Wisconsin-Based Evology Manufacturing Adopts Digital Sheet Metal Forming Technology from Desktop Metal

Rhea-AI Summary

Evology Manufacturing, an ITAR-registered contract manufacturer with over 30 years of experience, has adopted Desktop Metal's Figur G15 system featuring Digital Sheet Forming (DSF) technology. This innovation allows rapid sheet metal production without the need for expensive stamping presses or custom tools. The Figur G15 forms metal directly from digital files, significantly reducing production times. Evology's new system can produce parts within a day or two, with cycle times under one hour for even large parts. This technology will be showcased at the RAPID + TCT event from June 25-27, 2023, in Los Angeles. Desktop Metal has installed four Figur G15 Pro systems across three manufacturers, including Evology.

Positive

• Evology's adoption of the Figur G15 system enhances production speed, potentially increasing revenue.
• The Figur G15 technology eliminates the need for expensive stamping presses and custom tools, reducing costs.
• Parts can be produced within a day or two, improving turnaround times and customer satisfaction.
• Evology's use of cutting-edge technology positions the company as a leader in the manufacturing sector.
• Showing the new technology at RAPID + TCT could attract more clients and partnerships.

Negative

• The initial investment in new technology like the Figur G15 system can be costly.
• There might be a learning curve for employees adapting to the new system, potentially slowing initial productivity.
• Dependence on a single supplier for the Figur G15 system could pose a supply chain risk.
• If the technology fails to perform as expected, it could lead to delays and dissatisfied customers.

Insights

Financial Analyst

Evology's adoption of the Figur G15 system from Desktop Metal has strategic implications for both companies. **Evology**, with its extensive customer base in various industries, is now equipped to offer rapid production of sheet metal parts without the need for traditional stamping dies or tooling. This could significantly enhance its competitive position by reducing production times and costs, attracting more clients looking for quick turnaround times and cost efficiency. **Desktop Metal**, on the other hand, benefits from expanding its market reach and the practical application of its Digital Sheet Forming (DSF) technology. **From a financial perspective**, Evology's investment in the Figur G15 could lead to higher revenue streams from new contracts, especially from industries requiring rapid prototyping and low-volume production. For Desktop Metal, wider adoption of the technology can boost sales of its machines and related services, potentially translating into higher earnings and market confidence. **Investors** should monitor how this adoption translates into financial performance and contract wins for Evology and how it affects Desktop Metal's revenue growth and market penetration, especially if more manufacturers follow suit.

Tech Expert

The implementation of the Figur G15 system by Evology represents a significant **technological advancement** in sheet metal forming. The **Digital Sheet Forming (DSF)** technology streamlines the manufacturing process by allowing direct shaping from digital files, eliminating the need for expensive and time-consuming tooling and dies. This innovation can revolutionize the prototyping and low-volume production space by offering **quicker turnaround** and **reduced costs**. The ability to produce high-quality sheet metal parts within a day or two and cycle times under an hour for large parts stands out. This efficiency can lead to faster time-to-market for Evology’s clients, which is a considerable advantage in highly competitive industries like aerospace and automotive. **Retail investors** should note that the adoption of such advanced technologies by manufacturers can lead to long-term growth and sustainability by keeping the companies at the forefront of innovation.

• Evology is an ITAR-registered full-service contract manufacturer with 30+ years of experience using traditional and additive manufacturing to serve some of the most innovative product companies in the world
• The Figur G15 uses patented Digital Sheet Forming (DSF) technology to shape sheet metal on demand directly from a digital file without an expensive stamping press or custom tools, molds, and dies
• Parts off the Figur G15 can typically be produced within a day or two. After setup, even very large parts have cycle times under one hour
• Evology purchased a Figur G15 system in Q1 and is now available to serve customers with the rapid production of sheet metal forms for specified gauges of cold rolled steel and 6061 aluminum, with more materials in development
• Sheet metal parts produced on the Figur G15 will be on display June 25-27 at RAPID + TCT, North America’s largest additive manufacturing and industrial 3D printing event, at the Los Angeles Convention Center

BOSTON--(BUSINESS WIRE)-- Desktop Metal (NYSE: DM),a global leader in Additive Manufacturing 2.0 technologies for mass production, today announced that it has installed four Figur G15 Pro systems featuring Digital Sheet Forming (DSF) technology to three manufacturers, including Evology Manufacturing in Waukesha, Wisconsin.

Wisconsin-Based Evology Manufacturing is now offering rapid production of sheet metal parts without stamping dies or tooling after installation of its new Figur G15 Pro, a machine tool from Desktop Metal that uses patent-pending Digital Sheet Forming (DSF) technology. (Photo: Business Wire)

With 30+ years as a contract manufacturer, Evology has a full suite of both traditional and additive technologies to service companies in a wide range of industries, including aerospace, defense, automotive, agricultural, marine, mining, medical, electronics, and consumer goods. Evology serves companies ranging from small startups to Fortune 50 companies with prototyping and low-volume production, typically under 10,000 pieces.

Evology is now offering digital sheet form parts off its Figur G15 for cold rolled steel up to 2 mm thick and 6061 aluminum up to 3.175 mm thick, with more materials in development.

“We are delighted to offer our customers this cutting-edge rapid sheet metal forming technology from Desktop Metal,” said Sean Momsen, VP of Business Development and Marketing at Evology. “In addition to our ability to fabricate sheet metal parts rapidly, we also have a full suite of traditional finishing equipment to deliver finished final products to customers.”

Justin Nardone, CEO of Figur, a Desktop Metal brand, said, “We are encouraged by the continued demand we see for our rapid sheet metal forming technology, which truly saves manufacturers time and money when it comes to sheet metal production. The G15 eliminates a lot of the work required when forming metal, such as the design and manufacturing of tools and dies. Our system produces designs quickly, accurately, and repeatedly, so manufacturers are able to focus on the craftsmanship of design while getting their products to market faster and more efficiently.”

Details about the Figur G15

Introduced in 2022, the Figur G15 is the first commercial platform of its kind to shape sheet metal on demand directly from a digital file. A software-driven proprietary tooling system on an XY gantry forms the sheet with up to 2,000 lbs of force in a highly engineered and proprietary build zone.

With a maximum sheet size of 1,600 x 1,200 mm (63.0 x 47.2 in), the Figur G15 delivers parts with a draw depth up to 400 mm (16 in) in Z without custom forming tools, molds, dies, or presses. The G15 supports forming a range of metals and sheet thicknesses – including steel up to 2.0 mm and aluminum up to 2.5 mm – and delivers a high quality surface finish

Pro configurations of the Figur G15 include an automatic tool changer and measurement, through tool part lubrication, and automated work holding capabilities.

Learn more at teamdm.com/FigurG15

About Desktop Metal

Desktop Metal (NYSE:DM) is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Our innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. We’re the original inventors and world leaders of the 3D printing methods we believe will empower this shift, binder jetting and digital light processing. Today, our systems print metal, polymer, sand and other ceramics, as well as foam and recycled wood. Manufacturers use our technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world’s toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and our #TeamDM brands at www.desktopmetal.com.

Forward-looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements about Desktop Metal’s strategic integration and cost savings initiatives, expected restructuring charges, anticipated cost savings, long-term growth, market share, liquidity and profitability, are forward-looking statements. 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 and 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. There is no guarantee Desktop Metal will achieve the cost savings it expects. 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/20240515810266/en/

Investor Relations:

(857) 504-1084

DesktopMetalIR@icrinc.com



Media Relations:

Sarah Webster

(313) 715-6988

sarahwebster@desktopmetal.com

Source: Desktop Metal

FAQ

What technology did Evology Manufacturing adopt in Q1 2023?

Evology Manufacturing adopted the Figur G15 system featuring Digital Sheet Forming (DSF) technology from Desktop Metal.

How quickly can parts be produced using the Figur G15 system?

Parts can typically be produced within a day or two, with cycle times under one hour for even very large parts.

What materials can the Figur G15 handle?

The Figur G15 can form cold rolled steel up to 2 mm thick and 6061 aluminum up to 3.175 mm thick, with more materials in development.

When and where will Evology showcase the Figur G15 technology?

Evology will showcase the Figur G15 technology at the RAPID + TCT event from June 25-27, 2023, at the Los Angeles Convention Center.

What are the benefits of the Figur G15's Digital Sheet Forming (DSF) technology?

The DSF technology eliminates the need for expensive stamping presses and custom tools, reducing production costs and time.