Springdale-based NanoMech announced April 13 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, said NanoMech Chairman and CEO Jim Phillips.
Nanomech uses nanotechnology to develop 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. Several Fortune 100 and emerging companies have incorporated NanoMech’s nano-engineered solutions to create disruptive and higher-performance products.
This announcement represents NanoMech’s most significant milestone in the continued validation and authentication of its unique technology.
AMP profiled NanoMech in the February/March issue. Read it here.
“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,” Phillips said.
“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.”
Ajay P. Malshe, CTO and Founder said, “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.”
Image: NanoMech CEO Jim Phillips and CTO Ajay Malshe (front row) with their team of scientists and innovators. Photo by Beth Hall.