SPRINGDALE, Ark.--(BUSINESS WIRE)--NanoMech announced today that it has secured $10 million in capital for leading its Series C Financing round from Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabia’s national oil company. This capital infusion and relationship will significantly accelerate NanoMech’s manufacturing, sales and product development. NanoMech uses nanotechnology to develop advanced products for industrial and mechanical applications – such as lubricants, coatings and specialty chemicals. These products have enabled a step change in performance, efficiency and reliability in multiple industries such as energy, transportation, aerospace, manufacturing, automotive, agricultural equipment and military. NanoMech has validated and commercialized its innovations to iconic world-leading businesses and has completed scale up of its smart factory and labs. Several Fortune 100 and emerging companies have incorporated NanoMech’s nano-engineered solutions, to create disruptive and higher-performance products. Today’s announcement represents NanoMech’s most significant milestone in the continued validation and authentication of its unique technology.
“NanoMech is honored to achieve this recognition and investment by the world’s largest energy company. Building on current momentum, NanoMech will use this financing and relationship to expand our global reach, invest in additional sales and marketing resources, and increase investment in our market leading nanotechnology platforms, nGlide, GuardX, TuffTek, and nGuard,” said NanoMech Chairman and CEO Jim Phillips.
“Response to NanoMech’s technology at Saudi Aramco and several of our major suppliers has been very positive. 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,” according to Cory Steffek, Managing Director, North America for SAEV.
Deborah Wince-Smith, CEO of the U.S. Council on Competitiveness and NanoMech board member added, “Aramco's strategic investment in NanoMech will transform the productivity paradigm for sustainable global energy production and accelerate NanoMech's position as the global leader in advanced nanotechnology delivering products and solutions for enhanced business performance and competitive advantage.”
Dr. Ajay P. Malshe, CTO and Founder of NanoMech, added, “After more than a decade of extensive research and development, and recent large-scale commercialization successes, our industry leading disruptive nanoscience is light years ahead of the competition and is transforming entire industries. Our patented multi-functional solutions increase performance, durability and reliability – 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.”
NanoMech is focused on patented platform nanomanufacturing technologies that offer a broad range of high value market opportunities. The operating vision of NanoMech is to be the Six Sigma world leader in nanomanufacturing innovation with swift product development, and an emphasis on platform technologies that are scalable for efficient mass production.
NanoMech Inc. creates advanced engineering materials through patent and patent-pending nano-engineered and nano-manufactured product development. NanoMech is recognized as a leader 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. For more information please visit www.NanoMech.com.
About Saudi Aramco Energy Ventures LLC (SAEV):
Saudi Aramco Energy Ventures is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), 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. For more information about SAEV visit www.aramcoventures.com.