Desktop Metal Receives $9 Million Order from Major German Automaker for Binder Jet Systems for Mass Production of Automotive Components

Rhea-AI Summary

Desktop Metal (NYSE: DM) has secured a $9 million order from a major German automaker for binder jet additive manufacturing systems designed for mass production of powertrain components. This order marks the second from this automaker in under a year, totaling $16.9 million in system orders for a popular vehicle line. CEO Ric Fulop emphasized the growth of the additive manufacturing industry and the company's collaboration with global automotive OEMs to revolutionize production methods.

Positive

• Received a $9 million order from a major German automaker.
• Total orders from this automaker reach $16.9 million in under 12 months.
• Strengthening partnership with global automotive OEMs enhances market position.

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• None.

BOSTON--(BUSINESS WIRE)-- Desktop Metal (NYSE: DM), a leader in mass production additive manufacturing (AM) solutions, today announced the company has received a $9 million order from a major German automaker for binder jet additive manufacturing systems used for mass production of powertrain components.

This is the second order from the same automaker in less than 12 months, bringing the total amount of production AM systems ordered to $16.9 million to support digitally casted powertrain components for a popular car line.

“The Additive Manufacturing industry continues to grow for mass production applications, with the most innovative companies in the world leading the way,” said Ric Fulop, Founder and CEO of Desktop Metal. “Our team is working with a significant number of global automotive OEMs to expand adoption of our differentiated AM technologies for end-use car components, and this most recent order further demonstrates our customer’s success changing the way they make products and supports Team DM’s vision for Additive Manufacturing 2.0.”

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 and named to MIT Technology Review’s list of 50 Smartest Companies. For more information, visit www.desktopmetal.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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221125005061/en/

Media Relations:

Sarah Webster

(724)516-2336

Sarahwebster@desktopmetal.com

Investor Relations:

Jay Gentzkow

(781) 730-2110

jaygentzkow@desktopmetal.com

Source: Desktop Metal, Inc.

FAQ

What is the latest order amount for Desktop Metal and its purpose?

Desktop Metal received a $9 million order for binder jet additive manufacturing systems used in the mass production of powertrain components.

How much in total orders has Desktop Metal received from the German automaker?

The total amount of orders from the German automaker has reached $16.9 million.

What does the $9 million order signify for Desktop Metal's business?

The order signifies increased demand for Desktop Metal's additive manufacturing technology in the automotive sector.

Who is the CEO of Desktop Metal?

The CEO of Desktop Metal is Ric Fulop.

How is Desktop Metal positioned in the additive manufacturing industry?

Desktop Metal is recognized as a leader in mass production additive manufacturing solutions.