NanoSteel receives $10 million boost
July 15, 2015
SEM image of NanoSteel powder
Horizon Technology Finance Corporation, a leading specialty finance company has announced it has closed a $10 million venture loan facility to The NanoSteel Company, Inc., a leader in nano-structured steel materials design. NanoSteel announced a move into metal powder production for Additive Manufacturing in 2014 and stated that it will use the proceeds for general working capital purposes.
“We are pleased to provide NanoSteel with a venture loan facility to support the company’s continued development and commercialisation of its proprietary advanced materials,” stated Gerald A Michaud, President of Horizon. “NanoSteel’s portfolio of patented steel alloys delivers exceptional mechanical properties in sheet steel for automotive lightweighting and powders for the 3D printing of industrial components, and makes for an exciting investment opportunity in our high quality venture loan portfolio.”
David Paratore, President and Chief Executive Officer of NanoSteel, stated, “We welcome the financial partnership of Horizon, an experienced venture lender with a strong balance sheet and long track record of supporting dynamic growth-oriented companies, such as ours. Horizon’s $10 million venture loan facility provides us with growth capital to achieve near term commercial scale and product qualification milestones.”
The company’s patented alloys use conventional steel alloying elements in novel ratios to create a powder platform with a broad range of properties, such as high hardness or ductility. These powders are well suited to the rapid cooling experienced in most Additive Manufacturing processes, facilitating the generation of unique mechanical and physical properties.
