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Titomic Limited (ASX:TTT), a company that works in the space of cold spray additive manufacturing focusing on U.S. Defence contracts, has picked up a facility in Huntsville, Alabama, bringing it closer to its main target market.
The stock has in recent history been focusing on the U.S. Navy in particular, where its technology is notably valuable. Titomic’s cold spray ultimately allows for heat-free welding on metallic assets; currently, the company maintains some assets while drydocked at a NAVSEA facility in Philadelphia.
But the company has also sold its cold spray solutions to the Dutch army, with that contract going down in March of last year. As part of that deal, the Dutch sent the tech on to Ukrainian units.
At any rate, the company described its acquisition of the US$7.2M Huntsville facility as a key milestone on Tuesday. The company had A$24M in cash at the end of the December quarter – but the company actually financed the facility on a 25-year deal with First National Bank Alabama.
Further funding comes from a group called ‘Innovate Alabama’ which coughed up a $1 million investment.
The asset puts the company, now, in the middle of what it describes as a ‘defence industrial hub.’
“With the Huntsville facility strategically located near major U.S. Department of Defense Redstone Arsenal, NASA’s Marshall Space Flight Center, and leading defense contractors, Titomic is uniquely positioned to contribute to expanding national security and aerospace innovation requirements,” Titomic wrote on Tuesday.
To be sure, Lockheed Martin has digs not far away.
TTT last traded at 25cps.
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