Fast Radius Inc. has reached a deal with a special-purpose acquisition company that values the digital manufacturing company at about $1.4 billion and will take it public, the companies said.
Backed by investors including United Parcel Service Inc., Fast Radius uses a cloud-based software platform and manufacturing techniques including 3-D printing to make unique parts, accelerating product and supply-chain development for customers. Its other partners and customers have included household products seller Colgate-Palmolive Co. and the baseball glove maker Rawlings.
Fast Radius also works with other companies in the space such as 3-D printing technology firm Carbon to produce parts.
Chicago-based Fast Radius is combining with the green-focused SPAC ECP Environmental Growth Opportunities Corp. The Wall Street Journal previously reported that the two sides were nearing an agreement.
The company would join many others tied to technology and manufacturing that are going public by combining with SPACs. These companies are attracting investors who see huge growth potential as large corporate customers aim to speed up innovation, simplify supply chains and bring down emissions.
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