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NanoMech Receives Investment from SAEV to Expand its Nanotechnology Platform for Coatings

Published on 2016-04-15. Author : SpecialChem

SPRINGDALE, Ark. -- NanoMech announces that it has secured USD 10 million for leading its Series C Financing round from Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabia’s national oil company.

Fig. 1: NanoMech Receives Investment from SAEV to Expand its Nanotechnology Platform for Coatings

“NanoMech is honored to achieve this recognition and investment by the world’s largest energy company,” said NanoMech Chairman and CEO Jim Phillips. “Building on current momentum, NanoMech will use this financing and relationship to expand our global reach, invest in additional sales and marketing resources. We will also increase investment in our market-leading nanotechnology platforms, nGlide, GuardX, TuffTek, and nGuard.”

This capital infusion and relationship will significantly improve NanoMech’s manufacturing, sales and product development. The announcement represents NanoMech’s most significant milestone in the continued validation and authentication of its unique technology.

“Response to NanoMech’s technology at Saudi Aramco and several of our major suppliers has been very positive,” said Cory Steffek, Managing Director, North America for SAEV. “A platform technology like NanoMech’s has significant potential to bring innovation, not only to the energy sector, but also to many other critical industries.”

NanoMech uses nanotechnology to develop advanced products for industrial and mechanical applications such as lubricants, coatings and specialty chemicals. These products have increased performance, efficiency and reliability in multiple industries such as energy, transportation, aerospace, manufacturing, automotive, agricultural equipment and the military.

“Aramco’s strategic investment in NanoMech will transform the productivity paradigm for sustainable global energy production,” said Deborah Wince-Smith, CEO of the U.S. Council on Competitiveness and NanoMech board member. “It will accelerate NanoMech’s position as the global leader in advanced nanotechnology.”

NanoMech has validated and commercialized its innovations to iconic world-leading businesses and has completed an upgrade of its smart factory and labs. Several Fortune 100 and emerging companies have incorporated NanoMech’s nano-engineered solutions to create high-performance products.

“After more than a decade of extensive research and development, and recent large-scale commercialization successes,” said Dr. Ajay P. Malshe, CTO and Founder of NanoMech. “Our industry is leading disruptive nanoscience and is light years ahead of the competition. We are transforming entire industries.

“Our patented multi-functional solutions increase performance, durability and reliability, while achieving top-machine performance like never before. We are ecstatic to be working closely with a company of the size and stature of Saudi Aramco and their highly-regarded venture subsidiary.”

About NanoMech

NanoMech is focused on patented platform nanomanufacturing technologies that offer a broad range of high value market opportunities. NanoMech Inc. creates advanced engineering materials through patent and patent-pending nano-engineered and nano-manufactured product development. NanoMech is recognized as one of the leaders in innovation and technology. Their breakthroughs in nano-materials and manufacturing include the first cubic boron nitride coating for machine tools, and advanced nano-engineered lubricants and coatings. The company’s products have applications in very advanced energy manufacturing, machining, lubrication, highly durable and sustainable protective multi-functional coatings for metals and textiles as well as consumer products, and strategic military applications. NanoMech has recently won the prestigious R&D 100 Award and two Edison Awards. NanoMech is a member of President Obama’s Materials Genome Initiative, the U.S. Manufacturing Competitiveness Initiative (USMCI) and the U.S. Technology Leadership and Strategy Initiative, both based in Washington, DC.

About Saudi Aramco Energy Ventures LLC (SAEV)


Saudi Aramco Energy Ventures is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), one of the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran, with offices in North America and Europe, SAEV’s mission is to invest globally in startups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco.

Source: NanoMech

 

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