Essentium, a US-based additive manufacturing technology developer Essentium backed by chemicals producer BASF and 3D printing software provider Materialise, agreed on Wednesday to list through a reverse takeover.
Essentium is joining forces with Atlantic Coastal Acquisition Corporation, a special purpose acquisition company that floated on the Nasdaq Capital Market in a $300m initial public offering in February this year, at a $974m pro forma valuation.
The deal includes $345m in cash held by Atlantic Coastal, whose team is also contributing $20m to a $40m private investment in public equity (PIPE) financing anchored by BASF, Atalaya Capital Management and Apeiron Investment Group.
Founded in 2013, Essentium provides industrial 3D printing materials and production tools including 3D printers, materials and software in addition to other services designed to help traditional manufacturers improve their processes.
The company had raised $22.2m in a series A round in early 2019 led by BASF’s corporate venturing arm, BASF Venture Capital, and backed by Materialise, Genesis Park and unnamed returning backers that had previously chipped into a seed round of undisclosed size and at an unspecified date.
Essentium CEO Blake Teipel said: “Today’s announcement represents a major milestone in our efforts to provide long-term, sustainable solutions for a new manufacturing paradigm that can meet these global challenges head-on.
“Essentium’s solution deploys regional, distributed production capabilities to enable supply chain transparency, and flexible inventory management at a highly competitive [total cost of ownership], all while reducing waste and supporting a limited carbon footprint through on-site printing.”
Photo courtesy of Essentium Inc.
