Markforged Unlocks The Future Of Distributed Manufacturing, Enabling Manufacturer-Certified Parts To Be Licensed And Printed At The Point Of Need
Markforged Holding Corporation (NYSE: MKFG), the company strengthening manufacturing resiliency by enabling industrial production at the point of need, today announces Digital Source, an on-demand parts platform built to enable the licensing and 3D-printing of manufacturer-certified parts when and where they are needed, without the cost or hassle of physical inventory management.
Digital Source allows vendors to upload digital part designs which can be securely licensed to customers, distributors, and contract manufacturers. Once uploaded, Digital Source end-users will have the ability to license the right to print parts onsite or through a growing network of approved print service providers.
"Digital Source gives us the agility to print spare parts where they are needed, so we can get machinery back up and running much faster and minimize our downtime," explains Jeremy Haight, Principal Engineer at Vestas Wind Systems A/S, a global leader in sustainable energy solutions. "Time equals a very high dollar value for us - a line down in one of our factories is a big deal, but a turbine that has gone down can cost even more. If we can access and print the part we need, we can get that line or turbine back up and operational much quicker."
"Digital Source unlocks a new way of managing supply chains. Every day a manufacturing line is down due to broken or worn parts can cost millions of dollars in lost productivity. Availability of spare parts is critical to manufacturers' success - but keeping an extensive physical inventory ties up capital in parts that may go untouched for years," says Shai Terem, CEO of Markforged. "Digital Source not only can simplify logistics, but can also build resiliency into the supply chain and increase profitability as a result of these efficiencies. With Digital Source, parts can be digitized and printed at the time and point of need without the need to be manufactured in advance, shipped and stored until needed."
Digital Source is designed to offer consistent, reliable, turnkey production for 3D-printed parts. Markforged is delivering the promise of digital warehousing by integrating 3D printing software, materials, and hardware with end-to-end process control. Vendors can specify and lock printing process requirements so that customers get manufacturer-certified parts on demand. Robust security safeguards digital part files, and encrypted print instructions are sent directly to printers to protect designs, allowing customers to just "Press Print."
BMF GmbH, a vendor on Digital Source, is a highly-specialized manufacturer of complex sand blasting machines with over 200 installations worldwide, each featuring 60 printed components. These components are typically replaced every three to four months when the machines are running at full capacity.
"We needed a significant amount of storage capacity to be able to stock all the spare parts, and often, the extended delivery time is linked to the customer's ordering process, as the administrative procedures frequently take too long, when BMF ships the spare parts on the same day," explains Ronny Bernstein, CEO of BMF GmbH. "Via Digital Source, the component can be printed on-site the moment a failure or wear is detected."
Both vendors and customersof Digital Source can benefit from reduced inventory costs and simpler replacement part operations and availability, which can increase productivity, profitability, and customer satisfaction. Customers and service centers can print design revisions directly from Digital Source - removing the waste from the disposal of outdated parts and the risk of installing the wrong part version.
"Above all is uptime for our customers. The machine must run and the customer must be able to continue producing. Now the majority of advanced composite parts are printed directly at the customer location, which not only brings down the time it takes to receive the part, but also brings shipping costs and CO2 emissions down, which is on all companies' minds more than ever before," adds Bernstein.
Project DIAMOnD is the world's largest emergency response network for on-demand printing, with small and medium-sized manufacturers operating 300 Markforged printers. Project DIAMOnD, an Oakland County, Michigan initiative facilitated by Automation Alley, is planning to implement Digital Source into the network to further empower the adoption of additive manufacturing on the factory floor.
"We value Markforged because of its strong emphasis on protecting the digital recipe of parts and enforcing the standards of quality for remotely-printed parts," explains Pavan Muzumdar, Chief Operating Officer of Automation Alley and CEO of Project DIAMOnD. "We believe the future of manufacturing is distributed manufacturing. By connecting our physical world through secure digital inventories, Digital Source is very strongly aligned with our vision for the future."
Markforged (NYSE:MKFG) is enabling more resilient and flexible supply chains by bringing industrial 3D printing right to the factory floor. Our additive manufacturing platform The Digital Forge allows manufacturers to create strong, accurate parts in both metal and advanced composites. With over 10,000 customers in 70+ countries, we're bringing on-demand industrial production to the point of need. We are headquartered in Waltham, Mass where we design the hardware, software and advanced materials that makes The Digital Forge reliable and easy to use. To learn more, visit www.markforged.com.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "strategy," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "opportunity" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although Markforged believes that it has a reasonable basis for each forward-looking statement contained in this press release, Markforged cautions you that these statements are based on a combination of facts and factors currently known by it and its projections of the future, about which it cannot be certain. Forward-looking statements in this press release include, but are not limited to, statements regarding the impact of the newly-announced Digital Source platform on the manufacturing industry and Markforged, statements related to product development and innovation, and statements regarding the potential benefits to consumers of Markforged products including, but not limited to, the Digital Source platform; our ability to fulfill orders for our products in a timely fashion in the future; expected growth of the size of and opportunity to increase our addressable market; the timing of launches and the rate and extent of adoption of our products, including, but not limited to, our most recently introduced products; market trends in the manufacturing industry; the effects of macroeconomic factors; and the benefits to consumers, functionality and applications of Markforged's products. Markforged cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, general economic, political and business conditions; the ability of Markforged to maintain its listing on the New York Stock Exchange; the effect of COVID-19 on Markforged's business and financial results; the outcome of any legal proceedings against Markforged; and those factors discussed under the header "Risk Factors" in Markforged's most recent periodic and other filings with the SEC. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that Markforged will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent Markforged's views as of the date of this press release. Markforged anticipates that subsequent events and developments will cause its views to change. However, while Markforged may elect to update these forward-looking statements at some point in the future, Markforged has no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing Markforged's views as of any date subsequent to the date of this press release.
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