FOR IMMEDIATE RELEASE
May 21, 2019
Rob Haralson for Amastan Technologies
email@example.com, (202) 674-6679
Amastan Technologies Raises $11M in Series B-2 Funding Round
Amastan also acquires titanium recycler AL Solutions, Inc, accelerating Amastan’s production of advanced titanium and other metal powders for additive manufacturing
NORTH ANDOVER, Mass., May 21, 2019 -- Amastan Technologies, a producer of advanced ceramic, metal, and composite materials, today announced it has raised $11 million in new funding. The Series B-2 round, led by venture capital firm Anzu Partners, also includes existing investors Launch Capital, Material Impact, and RKS Ventures. This funding round follows Amastan’s initial $13.85 million Series B funding in Q4 2017.
Amastan also announced that it is has acquired AL Solutions, Inc., a Pennsylvania-based producer of refined titanium materials for the aerospace, automotive and medical industries. The company employs proprietary technology to recycle titanium scrap from machining operations into essential inputs for metal alloys. The company is ISO 9001 certified and produces over one million pounds of its Ty-Gem™ titanium alloying compacts annually.
Investments are planned in the Pittsburgh, PA area to expand Ty-Gem™ production capacity and build a new additive manufacturing metal powders facility, combining AL Solutions’ proprietary metal handling processing and Amastan’s UniMelt™ technology.The company, rebranded as Amastan Additive, will launch a line of premium powders in late 2019 for the metal additive manufacturing markets.
“This additional infusion of capital, along with the acquisition of AL Solutions, accelerates Amastan into full production mode and creates a clear and unique pathway for us to manufacture premium metal powders that are derived from sustainable sources,” said Aaron Bent, PhD, CEO of Amastan Technologies.
AL Solutions’ CEO, Frank Roberts, has been named President of Amastan Additive. The terms of the acquisition were not disclosed.
“We are excited to become part of the Amastan team,” said Frank Roberts. “Our company has a one-of-a-kind production technology to process titanium and other metal streams from subtractive machining processes. This capability will provide Amastan Additive a sustainable, low cost, and infinitely flexible feedstock source for high performance Additive/3D metal powders.”
Amastan was recently awarded a Phase I Small Business Innovation Research (SBIR) grant through the Defense Logistics Agency for the production of premium metal powders from sources of aerospace scrap nickel superalloy products. Amastan was also recently awarded a $1 million Phase II SBIR grant through the U.S. Department of Energy's (DOE) Office of Energy Efficiency and Renewable Energy (EERE) to continue its development of advanced cathode materials for electric vehicle (EV) batteries.
Amastan will be exhibiting at the upcoming RAPID+TCT additive manufacturing conference, May 20-23 in Detroit, MI, and speaking at TechConnect World 2019, June 17-19 in Boston, MA.
To learn more about Amastan Technologies, please visit https://www.amastan.com.
About Amastan Technologies
Amastan Technologies uses proprietary advanced plasma processing and industrial systems to create materials that are enabling the next-generation of commercial and consumer products. The company’s continuous UniMelt™ process allows for complete and unprecedented control of the entire materials engineering process, to produce materials at exact specifications while collapsing traditional multi-step chemical processes and significantly reducing overall production time, byproducts, and cost. Amastan focuses on developing critical materials used to manufacture silicon wafers, LED lighting, powders for industrial 3D printing, advanced battery technologies, and thermal coatings. For more information, please visit https://www.amastan.com.