PITTSBURGH - United States Steel Corporation (NYSE: NYSE:X), a leading steel producer, has made a strategic investment in Freespace Robotics, a Pittsburgh-based company specializing in robotic storage and retrieval systems. This move is aimed at fostering innovation and supporting the local economy by expanding the workforce within the region.
Freespace Robotics is known for its autonomous storage systems that utilize robots to efficiently store and retrieve goods, a technology that is increasingly sought after in the warehousing, retail, and logistics sectors. The company plans to use the investment from U.S. Steel to further develop pilot programs, establish its manufacturing base in Pittsburgh, and grow its team.
The investment reflects U.S. Steel's commitment to innovation and its belief in the potential of the Pittsburgh region as a hub for technological advancements. "Investing in Freespace Robotics is another way we're promoting innovation while supporting the regional economy and its workforce," stated Christian Gianni, U.S. Steel's Senior Vice President & Chief Technology Officer.
The warehouse automation market in the U.S. is expected to grow significantly, with projections indicating a Compounded Annual Growth Rate of over 15% through 2028, potentially reaching a global market value of $44 billion by the same year, according to LogisticsIQ.
Freespace Robotics, a portfolio company from Carnegie Foundry, which partners with the National Robotics Engineering Center at Carnegie Mellon University, is positioned at the forefront of this growth. The collaboration with Carnegie Foundry and the investment from U.S. Steel, which is also an anchor investor of Carnegie Foundry, are expected to enhance the development of advanced technologies crucial for a resilient and efficient supply chain.
As part of the investment, U.S. Steel’s Director of Strategy & Corporate Development, Jim Cook, will join the Freespace Robotics Board of Directors, further solidifying the partnership between the two entities. The details of the investment have not been disclosed.
This strategic move by U.S. Steel is based on a press release statement and is indicative of the company's direction towards integrating innovative technologies into traditional industries.
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