NanoSteel announces GM Venture investment
The NanoSteel Company, a manufacturer of nanostructured steel materials design, announced that General Motors Ventures LLC has invested in the company.
GM Ventures, a General Motors subsidiary created to invest in promising automotive technologies, joined lead shareholders EnerTech Capital and Fairhaven Capital Partners and five existing investors to complete the Series C financing round. Terms of the GM Ventures investment were not disclosed.
"We are investing in NanoSteel because of the opportunity associated with their new steel alloy technology," says Jon Lauckner, GM's CTO, vice president of Global R&D, and president of GM Ventures LLC. "Over the next several years, light-weighting of vehicles will be a major focus area to improve fuel economy. NanoSteel's nanostructured alloys offer unique material characteristics that are not available today, making them a potential game-changer."
Through the development of patented alloys, NanoSteel has created a new class of steel that allows automotive engineers and designers to reduce weight through the use of thinner, higher-strength gauges while maintaining the structural integrity needed for safety. NanoSteel's new steel design is an alternative to other light-weighting materials which may cost more, require new investment in parts production and have performance limitations.
"GM Ventures investment in NanoSteel demonstrates its confidence in our company's potential to achieve widespread impact on the auto industry through our proprietary steel designs," says Dave Paratore, president and CEO of NanoSteel. "With the support of General Motors' automotive expertise and technology leadership, we can accelerate the final phases of development of our nanostructured AHSS in the quest to economically lightweight vehicles."
Reducing vehicle weight is critical to automakers in achieving higher fuel efficiencies and meeting rigorous new U.S. Corporate Average Fuel Economy standards.The NanoSteel Company