Metal recycling and supply company Continuum announced today that it has raised $36 million, with proceeds aimed at helping the company meet growing demand for sustainable materials.
The financing round was led by industrial decarbonization-focused private equity investor Ara Partners.
Founded in 2015, Continuum – the recently renamed commercial arm of MolyWorks – produces high-quality materials for engineered parts through 100% recycled and responsibly sourced materials, with locations across the US and Singapore. The company’s “Optipowder” product is engineered exclusively from recycled materials, and is engineered for multiple applications including Additive Manufacturing, Metal Injection Molding, and Cold Spray.
Phil Ward, Continuum’s CEO, said:
“The additive manufacturing powder market is expected to more than triple over the next five years as the 3D printing industry hits a commercial inflection point. Ara’s investment allows us to supply the industry’s growth with a sustainable solution. Ara has demonstrated experience scaling businesses that support the transition to a circular economy, and we look forward to working with them as a strategic and financial partner.”
The company said the funding will go to the accelerated expansion of its 100% recycled commercial metal powder production.
Additionally Ara said that it will also support Continuum’s international growth and research into adjacent technologies and customer applications.
Cory Steffek, Partner at Ara, said:
“Creating a circular metals economy is critical to meeting the world’s sustainability goals. Titanium, stainless steel, and Inconel alone account for tens of millions of tons of scrap metal each year that will need to be repurposed in the new sustainable economy. We are incredibly excited about the opportunity to help Continuum scale and address these enormous hurdles.”