GLOBAL NEWS

Evolve Additive Solutions Attracts $19M Investment from LEGO Brand Group and Stanley Black & Decker

2 Mins read
Additive Solutions

Above: Selective Thermoplastic Electrophotographic Process (STEP) Technology/Image Credit: Evolve Additive Solutions

Evolve Additive Solutions Inc., the spin-off company from Stratasys and patent holder for Selective Thermoplastic Electrophotographic Process (STEP) technology announced the successful conclusion of an equity investment round of $19 million led by global brands like LEGO Brand Group with contribution from Stanley Black and Decker Investments and a third undisclosed investor.

Selective Thermoplastic Electrophotographic Process (STEP) Technology

The STEP technology combines the 2D imaging technology to evolve the additive manufacturing technologies for polymer production. The technology precisely aligns the incoming layers and superior binding process creates a final part that is fully dense with properties resembling injection moulded parts.

It offers a viable alternative to traditional manufacturing processes like injection moulding and others. This technology is applicable in multiple industries like Consumer, Automotive, Industrial and Medical.

According to Steve Chillscyzn, CEO of Evolve Additive Solutions, “Evolve has entered an exciting new growth phase as we begin commercial development of our proprietary STEP technology. We are excited to have forged equity partnerships with world-leading companies that recognize the production potential of STEP and are committed to working alongside Evolve to bring the technology to commercialization.”

Also Read: Prodways Materials Unveils New E-Commerce Site for Resins and 3D Printing Powder Materials

Speaking about the investment in Evolve Additive Solutions, Per Hjuler, LEGO Brand Group business development said, “LEGO Brand Group has invested in Evolve because it is an attractive investment opportunity, which can benefit the LEGO brand. The LEGO Group has been using Additive Manufacturing technology for more than 20 years. 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 in this area.

Chief Technology Officer, Tim Hatch, for Stanley Engineered Fasteners, also commented that “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.

Stratasys is also one of the minority shareholders of Evolve Additive Solutions. For the investment round, BNP Paribas acted as the exclusive financial advisors to the Evolve team.

About Evolve Additive Solutions

Evolve Additive Solutions Inc., is a Minnesota-based spin-off company from Stratasys whose proprietary STEP technology is set to reinvent polymer mass customisation to a level comparable to injection moulding.

About Manufactur3D Magazine: Manufactur3D is an online magazine on 3D Printing. Visit our Global  News page for more updates on 3D Printing Technology News. To stay up-to-date about the latest happenings in the 3D printing world, like us on Facebook or follow us on Google+

1600 posts

About author
Manufactur3D is an Indian Online 3D Printing Media Platform that reports on the latest news, insights and analysis from the Indian and the Global 3D Printing Industry.
Articles
Related posts
3D PRINTERS

Stratasys launches Two New Composite 3D Printers under its F123 Series

2 Mins read
Stratasys added two new composite 3D printers, namely the F190™CR and F370®CR 3D printers to its F123 Series™ of 3D printers.
GLOBAL NEWS

Ultimaker and MakerBot announce merger to drive adoption of Additive Manufacturing Technology

1 Mins read
MakerBot and Ultimaker announced that they are merging their businesses to accelerate the global adoption of additive manufacturing.
3D PRINTERS

Stratasys introduces J850 TechStyle 3D printer, its new Polyjet printer for High-end Fashion and Design

3 Mins read
Stratasys launched the industry-first J850 TechStyle 3D printer, designed for direct-to-textile printing to meet the needs of fashion manufacturers