Evolve Additive Solutions (Minnetonka, MN), whose proprietary Selective Thermoplastic Electrophotographic Process (STEP) technology aims to radically improve manufacturing while creating disruptive new business models, announced the completion of an equity investment of $19 million led by the Lego Brand Group with participation from Stanley Black and Decker Investments and a third undisclosed investor.
Designed for automated manufacturing and factory-floor integration, STEP allows the use of production-grade thermoplastics for volume manufacturing applications across multiple industries, including consumer, automotive, industrial and medical. The highly scalable and extensible solution combines Evolve’s own proprietary technology with the proven capability of electro-photography to additively manufacture parts that meet or exceed traditionally manufactured parts.
“Evolve has entered an exciting new growth phase as we begin commercial development of our proprietary STEP technology,” commented Steve Chillscyzn, CEO of Evolve Additive Solutions. “We are excited to have forged equity partnerships with world-leading companies that recognize the production potential of STEP and are committed to working alongside Evolve to bring the technology to commercialization.”
The senior management team of Evolve Additive Solutions brings more than 40 years of combined experience in additive manufacturing and is supported by a board of directors with expertise in managing and counseling both private and publicly held companies, said Evolve.
“Lego Brand Group has invested in Evolve because it is an attractive investment opportunity that can benefit the Lego brand,” said Per Hjuler. “The Lego Group has been using additive manufacturing technology for more than 20 years. Today, the company mainly employs the technology to create prototypes in the development of new products and we believe that the technology will become an even more important supplement to injection molding capabilities in the future. With Evolve Additive Solutions, we have found a very competent partner within this area,” Hjuler added.
Tim Hatch, Chief Technology Officer for Stanley Engineered Fasteners, also commented that the company is “excited about the potential impact that Evolve’s unique additive manufacturing technology could have on the production of high-quality, medium-volume plastic components for a number of our product categories.”
Stratasys Inc. also is a minority shareholder in Evolve.