Nano Dimension awarded Space Florida grant

Nano Dimension CEO Amit Dror; Photo: PR

Nano Dimension and Semplastics are jointly developing 3D ceramic materials in which inkjet technology can be used.

Nano Dimension (Nasdaq: NNDM; TASE: NNDM) is taking part in a project of Space Florida, the space authority of the state of Florida in the US. As part of the project, Nano Dimension today announced that a NIS 585,000 grant had been approved for the project, 30% of which comes from the Israel Innovation Authority.

The Innovation Authority (formerly the Office of the Chief Scientist) and Space Florida announced in 2013 a joint program totaling $2 million a year for financing research and development in space technology by Israeli companies. Nano Dimension and Semplastics are jointly developing 3D ceramic materials in which inkjet technology can be used, so that very thick and low-density objects can be printed for various apps in the space industry. According to the grant conditions, Nano Dimension will pay royalties on future sales up to the amount of the grant.

The project focuses on the use of Semplastics' existing ceramic materials and Nano Dimension's unique 3D inkjet technology to create very thick low-density 3D ceramic objects for space apps.

At the same time, according to a US report, Nano Dimension has won funding for another project, this one with Florida-based Harris Corporation. The amount of the grant is unknown at this stage. Harris Corporation , the partner, stands to save $400,000 in construction costs on every small satellite it produces.

Nano Dimension, which develops 3D printers, is traded at at $70 million market cap. Managed by CEO Amit Dror, the company announced yesterday that it had raised NIS 17.1 million from Israeli investors in a private placement, thereby bring the amount it has raised over the past month to NIS 48.5 million.

The financing round was at NIS 4.20 per share, compared with the current market price of NIS 4.50. As a result of the financing round, Ayalim Mutual Funds became a party at interest in Nano Dimension. According to yesterday's announcement, The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5) will also become a party at interest in the company with a 5.5% stake. Under the investment agreement with Phoenix, Nano Dimension undertook not to issue new shares at a price lower than 125% of the private placement price for six months from the date on which the round was completed.

Published by Globes [online], Israel Business News - www.globes-online.com - on June 15, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Nano Dimension CEO Amit Dror; Photo: PR
Nano Dimension CEO Amit Dror; Photo: PR
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