The Titomic Ltd (ASX: TTT) share price is backtracking today despite a partnership agreement to boost revenue-generating opportunities.
At the time of writing, the company's shares are trading at 60 cents, down 2.24%.
Headquartered in Australia, Titomic specialises in industrial-scale metal additive manufacturing using its patented Titomic Kinetic Fusion (TKF) technology. This allows the company to create high volumes of durable and light complex parts without shape or size constraints.
What's driving the Titomic share price?
The Titomic share price is trading lower today despite the company's moves to commercialise its TKF technology.
According to its release, Titomic advised that it has entered a partnership agreement with Pyne & Partners. The collaboration will help Titomic identify government funding and departmental partnership opportunities, mainly in the defence industry.
Under the deal, Pyne & Partners will provide services including:
- Identify and apply for government (including departmental and defence services) work and grants relevant to the defence and modern manufacturing portfolios;
- Identify and harness private sector partnership opportunities; and
- Provide Titomic with pro-active and ongoing government relations support involving its interests in the Federal Government and industry
Why Pyne & Partners?
Titomic noted that Pyne & Partners is focused on helping clients achieve business objectives and manage risk and has considerable knowledge in government policies and the defence sector.
The growing consultancy firm is led by Christopher Pyne, who served as the 54th Australian defence minister. Mr Pyne was responsible for delivering a $200 billion defence program to build up Australia's military capabilities.
Management commentary
Titomic interim CEO Norbert Schulze welcomed the partnership, saying:
I am delighted to announce this agreement which will enhance Titomic's recognition in the market and increase the speed in commercialising our new technology.
Pyne & Partners chair Christopher Pyne added:
Pyne & Partners is excited by Titomic's cutting-edge manufacturing technology and looks forward to working with Titomic to grow the business through securing public and private sector revenue generating opportunities with a focus on the defence sector.
About the Titomic share price
The Titomic share price is down almost 40% compared to this time last year. The company's shares sank to a low of 45 cents in December before continuing to move sideways.
Based on the current share price, Titomic has a market capitalisation of around $90 million.
