NanoSteel closes new equity round led by GM Ventures; NanoSteel AHSS in validation testing with 10+ automakers
13 February 2017
Nanostructured steel materials company NanoSteel (earlier post) closeda new round of equity investment led by GM Ventures. The financing included new investors Lear Corporation, a leading automotive seating systems and electrical systems supplier, and SPDG, a single family office based in Brussels, in addition to the company’s existing major shareholders. Proceeds from the investment round will be used for the commercialization of NanoSteel’s advanced high strength sheet steel (AHSS) for automotive lightweighting applications.
NanoSteel’s AHSS features a unique combination of very high strength with the enhanced formability normally found only in low-strength mild steels. This blend of properties provides designers the ability to optimize part geometries resulting in thinner, lighter components.
Additionally, it allows part producers to avoid costly production processes, such as stamping shapes at high temperature (hot stamping), when forming the new designs. The goal of NanoSteel’s products is to assist automakers in building new, affordable, lightweight vehicles to meet rising global fuel economy regulations.
Commercial-scale qualification of NanoSteel AHSS began in North America in 2016.
Through the transaction, Lear becomes the first automotive Tier 1 supplier to license NanoSteel’s products.
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