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.”
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.
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