FRAMINGHAM, Mass.--(BUSINESS WIRE)--Veloxint Corporation, a developer of nanocrystalline metal alloys with transformational properties, has closed a strategic investment agreement with Stanley Black & Decker, a global provider of tools and storage, commercial electronic security, and engineered fasteners. Concurrently, both parties have entered into a technology development agreement to jointly commercialize these breakthrough metal alloys for applications of mutual interest. Financial terms of the deal were not disclosed.
Veloxint is a high-tech start-up which is commercializing high-value products and parts based on fundamental science developed at the Massachusetts Institute of Technology (MIT) in Cambridge, Mass. Veloxint’s new nanocrystalline metal alloys offer extraordinary strength, typically two to five times that of traditional alloys. These alloys are also designed from the atomic level up for thermodynamic stability to enable long-term stable operation even at elevated temperatures.
“We’re excited about our collaboration and see this as a win-win for Veloxint and Stanley Black & Decker,” said Alan Lund, CEO of Veloxint. “The funding will allow Veloxint to accelerate its development activities, and the partnership will give Stanley Black & Decker access to more world-leading technology to incorporate into their products.”
“We are pleased to partner with Veloxint to accelerate development of new products for our customers," said Larry Harper, VP, Stanley Ventures, the corporate venture arm of Stanley Black & Decker. "We’re excited about the potential of these materials and look forward to optimizing them for new Stanley Black & Decker products that deliver unique value and enhance our position as technology leader in our markets.”
Veloxint nanocrystalline alloys are significantly stronger than competing materials while retaining the ductility, toughness, and other properties of the base metal being used, thus providing a unique combination of properties. The extreme strength is gained without adding weight, enabling weight savings of 50% or more possible for some applications. The technology also yields sustainability advantages with production of near net shape products that utilize >95% of starting raw materials. Target markets include automotive, military, high-performance tooling, aerospace, oil and gas, construction, and 3D printing.
About Stanley Black & Decker
Stanley Black & Decker, a Fortune 500 component of the S&P 500, is the world’s largest tools and storage company, the world’s second-largest commercial electronic security company, and a world-leading provider of engineered fastening systems, with unique and powerful growth platforms in the oil and gas and infrastructure industries. World headquarters are located in New Britain, Conn. Visit www.sbdinc.com for more information.
About Veloxint Corporation
Veloxint Corporation, based in Framingham, Mass., is a high-tech start-up commercializing high-value products and parts enabled by novel nanocrystalline metal alloys with transformational properties. The technology is based on fundamental science developed at the Massachusetts Institute of Technology (MIT) by the research group of Professor Christopher Schuh. These new nanocrystalline metal alloys offer extraordinary strength, typically 2-5 times that of traditional alloys, and can be used for a wide variety of industrial and commercial markets. The company operates a comprehensive development and prototyping facility in Framingham which conducts alloy development and scale-up, material characterization, and application testing. For more information, visit www.veloxint.com.