Custom Microfactories Help to Solve Supply Chain Woes
CHICAGO, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Fast Radius, Inc. ("Fast Radius"), a cloud manufacturing and digital supply chain company, has announced that its Custom Microfactory Solution is now available to all manufacturers. The solution allows companies to partner with Fast Radius to design and stand up advanced microfactories. Each factory is designed to meet a customer's specific component manufacturing and technology needs, along with giving them access to proprietary software tools that provide visibility and insight into factory and supply chain operations.
Microfactories require low capital expenditure and provide a smaller carbon footprint than traditional megafactories, giving customers the benefit of advanced manufacturing and flexible, sustainable supply. Fast Radius' Custom Microfactory Solution helps manufacturers mitigate supply chain risks, reduce carbon footprint, lower costs, and improve lead times through localized production.
"In the face of broken supply chains, our Custom Microfactory Solution frees manufacturers from the headaches and friction caused by today's slow, rigid, and wasteful models," said Lou Rassey, Co-Founder and CEO of Fast Radius. "Our offering empowers our customers to specify the type of microfactory they need, where they need it. The result is a more nimble, efficient, and sustainable way to manufacture and move parts."
Each Custom Microfactory is a solution powered by Fast Radius' Cloud Manufacturing Platform. Customers have access to production from their physical microfactory, along with a suite of software products that allow them to have full transparency and visibility into the production processes and supply chain management.
The custom microfactories are owned and operated by Fast Radius, and the customer works hand-in-hand with Fast Radius experts to choose manufacturing technologies and locations that best suit their production needs. Customers can employ a range of manufacturing methods, including CNC machining and a number of additive manufacturing (3D printing) technologies. The custom microfactories can be located in the same locations as current Fast Radius factories or in new locations to support more targeted needs.
Each Custom Microfactory Solution is built using the proven templates from Fast Radius' world-recognized microfactory network. The template and operating system of these factories have been codified into a digital and operational playbook which are designed to be ‘copy and paste' into new locations.
"A recent partnership with an industrial customer demonstrates what is exciting about the custom microfactory solution," said Bill King, Ph.D., Co-Founder and Chief Scientist at Fast Radius. "The microfactory is designed to make a custom structural component for a vehicle, using state-of-the-art CNC machining, automation of material handling, and digital inspection and functional validation testing. These custom elements are built using the Fast Radius microfactory playbook, which uses software to orchestrate orders and factory operations, materials management, quality management, and people management systems. And perhaps most importantly, the custom microfactory is less expensive than the customer making components overseas."
The World Economic Forum recognized Fast Radius' Chicago microfactory as one of the "Nine Best Factories in the World"—the only factory to be recognized in North America. Fast Radius' microfactory network—including a microfactory in UPS' Worldport facility in Louisville, Kentucky—has served more than 2,000 global customers. Fast Radius plans to expand its microfactory network with new technologies and locations in the coming years.
About Fast Radius, Inc.
Fast Radius, Inc. is a leading cloud manufacturing and digital supply chain company. The Cloud Manufacturing Platform™ from Fast Radius is a first-of-its-kind solution that integrates design, production, and fulfillment operations through a common digital infrastructure to make manufacturing easier, more accessible, and more sustainable. Founded in 2017, Fast Radius, Inc. is headquartered in Chicago with offices in Atlanta, Louisville, and Singapore and microfactories in Chicago and at the UPS Worldport facility in Louisville, KY. Fast Radius announced on July 19, 2021, the intent to merge with ECP Environmental Growth Opportunities Corp. (NASDAQ:ENNV), a special purpose acquisition corporation, which would result in Fast Radius becoming a public company.
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About ECP Environmental Growth Opportunities Corp.
ECP Environmental Growth Opportunities Corp. is a special purpose acquisition company formed by Energy Capital Partners Management, LP for the purpose of entering into a merger, stock purchase, or similar business combination with one or more businesses. The strategy of ECP Environmental Growth Opportunities Corp. is to identify and acquire businesses located in North America that concentrate on combating climate change by decreasing the carbon intensity of energy production, increasing the efficiency of industrial and consumer-related activities, expanding electricity storage and distribution, and improving the overall sustainability of the economy through efforts to lower pollution and increase beneficial reuse. For more information, visit ecpennv.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed business combination (the "Transaction") between Fast Radius and ENNV. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "scales," "representative of," "valuation," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the Transaction may not be completed in a timely manner or at all, which may adversely affect the price of ENNV's securities, (ii) the risk that the Transaction may not be completed by ENNV's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by ENNV, (iii) the failure to satisfy the conditions to the consummation of the Transaction, including the requisite approvals of ENNV's and Fast Radius' stockholders, the satisfaction of the minimum trust account amount following any redemptions by ENNV's public stockholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the Transaction, (v) the risk that ENNV's proposed private offering of public equity is not completed, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the agreement and plan of merger (the "Merger Agreement") relating to the Transaction, (vii) the effect of the announcement or pendency of the Transaction on Fast Radius' business or employee relationships, operating results and business generally, (viii) the risk that the Transaction disrupts current plans and operations of Fast Radius, (ix) the risk of difficulties in retaining employees of Fast Radius as a result of the Transaction, (x) the outcome of any legal proceedings that may be instituted against Fast Radius or against ENNV related to the Merger Agreement or the Transaction, (xi) the ability to maintain the listing of ENNV's securities on a national securities exchange, (xii) changes in the competitive industries in which Fast Radius operates, variations in operating performance across competitors, changes in laws and regulations affecting Fast Radius' business and changes in the combined capital structure, (xiii) the ability to implement business plans, forecasts, and other expectations after the completion of the Transaction, and the ability to identify and realize additional opportunities, (xiv) risks related to the uncertainty of Fast Radius' projected financial information, (xv) risks related to Fast Radius' potential inability to become profitable and generate cash, (xvi) current and future conditions in the global economy, including as a result of the impact of the COVID-19 pandemic, (xvii) the risk that demand for Fast Radius' cloud manufacturing technology does not grow as expected, (xviii) the ability of Fast Radius to retain existing customers and attract new customers, (xix) the potential inability of Fast Radius to manage growth effectively, (xx) the potential inability of Fast Radius to increase its cloud manufacturing capacity or to achieve efficiencies regarding its cloud manufacturing process or other costs, (xxi) the enforceability of Fast Radius' intellectual property rights, including its copyrights, patents, trademarks and trade secrets, and the potential infringement on the intellectual property rights of others, (xxii) Fast Radius' dependence on senior management and other key employees, (xxiii) the risk of downturns and a changing regulatory landscape in the highly competitive industry in which Fast Radius operates, (xxiv) the risk that Fast Radius may require additional funding for its growth plans and may not be able to obtain any additional financing on terms that are acceptable to Fast Radius or at all and (xxv) costs related to the Transaction and the failure to realize anticipated benefits of the Transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties which will be more fully described in the "Risk Factors" section of ENNV's Quarterly Reports on Form 10-Q, the registration statement on Form S-4 and the proxy statement/prospectus discussed below and other documents filed by ENNV from time to time with the Securities and Exchange Commission (the "SEC"). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Fast Radius and ENNV assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Fast Radius nor ENNV gives any assurance that either Fast Radius or ENNV, or the combined company, will achieve its expectations.
Additional Information and Where To Find It
This press release relates to the proposed Transaction between ENNV and Fast Radius. ENNV filed a registration statement on Form S-4 relating to the Transaction with the SEC on September 3, 2021, as amended on October 8, 2021 and November 24, 2021 (the "Registration Statement"), which included a proxy statement/prospectus that will be sent to all ENNV stockholders. ENNV will also file other documents regarding the Transaction with the SEC. Before making any voting decision, investors and security holders of ENNV and Fast Radius are urged to read the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Transaction as they become available because they will contain important information about the Transaction. Investors and security holders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus, and all other relevant documents filed or that will be filed with the SEC by ENNV through the website maintained by the SEC at www.sec.gov. The documents filed by ENNV with the SEC also may be obtained free of charge upon written request to ENNV at 40 Beechwood Road, Summit, New Jersey 07901.
Participants in the Solicitation
ENNV, Fast Radius and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from ENNV's stockholders in connection with the Transaction. A list of the names of such directors and executive officers and information regarding their interests in the Transaction will be included in the proxy statement/prospectus when available. You can find more information about ENNV's directors and executive officers in the final prospectus relating to ENNV's initial public offering, which ENNV filed with the SEC on February 10, 2021. You may obtain free copies of these documents as described in the preceding paragraph.
No Offer or Solicitation
This press release shall not constitute an offer to sell or exchange or the solicitation of an offer to buy or exchange any securities, nor shall there be any sale or exchange of securities in any jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
