LEGO Brand Group and Stanley Black & Decker Complete $19M Equity Investment in Evolve Additive Solutions
Consortium of strategic investment partners will propel the company's STEP manufacturing technology toward commercialization
MINNEAPOLIS, Sept. 17, 2018 /PRNewswire-PRWeb/ -- Evolve Additive Solutions, Inc., whose proprietary Selective Thermoplastic Electrophotographic Process (STEP) technology will radically improve manufacturing while creating disruptive new business models, today announced the completion of an equity investment of $19M led by the LEGO Brand Group with participation from Stanley Black and Decker Investments and a third undisclosed investor.
STEP, designed for automated manufacturing and factory-floor integration, allows users to utilize production-grade thermoplastics for volume manufacturing applications across multiple industries, including Consumer, Automotive, Industrial and Medical. The highly scalable and extensible solution combines Evolve's own proprietary technology with the proven capability of electrophotography, to produce additive manufactured parts that meet or exceed traditionally manufactured parts.
"Evolve has entered an exciting new growth phase as we begin commercial development of our proprietary STEP technology," commented Steve Chillscyzn, CEO of Evolve Additive Solutions. "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."
"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 within this area," said Per Hjuler, LEGO Brand Group business development.
"We are excited about the potential impact that Evolves unique Additive Manufacturing technology could have on the production of high quality medium volume plastic components for a number of our product categories," said Tim Hatch Chief Technology Officer for Stanley Engineered Fasteners.
Other investors in Evolve Additive Solutions include Stratasys, Inc. as a minority shareholder as well as an undisclosed investor. BNP Paribas acted as exclusive financial adviser to Evolve. The senior management team of Evolve Additive Solutions brings over 40 years of combined experience in additive manufacturing and is supported by a very experienced Board of Directors with expertise in managing and counseling both private and publicly-held companies.
About Evolve Additive Solutions
Evolve Additive Solutions is an organization whose mission is to produce innovative manufacturing solutions that enable customers to manufacture in revolutionary new ways. Evolve Additive Solutions is pioneering the manufacturing market with technologies and solutions centered around production applications with real-world thermoplastics. Its revolutionary STEP technology will radically improve manufacturing and enable disruptive new business models for organizations by unlocking the full capabilities of Additive Manufacturing. For additional company updates, follow Evolve Additive Solutions on LinkedIn and Twitter. Evolve Additive Solutions is headquartered in Minnetonka, MN with a materials technology center based in Rochester, NY
About LEGO Brand Group
The LEGO Brand Group is set off to deliver on the Kirk Kristiansen family's mission to Inspire and Develop the Builders of Tomorrow. The LEGO Brand Group has the dual purpose of enabling active and engaged family ownership of the LEGO brand across generations and of protecting, developing and leveraging the full potential of the LEGO brand. LEGO Brand Group is a part of the KIRKBI Group, where it is acting through a chairman's office that work closely together with the boards and senior leadership teams across the LEGO branded entities. Read more at http://www.kirkbi.com/en-us/business-areas/the-lego-group.
Evolve Additive Solutions Contacts:
Media Inquiries:
Bruce Bradshaw
Chief Business & Marketing Officer
e-mail: [email protected]
Tel: 603-689-4597
Investor Inquiries:
Shane Glenn
CFO & Chief Strategy Officer
e-mail: [email protected]
Tel: 952-314-2161
SOURCE Evolve Additive Solutions, Inc.
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