Back to Media Back to all Press Releases

Norsk Titanium Announces $10 Million Investment from Harbert European Growth Capital Fund

Financing to strengthen worldwide operations

OSLO, NORWAY — May 26, 2016 — Norsk Titanium AS, the world’s pioneering supplier of aerospace-grade, additive manufactured, structural titanium components, today announced it has closed a $10 million growth debt facility with Harbert European Growth Capital Fund I (HEGCF) as part of the company’s current aerospace production financing round.

The funds will be used to further strengthen Norsk Titanium’s leadership team and operations worldwide in support of aerospace qualification and production orders for precision structural components produced by the company’s patented Rapid Plasma Deposition™ (RPD™ ) technology. Details of the investment were not released.

“Norsk Titanium is strategically expanding and the addition of growth debt allows us to diversify our financing structure while pursuing a variety of complementary opportunities, both within the Aerospace & Defense sector and beyond,” said Bart van Aalst, Chief Financial Officer of Norsk Titanium. “Forward-looking investors are critical to rapidly expanding organizations that strive to remain independent, and Harbert’s pragmatic and entrepreneurial approach makes them an ideal partner to a company like Norsk Titanium,” concluded Van Aalst.

“We chose to invest in Norsk Titanium because their Rapid Plasma Deposition™ 3D technology is heralded as one of the most disruptive processes in additive manufacturing, and their strong management team makes it a real game-changer in a sector so often bereft of true innovation,” said Johan Kampe, Senior Managing Director at Harbert Management Corporation. “The growth potential of this company is beyond any doubt, and we are very pleased to be part of its future and hope to bring our close relationships within the technology sector to the fore.” 

Norsk Titanium will be putting its RPD™ technology on display at the 2016 Farnborough International Airshow, allowing a global audience to witness unprecedented manufacturing efficiencies from the company’s MERKE IV™ line of production machines.

About Norsk Titanium AS

Norsk Titanium is a global leader in metal 3D printing, innovating the future of metal manufacturing by enabling a paradigm shift to a clean and sustainable manufacturing process. With its proprietary Rapid Plasma Deposition® (RPD®) technology and 700 MT of production capacity, Norsk Titanium offers cost-efficient 3D printing of value-added metal parts to a large addressable market. RPD® technology uses significantly less raw material, energy, and time than traditional energy-intensive forming methods, presenting customers with an opportunity to better manage input costs, logistics, and environmental impact. RPD® printed parts are already flying on commercial aircraft, and Norsk Titanium has gained significant traction with large defense and industrial customers

About Harbert European Growth Capital Fund I, L.P.

Harbert European Growth Capital Fund I, L.P. finances high-growth and innovative European companies, both private and publicly traded, and is actively seeking investment opportunities. Additional information about HEGCF can be found here.

HMC, an alternative asset management firm with approximately $4.3 billion in assets under management as of March 31, 2016, is a corner sponsor of the fund along with a number of institutional investors. HMC is a privately owned firm formed in 1993 to sponsor alternative asset investment funds. Additional information about HMC and HEGCF can be found at www.harbert.net

Harbert Contact:
Harbert European Growth Capital Fund
Johan Kampe
+44 207 408 4146
jkampe@harbert.net