Advanced materials company NanoSteel, Providence, Rhode Island, USA, has announced the spin-out of its Additive Manufacturing business unit into a new corporation, FormetrixTM. Led by NanoSteel and including investors Cycad Group and SPDG, Formetrix aims to accelerate the commercialisation of NanoSteel’s steel alloys for metal Additive Manufacturing.
Over the last four years, NanoSteel has developed novel alloys with material properties that current alloys for AM or Metal Injection Moulding (MIM) do not offer. Drawing from NanoSteel’s decade-long expertise in patented steel alloy design, Formetrix’s metal powder portfolio is said to offer a combination of benefits, such as higher hardness, higher ductility and higher wear resistance, compared to existing alternatives.
David Paratore, President and CEO of NanoSteel, stated, “Formetrix was formed to provide new, high-performance steel alloys to accelerate the adoption of Additive Manufacturing within the tool and die and aluminium die cast industries. Growth in these sectors has been limited, in part to the lack of suitable materials, and we believe we have developed excellent new options.”
In order to support customers’ production requests, Formetrix stated that it will install a FormUp 350 AM machine from AddUp at its facility. “Through the precision capability provided by our new industrial AddUp 3D printer, we can support both prototyping and volume customer needs more effectively and efficiently,” stated Harald Lemke, Chief Commercial Officer of Formetrix. “Using the initial FormUp 350 along with additional finishing equipment, Formetrix will continue to expand its service center capabilities.”
Allegra Kowalewski-Ferreira, Investment Manager, SPDG, commented, “We are driven by the promising value Formetrix offers the Additive Manufacturing industry. The launch of Formetrix is a powerful milestone that we are excited to be a part of and look forward to its growth as an industry leader.”