- Financing to Strengthen Worldwide Operations
OSLO, Norway- May 26, 2016 -(BUSINESS WIRE)–Norsk Titanium AS, the world’s pioneering supplier of aerospace-grade, additive manufactured, structural titanium components, today announced it has closed a $10 million growth debt facility with Harbert European Growth Capital Fund I (HEGCF) as part of the company’s current aerospace production financing round.
The funds will be used to further strengthen Norsk Titanium’s leadership team and operations worldwide in support of aerospace qualification and production orders for precision structural components produced by the company’s patented Rapid Plasma Deposition™ (RPD™) technology. The investment was led by Fahad Khan at HEGCF. Details of the investment were not released.
“Norsk Titanium is strategically expanding, and the addition of growth debt allows us to diversify our financing structure while pursuing a variety of complementary opportunities, both within the aerospace and defense sector and beyond,” said Bart van Aalst, Chief Financial Officer of Norsk Titanium. “Forward-looking investors are critical to rapidly expanding organizations that strive to remain independent, and Harbert’s pragmatic and entrepreneurial approach makes them an ideal partner to a company like Norsk Titanium,” concluded Van Aalst.
“We chose to invest in Norsk Titanium because their Rapid Plasma Deposition™ 3D technology is heralded as one of the most disruptive processes in additive manufacturing, and their strong management team makes it a real game-changer in a sector so often bereft of true innovation,” said Johan Kampe, Senior Managing Director at Harbert Management Corporation. “The growth potential of this company is beyond any doubt, and we are very pleased to be part of its future and hope to bring our close relationships within the technology sector to the fore.”
Norsk Titanium will be putting its RPD™ technology on display at the 2016 Farnborough International Airshow, allowing a global audience to witness unprecedented manufacturing efficiencies from the company’s MERKE IV™ line of production machines.
About Norsk Titanium AS
Norsk Titanium AS is the world’s pioneering supplier of aerospace-grade, additive manufactured, structural titanium components. The company is distinguished in the aviation industry by its patented Rapid Plasma Deposition™ (RPD™) process that transforms titanium wire into complex components suitable for structural and safety-critical applications. The Norsk Titanium research and development team is committed to displacing the inefficient forging process with a precision wire deposition technology embodying substantial savings for aerospace, defense, and commercial applications. www.norsktitanium.com
About Harbert European Growth Capital Fund I, L.P.
Harbert European Growth Capital Fund I, LP finances high‐growth and innovative European companies, both private and publicly traded, and is actively seeking investment opportunities. Additional information about HEGCF can be found at www.harbert.net/investment-strategies/private-capital/european-growth-capital/. HMC, an alternative asset management firm with approximately $4.3 billion in assets under management as of March 31, 2016, is a corner sponsor of the fund along with a number of institutional investors. HMC is a privately owned firm formed in 1993 to sponsor alternative asset investment funds. Additional information about HMC and HEGCF can be found at www.harbert.net.
Norsk Titanium AS
Chip Yates, +1-949-735-9463
VP of Marketing
Harbert European Growth Capital Fund
Fahad Khan, +44-207-408-4141
Source: Norsk Titanium AS