Xaar explains that although Xaar 3D Ltd has continued to make progress this year, delays in the development of products due to the COVID-19 pandemic meant the business would potentially require more investment than originally planned.
According to the company, the agreement with Stratasys will provide Xaar 3D Ltd with the best opportunity to complete the commercialization of the product range in the shortest time and enable Xaar to focus on its core business with an injection of cash. Xaar will continue to receive royalties on product and service sales.
John Mills, Xaar’s chief executive officer, says, “This agreement will provide Xaar 3D Ltd with the best opportunity to continue its progress in the field of industrial 3D printing. We have enjoyed our partnership with Stratasys and look forward to continuing to work with them to supply print heads to Xaar 3D and share in the long-term success of the business. The agreement will also allow us to focus on our core business and other opportunities in the market that will support our long-term growth strategy.”