Although 3D printing has waned as a trend in recent years, the prospect for this technology remains valid. Sigma Labs Inc. (NASDAQ: SGLB) may not be a household name, but that could change now that the company has announced that it had been awarded a contract by Mitsubishi Heavy Industries (MHI). Sigma Labs shares skyrocketed early on Tuesday.

According to the deal, the firm’s PrintRite3D system will be installed on a laser powder bed fusion system for the development and qualification of MHI additive manufacturing production processes. MHI works across a wide range of industries from commercial aviation and transportation to power plants and gas turbines, and from machinery and infrastructure to integrated defense and space systems.

In a sense, with this deal, Sigma Labs is putting its name on the map. Considering MHI’s broad applications ranging from aerospace components to air conditioners, Sigma Labs will have an ever-increasing number of customers.

Management went so far as to say that the increasing number of customers pursing implementation of PrintRite3D is a testament to the growing industry need for in-process quality assurance.

Sigma Labs hasn’t been around that long. The company was only founded in 2010. However, it is a leading provider in commercial 3D metal printing.

Excluding Tuesday’s move, Sigma Labs stock had underperformed the broad markets, with shares down about 75% year to date. In the past 52 weeks, the share price is closer to 66% lower.

Sigma Labs stock traded up about 50% to $3.71 on Tuesday, in a 52-week range of $0.45 to $7.00. The consensus price target was $5.00.

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