- SGLB awarded final phase of RTE contract with leading global energy technology company
- Successful completion of Phase 2 contract could result in material commercial order from global client
- Sigma Labs establishing enviable position in 3D printing industry with breakthrough PrintRite3D software
Sigma Labs Inc. (NASDAQ: SGLB), a leading developer of quality assurance software for the commercial 3D-printing industry, announced that it has been awarded a Phase 2 rapid test and evaluation (RTE) contract by a leading global energy technology company. This final phase of an RTE contract is required to enable end-users to make a purchase decision on deploying Sigma’s technology in serial production (http://ibn.fm/iezKd).
The two-machine contract for the deployment of Sigma Lab’s PrintRite3D(R) in-process quality assurance software comes after the successful Phase 1 completion of the rapid test and evaluation (RTE) program. Sigma Labs anticipates that a successful Phase 2 RTE outcome could result in a material commercial order from the customer that would integrate PrintRite3D into existing dedicated commercial production machines. This contract has significant implications for Sigma as it continues to penetrate the global energy service sector (http://ibn.fm/BYQGB), which has been “projected to reach USD 86.9 billion by 2024 from an estimated USD 52 billion in 2019.”
“The conversion from our initial test and evaluation program to the Phase 2 pilot rollout is a testament to the traction our enabling technology is garnering in the additive manufacturing industry,” said Sigma Labs chairman and CEO John Rice. “We look forward to working with this well-respected industry leader known for their innovative technology and superior service to drive improved and serial printing quality on their production lines.”
It wasn’t revealed until the Q3 earnings call that the RTE customer is Baker Hughes. Baker Hughes provides technology and services that enable oil and gas companies in more than 120 countries to deliver safe, affordable energy to the world. Baker Hughes’ vast technological prowess creates value by developing new ways to improve well construction efficiency, integrates technology and services to develop new solutions that accelerate and optimize hydrocarbon production, and researches new ways to increase ultimate recovery.
The announcement of the Phase 2 contract was followed with other impressive news from Sigma as it continues to gain traction and recognition in the industry. The company was also selected by a major Japanese OEM machine tool manufacturer for a test and evaluation program of PrintRite3D’s real-time, melt-pool analytics (http://ibn.fm/HRWBx). SGLB was also awarded a contract by VTT Technical Centre of Finland to install PrintRite3D at the VTT 3DMetalprint Centre for Additive Manufacturing, enabling VTT to best support its customers’ development activities.
Sigma Labs is a leading provider of quality assurance software to the commercial 3D printing industry under the PrintRite3D brand. Founded in 2010, Sigma is a software company that specializes in the development and commercialization of real-time, computer-aided inspection solutions for 3D advanced manufacturing technologies. Sigma Labs’ advanced computer-aided software product revolutionizes commercial additive manufacturing, enabling nondestructive quality assurance mid-production, thereby allowing errors to be corrected in real time.
For more information, visit the company’s website at www.SigmaLabsInc.com
NOTE TO INVESTORS: The latest news and updates relating to SGLB are available in the company’s newsroom at http://ibn.fm/SGLB
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.