- Titomic (TTT) customer Repkon Makina ve Kalip has invested $2.5 million into the ASX-listed industrial manufacturing business
- Under the strategic investment, Repkon will receive 9.6 million TTT shares at 26 cents each and an equal amount of options
- The Australian and Turkish companies have been working together to build a production facility in Australia as part of a joint venture
- This latest investment will help bolster Titomic’s working capital, with the business also recently completing a $9 million fundraising
- TTT shares are trading up 8.7 per cent at 25 cents each
Titomic (TTT) customer Repkon Makina ve Kalip has invested $2.5 million into the ASX-listed industrial manufacturing business.
Under the strategic investment, Repkon will receive 9.6 million TTT shares at 26 cents each and an equal amount of options.
Each option will have a scratch price of 40 cents and an expiry date two years from the date of issue.
TTT supplies solutions for industrial scale metal additive manufacturing using its proprietary Titomic Kinetic Fusion technology.
The ASX-lister previously supplied its solutions to the Turkish-based Repkon business, with both companies also teaming up earlier this year to build a production facility.
The joint venture facility will manufacture weapons system barrels designed by Repkon using Titomic’s Kinetic Fusion Technology.
Commenting on Repkon’s investment, Titomic CEO Hebert Koeck said it came in additiona to the $9 million recently raised via a share placement.
“I am delighted that our key customer Repkon is becoming a key strategic investor in Titomic at this time,” he said.
“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.”
Titomic shares were trading up 8.7 per cent at 25 cents per share at 1:50 pm AEDT.