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Elmet Group

MaterialsPortland, ME, USAFounded 2024· One of 971 Materials companies tracked by AMPulse

Vertically integrated supplier of refractory metal powders (tungsten, molybdenum) and precision-engineered components for additive manufacturing, specializing in binder jetting and DED processes for aerospace and defense.

CEO / Founder
Peter Anania
Team Size
201-500
Stage
Public
Total Funding
Publicly Traded
Latest Round
IPO
Key Investors
Cantor Fitzgerald; Needham & Company; Canaccord Genuity; Roth Capital Partners

Technology & Products

Key Products

Tungsten and molybdenum metal powders for AM; Precision-engineered components (e.g., radiation shielding, rocket nozzles); High-power microwave systems; Additive manufacturing contract services for refractory metals

Technological Advantage

Proprietary spray-dried, plasma-densified spherical composite powder process (U.S. Patent No. 12,571,080) achieves ASTM B777 Class 1 specifications for tungsten heavy alloys, enabling high-density AM parts for extreme environments. This material advantage, combined with domestic production and existing qualification with major aerospace/defense customers, creates a defensible moat via IP and supply chain localization mandates.

Differentiation

Value Proposition

Provides a domestic, NDAA-compliant source of qualified tungsten heavy alloy powders and AM parts, reducing supply chain risk and lead times for critical defense and space programs while leveraging proprietary material science for superior part density and performance.

How They Differentiate

Unlike general metal powder suppliers, Elmet focuses exclusively on refractory metals (tungsten/molybdenum) with a vertically integrated model from powder to part. Its U.S. Patent 12,571,080 provides a specific process advantage for tungsten heavy alloy AM, and its domestic production and NDAA alignment offer a regulatory/compliance edge over foreign competitors for U.S. defense contracts.

Market & Competition

Target Customers

Aerospace OEMs (NASA, Lockheed Martin), defense contractors (Raytheon), national labs (Los Alamos), and medical device manufacturers requiring high-density, high-temperature components.

Industry Verticals

Aerospace; Defense; Government; Industrial; Medical

Competitors

H.C. Starck (now part of Masan High-Tech Materials); Sandvik Additive Manufacturing; Carpenter Technology

Growth & Milestones

Growth Metrics

Reported $201.64 million in revenue for the twelve months ending December 31, 2025, with net income of $5.54 million.

Major Milestones

April 2026: IPO on Nasdaq (ELMT) raising $120.4M; 2023: Acquisition of H.C. Starck Solutions Americas; Grant of U.S. Patent No. 12,571,080 for tungsten AM; Supplier for NASA Artemis II mission components

Notable Customers

NASA; Lockheed Martin; Raytheon; Los Alamos National Laboratory

https://theelmetgroup.com

Recent coverage of Elmet Group

Why this company matters

Elmet Group occupies a narrow but defensible niche as a U.S.-owned, vertically integrated supplier of refractory metal powders and additively manufactured components. Unlike general metal powder producers, the company focuses exclusively on tungsten and molybdenum, controlling the full chain from powder atomization to finished parts. This structure reduces lead times and supply chain risk for customers bound by domestic sourcing mandates, particularly in defense and space applications.

The company's core technology centers on a proprietary spray-dried, plasma-densified spherical composite powder process protected by U.S. Patent No. 12,571,080. This process enables binder jetting and directed energy deposition of tungsten heavy alloys that meet ASTM B777 Class 1 specifications, achieving high part density for extreme thermal and radiation environments. Elmet also offers contract AM services for refractory metals and produces precision components such as radiation shielding and rocket nozzles.

Elmet's customer base includes NASA, Lockheed Martin, Raytheon, and Los Alamos National Laboratory, with the company supplying components for the Artemis II mission. The company reported $201.64 million in revenue for the twelve months ending December 31, 2025, and completed an IPO on Nasdaq in April 2026, raising $120.4 million. Its acquisition of H.C. Starck Solutions Americas in 2023 further consolidated domestic refractory metal production capacity.

The primary competitive risk is that Elmet's market is inherently small, limited to defense, aerospace, and select medical applications requiring high-density, high-temperature materials. Broader metal AM suppliers such as Sandvik and Carpenter Technology could develop competing refractory metal offerings, though they lack Elmet's vertical integration and existing defense qualifications. The company's moat rests on IP, domestic production, and regulatory alignment with NDAA requirements, which may prove durable as long as U.S. defense procurement prioritizes domestic sourcing.