Titomic inks 3D-print deal with Callidus, investors like it
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Oil and gas industries will have their parts 3D-printed for purpose, under a new agreement between printer Titomic and engineering tech Callidus.
Hailed as a ‘first in market solution’ the 3D printer (ASX:TTT) will make prototype parts for Callidus’s clients in the oil and gas industries at its Melbourne facility.
News of the partnership saw shares in the company surge to heights of $1.02 on Wednesday, to settle at 95c, up 7.9 per cent at close.
Titomic says it will give Callidus the competitive edge, with the goal of the agreement to acquire a manufacturing system of its own upon completion of the work.
“We are very pleased to announce this collaborative agreement with Callidus, a highly successful engineering services company who share similar innovation values to Titomic,” chief executive Jeff Lang said.
“This project will enable Titomic to illustrate how rapid additive manufacturing via the Titomic Kinetic Fusion process can put companies ahead of their peers and provide significant efficiencies.”
Titomic’s own manufacturing facility is due for completion at the start of 2018.
Shares in the company have continually traded above its September 20c listing price, reaching heights of $1.23.
Titomic uses a 3D metal-printing technology co-developed with CSIRO that can manufacture complex parts without shape or size constraints — up to 30 times faster than conventional hardware.