VulcanForms has secured $500 million in capital as it looks to build three new advanced manufacturing factories and further advance the company's integration of physical AI.
The financing has been led by J.P. Morgan, as part of its Security and Resiliency Initiative. The funds are to be managed by Apollo.
VulcanForms says the investment marks a 'significant milestone in the company's transition from breakthrough manufacturing technology to industrial-scale production.' The company's advanced manufacturing operations lean on metal additive manufacturing, precision machining, automation, and physical AI technologies. This capability is being leveraged by companies in medical devices, consumer products, aerospace, defence, space, and industrial markets, with VulcanForms referring to some projects as 'multibillion-dollar commercial programs.'
The construction of three new factories, VulcanForms says, reflects the scale of demand for its technology. They will complement existing facilities in Devens and Newburyport, Massachusetts.
“America cannot lead the next industrial revolution if we can’t manufacture what we invent,” said Kevin Kassekert, CEO of VulcanForms. “For too long, breakthrough technologies developed here have been manufactured overseas. VulcanForms is proving we can change that by turning American innovation into industrial-scale production and demonstrating that the U.S. can not only compete, but also win on the global stage. We’re proud to work with J.P. Morgan and Apollo on helping to build America’s industrial future at home.”
“Through our Security and Resiliency Initiative, JPMorganChase is working with companies like VulcanForms to strengthen the industries and supply chains that underpin economic security. These efforts can help to bridge the gap between promising technology and industrial-scale production in the United States, as demand grows across critical industries,” added Jay Horine, Global Head of JPMorganChase’s Security and Resiliency Initiative.
“The rebuilding of America’s industrial base is a strategic priority that will be among the most capital-intensive undertakings the country has faced in decades,” offered John Zito, Co-President of Apollo Asset Management. “VulcanForms has developed a distinct approach to manufacturing that delivers critical components to a broad set of end markets and is meeting rapidly growing customer demand. We are proud to support that growth with a bespoke financing solution to fund capacity expansion alongside J.P. Morgan, which illustrates how private capital can help advance the return to large-scale manufacturing.”
