Sub-One Technology Receives Venture Backing From Nomura International, GE, Chevron Technology Ventures and Advanced Technology Ventures

PLEASANTON, Calif.--(BUSINESS WIRE)--Sub-One Technology announced today that it has closed $24 million in new financing. The Series-C funding was led by Nomura International and included GE Energy Financial Services, Chevron Technology Ventures and Advanced Technology Ventures. Sub-One’s InnerArmor^® technology is the only process capable of cost effectively applying a hard-as-diamonds coating to the interiors of critical liquids and gas handling equipment and piping. InnerArmor applications cover a wide spectrum of industries and applications including oil and gas, automotive, chemical, semiconductor, pulp and paper, public utilities and aerospace.

“InnerArmor technology will deliver significant corrosion, erosion and friction reduction benefits across industries in a wide variety of applications worldwide. Sub-One has put together an experienced team of business managers, scientists and coatings experts, and we were attracted by the strong support from heavyweights such as Chevron and GE.”

Russell Pullan, Nomura’s Director of New Energy & Clean Technology Ventures, commented, “InnerArmor technology will deliver significant corrosion, erosion and friction reduction benefits across industries in a wide variety of applications worldwide. Sub-One has put together an experienced team of business managers, scientists and coatings experts, and we were attracted by the strong support from heavyweights such as Chevron and GE.”

Many industries make extensive use of pipes, couplers, tanks, valves, cylinders and other equipment through which liquids, gases or materials flow. InnerArmor coatings provide longer service life, improved flow performance and reduced operating costs, and are environmentally friendly.

“The Sub-One team, advisors and investors are committed to delivering commercial applications of InnerArmor coatings with unmatched anti-corrosion, erosion and wear abatement properties,” said Andrew Tudhope, CEO, Sub-One Technology. “Sub-One will use the new funding to meet growing customer demand for our revolutionary coatings that significantly outperform comparable interior coating approaches.”

About Sub-One Technology

Sub-One Technology develops high-performance protective coatings for industrial applications. Its InnerArmor coating process applies an ultrahard, pinhole-free, chemically inert protective coating to critical equipment to reduce operational costs associated with corrosion, erosion and friction reduction. With offices and staff in Aberdeen, Scotland, Houston, Texas, and Pleasanton, California, the company is providing commercial coating systems to coating applicators and manufacturers worldwide. (www.sub-one.com)

About Nomura International

New Energy & Clean Technology Ventures, a division of the leading Asia-based investment bank Nomura, aims at leveraging the bank’s strengths in opening markets across Asia. It intends to act as a bridge between later-stage U.S. and EU companies and the surging demand for new forms of clean energy and water technologies in India, China and across Asia. Based in London, the division is in a strong position to provide larger sums of capital to companies with potentially game-changing technologies, and to help its portfolio companies forge links with Japanese multinationals. Nomura is a global financial services group dedicated to providing a broad range of financial services for individual, institutional, corporate and government clients. The group offers a diverse line of competitive products and value-added financial and advisory solutions through its global headquarters in Tokyo and an international network in 30 countries. (www.nomura.com)

About GE Energy Financial Services

GE Energy Financial Services’ 350 experts invest globally with a long-term view, backed by the best of GE’s technical know-how and financial strength, across the capital spectrum and the energy and water industries, to help their customers and GE grow. With $17 billion in assets, GE Energy Financial Services, based in Stamford, Connecticut, invests more than $5 billion annually in two of the world’s most capital-intensive industries, energy and water. (www.geenergyfinancialservices.com)

About Chevron Technology Ventures

Chevron Technology Ventures, the Venture Capital Arm of Chevron, identifies and invests in new technologies and business opportunities that can create value, clear competitive advantage and superior financial returns for Chevron. Chevron (NYSE:CVX) is one of the world’s leading energy companies. With approximately 56,000 employees, Chevron subsidiaries conduct business in more than 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, California. (www.chevron.com)

About Advanced Technology Ventures

Founded in 1979, Advanced Technology Ventures (ATV) is a bi-coastal venture capital firm with more than $1.6 billion capital under management. ATV works closely with entrepreneurial teams in cleantech, information technology and healthcare, to build emerging-growth business ventures into market leaders. With more than 29 years of experience, ATV has a proven track record of success in helping to build strong, sustainable business enterprises. (www.atvcapital.com)