New York City’s 3D printer belt has been a hit, but it’s a long-term investment
The New York Times reports that the city’s $3.5 billion 3D printing belt was built with a $1.3 billion dollar loan from a consortium led by private equity firm Apollo Global Management.
The Belt opened in June, and the Times reports the belt has already generated $7.8 million in revenue and is expected to generate about $15 million more in revenue in the next few months.
The NYT adds that the new belt is likely to provide $3 million in annual economic growth for the city, which is expected by the time the Belt is fully operational.
New York Mayor Bill de Blasio (D) told the Times the belt is not a panacea to all problems, noting that “it’s a new technology, and I think we need to make sure it works well for the New York community.”
The New Jersey-based company that built the Belt also said it was able to generate a profit by building the belt without any capital expenditures.