Forge Nano – a global leader in precision nano-coating technology – recently announced the closing of over $50 million in funding led by key investments from Korea’s Hanwha Corporate Venture Capital with participation from OIC, Catalus Capital, Ascent Funds, and existing investors. This funding round brings the company’s total amount of capital raised to date to more than $95 million.
The funding will enable Forge Nano to capitalize on its already growing commercial-scale nanotechnology opportunities for battery material as well as develop a battery production line to satisfy full-scale, premium battery contracts. And there are plans underway to launch construction of the pilot battery production line in Q2 2023 that will support applications including aerospace, consumer electronics, defense and more.
The funding will also bolster the company’s capabilities for applying Atomic Armor across industries by increasing the manufacturing footprint and putting more resources towards customer support. Utilizing all aspects of modern digital management infrastructure, the company anticipates its production capacity will increase five-fold while bringing efficiencies to tool production and capabilities.
Over the past year, Forge Nano has signed key strategic partnerships with leading U.S. producers of materials and battery off-takers that demonstrate the capabilities of Forge Nano’s proprietary nanocoating technology Atomic Armor to create next-generation batteries and strengthen the U.S. domestic battery supply chain. For example: the company’s recent partnership with Anovion, which is an innovation-led, U.S.-based battery material producer, combines the strengths of Forge Nano’s proven surface engineering capabilities with Anovion’s synthetic graphite for next-generation, lithium-ion batteries that deliver industry-leading performance.
KEY QUOTE:
“This funding milestone allows us to fulfill the customer demand that already exists for our advanced batteries and equipment. As we move to grow our Atomic Armor technology in the Lithium-ion market, we are excited to finally be able to internally provide a finished battery solution at scale. In the past 4 years, we have seen dramatic revenue growth every year. With this new funding, we now aim to significantly accelerate this growth.”
— Paul Lichty, CEO, Forge Nano
