SEOUL, Nov. 24 (Korea Bizwire) – InssTek, a leading metal 3D printing company, said Thursday it signed an exports contract with a Russian university worth US$2.3 million.
Peoples’ Friendship University of Russia will receive a customized MX Grande printing system that can produce structures with a dimension of up to 4 meters by 1 meter by 1 meter.
The company has already signed four exports deals this year, including a $1.2 million agreement with German university Friendrich-Alexander-Universitat Erlangen-Nurnberg.
Insstek is one of a handful of companies around the world and the only in Asia that has the technical skills for what the industry calls directed energy deposition (DED) technology, which can produce metal products of various shapes. The technology can be applied in electronics, automotive, medical and defense uses. The DED-based printers are lauded as pioneer equipment that can change manufacturing.
The company, based south of Seoul in Daejeon, claims added technological advantages with its auto-tracking feature for damage repair and precision control which enables the production of complex shapes.
Insstek is led by CEO Sun Doo-hoon, an orthopedic specialist who was the first to succeed in coating artificial joints using 3D printers. He is the son-in-law of Chung Mong-koo, chairman of the Hyundai Motor Group.