- Fast Radius is a category creator with a proprietary and defensible Cloud Manufacturing Platform™️. This is a new infrastructure to design, make, and move physical products in the digital age, combining proprietary software with a distributed network of company-owned, world-recognized micro-factories and third-party suppliers.
- Fast Radius is bringing a new sustainability paradigm to manufacturing and global supply chains, enabling industrial companies to store and move parts digitally and produce them locally in an energy efficient manufacturing process reducing transportation, energy, and material waste.
- The Cloud Manufacturing Platform™️ is designed to foster an ecosystem of software applications and manufacturing services, similar to how digital app ecosystems have flourished through cloud computing.
- Fast Radius serves a more than $350 billion component manufacturing industry, being reset by a wave of "Industry 4.0" innovations.
- Estimated post-transaction equity value of $1.4 billion, with $445 million in gross proceeds, comprised of $345 million of cash held in ECP Environmental Growth Opportunities Corp.'s trust account (assuming no redemptions) and a $100 million fully committed PIPE, including a $25 million forward purchase commitment from certain accounts managed by Goldman Sachs Asset Management, L.P. Other investors in the PIPE include UPS, Palantir, ECP and other institutional investors.
- Existing Fast Radius shareholders will roll 100% of their equity into the publicly listed company.
- Investor webcast and call is scheduled for Monday, July 19, at 10:00 AM EST.
PR Newswire
SUMMIT, N.J. and CHICAGO, July 19, 2021
