Titomic Limited (ASX: TTT) (‘Company’ or ‘Titomic’) announces that the Company has signed a Heads of Agreement with NÉOS International Limited (‘Neos’) whereby Titomic and Neos will enter into a joint venture to manufacture and sell Invar 36 Faceplates and multi-metal product solutions in the United Kingdom for the Aerospace, Defence, Automotive and Nuclear industries. The products will be manufactured using Titomic’s Kinetic Fusion Technology and Neos’ existing specialist engineering and tooling expertise.
This joint venture is in line with Titomic’s recently announced strategy to become the global solutions leader in additive manufacturing by working with our customers through joint ventures. The establishment of this joint venture with Neos (formerly know as Hockley Pattern & Tool) is therefore a follow up to our supply agreement announced on the 22nd of October 2020.
The Neos Titomic joint venture will enhance the rapid delivery of Invar and Nickel Shell Tooling and related products to the Aerospace and other key sectors. further assisting with the acceleration of next-generation advanced carbon fibre composite technologies, which are critical for the production of lightweight fuel-efficient aircraft and to support the UK’s nascent Space Industry.
This joint venture will ensure the high-rate production of mould tools and nickel tools for the manufacture of carbon fibre composites and Defence solutions across the UK supply chain to provide support for the UK’s position on next-generation aircraft.
Norbert Schulze, Interim CEO of Titomic, commented:
“We are excited about working with Neos to manufacture high-performance solutions in the United Kingdom using our Kinetic Fusion Technology, providing reduced lead times to the Aerospace sectors by combining Neos’ well-established engineering expertise and Titomic’s high-speed additive manufacturing technology.”
Carl Roberts, CEO of Neos
“Titomic is a leading company with proven reliability in metal additive manufacturing so, having them as our joint venture partner, will be extremely beneficial in producing large scale additively manufactured solutions for the Aerospace Industry, as well as a beneficial technology to support the changing Defence landscape.”
Forward looking statements
Certain statements made in this release are forward-looking statements and are based on Titomic’s current expectations, estimates and projections. Words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,”estimates,” “guidance” and similar expressions are intended to identify forward-looking statements. Although Titomic believes the forward-looking statements are based on reasonable assumptions, they are subject to certain risks and uncertainties, some of which are beyond Titomic’s control, including those risks or uncertainties inherent in the process of both developing and commercialising technology. As a result, actual results could materially differ from those expressed or forecasted in the forward-looking statements. The forward-looking statements made in this release relate only to events as of the date on which the statements are made. Titomic will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this release except as required by law or by any appropriate regulatory authority.