(NewsDirect)
Norsk Titanium Vice President, Commercial Nick Mayer joined Steve Darling from Proactive to announce a significant agreement with The Boeing Company, marking a milestone in the company's aerospace-grade structural titanium components manufacturing.
Mayer revealed that Norsk Titanium has signed a substantial agreement to directly supply parts to Boeing, solidifying a direct supplier relationship between the two entities. This agreement positions Norsk Titanium as a Tier-1 supplier within Boeing's procurement system, allowing for direct deliveries to Boeing later this year. The deal is expected to provide hundreds of structural components to Boeing through 2025.
In addition to the Boeing agreement, Norsk Titanium has recently secured a Master Supply Agreement with Airbus Aerostructures, underscoring its expansion strategy.
The company's operational and financial update reflects promising growth, with 21 parts in serial production across multiple customers, resulting in annual recurring revenue of approximately US$6 million. Anticipated expansions are forecasted to elevate revenue to US$50 million by the end of 2024, laying the foundation for a longer-term revenue target of US$150 million by 2026.
To support its growth initiatives, Norsk Titanium has successfully completed a private placement of $25 million in an oversubscribed process, providing additional capital for expansion and development.
With these significant milestones and robust growth projections, Norsk Titanium is poised for continued success and leadership in the aerospace industry.
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