Modumetal, a Seattle, WA-based developer of nanolaminated alloys, has closed a round of financing.
The amount of the transaction was not disclosed.
Backers include Chevron Technology Ventures, ConocoPhillips, and Sunshine Tech Limited, Second Avenue Partners and Catamount Ventures, and returning angel investors.
The company intends to use the capital to expand production capacity.
Led by CEO Christina Lomasney, Modumetal develops nanolaminated alloys (made by a sustainable electrochemical manufacturing approach, which reduces the cost and raw material consumption of conventional metals manufacturing) with application in multiple industries, including military defense, infrastructure construction, and oil and gas production.
The company recently announced a collaboration with Hess Corporation for full-scale evaluation of Modumetal’s nanolaminated alloys in an oil production application.
FinSMEs
07/12/2012