ASHLAND, Ky. (KT) – Braidy Industries has acquired an ultra-high strength alloy and powder metallurgy provider in Massachusetts after raising $75 million through common stock issuance at $10 per share, the company announced.
Veloxint is now a wholly-owned subsidiary of Braidy Industries and its manufacturing base will be co-located with Braidy’s $1.5 billion aluminum rolling mill at the EastPark Industrial Center in Ashland. Groundbreaking for the mill is scheduled for spring with the plant to be operational by 2020.
Veloxint’s research and prototyping facilities will continue to be located in Framington, Mass., and will be enhanced and expanded in scope, according to a Braidy press release.
Veloxint expects to begin staffing advanced manufacturing positions and will incorporate its training program in collaboration with Ashland Community and Technical College into the Braidy Industries Advanced Manufacturing Degree Program.
“The close of our Veloxint acquisition places Braidy Industries in position to meet the demands and challenges of a transportation industry in need of cost-effective light-weighting,” said Braidy Industries CEO and Chairman Craig T. Bouchard upon making the announcement. “In the very near term, Veloxint will become the lighter and stronger standard for transportation, mining, tools and consumer goods.”
Veloxint commercializes to industries high-value products and parts based on fundamental science developed at the Massachusetts Institute of Technology in Cambridge, Mass. Veloxint’s new nanocrystalline metal alloys offer extraordinary strength, typically two to five times that of traditional alloys. These alloys are also designed from the atomic level up for thermodynamic stability to enable long-term stable operation even at elevated temperatures.
Bouchard said the acquisition is part of the economic rebuild coming to northeastern Kentucky.
“This is a terrific win for Kentucky and consistent with the goal of converting the northeast corner of our beautiful state into the global intersection of science and advanced manufacturing,” he said.
Veloxint will be led by current CEO Dr. Alan Lund, who will assume the additional role of Braidy Industries’ Chief Technology Officer.
“We are excited to officially bring Veloxint into the Braidy Industries family,” Lund said. “This will enable the next step in fulfilling our original vision of transforming the metals industry using Veloxint’s proprietary materials design toolset to offer high-performance, cost-effective next-generation metal products.”
Ret. Gen. Blaine Holt (USAF), Braidy Industries COO, called it a “milestone” and “critical test” for the company.
“Our EastPark campus is developing as a repository of exponential solutions to the most demanding automotive and aerospace challenges,” he said. “At Braidy, we maintain our humble and hungry attitude and we are on track to change the world.”