Titomic Ltd, Melbourne, Australia, has announced that Repkon Makina ve Kalip (Repkon), a Turkish based designer, manufacturer and supplier of metal forming machines for the global defence and aerospace industries, has made a AUS $2.5 million investment in Titomic.
The investment follows a joint venture that the companies entered in March 2021 to build a production facility in Australia for the production of weapons system barrels designed by Repkon and using Titomic’s Kinetic Fusion (TKF) cold-spray Additive Manufacturing technology.
According to the companies, under the executed share and option subscription agreement, Repkon will be issued 9,615,384 ordinary fully paid shares in Titomic at a price of $0.26 per share. The transaction is due to complete on December 16, 2021.
“I am delighted that our key customer Repkon is becoming a key strategic investor in Titomic at this time,” stated Hebert Koeck, Chief Executive of Titomic. “Following the signing of the Head of Agreement this investment signals confidence in our technology platform and our strategy to commercialise our TKF technology through a global go-to-market approach which harnesses the benefits of joint ventures and strategic partners. We are excited to work with partners and customers who see the value in ensuring seamless integrating of custom Cold Spray Additive Manufacturing (CSAM) systems into supply chains, which enables both parties to more efficiently scale.”
“This $2.5 million injection comes on top of the recent $9 million share placement which provides Titomic with the cashflow to accelerate our commercialisation through more joint venture operations, sales and support offices closer to our customers and operational facilities,” he added.
Ibrahim Kulekci, Chief Executive of Repkon, commented, “This is the first time Repkon has strategically invested in a supplier. However, with the success of our initial joint venture on weapons systems barrels we believe the performance, superior strength-to-weight ratios, enhanced durability and costs advantages these products and manufacturing processes provide will be of keen interest across many areas of tooling that supply the defence and aerospace industries.“