Modumetal raises $14 MM to expand into automotive, sustainable energy end markets
Modumetal, a leading provider of nanolamination coating technologies, announced it has raised $14 MM in Series A-2 funding led by Atlas Innovate and Rotor Capital.
Modumetal will use the funding to further accelerate commercialization of its oil and gas coating solutions, scale its operations, and expand its customer base in new key industries that include automotive and sustainable energy end markets. The company is rapidly expanding production capabilities as it has achieved specifications across some of the largest oil and gas and EPC companies in the industry.
Modumetal is also developing licensing partnerships to grow into new markets and drive adoption of new products. The first nanolamination systems that Modumetal has commercialized provide corrosion resistance, durability, and increased strength.
“We are revolutionizing nanolaminated materials, making industrial products more corrosion resistant to withstand the harshest environments on the planet and supporting new industrial capabilities that would not be possible without Modumetal,” said Dennis Creech, Chief Executive Officer of Modumetal. “This latest funding will enable us to continue scaling our business to meet the increased demand from a growing number of industrial customers, including global companies in the energy and automotive sectors. I look forward to working with our investors and with Tushar and Robert to seize on the many opportunities in front of us.”
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