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Desktop Metal and Concurrent Technologies Corporation to Advance 3D Printed Sand-Casting Mold Technology through DLA Contract Worth a Potential $15 Million
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Rhea-AI Summary
The Defense Logistics Agency has awarded Concurrent Technologies Corporation a prime contract valued at up to $15 million to develop 3D printed sand-casting molds. Desktop Metal, trading under the symbol DM, is a key partner in this project, collaborating with CTC and other entities. The base year of the contract is worth $4.6 million, with options potentially extending its value. This initiative aims to address obsolete casting needs and enhance supply chain agility through advanced 3D printing technologies.
Positive
Contract awarded worth up to $15 million, enhancing revenue prospects.
Partnership with CTC and other entities strengthens market position in 3D printing.
Focus on developing 3D sand-casting molds for obsolete parts addresses a significant industry need.
Negative
Dependence on government contracts may lead to financial volatility.
Execution risks associated with the project could impact timelines and deliverables.
Project will develop the science and engineering of 3D printed sand-casting molds
BOSTON--(BUSINESS WIRE)--
The Defense Logistics Agency (DLA) has awarded Concurrent Technologies Corporation (CTC) a prime contract worth a potential $15 million to demonstrate the practicality of producing obsolete critical castings through 3D printed sand-casting mold technology. In addition, the project will further develop the science and technology of 3D printed sand-casting molds. CTC will work with subcontractor ExOne, a subsidiary of Desktop Metal (NYSE: DM), as well as the University of Northern Iowa, DLA, and metal casting foundries on the project.
The base year of the contract is worth $4.6 million; four one-year options, if all are exercised, would bring the total value of this effort to a potential $15 million. This project will demonstrate 3D printed molds and cores for sand castings to the DLA supply chain and to foundries, which could then produce the castings that the industry is not currently positioned to make because traditional tooling is no longer available.
Digital casting is enabled by binder jet 3D printing technology. Replacement parts can be cast in tooling printed layer by layer in sand direct from a digital file without making physical patterns.
“Supply chain agility is a core advantage of 3D printing technologies like binder jetting and digital casting allows low or high volumes to be produced efficiently and economically. We’re proud to partner with CTC in this project to address casting obsolescence 3D printed sand molds to ensure defense readiness,” said Ric Fulop, Founder and CEO of Desktop Metal.
About Desktop Metal
Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum, named to MIT Technology Review’s list of 50 Smartest Companies, and the 2021 winner of Fast Company’s Innovation by Design Award in materials and Fast Company’s Next Big Things in Tech Award for sustainability. For more information, visit www.desktopmetal.com.
About Concurrent Technologies Corporation (CTC)
Concurrent Technologies Corporation (CTC) is an independent, nonprofit, applied scientific research and development professional services organization. CTC collaborates with its technology transition affiliate, Enterprise Ventures Corporation, to leverage research, development, test and evaluation work to provide transformative, full lifecycle solutions. To best serve our clients’ needs, we offer the complete ability to fully design, develop, test, prototype and build. We deliver robust, technical, and innovative solutions that safeguard our national security, retain U.S. technological advantage, and ensure the primacy of American manufacturing. For more information about CTC, visit www.ctc.com.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks, uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to, the risks and uncertainties set forth in Desktop Metal, Inc.'s filings with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
