NanoMech receives US$10 million

NanoMech has announced that it has secured US$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 capabilities.

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 commercialised its innovations to businesses and has completed a scale-up of its smart factory and labs. Several companies have incorporated NanoMech’s nano-engineered solutions, to create disruptive and higher performance products.

“NanoMech is honoured 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 US 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 of NanoMech, added, “After more than a decade of extensive research and development, and recent large scale commercialisation successes, our industry leading disruptive nanoscience is 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”.

Adapted from press release by Francesca Brindle

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/14042016/nanomech-receives-10-million-dollars-from-saudi-aramco-in-investment-3035/