Laser additive manufacturing company Velo3D (Campbell, CA) and JAWS Spitfire Acquisition Corporation (Miami, FL), a special-purpose acquisition company, have entered into a definitive business combination agreement. The transaction is anticipated to strengthen Velo3D’s position as a trusted partner for companies seeking novel manufacturing solutions for complex design challenges. Upon completion of the transaction, which is expected to occur in the second half of 2021, the combined company will operate as Velo3D, and will be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “VLD.”
Velo3D’s full-stack 3D metal printing solution enables the production of mission-critical components for space rockets, jet engines, fuel delivery systems, and energy production with improved performance, at faster speed and lower cost than traditional methods. Using the technology, the company’s customers are able to create complex metal designs previously considered impossible due to the constraints of legacy additive manufacturing technology.
Since launching commercially in the fourth quarter of 2018, Velo3D has serviced innovative customers including SpaceX, Honeywell, Boom Supersonic, Chromalloy and Lam Research.
Velo3D’s management team, including founder and CEO Benny Buller and CFO Bill McCombe, will continue to lead the company through its next phase of growth. Its growth strategy is to focus on the specific products that only it can produce within the $100+ billion total addressable market for high-value metal parts. The additional capital provided from the transaction with JAWS Spitfire will allow the company to make substantial investments in engineering, product development, sales, marketing, and customer support.
Velo3D is ready to deploy its new laser printing technology solution, Sapphire XC, which is expected to ship in the fourth quarter of 2021. Sapphire XC is designed as a scale-up of the company’s Sapphire solution, and will support the production of parts that are up to 5X higher volume and up to 3X lower cost than the existing Sapphire technology.
The transaction, which has been unanimously approved by the Boards of Directors for both Velo3D and JAWS Spitfire, is subject to approval by JAWS Spitfire’s shareholders and other customary closing conditions.
Source: Velo3D press release via BusinessWire – March 23, 2021