Serpentine Technologies Limited (Serpentine) is pleased to announce that it has entered into a non-binding term sheet to acquire 100% of Keyhole TIG Limited (K – TIG).
K – TIG is a transformative, industry disrupting welding technology that seeks to change the economics of fabrication. It’s high-speed precision technology welds up to 100 times faster than traditional TIG welding, achieving full penetration in a single pass in materials up to 16mm in thickness and typically operates at twice the speed of plasma welding.
K – TIG works across a wide range of applications and is particularly well suited to corrosion resistant materials such as stainless steel, nickel alloys, and most exotic materials. It easily handles longitudinal and circumferential welds on pipes, spooling, vessels, tanks and other materials in a single pass.
K – TIG has successfully completed its pilot phase of commercialization deploying and commissioning its technology in 20 countries across numerous application and industries. Having thoroughly proven the technology and with exhaustive deployment/commissioning/ production experience and expertise over this time, K – TIG intends to pursue a sales, licensing and JV revenue model as part of phase 2 of its commercialization strategy.
Funds proposed to be raised by way of a convertible note raise of up to USD 1.06M by K – TIG and a USD 5M capital raising by Serpentine will support the continued growth and market penetration of the K – TIG technology.
