12-09-2022: SyBridge Technologies acquired “certain assets” from the bankrupt Fast Radius
This was one of the first serious signals of the impending crisis in the AM industry
On December 9, 2022, SyBridge Technologies announced that its affiliate, SyBridge Digital Solutions, had been selected as the winning bidder for certain assets of Fast Radius. The sale, valued at approximately $15.9 million, was finalized following Fast Radius’ bankruptcy declaration a month earlier. The acquisition aimed to facilitate necessary restructuring and ensure creditors were repaid. This event was among the early indicators of the additive manufacturing (AM) industry’s crisis, which peaked mid-2024.
Fast Radius, a 3D printing service provider listed on NASDAQ, operated a large fleet of high-end industrial 3D printers, including Carbon and HP MJF models. Founded in 2014 at a UPS logistics hub in Louisville, Kentucky, the company leveraged its strategic location to ship manufactured parts globally, pioneering the concept of 3D printing as a key supply chain solution.
In July 2021, Fast Radius agreed to a $1.4 billion SPAC merger with ECP Environmental Growth Opportunities. The deal, which valued the combined entity at $995 million and raised $445 million in cash, included an ambitious revenue target of $635 million by 2025. However, this projection quickly proved unrealistic (although it seemed unlikely from the start.)
The company debuted on NASDAQ on February 16, 2022, being named one of the “nine best factories in the world” by the World Economic Forum. Unfortunately, this did not translated into finances. At the time of its debut, Fast Radius only had about $8 million in cash. The issue of shares on the stock exchange gave the firm an extra of $70 million. Unfortunately, this did not last long...
How did the company "burn through" so much money in such a short time? Lou Rassey, CEO and co-founder of Fast Radius, explained it as an investment in the proprietary Cloud Manufacturing platform, which reportedly consumed $200 million. Unfortunately, this was an overreach, and together with a general economic slowdown in the U.S. and the rest of the , the company was forced to file for Chapter 11 Bankruptcy.
The legacy of Fast Radius was acquired by SyBridge Technologies, a platform established in 2019 to develop and integrate companies specializing in industrial tooling and injection molding. Following the acquisition by SyBridge, Fast Radius continued its market operations under its original name.
Source: www.sybridge.com