The AML3D Ltd (ASX: AL3) share price is racing higher in mid-morning trade following a positive update from the company.
At the time of writing, shares in the advanced 3D parts manufacturer are up 10.26% to 21.5 cents after touching an intraday high of 22.5 cents in early trading.
What did AML3D announce?
Investors are driving the AML3D share price higher today after the company unveiled plans to establish a new research and development (R&D) facility.
In its release, AML3D advised it will set up an arcemy unit at the 'Factory of the Future' in Tonsley, Adelaide. Currently, the state-of-the-art factory is under development by Flinders University and BAE Systems Maritime Australia (BAE).
AML3D's arcemy unit is a portable 3D printing system that can design and deliver additive manufacturing to a wide range of weldable materials and alloys.
AML3D managing director Andrew Sales said the R&D facility would form the basis of a large-scale additive manufacturing capability:
The trials and research projects to be undertaken at the facility in conjunction with BAE Systems Maritime Australia and Flinders University will enable AML3D to further develop its large-scale metal additive manufacturing capability through added features such as in process measurement, monitoring and adjustment that will improve quality.
BAE's continuous naval shipbuilding strategy director Sharon Wilson noted that the facility could pave the way for potential applications in naval shipbuilding. She added:
The establishment of a permanent Line Zero facility will support the development of new manufacturing techniques and technologies within a factory-like environment that will ultimately be adapted to the state-of-the-art digital shipyard at Osborne, and beyond.
AML3D said its collaboration with Flinders University was expected to lead to further technological breakthroughs. Students at the public research university will be able to participate in advancing metal additive manufacturing research projects. This will allow researchers to explore future applications of AML3D's technology.
AML3D share price summary
AML3D shares shot up to 73 cents in September 2020 before heading on a continued downwards trend. Although the company's share price is up 4.88% over the past 12 months, year-to-date it's fallen more than 40%.
AML3D has a market capitalisation of around $21 million, with approximately 99 million shares on its registry.
