The Titomic Ltd (ASX: TTT) share price has been amongst the best performers on the market on Thursday.
In morning trade the digital manufacturing solutions company's shares are up 14% to $1.28.
Why is the Titomic share price rocketing higher?
Investors have been buying Titomic shares this morning following the release of a promising announcement.
According to the release, the company has unveiled the world's largest additive manufactured Titanium part at the FormNext trade show.
The part in question is a 5.5 metre long rocket which was manufactured with the Titomic TKF 9000 system.
This Melbourne-based system is purportedly the world's largest and fastest metal additive manufacturing system. It has a build size of 40.5 cubic metres and utilises patented Titomic Kinetic Fusion (TKF) technology capable of build rates of up to 30 kilograms per hour. This compares to many melt-based metal additive manufacturing machines which often print less than 1 kilogram per hour.
The release explains that Titomic was able to manufacture the rocket in just 27.6 hours using the TKF 9000 system. It is a smaller-scale version of the Gilmour Space ERIS-S rocket that is 27 metre long and will provide reliable and cost-effective access to space. Management notes that it has the capability to build the full-scale Gilmour Space ERIS-S rocket in just 165 hours.
The company's managing director, Jeff Lang, appears confident that Titomic is well-positioned for the future.
He said: "Previously, Titanium was more than twice the price of stainless steel but now with our development of new titanium powder supply chains and Australia's significant mineral sand resources of approximately 280M tons of Titanium, Titomic is at the forefront of advancing technology to ensure the future sustainability of the earth's resources whilst reducing carbon emissions for global manufacturing.''
Also rising strongly on Thursday is the Medical Developments International Ltd (ASX: MVP) share price. It is up over 8% this morning after providing an update on its expansion into China.
