Jiangsu Vilory Advanced Materials Technology raises $50M for facility expansion
February 29, 2024
Jiangsu Vilory Advanced Materials Technology Co., Ltd (VMP), located in Jiangsu, China, has successfully raised $50 million in two rounds of financing. The funding will be used to finance the construction of VMP’s new production facility.
VMP offers a wide range of metal powders, produced using the company’s vacuum inert gas atomisation (VIGA) powder production technology. Currently, the company operates ten VIGA machines and has an annual capacity of 750 tonnes.
It was stated that Phase II of the new facility is nearing completion and will soon be operational. Phase III of the development has now commenced.
The funding rounds were led by China State-owned Enterprise Mixed Ownership Reform Fund CO., Ltd., which became VMP’s second-largest strategic external shareholder. This was followed by Jiangsu State-owned Enterprise Mixed Ownership Reform Fund (Limited Partnership) and other Chinese institutions.
China’s Enterprise Mixed Ownership Reform Fund focuses on core technologies in key areas, striving to build a model for the reforming of state-owned science and technology enterprises and pioneering independent innovation. Its investment in VMP is expected to further strengthen the company’s position in the industry, and promote the development of metals for the Additive Manufacturing sector.
Jiangsu Mixed Reform added that its investment is intended to help VMP strengthen its research and development capabilities, expand production capacity and serve the country’s manufacturing strategy.
During 2023, VMP undertook two national key R&D projects and reported new breakthroughs in the research and development of five materials. The company also developed what is reputed to be the country’s first single-furnace VIGA equipment with a charging capacity of 500 kg, which has now been put into production. Throughout the year, twenty-six invention patents were authorised, resulting in a total of 143 patents now authorised.
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