King's Fast Radius Inc. to go public
MechSE professor William King’s company, Fast Radius Inc., announced its intention to become a publicly listed company through a merger with ECP Environmental Growth Opportunities Corp. (ECP), a publicly traded company. As part of the transaction, Fast Radius company will raise $435M to fund its growth and investments in software and manufacturing technology. Investors include Goldman Sachs Asset Management, UPS, and Palantir. The transaction values the company at $1.4B.
Fast Radius sells software-driven manufacturing services through its Cloud Manufacturing Platform™. According to Fast Radius, Cloud Manufacturing software is used to design, make, and move physical products in the digital age, combining proprietary software with a distributed network of company-owned, world-recognized micro-factories and third-party suppliers.
The partnership with ECP signals how Cloud Manufacturing can bring a new sustainability paradigm to manufacturing and global supply chains, enabling industrial companies to store and move parts digitally and produce them locally in an energy efficient manufacturing process reducing transportation, energy, and material waste.
King is the Ralph A. Andersen Endowed Chair in MechSE.