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ECP Environmental Growth Opportunities Corp. (Nasdaq: ENNV) has amended its merger agreement with Fast Radius, Inc., reducing the purchase price from $1.0 billion to $750 million. ENNV plans to issue up to 75 million shares of Class A Common Stock in connection with the merger. A special meeting to approve the merger was adjourned to February 2, 2022, with expectations for completion on February 4, 2022. Additionally, $315.4 million in shares were redeemed at approximately $10.01 per share. The new company will be named Fast Radius, Inc. with a ticker symbol FSRD.
ECP Environmental Growth Opportunities Corp. (ENNV) has scheduled a virtual stockholder meeting for January 31, 2022, at 9:00 a.m. ET to approve its business combination with Fast Radius, Inc.
Stockholders of record as of January 5, 2022, can vote electronically. The SEC has declared effective ENNV's registration statement, which includes a definitive proxy statement for the meeting. Upon completion of the merger, the combined entity will be named Fast Radius, Inc., listed on NASDAQ under the ticker symbol FSRD.
Fast Radius has launched a new manufacturing technology campus on Goose Island, Chicago, which includes a microfactory and software technology center. The facility aims to replicate the award-winning microfactory model recognized by the World Economic Forum. It will provide advanced CNC machining and industrial additive manufacturing services for various industries, including automotive and healthcare. The new campus is part of Fast Radius' Cloud Manufacturing Platform, enhancing its software and manufacturing capabilities. The company continues to serve over 2,000 global customers.
Fast Radius, a cloud manufacturing company based in Chicago, will present at the 24th Annual Needham Growth Conference virtually from January 10-14, 2022. CEO will speak on January 14 at 2:45 PM ET, followed by one-on-one meetings. The presentation will be available for replay on their website. Additionally, Fast Radius is on track to complete its business combination with ECP Environmental Growth Opportunities Corp (NASDAQ: ENNV), transitioning to publicly traded status under the symbol 'FSRD' pending ENNV stockholder approval.
Fast Radius announced four nominees for the board of ECP Environmental Growth Opportunities Corp. (NASDAQ: ENNV), in anticipation of their proposed business combination. The nominees bring extensive experience from Fortune 500 technology and manufacturing sectors. The business combination, which aims to elevate Fast Radius as a public company, is expected to conclude by Q1 2022, pending ENNV stockholder approval. Key nominees include Matt Maloney and Betsy Ziegler, who are anticipated to enhance governance and growth strategies for the combined entity.
Fast Radius has announced the availability of its Custom Microfactory Solution, enabling manufacturers to establish tailored microfactories for advanced component production. This solution reduces capital expenditure and carbon footprints compared to traditional factories, while enhancing supply chain resilience. Powered by Fast Radius’ Cloud Manufacturing Platform, customers gain real-time insight into operations. Recognized by the World Economic Forum, Fast Radius aims to expand its microfactory network, enhancing manufacturing efficiency and sustainability after its planned merger with ECP Environmental Growth Opportunities Corp. (ENNV).
Fast Radius announced a virtual Investor Day on December 14, 2021, from 1:00-2:30 p.m. ET, following its business combination with ECP Environmental Growth Opportunities Corp. (NASDAQ: ENNV). The management team will discuss recent financial results, business developments, and growth strategies, along with a live Q&A session. Interested investors can register for the event and access a replay on Fast Radius’ Investor Relations website. The company specializes in cloud manufacturing and digital supply chain solutions, enhancing manufacturing accessibility and sustainability.
Fast Radius is collaborating with Axial3D to enhance surgical planning through customized 3D-printed models. Physicians report a 53% change in surgical plans thanks to Axial3D’s models, leading to 62 minutes shorter surgery times and 16% reduced recovery times for patients. Fast Radius delivers models across North America in under three days using advanced manufacturing technologies. This partnership aims to revolutionize patient care and is supported by Fast Radius’ ISO 13485 certification, ensuring manufacturing quality.
Fast Radius Achieves Record Revenue Growth
Fast Radius, a cloud manufacturing leader, reported a record revenue of $6.9 million for Q3 2021, marking a 139% increase year-over-year. Total bookings surged to $19.7 million, up more than 5 times compared to the previous year. For the year-to-date, revenue reached $15.6 million, representing a 61% rise. The company projects full-year revenues between $23.0 million and $23.5 million. A merger with ECP Environmental Growth Opportunities Corp. (NASDAQ: ENNV) is on track, pending stockholder approval.
Fast Radius has appointed Julie Springer as Chief Marketing Officer, bringing over 30 years of experience in marketing for tech-driven companies. She previously served as CMO at TransUnion, leading marketing through its IPO. CEO Lou Rassey believes Springer's expertise will enhance Fast Radius' brand and marketing efforts. This announcement follows an agreement with ECP Environmental Growth Opportunities Corp. (ENNV) for a business combination, aiming to finalize Fast Radius' transition into a public company.
