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Highlights
- Titomic Limited lands its first US Navy contract, boosting cold spray technology profile.
- Cold spray solutions offer heatless welding, ideal for naval and defense sectors.
- Company’s shares surge by 15% following announcement, reflecting positive market sentiment.
Titomic Limited (ASX:TTT), a leading innovator in additive manufacturing, has secured its first contract with the United States Navy’s Naval Sea Systems Command (NAVSEA) to supply its advanced cold spray technology solutions. This contract is significant for Titomic, as NAVSEA is responsible for overseeing the procurement, maintenance, and support of U.S. naval ships and combat systems, making this deal a pivotal entry into a major defense market.
NAVSEA, based in Philadelphia, operates an inactive ships maintenance facility and has shown interest in Titomic's heat-free welding technology. Known as Supersonic Particle Deposition (SPD), this cold spray technology involves spraying fine metal particles at high speeds through a powerful gas stream, creating a bond without needing high temperatures. The innovation behind cold spray technology allows for enhanced repair and coating applications, critical in marine maintenance where corrosion resistance and durability are key requirements. This capability makes it ideal for naval operations, offering enhanced lifespan and resilience to metallic components.
Following the announcement, Titomic’s stock saw a notable jump of approximately 15%, reflecting market confidence and positive reception. Titomic’s share price, which stands around 19 cents per share, has seen a substantial increase on an annual basis, reportedly rising over 1,100% year-over-year. The achievement of this contract marks a turning point for Titomic, as it had previously sold its cold spray technology to other defense entities, including the Royal Dutch Army and the French Navy, solidifying its position within the global defense sector.
Titomic views this contract as the beginning of a broader strategic relationship with the U.S. Navy. The company revealed that it is in ongoing discussions with NAVSEA to explore further applications for its cold spray additive manufacturing solutions, particularly in coating, repair, and maintenance functions. According to Titomic, the D523 system purchased by NAVSEA could represent an initial step toward a more extensive adoption of Titomic’s technology across various U.S. naval operations.
This advancement opens new avenues for Titomic, as its cold spray technology not only caters to corrosion-resistant applications but also promises benefits in sectors like gas pipelines, although that market remains secondary to the defense-focused priorities of the company. While the exact contract value with NAVSEA remains undisclosed at the U.S. Navy’s request, Titomic’s progress in securing such a high-profile partnership underlines the broader interest in heatless, high-strength bonding solutions for defense.
Titomic Limited’s ongoing discussions with NAVSEA and its recent international successes signal a promising path forward, placing it strategically within the expanding defense technology market. The momentum from these contracts places Titomic on a promising trajectory as it continues to innovate in the field of cold spray technology for diverse defense and industrial applications.
