Fast Radius to go public on NASDAQ before end of 2021

Digital manufacturing service provider Fast Radius is set to become a publicly listed company on the NASDAQ after entering into a business combination with ECP Environmental Growth Opportunities Corp.

Expected to close in Q4 2021, the combined company will have an estimated post-transaction enterprise value of $995 million with an estimated equity value of $1.4 billion from the contribution of $445 million in gross cash proceeds. Proceeds will consist of up to $345 million of cash held in ENNV’s trust account (assuming no redemptions) and an additional $100 million fully committed private investment (the “PIPE”), including a $25 million forward purchase commitment from Goldman Sachs Asset Management, L.P. Other investors in the PIPE include UPS, Palantir, ECP and other institutional investors.

Fast Radius utilises additive manufacturing, CNC machining and injection moulding technologies to supply parts to companies in the automotive, aerospace, medical, industrial and consumer industries. Supported by the Fast Radius Cloud Manufacturing Platform, the company has so far served more than 2,000 customers and delivered more than 11 million parts. This Cloud Manufacturing Platform comprises a network of distributed micro-factories and third-party suppliers, a software-driven user experience and an ecosystem of apps and services that gives users access to ‘state-of-the-art manufacturing knowledge, tools and elastic capacity.’ As Fast Radius prepares to go public, the Cloud Manufacturing Platform is at the centre of the company’s ambitions.

“We are building a first-of-its-kind Cloud Manufacturing Platform that is providing a new infrastructure to design, make and move physical things in the digital age,” commented Fast Radius co-founder and CEO Lou Rassey. “As the Platform expands, we believe cloud manufacturing will have as great an impact on driving innovation in the physical world as cloud computing has had in the digital world. The benefits from the software and hardware powering cloud manufacturing are tangible and significant – the cloud brings improved speed, flexibility, cost and accessibility to industry 4.0, all while providing a more sustainable model for global supply chains.”

“The Fast Radius Cloud Manufacturing Platform provides a fundamentally more sustainable way to produce and fulfil parts around the world,” added Environmental Growth Opportunities Chairman Doug Kimmelman. “We look forward to partnering with Lou and his team to accelerate growth as they execute on their proven business model and capitalise on the significant opportunities in the growing custom parts manufacturing market. As a public company, we believe that Fast Radius will be even better positioned to maintain its leadership in the software and industrial technology industry.”  

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