritten placement offer to raise $6.5 million before costs. Funds will be used to develop increased manufacturing capacity, boost sales opportunities of current products and lock in new business opportunities.
The acquisition of the system is designed to address the specific research and development needs of Sabanci University. The Kinetic Fusion technology offered by Titomic enables the creation of compound structures by fusing diverse metals, including titanium, Inconel, and steel. This breakthrough has profound implications for research avenues and opens the doors to innovations across various sectors.
This capability opens new avenues for research and will allow Sabanci University to explore new applications and materials in industries ranging from aerospace to automotive, energy to defence. It will also give Titomic’s cash flow a much-needed leg up.
Alinda is a Business Reporter for The Sentiment
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