Horizon closes $10M venture loan facility for NanoSteel
08 June 2015
Horizon Technology Finance Corporation, a specialty finance company that provides capital in the form of secured loans to venture-capital-backed companies in the technology, life science, healthcare information and services and cleantech industries, closed a $10 million venture loan facility for The NanoSteel Company, a leader in nano-structured steel materials design. (Earlier post.) NanoSteel 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 commercialization of its proprietary advanced materials. 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.—Gerald A. Michaud, President of Horizon
The NanoSteel Company recently expanded its additive manufacturing (AM) material capabilities to support metal 3D printing of complex high-hardness parts and the ability to customize properties layer-by-layer through gradient material design. The company’s targeted markets for its AM powder portfolio are tool & die, energy, auto, and agriculture.
For the automotive industry, NanoSteel has achieved a significant breakthrough in the development of nano-structured sheet steel with exceptional strength and ductility. NanoSteel is a privately held company funded by lead shareholders EnerTech and Fairhaven Capital. GM Ventures also has a position in the company.