Local tech company Aurora Labs has signed a joint venture agreement with WorleyParsons to provide an additive manufacturing service primarily for the resources sector.
The 50-50 JV, to be named AdditiveNow, will focus on developing a service offering consultation, engineering and manufacturing, with a focus on oil and gas, mining and major infrastructure clients.
Aurora specialises in the design and construction of 3D metal printers.
Aurora managing director David Budge said the agreement was a step forward for Aurora and the 3D printing industry.
“We look forward to helping our new broader network of customers to find business advantage through 3D printing solutions, especially across the mining, oil and gas and major infrastructure sectors,” he said.
“As our technology comes to market, Aurora is optimistic that interest in 3D printing technology across these industries increase, and Aurora will follow any growth opportunities.
“We have already identified and initiated discussions with specific customers for efficiency opportunities to reduce their capital committed to spare parts and inventory, potentially replacing aspects of traditional supply chain with 3D metal printing technology.
“This has the potential to result in reducing inventory holding costs, freight and manufacturing lead times.
“We are looking forward to finding more commercial applications of the technology through this joint venture.”
The news comes after Aurora signed a binding term sheet with WorleyParsons to use its metal 3D printing technology across a range of industries in November last year.
Shares in Aurora were down 0.9 per cent at 53 cents each at 2.30pm AEDT.