VELO3D to Merge With SPAC as Metal Additive Manufacturing Firm Goes Public

VELO3D merger with SPAC to provide $500M and a valuation of $1.6B.


VELO3D's proprietary metal-printing process produces geometries that were previously thought impossible.
VELO3D, a provider of additive manufacturing technology for metal parts to customers including SpaceX and Honeywell, is merging with a special purpose acquisition company and going public.

VELO3D Inc. today announced that it is merging with JAWS Spitfire Acquisition Corp. The additive manufacturing company said it expects to be listed on the New York Stock Exchange under the ticker symbol “VLD” once the transaction is completed, which is expected to happen in the second half of 2021.

Campbell, Calif.-based VELO3D said its proprietary technology for 3D printing of metals integrates software, hardware, and process-control innovations. Manufacturers can use VELO3D's Flow print-preparation software, Sapphire laser powder-bed additive manufacturing (AM) system, and Assure quality-assurance software to reduce costs, improve quality control in serial production, and be more responsive to market needs, claimed the company. VELO3D also said it introduced SupportFree metal 3D printing, “which allows for the manufacturer of previously impossible geometries.”

Special-purpose acquisition company (SPAC) JAWS Spitfire said it is a “blank-check company incorporated as a Cayman Islands-exempted company.” Its backers include tennis player Serena Williams, who was appointed to its board in December 2020.

After the merger, subject to shareholder and regulatory approval and other customary closing conditions, the combined enterprise will have a value of about $1.6 billion at the $10-per-share private investment in public equity (PIPE) and assuming no public shareholders of JAWS Spitfire exercise their redemption rights. VELO3D said it will receive up to $345 million in proceeds from JAWS Spitfire’s cash in trust and a $155 million private placement of common stock at a $10.00 per share value. 

VELO3D to address growing AM market

The global market for additive manufacturing is expected to grow to $35 billion by 2030, said VELO3D. That market was worth $772.1 million in 2019, according to Grand View Research.

VELO3D said its “full-stack 3D metal printing solution enables the production of mission-critical components for space rockets, jet engines, fuel delivery systems and energy production with better performance, at faster speed and lower cost than traditional methods.”

The company added that its growth strategy is to focus on products that only it can produce within the more than $100 billion total addressable market for high-value metal parts. VELO3D plans to invest the additional capital in engineering, product development, sales, marketing, and customer support.

Existing customers of VELO3D include SpaceX, Honeywell, Boom Supersonic, Chromalloy, and Lam Research. In the fourth quarter, VELO3D plans to begin shipping its Sapphire XC laser printing system, which it said will support parts production at up to five times higher volume and three times lower cost than its existing Sapphire technology.

“VELO3D partners with the world’s most innovative companies leading the future of space travel, transportation, and energy,” stated Benny Buller, CEO of VELO3D. “With JAWS Spitfire’s long-term partnership, we expect to extend the reach of VELO3D’s technology and bring its solutions to even more customers globally.”

“Since commercialization, VELO3D has attracted an impressive customer base, showcasing the seamless, cost-competitive production of previously unattainable designs,” said Barry Sternlicht, co-founder and chairman of JAWS Spitfire. “VELO3D is well-positioned for robust growth in an established and expanding market.”

VELO3D explains how metal additive manufacturing can reduce performance compromises for engineers designing heat-transfer and fluid flow systems.

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VELO3D's proprietary metal-printing process produces geometries that were previously thought impossible.

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