Evolve Additive Solutions, Inc., has announced the completion of an equity investment of 19 million USD led by the LEGO Brand Group with participation from Stanley Black and Decker Investments and a third undisclosed investor.
The company, spun out from Stratasys earlier this year, is centred on a technology called Selective Thermoplastic Electrophotographic Process or STEP which aims to radically improve manufacturing with a scalable solution that’s 50 times faster than other polymer printing technologies.
The process combines Evolve’s own proprietary technology with the proven capability of electrophotography (a 2D imaging process - akin to a photocopier), to produce parts ideal for consumer, automotive, industrial and medical applications. Speaking at the time of Evolve's launch, TCT Expert Advisory Board member, Todd Grimm commented that the technology offers “a completely new approach to production environments using additive manufacturing” by allowing manufacturers to use familiar production-grade thermoplastics.
“Evolve has entered an exciting new growth phase as we begin commercial development of our proprietary STEP technology,” said Steve Chillscyzn, CEO of Evolve Additive Solutions. “We are excited to have forged equity partnerships with world leading companies that recognise the production potential of STEP and are committed to working alongside Evolve to bring the technology to commercialisation.”
The LEGO Group has been using 3D printing for more than two decades in product development. Per Hjuler, LEGO Brand Group business development added: “Today, the company mainly employs the technology to create prototypes in the development of new products and we believe that the technology will become an even more important supplement to the current Injection Moulding capabilities in the future. With Evolve Additive Solutions we have found a very competent partner within this area.”
“We are excited about the potential impact that Evolve’s unique additive manufacturing technology could have on the production of high quality medium volume plastic components for a number of our product categories,” said Tim Hatch Chief Technology Officer for Stanley Engineered Fasteners.
Other investors in the company include Stratasys, as a minority shareholder as well as an undisclosed investor. BNP Paribas acted as exclusive financial advisors.
