Jul 25, 2022 · Regulatory information
Via the distributor Rhino Tool House, Bioservo Technologies AB has received a significant commercial order from Waupaca Foundry for 30 Ironhand® systems for an order value of SEK 1.6 million. The order is part of an implementation project where Bioservo together with the distributor Rhino Tool House, during six months, will validate the product for a wider implementation within the foundry industry.
Waupaca Foundry is a leading supplier of iron castings and operates six iron foundries in North America. Many of the work steps in a foundry are manual and demanding for the workers. At Waupaca Foundry, safety is a top priority, and the company is therefore continuously working to improve the work environment. One of the challenges is hand fatigue and the risk of strain injuries, and that's exactly what the Ironhand grip-strengthening glove is designed to prevent.
Waupaca has already conducted tests with Ironhand at two foundries with very promising results. Employees have testified that they are not as tired and have less pain in their hands and arms after work. Even the ergonomic risk reports generated by Ironhand show reduced levels of risk when the work tasks are performed.
In the ongoing implementation project, run by Bioservo, Rhino Tool House and Waupaca, Ironhand will be validated in the physically challenging environment of the foundry industry. All systems will be closely monitored, and any weaknesses will be re-engineered to ensure that the Ironhand system will survive a later rollout at other Waupaca foundries in the US and other foundries globally.
An important aspect of the implementation project is to define how to manage a large amount of Ironhand systems at different factory sites. Here Rhino Tool House contributes to the project with its long experience in providing complete solutions for industrial customers.
"This is the largest customer order to date in the industrial segment and is an important milestone towards our goal of obtaining proof of concept for Ironhand. In the past we have received larger orders from distributors, what makes this order significant is that it comes from an end customer who chooses to invest in our technology", says Petter Bäckgren, CEO Bioservo and continues, "The collaboration with Waupaca opens up new opportunities for Ironhand to really make a difference to people in a demanding industry that employs many workers. The initial tests show that a majority of workers who have tested Ironhand want to use the system in their daily work to avoid pain and stay healthy.”
For more information, please contact
Petter Bäckgren, CEO of Bioservo Technologies AB
Phone: +46 (0)8 21 17 10
Mikael Wester, Marketing Director, Bioservo Technologies AB
Tel: +46 (0)8 21 17 10
The information in this press release is such that Bioservo Technologies AB (publ) is obliged to publish in accordance with EU Regulation on Market Abuse (MAR). The information was submitted for publication through the agency of above contact persons for publication on 25 July 2022 at 08:30 a.m. CEST.
About Bioservo Technologies
Bioservo Technologies AB (publ) is a world leading company in wearable muscle strengthening systems for people in need of extra strength and endurance. All our innovative products and systems are designed to keep people strong, healthy and efficient. The company has a unique global position within soft exoskeleton technology for the hand, both for industrial applications to improve the health for workers and to improve quality of life for people with reduced muscle strength. Bioservo Technologies was founded in 2006 in collaboration between researchers at the Royal Institute of Technology and a doctor at Karolinska University Hospital. Bioservo Technologies is a Swedish public limited company with headquarters in Stockholm. FNCA Sweden AB, +46(0)8-52800399, email@example.com is the company’s Certified Adviser on Nasdaq First North Growth Market.
For more information, please visit www.bioservo.com
Waupaca Foundry, Inc. is North America's leading supplier of iron castings to the automotive, commercial vehicle, agriculture, construction, and industrial markets, produces gray iron castings, ductile iron castings, HNM™ series high-strength ductile iron, and austempered ductile iron castings using state-of-the-art processes and technology. The manufacturer also specializes in precision machining and assembly. Waupaca Foundry is Headquartered in Waupaca, Wisconsin and operates six iron foundries located in Waupaca, Wisconsin, Marinette, Wisconsin, Tell City, Indiana, and Etowah, Tennessee. The company operates machining and assembly in Waupaca, Wisconsin and Effingham, Illinois. Waupaca employs approximately 4,500 people.
For more information, please visit www.waupacafoundry.com