SUNY Polytechnic University-backed Norsk Titanium has begun trading on Euronext Growth Oslo.
Norsk Titanium, a Norway-based titanium components manufacturer backed by SUNY Polytechnic University, has floated its shares on Euronext Growth Oslo, following a $38m private placement.
Unnamed leading shareholders of Norsk Titanium provided $15m through the private placement while family-owned investment firm Ferd supplied $10m.
Founded in 2007, Norsk Titanium produces titanium components for the aerospace sector through an additive manufacturing process called rapid plasma deposition.
The proceeds will be used to expand the application of Norsk Titanium’s technology to new markets including the defence and industrial sectors. The capital injection will also support the company’s development activities.
Norsk Titanium secured an undisclosed amount of funding from semiconductor technology provider Applied Materials’ corporate venturing subsidiary, Applied Ventures, in September 2016.
The company had received $4m from SUNY Polytechnic University and the State of New York in July 2016, following a $15m round led by investment bank…
