Voxeljet, a leading provider of high-speed, large-format 3D printers, saw a significant boost in its shares, surging 25% to $1.30. This came after the company was chosen by GE Research to be its partner for a project backed by the U.S. Department of Energy's $14.9 million federal funding. The project aims to develop and commercialize a revolutionary sand binder jet 3D printer called Advanced Casting Cell.
Struggles in the Stock Market
Voxeljet's stock had hit a low point on Tuesday, dipping to $1.02. Over the course of the past year, the stock has experienced a decline of 58%. However, the recent partnership announcement has given Voxeljet a notable boost in its valuation.
Collaborating with Prominent Partners in the Industry
Apart from voxeljet, GE Research has selected several other partners to collaborate on the Advanced Casting Cell (ACC) project. This includes GE Hydro, GE Onshore Wind, GE Offshore Wind, Clemson University, Oak Ridge National Laboratory, and Hodge Foundry. The collective expertise of these partners will contribute to the development and deployment of the ACC project.
Pushing Boundaries in Additive Manufacturing
The primary objective of the ACC project is to create sand molds to manufacture metallic near-net shape parts through cutting-edge technology. This will involve the digital creation of mold designs using a digital foundry, as well as a comprehensive techno-economic analysis of cost and supply chain challenges.
Voxeljet will play a vital role in this project by developing and constructing a groundbreaking 3D sand printer. This printer will enable the additive manufacturing of sand molds for casting parts that range in weight from 10 tons to over 60 tons.
Advancing Wind Turbine Technology
One of the key applications of this project is the production of 3D-printed large-scale sand molds for casting components used in the nacelle of the GE Haliade-X Offshore Turbine. This advancement will enhance the manufacturing process and contribute to the development of more efficient wind turbines.
Exploring Strategic Alternatives
In other news, voxeljet announced that its board has initiated a thorough evaluation of strategic alternatives for the company. This includes exploring options such as investments, mergers and acquisitions, joint ventures, and strategic partnerships. These endeavors highlight voxeljet's dedication to seeking growth opportunities and expanding its presence in the industry.