May 26, 2016, 03:00 AM Eastern Daylight Time
OSLO, Norway–(BUSINESS WIRE)–Norsk Titanium AS, the world’s pioneering supplier of aerospace-grade, additive manufactured, structural titanium components, today announced it has closed a $10 million growth debt facility with Harbert European Growth Capital Fund I (HEGCF) as part of the company’s current aerospace production financing round.
The funds will be used to further strengthen Norsk Titanium’s leadership team and operations worldwide in support of aerospace qualification and production orders for precision structural components produced by the company’s patented Rapid Plasma Deposition™ (RPD™) technology. The investment was led by Fahad Khan at HEGCF. Details of the investment were not released.
“Norsk Titanium is strategically expanding, and the addition of growth debt allows us to diversify our financing structure while pursuing a variety of complementary opportunities, both within the aerospace and defense sector and beyond,” said Bart van Aalst, Chief Financial Officer of Norsk Titanium. “Forward-looking investors are critical to rapidly expanding organizations that strive to remain independent, and Harbert’s pragmatic and entrepreneurial approach makes them an ideal partner to a company like Norsk Titanium,” concluded Van Aalst.
“We chose to invest in Norsk Titanium because their Rapid Plasma Deposition™ 3D technology is heralded as one of the most disruptive processes in additive manufacturing, and their strong management team makes it a real game-changer in a sector so often bereft of true innovation,” said Johan Kampe, Senior Managing Director at Harbert Management Corporation. “The growth potential of this company is beyond any doubt, and we are very pleased to be part of its future and hope to bring our close relationships within the technology sector to the fore.”Norsk Titanium will be putting its RPD™ technology on display at the 2016 Farnborough International Airshow, allowing a global audience to witness unprecedented manufacturing efficiencies from the company’s MERKE IV™ line of production machines.
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