This round of financing will leverage [Modumetal's] early success and will allow us to achieve specification for our products and expand our production capacity to better meet our customer needs.
Seattle, WA (PRWEB) December 07, 2012
Modumetal announced today that it has successfully closed its latest round of financing. The Seattle based firm is a pioneer in the field of nanolaminated alloys with application in multiple industries, including military defense, infrastructure construction, and oil and gas production.
Modumetal CEO, Christina Lomasney, underscored the significance of the latest round of financing on the firm’s growth trajectory.
“Modumetal has evolved from a company that is engaged in pre-specification research and development to a company that has an active customer base, a portfolio of patented technologies that have broad application in multiple market sectors, and a line of nanolaminated alloy products that are in the field,” said Lomasney. “This round of financing will leverage our early success and will allow us to achieve specification for our products and expand our production capacity to better meet our customer needs.”
Chevron Technology Ventures, ConocoPhillips, and Sunshine Tech Limited, were major investors in this recent round of funding. Second Avenue Partners and Catamount Ventures, lead investors of the company’s Series A and Series B financings respectively, as well as returning Angel investors, were among the participants in the latest financing round.
“The Modumetal Team and I are thrilled by the opportunity to collaborate with strategic investors from Chevron, ConocoPhillips and Sunshine, who offer not only a source of financing for our growth plans for the Modumetal venture, but also an essential adoption perspective from deep within our current and future customer base,” said Lomasney. “We are furthermore grateful for the ongoing support and collaboration of our existing Angel and institutional investors as we reach for the future of the metals industry.”
This notice comes on the heels of a recent announcement of collaboration with Hess Corporation for full-scale evaluation of Modumetal’s nanolaminated alloys in an oil production application.
About Sunshine Tech Limited
Sunshine Tech Limited is owned by Dr. Omar bin Abdul Muniem Al Zawawi and his son, Mr. Waleed Al Zawawi. Dr.Omar Zawawi, Special Advisor for External Liaison to His Majesty Sultan Qaboos bin Said is the Chairman of the Omar Zawawi Establishment (OMZEST) Group. With business volumes exceeding abillion dollars, OMZEST is a multi-location conglomerate, covering a wide spectrum of activities including Agriculture, Banking, Contracting, Finance and Investments, Manufacturing, Services, Trading, Agency Representation and services to the Oil and Gas industry. With over 75 wholly owned and associate companies, OMZEST forms one the Sultanate’s premier and diversified business Groups.
About Chevron Technology Ventures
Chevron Technology Ventures (CTV), a division of Chevron, USA, Inc., finds, sponsors, and demonstrates emerging technologies and champions its integration into Chevron. CTV is pursuing this goal through business units involving biofuels, emerging energy and venture capital.
ConocoPhillips is one of the world’s largest independent Exploration and Production companies based on proved reserves and production of liquids and natural gas. Through its Technology Ventures group, ConocoPhillips makes venture capital investments in startup companies developing exciting new technologies that have the potential to improve the company’s safety, sustainability, and financial performance. ConocoPhillips Technology Ventures also includes business development and project development teams tasked with helping our business units to pilot, adopt, and benefit from these innovative technologies.
Modumetal, Inc. of Seattle, WA, is leading the commercialization of a unique, patented class of nanolaminated materials. These pioneering materials exemplify unprecedented performance for structural, corrosion, and high temperature applications. Modumetal is made by a sustainable electrochemical manufacturing approach, which reduces the cost and raw material consumption of conventional metals manufacturing at the same time that it revolutionizes materials performance. (http://www.modumetal.com).