Benzinga | Sep 29, 2020 08:37AM EDT

Sigma Labs Awarded Contract By Major Oil And Gas Services Company; Terms Not Disclosed

Leading Global Energy Technology Provider Begins Production Use of PrintRite3D In-Process Quality Assurance

SANTA FE, NM / ACCESSWIRE / September 29, 2020 / Sigma Labs, Inc. (NASDAQ:SGLB) ("Sigma Labs"), a leading developer of quality assurance software for the commercial 3D printing industry, has been awarded a contract for an initial system by a leading global energy technology provider, to begin production deployment of PrintRite3D(r) in-process quality assurance software, following a successful Rapid Test and Evaluation (RTE) program. The extensive evaluation process involved running PrintRite3D(r) on an EOS single laser machine and a SLM dual laser machine. The customer's engineers worked in collaboration with Sigma's engineering team to address issues specific to their application of the PrintRite3D technology.

"The conversion from our RTE program to beginning production deployment is a testament to the traction our enabling technology is garnering in the additive manufacturing industry," said Mark Ruport, Chief Executive Officer of Sigma Labs. "The customer is a well-respected industry leader known for their innovative technology and superior service. We look forward to working with their additive manufacturing team to drive improved and serial printing quality on their production lines."

This contract follows a recent announcement by Sigma Labs regarding the sale of an initial production system to Mitsubishi Heavy Industries. Both customers have aggressive additive manufacturing initiatives that will provide them with the flexibility to address the on-demand production of critical metal parts. According to The Wohlers Report 2020, the 2019 additive manufacturing (AM) industry consisting of all AM products and services worldwide, grew 21.2 percent to $11.9 billion and is expected to grow at a compound annual growth rate (CAGR) of 27.8% from 2020 to 2027. Increasing penetration of metal 3D printing owing to greater design flexibility, low waste, and cost effectiveness in the overall manufacturing landscape is estimated to be a key factor driving the market.

"I am very pleased with the manner in which our engineers addressed each company's specific requirements," said Darren Beckett, Sigma Labs CTO. "It demonstrates the flexibility and adaptability of the PrintRite3D architecture as well as our ability to meet the ever-increasing demands of a growing and dynamic industry."