Additive manufacturing company VELO3D has entered into a definitive business combination agreement with Jaws Spitfire Acquisition Corp., valuing the combined company at $1.6 billion. The transaction is expected to be completed in the second half of 2021.
The combined company will operate as VELO3D and be run by current CEO Benny Buller and CFO Bill McCombe. “VELO3D partners with the world’s most innovative companies leading the future of space travel, transportation and energy,” said Buller. “I am proud that such visionary partners continue to trust VELO3D to build products through methods that were previously impossible. With JAWS Spitfire’s long-term partnership, we expect to extend the reach of VELO3D technology and bring its solutions to even more customers globally. As we scale our business and advance our growth strategy, we expect to expand the high value metal additive manufacturing market and strengthen our competitive position.”
VELO3D is ready to deploy its new laser printing technology solution, Sapphire XC, which is expected to ship in the fourth quarter of 2021. Sapphire XC is designed as a scale-up of VELO3D's Sapphire solution, and will support the production of parts that are up to five times higher volume and up to three times lower cost than existing Sapphire technology.
