Titomic Commences Phase II Defence Program with TAUV
- Phase II Feasibility Program signed and commenced following TAUV’s confirmation of 5 products within the Soldier systems & sensors category
- Phase II will deliver 5 soldier system prototypes and a Feasibility Report for the products manufactured using the Titomic Kinetic Fusion TM (“TKF”) process.
- Successful delivery of Phase II will progress to Phase III agreement of $1.5M, involving the commencement of production trials of the 5 products.
- Successful delivery of Phase III will lead to the sale of TKF automated production lines and licensing of the TKF patented IP.
Melbourne, Australia, 7th December, 2018: Australian metal additive manufacturing (3D printing) Company Titomic Limited (ASX: TTT) (“Titomic” or “Company”) is pleased to announce the $1.8 million exclusive defence program with TAUV Proprietary Limited (“TAUV”) project has commenced following execution of the Phase II Agreement.
Under the Phase II Agreement, Titomic will deliver a Feasibility Report to TAUV outlining the various performance parameters, mechanical properties and product cost advantages of using the TKF process to produce the 5 specific defence products selected by TAUV.
TAUV has signed and committed to the Phase II agreement at a cost of $300,000 payable in milestones with Titomic’s delivery of 5 proof of concept prototypes.. TAUV will receive a product category exclusivity period of 12 months from the date of agreement with Titomic.
Soldier systems and sensors are classified as being any equipment which is intended to be personally carried, worn or deployed, used by military or civil security personnel and enhance the individual and unit collective safety, lethality, mobility and connectivity.
The Soldier systems market alone is projected to grow from USD$9.78 billion in 2018 to USD$14 billion by 2023, at a CAGR of 7.65% from 2018 to 2023 1.
Market demand for military products has significantly expanded across the areas including:
- Unmanned Aerial Vehicle (UAV) market was estimated to be valued at US$545 million in 2018 2;
- Combat helmets market is estimated to grow to USD$3 billion by 2024 3;
- Body armour market is estimated to be valued at USD$4 billion by 2024 4.
- The Phase III, which is set to follow, will see Titomic design and engineer automated TKF manufacturing production lines for up to five (5) different TAUV’s Soldier system products at a cost of $300,000 per product for total revenue of up to $1.5 million.
On successful completion of production and evaluation trials (Phase III), TAUV will purchase customised TKF automated production lines to manufacture the products under individual exclusive product licenses from which Titomic will receive ongoing royalty revenues.
The TKF process provides innovative capabilities for aerospace & defence organisations to produce next-generation, lightweight, high-performance military products using advanced 3D additive manufacturing techniques which achieve improved performance characteristics.
Titomic is the global leader in fully-automated digital metal manufacturing systems that compete directly with traditional manufacturing methods at comparable or reduced cost with enhanced performance properties.
- Soldier systems market by end user (military, homeland security), type (personal protection, communication, power and transmission, surveillance and target acquisition, navigation and health monitoring, vision), region – global forecast to 2023 (Research and Markets https://www.researchandmarkets.com/research/fvpwlk/14_billion?w=5 ).
- Teal (n.d.). Estimated worldwide production value for unmanned aerial vehicles (military drones) from 2013 to 2022 (in million U.S. dollars). In Statista – The Statistics Portal.
- Variant Market Research. Advanced Combat Helmet Market Overview https://www.variantmarketresearch.com/report-categories/defense-aerospace/advanced-combat-helmet-market
- Global body armour market size $4 billion USD in 2016 https://www.grandviewresearch.com/industry-analysis/body-armor-market
About TAUV Proprietary Ltd (TAUV)
TAUV is an Australian company specialising in the integration of electronical technologies into personnel solder protection to develop intelligent platforms for advanced soldier systems to improve soldier safety and performance whilst enabling advanced tactical systems to ensure optimal operational advantage.This UAVs and soldier system capabilities can also be applied to develop super lightweight protection and airborne assets for defence, law enforcement and civil industry. Force Ordnance purchased a 50% stake in TAUV during 2018. For more information on TAUV, visit https://tauv.systems
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.