Desktop Metal CEO Ric Fulop. Photo credit: World Economic Forum / Boris Baldinger, under Creative Commons license

Desktop Metal, the 3D printing company, has reached a deal to go public by merging with Trine Acquisition Corp, a special purpose acquisition company (SPAC). The merger will add up to $575 million in cash to Desktop Metal’s balance sheet, consisting of $300 million of cash already secured by Trine and an additional $275 million to be raised from investors. The merger is intended to give Desktop Metal an initial valuation of $2.5 billion.

Desktop Metal is looking to go public five years after its founding and more than $400 million in funding raised as a private company. Notable investors in the company include Kleiner Perkins, Future Fund, chemicals conglomerate Koch Industires, and automaker Ford. Desktop Metal is known to be valued at more than $1 billion by investors. With a merger set to add nearly $600 million to its balance sheet, Desktop Metal will be getting enough cash to prolong and expand its operations. The Boston-based company has its eyes set on making strides in the additive manufacturing sector.

Trine Acquisition Corp, the merging SPAC, was taken public in March of last year by Leo Hindery, a technology industry veteran, in partnership with HPS Investment Partners, a global credit investment firm with over $60 billion in assets under management. Trine is transferring $300 million of its cash to Desktop Metal under the terms of the merger, with an additional $275 million to be raised from investors including Baron Capital Group, HPS Investment Partners, and entrepreneurs JB Straubel and Chamath Palihapitiya. On completion of the merger, Desktop Metal will begin trading on the New York Stock Exchange under the ticker “DM”.