3D printing: Fortify secures US$20mn in Series B funding
Boston based additive manufacturing (3D printing) startup - Fortify - has secured US$20mnin a Series B funding round led by Cota Capita. Participants included Accel, Neotribe Ventures, and Prelude Ventures.
“The additive manufacturing market is rapidly expanding, and we believe that Fortify is unlocking one of the key barriers to growth of the industry: advanced materials. We are excited to collaborate and support the company as it continues to redefine advanced manufacturing,” said Bobby Yazdani, Founder and Partner at Cota Capital.
Did you know? In 2019 Fortify secured a US$10mn Series A funding round led by Accel.
Fueling growth, expansion and volume
Identifying a need for better material properties in 3D printing, Fortify invented Digital Composite Manufacturing (DCM). This round of funding secured by the company will scale up its manufacturing operations and be used to fuel “team growth, accelerate expansion in high-value application spaces, and transition to volume manufacturing of the Flux Series 3D printers.”
Experiencing steady growth over the past 18 months, the round will help to accelerate the company’s time to market on several of its high-value programs between Fortify and its partners.
“Fortify has been focused on proving the viability of our product and market opportunity over the past 18+ months, and exceeded our goals set at the beginning of 2020. This next round will expand our go-to-market footprint in key verticals such as injection mold tooling while enabling us to capture market share in end-use electronic devices,” said Josh Martin, CEO and Cofounder of Fortify.
Prior to this latest announcement, Fortify has detailed its partnership plans with Henkel, DSM, Tethon3D, and has reported that it will be making additional announcements throughout 2021.
Lion Electric to Construct US EV Manufacturing Facility
Who is Lion Electric?
Founded in 2008, is an innovative manufacturer of all-electric, zero-emissions, medium and heavy-duty urban vehicles. Lion Electric designs, manufactures, and assembles all components for its vehicles that have unique features specifically adapted to the users and their needs. “We believe that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life,” believes Lion Electric.
Lion Electric’s new Illinois Manufacturing Facility
Just two months after announcing plans to construct a battery manufacturing plant and innovation centre in Quebec, Lion Electric is expanding its locations further, selecting Joliet, Illinois for its new manufacturing facility in the US.
The new facility is said to “represent the largest dedicated production site for zero-emission medium and heavy-duty vehicles in the US,” as well as being the company’s biggest footprint in the market. The new facility will give Lion Electric the capacity to meet increasing demand for ‘Made in America’ zero-emission vehicles and bring production closer to customers.
It is expected that the first vehicles off the production line will be in the second half of 2022.
“Lion’s historic investment to bring its largest production facility to Illinois represents not only a win for our communities, but a strong step forward in our work to expand clean energy alternatives and the jobs they bring to our communities,” said Gov. J.B. Pritzker.
“The new Joliet facility will put Illinois at the forefront of a national movement to transition to zero-emission vehicle use, advancing our own goals of putting one million of these cars on the road by 2030. In Illinois, we know that a clean energy economy is about more than just vehicles – it’s about healthier communities and jobs for those who live there. We are excited to welcome Lion to the Land of Lincoln and look forward to their future success here.”
Lion Electric’s Agreement with the Government of Illinois
Over the next three years, Lion Electric will invest a minimum of US$70mn into Illinois. The new facility - totalling 900,000 square feet - is expected to create a minimum of 745 clean energy direct jobs in the next three years, and have an annual production capacity of up to 20,000 all electric buses and trucks.
Scaling electric bus production and decarbonising freight and transportation
As the US moves to electrifying its school buses, the additional production capacity at the facility will help Lion Electric to scale its electric bus production, as well as produce an increased volume of heavy-duty zero-emission trucks to help governments and operators in the US further the decarbonisation of freight and transportation fleets.
“Lion is the leader in electric school buses and has always been dedicated to the U.S. market, and our commitment to be close to our customers is one of the core values we have as a company. This significant expansion into the U.S. market will not only allow us to drastically increase our overall manufacturing capacity of electric trucks and buses but to also better serve our customers, while adding critical clean manufacturing jobs that will form the backbone of the green economy,” said Marc Bedard, CEO and Founder of Lion.
“I also want to acknowledge the crucial role that P33 and Intersect Illinois, civic groups committed to developing developing a long-term roadmap for the local tech industry, played in connecting Lion with the Chicago area’s business and civic community to help further commercial traction, as well as engagement with key workforce and supplier partners.”