NanoMech of Springdale announced Wednesday that it has secured $10 million in capital for leading its Series C Financing round from Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Arabia’s national oil company.
This capital infusion will significantly accelerate NanoMech’s manufacturing, sales and product development, the company said in a news release.
“NanoMech is honored to achieve this recognition and investment by the world’s largest energy company,” said NanoMech Chairman and CEO Jim Phillips. “Building on current momentum, NanoMech will use this financing and relationship to expand our global reach, invest in additional sales and marketing resources, and increase investment in our market leading nanotechnology platforms, nGlide, GuardX, TuffTek, and nGuard.”
NanoMech uses nanotechnology to develop advanced products for industrial and mechanical applications, such as lubricants, coatings and specialty chemicals.
“Aramco’s strategic investment in NanoMech will transform the productivity paradigm for sustainable global energy production and accelerate NanoMech’s position as the global leader in advanced nanotechnology delivering products, and solutions for enhanced business performance and competitive advantage,” said Deborah Wince-Smith, CEO of the U.S. Council on Competitiveness and NanoMech board member.
In March 2016, the company announced plans to expand and hire 30 additional employees. The company broke ground on its $10 million, 25,000-SF headquarters in March 2014; in addition to its Springdale headquarters, NanoMech has offices on the campus of the University of Arkansas Research & Technology Park in Fayetteville, and in Dallas, Houston and Detroit.
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