Australian advanced manufacturing company Titomic Limited (ASX: TTT) (“Titomic” or “Company”) has announced that it has executed an Exclusive License Agreement with CSIRO and an Acquisition Agreement with Future Titanium Technologies. The Exclusive License Agreement with CSIRO grants Titomic exclusive global rights to two patents for the production of Pipe, as well as Continuous Pipe manufactured using Titanium and Titanium Alloys which will open significant revenue opportunities for Titomic across a number of major industries, in particular the Oil and Gas, Defence, Marine and Mining sectors.
Under the agreement, Titomic will also receive more than 8 years of exclusive innovative additive manufacturing techniques, background IP, and Know How for the production of pipe and pipe components including, but not limited to, Valves and Fitting Components. This technology results from the 2010 Victorian Government initiated Victorian Direct Manufacturing Centre (VDMC) program, which received contributions of approx. USD 10M, from industry, and research providers to help revitalise the manufacturing sector and deliver economic and environmental benefits to Victoria.